Artemis Gold Announces $450 Million, 5-Year Senior Unsecured Notes Offering to Refinance Revolving Credit Facility

Artemis Gold announced a $450 million, 5-year senior unsecured notes offering to refinance its revolving credit facility (RCF). The notes will be offered via private placement to qualified institutional buyers in the U.S. and accredited investors in Canada. Proceeds will be used to repay outstanding amounts under the RCF and cover transaction expenses. The release reiterates 2025 gold production of 192,808 ounces and 2026 guidance of 265,000-290,000 ounces at an all-in sustaining cost (AISC) of C$925-1025/oz. CEO Dale Andres stated the offering represents a cost-effective, long-term debt source that aligns with the Blackwater mine's life and positions the company to fund its Phase 1A and EP2 expansion projects through operating cash flow. He also indicated the Board may consider a shareholder return policy, including a dividend or normal course issuer bid, in the coming months.

The news is material and positive. Refinancing the RCF with longer-term, fixed-rate notes extends the debt maturity profile, reduces near-term refinancing risk, and likely locks in attractive interest rates given the cited favorable credit spreads. This strengthens the balance sheet for executing substantial growth capital projects (Phase 1A and EP2, totaling $670-$745 million in 2026) while preserving the RCF for flexibility. The reiteration of strong operational guidance confirms the mine's performance. The hint at potential shareholder returns signals confidence in sustained cash flow generation. However, it increases gross debt and leverage, though serviceability appears manageable given current low-cost production and robust gold prices.

Artemis Gold Inc. is a Canadian gold producer. Its flagship asset is the Blackwater Mine, an open-pit gold-silver operation in central British Columbia. The mine achieved commercial production on May 1, 2025. Current Phase 1 design capacity is 6 million tonnes per annum (Mtpa). The company is advancing a Phase 1A expansion to increase throughput to 8 Mtpa by Q4 2026 and has board approval for the Expanded Phase 2 (EP2) project to expand capacity to 21 Mtpa by the end of 2028, targeting production over 500,000 ounces of gold annually.