Artemis Gold Reports Q4 and Full Year 2025 Financial and Operating Results
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February 18, 2026 TSXV: ARTG
PRESS RELEASE
Artemis Gold Reports Q4 and Full Year 2025 Financial and Operating Results
• Lowest decile AISC1 of US$869 per gold oz sold post-commercial production
• EBITDA1 of $237 million in Q4 2025 and $630 million in full year 2025
• Operating cash flow of $198 million in Q4 2025 and $561 million in full year 2025
(all amounts in Canadian dollars unless otherwise stated)
Vancouver, British Columbia – Artemis Gold Inc. (TSX-V: ARTG) (“Artemis Gold” or the “Company”)
reports financial and operating results for the three- and 12-month periods ended December 31, 2025
(Q4 2025 and full year 2025, respectively). The Company will host a conference call and webcast on
February 19, 2026, the details of which are provided below.
Q4 and Full Year 2025 Highlights
• Gold production of 68,480 ounces, bringing full year 2025 gold production to 192,808 ounces
• Q4 sales of 67,852 ounces of gold; gold ounces sold into the spot market attracted an average
realized price1 of US$4,168 per ounce, compared to the LBMA average of US$4,142 per ounce
• Q4 cash costs1 were US$779 per ounce of gold sold and all-in sustaining costs (“AISC”)1 were
US$925 per ounce of gold sold
• Q4 AISC margin1 of US$2,297 per ounce of gold sold or approximately 70% of cash revenue
• Q4 revenue was $333.7 million, bringing full year 2025 revenue to $913.9 million
• Q4 cash flow from operating activities of $197.9 million, totalling $560.7 million for the full year
• Q4 adjusted net income1 of $145.8 million or $0.61 per share on a fully diluted basis, and full
year 2025 adjusted net income1 of $415.6 million or $1.76 per share on a fully diluted basis
• Q4 adjusted EBITDA1 was $225.5 million, and $610.4 million for the full year
• Construction of Phase 1A expansion advanced, and on track to increase processing capacity to
8Mtpa by end of Q4 2026
• Announced Expanded Phase 2 (“EP2”) expansion decision, a further increase in processing
capacity to 21Mtpa by end of Q4 2028
• Closed a $450 million offering of senior unsecured five-year notes at 5.625% to repay
outstanding amounts on the revolving credit facility
• At December 31, 2025, cash and equivalents totalled $168.1 million and total available liquidity
was $410.1 million. Pro-forma available liquidity, reflecting the $450 million bond offering
completed subsequent to year-end, of $852.7 million
• At the end of 2025, 6.5 million hours had been worked without a lost time incident
Artemis Gold CEO Dale Andres commented: “We delivered strong financial performance during the
quarter with lowest decile AISC1 and strong margins and cash flows driven by higher realized gold prices.
Mining and milling operations at Blackwater are currently performing well, with issues causing unplanned
downtime in Q4 now largely resolved.
1 Refer to Non-IFRS Measures
2
“Looking ahead, we continue to execute on our organic growth strategy, advancing construction of the
Phase 1A expansion, which is expected to increase mill throughput by 33% by Q4 2026. We are also
now advancing the EP2 project which will increase production to more than 500,000 ounces of annual
gold production by the end of 2028 , transforming Blackwater into one of the three largest single gold
mines in Canada.”
Financial and Operating Results
The following tables summarize key operating results and unit analysis for the post -commercial
production period of May 1, 2025 to December 31, 2025, as well as select financial information for May
and June 2025, Q3 2025 and Q4 2025 and full year 2025. For further information, refer to the Company’s
consolidated financial statements and Management’s Discussion and Analysis ("MD&A") filed on
SEDAR+ at www.sedarplus.com.
