Artemis Gold Reports Financial and Operating Results for Q3 2026

Artemis Gold Inc. (ARTG) reported financial and operating results for the third quarter and the first nine months of 2026, ending September 30, 2026. All figures are presented in Canadian dollars unless otherwise noted.

During the third quarter, Artemis produced 69,546 ounces of gold and sold 67,091 ounces, generating $357.1 million in revenue. The company reported cash costs of US$871 per ounce and all-in sustaining costs (AISC) of US$1,048 per ounce. This resulted in an AISC margin of US$2,257 per ounce, representing 67% of cash revenue. Adjusted EBITDA stood at $222.0 million, with adjusted net income of $157.7 million, or $0.66 per fully diluted share. Operating cash flow was recorded at $183.4 million.

On September 9, 2026, Artemis paid its inaugural quarterly dividend of $0.05 per share. The company held $190.9 million in cash and reported total liquidity of $890.9 million, which included an undrawn $700 million revolving credit facility (RCF).

Construction progress remains on track for the company’s expansion projects. Phase 1A is 77% complete and is scheduled for commissioning in the fourth quarter of 2026. This phase will increase the mine’s nameplate capacity from 6 million tonnes per annum (Mtpa) to 8 Mtpa at a capital cost of $120 million. Additionally, major works construction for the EP2 project began on August 1, 2026, ahead of schedule. EP2 is budgeted at $1.44 billion and is targeted for completion in the fourth quarter of 2028. Upon completion, total capacity is expected to reach 21 Mtpa, with production exceeding 500,000 ounces per year.

Artemis also reiterated its previously announced all-stock acquisition of Vista Gold’s Mt Todd project. The transaction is valued at approximately US$427 million, involving the issuance of 0.0966 Artemis shares for each Vista share, representing a 29% premium. The deal is expected to close in the first quarter of 2027.

For the full year 2026, Artemis maintained its production guidance of 265,000 to 290,000 ounces. The company now expects AISC to reach the top end of the US$925–1,025 per ounce range, while total growth capital expenditure is anticipated at the low end of the $685–755 million range. Regarding hedging, 111,000 ounces remain under mandatory hedges at a weighted average price of $2,816 per ounce, maturing through the third quarter of 2028. Discretionary hedges have been fully settled.

Artemis Gold Inc. (ARTG) released an in-line earnings update, providing a financial bridge and reaffirming guidance following the pre-release of Q3 production data on October 13, 2026, and the announcement of the Vista Gold transaction on September 20–21, 2026.

The company reported a third-quarter all-in sustaining cost (AISC) of US$1,048/oz, which exceeded the annual guidance range. Cash costs rose to US$871/oz from US$661/oz in Q3 2025. Regarding sales mix, Artemis Gold sold 38,900 of 67,091 oz at spot, with 22,826 oz delivered into hedges.

On the positive side, the company generated $183.4 million in operating cash flow and $222.0 million in adjusted EBITDA. Artemis Gold holds $890.9 million in liquidity. Progress on development projects includes Phase 1A reaching 77% completion, while EP2 major works are proceeding ahead of schedule.

The results support the company’s operating and growth thesis without altering production guidance, adding new project news, or delivering a capital-return surprise.

Artemis Gold Inc. (TSX-V: ARTG, OTCQX: ARGTF) is a gold and silver producer and development company operating in mining-friendly jurisdictions. Its flagship asset is the Blackwater Mine, located in central British Columbia, approximately 160 km southwest of Prince George and 450 km northeast of Vancouver. The company achieved its first gold and silver pour in January 2025 and declared commercial production on May 1, 2025.

Blackwater is an open-pit operation currently utilizing a 6 million tonnes per annum (Mtpa) plant. The company plans to expand capacity to 8 Mtpa with Phase 1A in the fourth quarter of 2026, and to 21 Mtpa with EP2 by the fourth quarter of 2028. The long-term production target is more than 500,000 ounces per year, with a pathway to 1 million ounces per year following the Mt Todd project.

Artemis Gold is also pursuing the pending acquisition of Mt Todd in the Northern Territory, Australia. This advanced-stage development project holds 9.1 million ounces of Measured and Indicated resources and 1.4 million ounces of Inferred resources, along with prior permits for a 50,000 tonnes per day operation.

In the latest release, CEO Dale Andres was quoted. However, the provided investor presentation’s management page lists Jeremy Langford as CEO and Dale Andres as a director, creating an inconsistency in the source materials.