Artemis Gold combines a lowest-decile-cost Blackwater mine with internally funded throughput expansion to 21 Mtpa, offering substantial upside but meaningful EP2 execution and commodity exposure.
Overview
Artemis Gold is now a commercial precious-metals producer centred on its 100%-owned Blackwater open-pit mine in central British Columbia. The company poured first gold and silver in January 2025 and declared commercial production on May 1, 2025. **The core asset is a tier-1, low-cost mine:** the 2024 Expansion Study projects US$712/oz AISC for the first 10 years, placing Blackwater in the lowest global cost decile, supported by 8.0 Moz of gold reserves, 62.3 Moz of silver reserves and a 22-year mine life. Q2 2026 demonstrated improving execution, with gold production up 46.3% year over year to 74,063 ounces, revenue up 87.7% to C$433.58 million, adjusted EBITDA up 94.8% to C$285.19 million and adjusted EPS of C$0.83 versus C$0.43. **The principal catalyst is staged capacity growth from 6 Mtpa to 21 Mtpa:** Phase 1A is scheduled for Q4 2026 and EP2 for late 2028, with five-year sales growth modelled above 21% annually. Management says the C$685–C$755 million 2026 growth budget is funded by operating cash flow. The valuation case is supported by a progressive dividend, strong Buy consensus and 12-month targets of CAD 52.37–CAD 52.88, but EP2’s C$1.44 billion budget, inflation, hedges and single-train reliability remain material risks.