Artemis Gold Reports Q2 2023 Financial Results and Provides Construction Progress Update
Artemis Gold Inc. | 595 Burrard St., Suite 3083, Vancouver, BC V7X 1L3
Phone: 604.558.1107 [email protected] www.artemisgoldinc.com
August 15, 2023 TSXV:ARTG
PRESS RELEASE
Artemis Gold Reports Q2 2023 Financial Results and Provides Construction Progress Update
Vancouver, British Columbia – Artemis Gold Inc. (TSX-V: ARTG) (“Artemis Gold” or the “ Company”)
reports financial results for the three and six months ended June 30, 2023 (“Q2 2023”) and provides an
update on construction progress at the Blackwater Mine in central British Columbia. The project remains
fully funded, on track for first gold pour in H2 2024 and there is no change to the initial capital expenditure
guidance at this time.
Q2 2023 Financial Results
Artemis Gold’s Q2 2023 financial results – including the consolidated interim financial statements and
Management’s Discussion and Analysis (“MD&A”) – have been filed and are available for review on
SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.artemisgoldinc.com).
Construction Update
Overall construction at the Blackwater mine was 27% complete as of June 30, 2023. Project development
continues to advance on schedule, targeting first gold pour in H2 2024. Earthworks continued in priority
infrastructure areas, with approximately 400 hectares logged and cleared and 85% of access roads
needed for construction now operable.
Construction of a dditional accommodation dormitories is in progress, which will raise t he total camp
capacity from 420 to over 550 beds.
Construction of the tailings storage facility main wall is on track to commence as planned.
Total major works man -hours worked to June 30, 2023, stood in excess of 160,000 hours with a zero
LTIFR1 and an AIFR2 of 129.37.
Plant Site
Process plant construction progressed well on several work fronts including the mill building, ball mill,
carbon in leach (CIL) tanks, and the primary, secondary, and tertiary crusher s, as well as the reclaim
tunnel earthworks. The mill building struct ural steel has been delivered and assembly is expected to
commence in Q3 2023, with completion anticipated by the end of 2023.
Heavy Equipment
The construction fleet has been commissioned and is operational. Larger haul trucks are planned to
arrive in Q3 2023 to expand and support the existing fleet as earthworks ramp up over the summer.
Initial deliveries of the mining fleet, including the first 240-ton CAT 793 haul trucks, are also expected to
arrive in Q3 2023.
Engineering and Procurement
At the end of June 2023, the Sedgman EPC contract works passed 40% complete overall with
engineering and design over 85% complete. Procurement is over 90% complete, with fabrication and
Artemis Gold Inc. | 595 Burrard St., Suite 3083, Vancouver, BC V7X 1L3
Phone: 604.558.1107 [email protected] www.artemisgoldinc.com
shipping of critical items well advanced including key equipment such as the primary, secondary and
tertiary crushers, the ball mill heads and components, inter-tank screens and cyclone cluster. Electrical
machinery control centre fabrication is well advanced and on schedule.
Laboratory and oxygen plant tenders have been completed, and contracts ha ve been awarded for
production drilling and explosive supplies. The civil, mechanical and piping materials and equipment for
the water management pond, tailings storage facility as well as the diversion system infrastructure has
been ordered as planned.
Personnel
At the end of June 2023 there were approximately 350 staff and contractors on site at Blackwater Mine.
Of these, approximately 2 5% are female and over 30% identify as Indigenous. Over 5 0% of the
development team is from the local region and over 80% are B.C. residents.
Artemis Gold Chairman and CEO Steven Dean commented, “ We remain focused on a disciplined
approach to development of the Blackwater mine. We have formed strong partnerships with our local
communities and First Nations, and with Phase 1 fully funded and 27% complete, we remain on track to
pour first gold in H2 2024. Blackwater will be one of B.C.’s largest gold mines and a significant contributor
to the local, provincial, and federal economies.”
Subsequen t to June 30 , 2023
Artemis Gold took proactive measures during July 2023 to temporarily reduce the number of non -
essential staff and contractors as a result of an uncontrolled wildfire reaching the immediate vicinity of
the mine site. Following the wildfire, all mine site infrastructure remains intact, including the construction
camp, process plant area, construction fleet and contractors’ fleets, and damage to property was minimal
as previously reported. Site construction activities resumed in early August. Current staff and contractor
numbers are over 400 at Blackwater Mine, with all scheduled work fronts active.
There is no change to the targeted gold pour in H2 2024. The Company continues to assess the impact
of the wildfire on the Company’s estimates of initial capital. Any cost impact depends on various factors,
including contractual remedies and insurance recoveries available to the Company and its contractors.
At this time, the Company is not m aking any change to its initial capital expenditure guidance and the
project remains fully funded.
The initial capital to complete to first gold pour is estimated to range between C$730 million and C$750
million, of which the Company had incurred approximately C$186 million as at the end of June 2023. The
Company’s cash and cash equivalents at the end of June 2023 totalled approximately C$63 million. At
the same date, the Company had funding committed from its streamer in the amount of US$136 million
(approximately C$180 million ) undrawn as at June 30, 2023 , committed project loan facilities in the
amount of C$385 million (including up to C$25 million of capitalized interest), along with a C$40 million
standby cost overrun facility. The Company also has 26.3 million warrants outstanding which are
exercisable at C$1.08 per warrant before August 27, 2024 for anticipated proceeds of C$28 million.
