Artemis Gold Reports Q4 and Full Year 2025 Financial and Operating Results

Executive Summary

• Artemis Gold reported strong Q4 and full-year 2025 financial and operating results for its Blackwater Mine, with Q4 revenue of $333.7M and full-year revenue of $913.9M, alongside robust cash flows and adjusted EBITDA of $610.4M for the year.
• The company achieved a post-commercial AISC of US$869/oz, placing Blackwater in the lowest decile of the global cost curve, while reporting adjusted net income of $415.6M ($1.76 diluted EPS) for full year 2025.
• Corporate updates include the advancement of the Phase 1A expansion (targeting 8Mtpa by Q4 2026), the announcement of the expanded Phase 2 (EP2) project (targeting 21Mtpa by Q4 2028), the closing of a $450M senior unsecured notes offering to repay its RCF, and the introduction of a new multi-tier dividend policy starting in H2 2026.

Key Details

• Financial Performance (Q4 & FY 2025): Q4 revenue was $333.7M; full-year revenue reached $913.9M. Q4 adjusted EBITDA was $225.5M; full-year adjusted EBITDA was $610.4M. Q4 adjusted net income was $145.8M ($0.61 diluted EPS); full-year adjusted net income was $415.6M ($1.76 diluted EPS). Q4 operating cash flow was $197.9M; full-year operating cash flow was $560.7M.
• Production & Operations: Q4 gold production was 68,480 oz, bringing full-year 2025 production to 192,808 oz. Post-commercial production (May-Dec 2025) totaled 164,289 oz. Q4 gold sales were 67,852 oz. Mill feed grade averaged 1.66 g/t Au in Q4 (12% higher than Q3). Mill throughput averaged 15,466 tpd (94% of design capacity) in Q4, with a target to operate 10% above design capacity sustainably ahead of Phase 1A.
• Costs & Margins: Q4 cash costs were US$779/oz and Q4 AISC was US$925/oz. Post-commercial AISC was US$869/oz, with an AISC margin of ~70-71% of cash revenue. The AISC increase in Q4 was driven by higher reagent consumption, plant maintenance costs, and higher royalty payments.
• Financing: Closed a $450M offering of senior unsecured five-year notes at a 5.625% coupon, maturing February 15, 2031. Net proceeds were used to repay the revolving credit facility (RCF) in full. Pro-forma available liquidity at December 31, 2025, stands at $852.7M.
• Expansion Projects: Phase 1A expansion is on track to increase processing capacity to 8Mtpa by end of Q4 2026. The expanded Phase 2 (EP2) project was announced, targeting 21Mtpa by end of Q4 2028, with an estimated capital cost of $1.44B. EP2 is conditional on BC Hydro confirmation (expected early 2026) and is expected to yield 500,000-525,000 oz/yr for the first 10 years.
• Dividend Policy: Announced a new capital allocation framework effective H2 2026. Base quarterly dividend of $0.05/share starting H2 2026, increasing to $0.08/share in 2027. A variable dividend targeting ~40% of free cash flow will be added starting 2028. NCIB considered beginning 2027.
• 2026 Guidance: Gold production expected at 265,000-290,000 oz. AISC guidance is US$925-US$1,025/oz. Total growth capital budgeted at $670M-$745M (Phase 1A: $95-100M; EP2 early works: $385-435M; Other expansion: $190-210M). Sustaining capital budgeted at $5M.
• Safety & Liquidity: 6.5 million hours worked without a lost time incident at year-end 2025. Cash and equivalents totaled $168.1M at Dec 31, 2025, with total available liquidity of $410.1M (pro-forma $852.7M).

Notable Quotes

• "We delivered strong financial performance during the quarter with lowest decile AISC and strong margins and cash flows driven by higher realized gold prices. Mining and milling operations at Blackwater are currently performing well, with issues causing unplanned downtime in Q4 now largely resolved." – Dale Andres, CEO
• "Looking ahead, we continue to execute on our organic growth strategy, advancing construction of the Phase 1A expansion, which is expected to increase mill throughput by 33% by Q4 2026. We are also now advancing the EP2 project which will increase production to more than 500,000 ounces of annual gold production by the end of 2028, transforming Blackwater into one of the three largest single gold mines in Canada." – Dale Andres, CEO