Artemis Gold Announces Record Q4 2025 Production Results and 2026 Guidance
Artemis Ramps Toward Tier-One Status but Faces Steep 2026 Capital Bill and Rising Costs
The most recent news (January 14, 2026) confirms that Artemis Gold has completed its first full year of operations at the Blackwater Mine in British Columbia. The company achieved record Q4 production of 68,480 ounces of gold, bringing full-year 2025 production to 192,808 ounces. This result met the lower end of the company's initial 190,000–230,000 ounce guidance. For 2026, the company issued guidance of 265,000–290,000 ounces of gold at an All-In Sustaining Cost (AISC) of US$925–$1,025 per ounce. Crucially, the company has committed to a massive 2026 growth capital program of C$670–$745 million to fund the Phase 1A expansion (to 8 Mtpa) and early works for the Expanded Phase 2 (EP2) project, which aims for 21 Mtpa by 2028.
- Operational Success: Achieving commercial production and ramping to design capacity within the first year is a significant de-risking event. The mill operated at 101% of nameplate capacity in Q3 and continued to improve in Q4.
- Cost Inflation: There is a notable upward trend in costs. Initial AISC guidance during the May 2025 commercial production announcement was US$670–$770/oz. The 2026 guidance of US$925–$1,025/oz represents a ~35% increase in expected operating costs in under a year, which the market appears to be overlooking due to high spot gold prices (~US$4,500/oz cited in the news).
- Capital Intensive Growth: The decision to move immediately into EP2 requires C$1.44 billion in total capital. While the company intends to fund this from cash flow, the 2026 budget of up to C$745 million is aggressive and leaves little room for operational hiccups or gold price volatility.
- Resource Reconciliation: Management noted that grade reconciliation is "favourable to resource model," which is a critical positive for long-term mine life reliability.
Artemis Gold Inc. operates the 100%-owned Blackwater Mine in central British Columbia, Canada. It is one of the largest gold projects in Canada with M&I resources of 11.7 million ounces of gold and 122.4 million ounces of silver. The mine is being developed in a phased approach. Phase 1 (current) is designed for 6 Mtpa, Phase 1A (under construction) will increase this to 8 Mtpa by late 2026, and Phase 2/EP2 aims for 21 Mtpa by 2028, targeting production of over 500,000 ounces of gold per year.