Artemis Gold Commences Major Works Construction on EP2
Artemis begins EP2 major works ahead of schedule while hedging protects Blackwater’s scaled production exceeding 500 koz per year.
Artemis Gold Inc. (ARTG) confirmed on August 4, 2026, that major construction work on the EP2 expansion has commenced. The company reported that the first concrete pour for the ball mill foundations was completed ahead of schedule, while bulk earthworks are advancing ahead of plan. Additionally, the expansion of the 612-bed construction camp is nearly complete.
The EP2 project involves adding a second, larger processing train to increase total throughput from 8 Mtpa, following Phase 1A, to 21 Mtpa. The expansion targets production of more than 500,000 oz/year by the fourth quarter of 2028. The capital cost for the project remains unchanged at C$1.44 billion.
Separately, Artemis Gold disclosed the purchase of put options on 172,500 oz of gold at a strike price of C$5,300/oz. This hedge covers more than 80% of expected spot sales from July 2026 to June 2027, aiming to insulate revenue during the high-capex period while retaining full upside on the capped quantity.
Earlier the same day, at 6:45 am, the company issued a Phase 1A update indicating that the smaller expansion is 57% complete and on track for commissioning in the fourth quarter of 2026.
Artemis Gold Inc. (ARTG) announced that major construction on its EP2 project has begun, a development consistent with the company’s previously stated timeline of Q3 2026. The company also disclosed a gold-price-put strategy covering approximately 172,500 ounces through mid-2027. This measure provides downside protection, though the premium cost was not disclosed.
The stock traded at C$33.64 on July 31, recovering from a March gearbox sell-off and remaining well off the year’s high of $46.49.
Artemis Gold Inc. (ARTG) is a single-asset Canadian gold producer that owns the Blackwater Mine, located in central British Columbia. The mine declared commercial production in May 2025 and is currently processing at approximately 6 million tonnes per annum (Mtpa). This throughput is scheduled to increase to 8 Mtpa following Phase 1A by the fourth quarter of 2026.
The approved EP2 expansion will raise throughput to 21 Mtpa, targeting annual production of more than 500,000 ounces by the end of 2028. The asset is a large, low-grade open-pit deposit that includes by-product silver. Artemis Gold holds a significant land package of 1,490 square kilometers and is actively pursuing regional exploration. The mine operates in a Tier-1 jurisdiction, is hydro-powered, and maintains strong support from First Nations.