Artemis Gold Inc. | 595 Burrard St., Suite 3083, Vancouver, BC V7X 1L3
Phone: 604.558.1107 [email protected] www.artemisgoldinc.com
Site photos
Water management pond – June 2023 Mobile equipment service area – June 2023
CIL tank foundations – June 2023 Ball mill foundation and pedestals – June 2023
Artemis Gold Inc. | 595 Burrard St., Suite 3083, Vancouver, BC V7X 1L3
Phone: 604.558.1107 [email protected] www.artemisgoldinc.com
Plant site area – June 2023
Secondary and tertiary crusher slabs with rebar work underway – June 2023
Artemis Gold Inc. | 595 Burrard St., Suite 3083, Vancouver, BC V7X 1L3
Phone: 604.558.1107 [email protected] www.artemisgoldinc.com
Mechanical equipment ready to ship – June 2023
Air systems Reclaim tunnel sections Trial assembly
Tank sections Pump skid assembly
About Artemis Gold
Artemis Gold is a well -financed, growth -oriented gold development company with a strong financial
capacity aimed at creating shareholder value through the identification, acquisition, and development of
gold properties in mining -friendly jurisdictions. The company’s current focus is construction of the
Blackwater Mine project in central British Columbia approximately 160km southwest of Prince George
and 450km northeast of Vancouver. The project is one of the largest capital investments in the Bulkley -
Nechako, Fraser-Fort George and Cariboo regions of B.C. in the last decade. The first pour of gold and
silver from Blackwater Mine is expected H2 2024 and the mine is expected to be in production for a
minimum of 22 years. Artemis Gold trades on the TSX-V under the symbol ARTG. For more information
visit www.artemisgoldinc.com.
Qualified Person
Jeremy Langford, FAUSIMM, a Qualified Person as defined by National Instrument 43-101, has
reviewed and approved the scientific and technical information in this press release.
Artemis Gold Inc. | 595 Burrard St., Suite 3083, Vancouver, BC V7X 1L3
Phone: 604.558.1107 [email protected] www.artemisgoldinc.com
On behalf of the Board of Directors
Steven Dean
Chairman and Chief Executive Officer
+1 604 558 1107
Investor Relations contact
Meg Brown
Vice President, Investor Relations
+1 (778) 899-0518
Media relations contact
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-looking Information
This press release contains certain forward -looking statements and forward -looking information as defined under
applicable Canadian and U.S. securities laws. Statements contained in this press release that are not hist orical
facts are forward-looking statements that involve known and unknown risks and uncertainties. Any statements that
refer to expectations, projections or other characterizations of future events or circumstances contain forward -
looking statements. In c ertain cases, forward-looking statements and information can be identified using forward-
looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”,
“potential” or similar terminology. Forward-looking statements and information are made as of the date of this press
release, and include, but are not limited to, statements regarding the potential of the Blackwater mine project; the
jobs to be created in connection with the project; the contribution of the project to the economy; opinions of the
Province of British Columbia regarding the project and the region; agreements and relationships with Indigenous
partners; the future of mining in British Columbia; the plans of the Company with respect to the project, including
construction, site preparation, clearing, consultation with indigenous groups, and other plans and expectations of
the Company with respect to the project.
These forward-looking statements represent management’s current beliefs, expectations, estimates and projections
regarding future events and operating performance, which are based on information currently available to
management, management’s historical experience, perception of trends and current business conditions, expected
future developments and other factors which management considers appropriate. Such forward-looking statements
involve numerous risks and uncertainties, and actual results may vary. Important risks and other factors that may
cause actual results to vary include, wi thout limitation: risks related to the ability of the Company to accomplish its
plans and objectives with respect to the development of the project within the expected timing or at all, the timing
and receipt of certain required approvals, changes in commodity prices, changes in interest and currency exchange
rates, risks inherent in exploration estimates and results, risks inherent in exploration and development activities,
changes in development or mining plans due to changes in logistical, technical or o ther factors, unanticipated
operational difficulties (including failure of plant, equipment or processes to operate in accordance with
specifications, cost escalation, unavailability of materials, equipment or third party contractors, delays in the receipt
of government approvals, industrial disturbances, job action, and unanticipated events related to heath, safety and
environmental matters), changes in governmental regulation of mining operations, political risk, social unrest,
changes in general economic conditions or conditions in the financial markets, and other risks related to the ability
of the Company to proceed with its plans for the project and other risks set out in the Company’s most recent MD&A,
which is available on the Company’s website at www.artemisgoldinc.com and on SEDAR at www.sedar.com.
Artemis Gold Inc. | 595 Burrard St., Suite 3083, Vancouver, BC V7X 1L3
Phone: 604.558.1107 [email protected] www.artemisgoldinc.com
In making the forward -looking statements in this press 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) any necessary approvals and consents in connection with the development of the
project will be obtained; (3) financing for the development, construction and continued operation of the project will
continue to be available on terms suitable to the Company; (4) sustained commodity prices will continue to make
the project economically viable; and (5) there will not be any unfavourable changes to the economic, political,
permitting and legal climate in which the Company operates. Although the Company has attempted to identify
important factors that could affect the Company and may cause actual actions, events, or results to differ materially
from those described in forward-looking statements, there may be other factors that cause the actual results or
performance by the Company to differ materially from those expressed in, or implied by, any forward -looking
statements. 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 results of operations or
financial condition of the Company. Investors should therefore not place undue reliance on forward -looking
statements. The Company is under no obligatio n, and expressly disclaims 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 because of new information, future events or otherwise, except as may be req uired under applicable
securities laws.
1 LTIFR or Lost Time Injury Frequency Rate refers to the number of lost time injuries occurring per million man-hours worked,
divided by total man-hours worked.
2 AIFR or All Injury Frequency Rate refers to the total number of recordable incidents occurring per million man-hours worked,
divided by total man-hours worked.