Artemis Closes $175 Million Equity Financing

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NEWS RELEASE

All amounts are in Canadian Dollars unless otherwise noted

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE

UNITED STATES

Trading Symbol: TSX-V: ARTG

FOR IMMEDIATE RELEASE

ARTEMIS CLOSES $175 MILLION EQUITY FINANCING

(Vancouver, October 14, 2022) – Artemis Gold Inc. (TSX-V: ARTG) ("Artemis" or the "Company")

is pleased to announce that it has closed its previously announced equity financing of $ 175

million, via the issuance of an aggregate of 38,890,000 common shares (the “Common Shares”)

at a price of $4.50 per Common Share (the “ Offering Price”) for aggregate gross proceeds of

$175,005,000.

National Bank Financial, as sole bookrunner and lead un derwriter, together with RBC Capital

Markets and Stifel GMP as co-lead underwriters, on behalf of a syndicate of underwriters (which

included BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Scotia Capital Inc., Haywood Securities

Inc., PI Financial Corp., Cormark Securities Inc., and Paradigm Capital Inc. ) (collectively, the

“Underwriters”), purchased on a bought deal basis 19,112,000 Common Shares at the Offering

Price (the "Bought Deal Offering ") for gross proceeds of $86,004,000 (the "Bought Deal Gross

Proceeds").

In addition to the Bought Deal Offering , certain management, insiders and shareholders ,

purchased, pursuant to a separate non -brokered offering, 19,778,000 Common Shares at the

Offering Price for gross proceeds of $89,001,000 (the “Non-Brokered Offering”, together with the

Bought Deal Offering, the “Offering”).

The Common Shares issued under the Bought Deal Offering and the Non-Brokered Offering were

offered pursuant to two separate prospectus supplement s each dated October 7, 2022 (the

“Supplements”) to the Company's base shelf prospectus dated January 12 , 2021. The terms of

the Bought Deal Offering and the Non -Brokered Offering were described in the Supplement s

which were filed with the securities regulators in each of the provinces and territories of Canada

pursuant to the Supplement, and in the United States by way of a private placement.

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The net proceeds of the O ffering will be used to fund permitting and development costs for the

Company’s Blackwater Gold Project and for general corporate purposes.

The Common Shares offered have not been registered under the U.S. Securities Act of 1933, as

amended, and may not be offered or sold in the United States absent registration or an applicable

exemption from the registration requirements. This press release shall not constitute an offer to

sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any

jurisdiction in which such offer, solicitation or sale would be unlawful.

ARTEMIS GOLD INC.

On behalf of the Board of Directors

“Steven Dean”

Chairman and Chief Executive Officer

For further information: Chris Batalha, CFO and Corporate Secretary, +1 (604) 558-1107.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in

the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of

this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains certain "forward looking statements" and certain "forward- looking

information" as defined under applicable Canadian and U.S. securities laws (together, “ forward-

looking statements”). Forward- looking statements can generally be identified by the use of

forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate",

"believe", "continue", "plans", "potential" or similar terminology. Forward- looking statements in

this news release include, but are not limited to, statements and information related to the use of

proceeds from the Offering; and other statements regarding future plans, expectations, guidance,

projections, objectives, estimates and forecasts, as well as statements as to management's

expectations with respect to such matters.

Forward-looking statements and information are not historical facts and are made as of the date

of this news release. These forward-looking statements involve numerous risks and uncertainties

and actual results may vary. Important factors that may cause actual results to vary include

without limitation, the ability of the Company to accomplish its plans and objectives with respect

to the Blackwater Gold Project within the expected timing or at all; the timing and receipt of

certain approvals, changes in commodity and power prices, changes in interest and currency

exchange rates, risks inherent in exploration estimates and results, timing and success, inaccurate

geological and metallurgical assumptions (including with respect to the size, grade and

recoverability of mineral reserves and resources), changes in development or mining plans due to

changes in logistical, technical or other factors, unanticipated operat ional difficulties (including

failure of plant, equipment or processes to operate in accordance with specifications, cost

escalation, unavailability of materials, equipment and third party contractors, delays in the receipt

of government approvals, industr ial disturbances or other job action, and unanticipated events

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related to health, safety and environmental matters), political risk, social unrest, and changes in

general economic conditions or conditions in the financial markets. In making the forward-looking

statements in this news release, the Company has applied several material assumptions, including

without limitation, the assumptions that: (1) market fundamentals will result in sustained mineral

demand and prices; (2) the receipt of any necessary approvals and consents in connection with the

development of any properties; ( 3) the availability of financing on suitable terms for the

development, construction and continued operation of any mineral properties; and ( 4) sustained

commodity prices such that any properties put into operation remain economically viable. The

actual results or performance by the Company could differ materially from those expressed in, or

implied by, any forward-looking statements relating to those matters. Accordingly, no assurances

can be given that any of the events anticipated by the forward- looking statements will transpire

or occur, or if any of them do so, what impact they will have on the Offering, results of operations

or financial condition of the Company. Except as requi red by law, the Company is under no

obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-

looking statement, whether written or oral, that may be made from time to time, whether as a

result of new information, future events or otherwise, except as may be required under applicable

securities laws.