Artemis Gold Provides Update on Phase 1A Expansion
Artemis Gold Inc. (ARTG) has provided a progress update on the Phase 1A expansion at its Blackwater Mine, confirming the project is 57% complete and on schedule for commissioning in Q4 2026. The expansion increases the processing plant's nameplate capacity by 33%, raising throughput from 6 Mtpa to 8 Mtpa, with a finalized capital cost of $120 million.
Construction milestones achieved to date include the completion of Vertimill foundation civil works, with structural steel arriving and erection well advanced as components arrive for mechanical installation. The new cyclone cluster fabrication is complete and en route to site. Additionally, the new pre-aeration tank erection is complete, new leach tank base plate welding is finished, and tank wall strake erection is well advanced. Shear reactor foundation works have also been completed.
The technical scope of Phase 1A involves the addition of a 3.5 MW vertical grinding mill ("Vertimill") to the current ball mill grinding circuit, including modifications to the cyclone cluster and feed well. The project also features an expanded leach circuit with one pre-aeration tank and one leach tank added to the existing carbon-in-leach train. Further upgrades include the expansion and upgrades to the oxygen supply system and the addition of oxygen shear reactors on the existing detoxification circuit. The existing elution circuit has been upgraded for greater flexibility in stripping loaded carbon, and reagents mixing and delivery systems have been optimized to increase efficiency and lower costs.
The finalized capital cost of $120 million represents an industry-low capital intensity of $60 per additional annual tonne of processing capacity. Artemis Gold anticipates a significant increase in production in 2027 due to the 33% increase in mill throughput, with grades expected to remain well above reserve grade for 2027 and 2028 until the EP2 expansion is commissioned.
Updates to the resource model and mine plan optimization for both Phase 1A and EP2 expansions are underway in 2026. These updates incorporate new resource expansion drill results, cut-off grade strategy reviews, and the assessment of additional low- and medium-grade ore from grade control drilling. Annual production and cost guidance for 2027 will be provided in early Q1 2027.
Dale Andres, CEO, stated: "We are very pleased with the progress being made on the Phase 1A expansion project that will add materially to our production in 2027. Phase 1A has been implemented rapidly, and the benefits from this project will be delivered in just a few months, supplementing cash flows."