Artemis Gold Intercepts Significant Mineralization in First Two Diamond Drill Holes in Resource Expansion Program at Blackwater, Including 85m at 2.29g/t Au Below Current Reserve

Artemis Gold Inc. (ARTG) has released assay results for the first two diamond drill holes from its 2026 resource expansion program at the Blackwater project. The company plans to drill 25,000 meters with an initial budget of $10 million.

Hole BWDD-26-0001 returned 259 meters at 1.22 grams per tonne gold (g/t Au) from 309 meters downhole, including 85 meters at 2.29 g/t Au from 371 meters. The hole also intersected a broad near-surface silver-dominant interval of 214.55 meters at 17.8 grams per tonne silver (g/t Ag) with only 0.03 g/t Au from 30.45 meters. BWDD-26-0001 bottomed in mineralization at 913 meters and was stopped within a zone exceeding 1 g/t Au due to drill constraints.

Hole BWDD-26-0003 returned 191 meters at 0.95 g/t Au from 163 meters downhole, including 93 meters at 1.33 g/t Au from 228 meters. It is the deepest hole on the property at 1,134 meters and also returned several deeper lower-grade zones and a final 16 meters at 0.41 g/t Au, 25.6 g/t Ag and 0.22% copper (Cu) from 1,000 meters.

The company describes the holes as extending below all previous drilling, confirming the deposit is open to the north, northwest and at depth. No drill-intercept cut-off grade is disclosed in the release.

Artemis Gold Inc. (ARTG) has transitioned from a pre-resource explorer to a producing mine with a market capitalization near $9 billion CAD. For a producer, drill results typically move the equity only if they materially change reserves, mine life, or the resource base. While the two new holes do not yet alter reserves, they represent genuine resource-expansion step-outs below the current reserve pit, carrying grades above the current reserve grade.

The results de-risk the concept that the Blackwater deposit extends at depth and support management’s intention to include these zones in the next Mineral Reserve update. Although the market has re-rated strongly over the past year, with the share price rising from $27.59 to $41.00, that move has been driven mainly by production, cash flow, the Phase 1A expansion, and the EP2 decision, rather than this specific drilling program.

Artemis Gold Inc. operates the Blackwater Mine in central British Columbia, located approximately 160 km southwest of Prince George. The facility declared commercial production on May 1, 2025, following its first gold pour in January 2025. Current processing capacity stands at approximately 6 Mtpa, with Phase 1A expected to increase capacity to 8 Mtpa by the fourth quarter of 2026. The EP2 project, which has been approved and is under construction, is projected to lift capacity to 21 Mtpa and push annual production above 500,000 ounces by the end of 2028.

According to the company’s investor deck, mineral reserves total 334.3 Mt at a grade of 0.78 g/t AuEq, containing approximately 8.0 moz of gold and 62.2 moz of silver. Mineral resources are significantly larger, comprising 1,093.5 Mt of measured and indicated material at 0.65 g/t AuEq, alongside 44.1 Mt of inferred resources. For 2026, Artemis Gold has issued production guidance of 265,000–290,000 ounces of gold at an all-in sustaining cost (AISC) of US$925–US$1,025 per ounce.

The company reports a strong financial position, holding $178.9 million in cash and total available liquidity of $878.9 million as of June 30, 2026, which includes an undrawn $700 million revolving credit facility (RCF). In the first half of 2026, Artemis Gold generated $749.0 million in revenue and reported net income of $313.2 million, reflecting robust operating cash generation.