Table 1
Operating results Units May and
June 2025 Q3 2025 Q4 2025
Total post-
commercial
production
Ore mined tonnes 4,816,820 6,161,619 6,206,783 17,185,222
Waste mined tonnes 2,404,651 5,180,117 5,500,707 13,085,475
Strip ratio waste / ore 0.50 0.84 0.89 0.76
Total mined tonnes 7,221,471 11,341,736 11,707,490 30,270,697
Milled tonnes 988,588 1,528,851 1,422,877 3,940,316
Milled tonnes per day 16,206 16,618 15,466 16,083
Gold grade grams per tonne 1.34 1.48 1.66 1.51
Gold recoveries1 % 84.0% 84.9% 88.1% 86.0%
Gold produced ounces 34,824 60,985 68,480 164,289
Gold sold - spot sales ounces 24,821 56,400 40,453 121,674
Gold sold - stream deliveries ounces 3,291 6,463 5,225 14,979
Gold sold - hedge deliveries ounces 6,000 - 22,174 28,174
Gold sold - total ounces 34,112 62,863 67,852 164,827
Unit analysis2,3 Units May and
June 2025 Q3 2025 Q4 2025
Total post-
commercial
production
Cash costs per gold ounce CAD$ per ounce $949 $911 $1,086 $991
Cash costs per gold ounce US$ per ounce $690 $661 $779 $717
AISC per gold ounce CAD$ per ounce $1,109 $1,157 $1,290 $1,202
AISC per gold ounce US$ per ounce $805 $840 $925 $869
AISC margin per gold ounce CAD$ per ounce $2,921 $3,271 $3,204 $3,171
AISC margin per gold ounce US$ per ounce $2,122 $2,374 $2,297 $2,293
AISC margin % of cash revenue 70% 72% 70% 71%
Average realized gold price CAD$ per ounce $4,578 $4,806 $5,814 $5,095
Average realized gold price US$ per ounce $3,326 $3,489 $4,168 $3,684
1 Recoveries include gold in circuit
2 Totals may differ due to rounding
3 Refer to Non-IFRS Measures
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Gold production was 68,480 ounces in Q4 2025, 164,289 ounces for the post -commercial production
period and 192,808 ounces for the full year 2025. Mill feed grade averaged 1.66 g/t gold in Q4, 12%
higher than Q3 2025. Sales in Q4 totalled 67,852 ounces of gold; gold ounces sold into the spot market
achieved an average realized price of US$4,168 per ounce, compared to the LBMA average of US$4,142
per ounce.
Mining operations continued to track to plan, with total tonnes mined in Q4 2025 increasing by 3%
compared to Q3 2025.
During Q4 2025, milling operations continued to perform well on an operating hour basis and above the
design rate; however, the total tonnage processed was impacted by lower mill availability as previously
disclosed. The mill operated at an average through put rate of 15,466 tonnes per day or 94% of design
capacity for the quarter. The Company continues to target mill throughput at 10% above design capacity
on a sustainable basis in advance of commissioning the Phase 1A expansion.
The Company reported AISC1 of US$925 per ounce of gold sold in Q4 2025 versus US$840 per ounce
of gold sold in Q3 2025. The increase was primarily due to increased reagent consumption associated
with both ongoing circuit optimization and the processing of transitional ore that required higher reagent
dosages to support recovery performance, as well as higher reagent unit costs. The increase in AISC
also reflected higher plant maintenance costs, as the Company corrected for a number of design and
construction deficiencies during the quarter. In addition, royalty and participation payments included in
AISC increased during the quarter, reflecting higher realized gold prices.
The Company reported AISC1 of US$869 per gold ounce for the post-commercial production period and
an AISC margin of US$2,293 per gold ounce, representing a margin of 71% of cash revenue . These
results place Blackwater in the lowest decile of the global cost curve, with margins among the highest in
the industry.
The following information is derived from the Company’s unaudited Interim Financial Statements
prepared in accordance with IFRS Accounting Standards applicable to interim financial reporting
including IAS 34. Net income (loss) per share is calculated using the weighted average number of shares
outstanding on a basic and diluted basis as determined under IFRS Accounting Standards as issued by
the International Accounting Standards Board (“IFRS”).
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Table 2
Select Financial Information
($000s except per share information) Q4 2025 Q4 2024 FY 2025 FY 2024
Revenue 333,703 - 913,939 -
Cost of sales
Production costs (80,982) - (210,828) -
Depreciation and depletion (13,464) - (32,453) -
Gross profit 239,257 - 670,658 -
General and administrative expense (3,875) (3,773) (20,494) (17,322)
Finance income 729 - 1,432 -
Finance expense (16,080) (128) (65,276) (482)
Equity loss from investment in associate (287) (174) (522) (470)
Unrealized change in fair value of derivatives (12,017) (4,695) (52,259) (13,158)
Income (loss) before income taxes 207,727 (8,770) 533,539 (31,442)
Current income tax expense (5,569) - (15,008) -
Deferred income tax expense (68,679) - (169,370) -
Net income (loss) and comprehensive income (loss) 133,479 (8,770) 349,161 (31,442)
Net income (loss) per common share – basic 0.58 (0.04) 1.52 (0.15)
Net income (loss) per common share – diluted 0.56 (0.04) 1.48 (0.15)
Adjusted net income (loss)2 145,783 (3,901) 415,061 (17,814)
Adjusted net income (loss) per common share - basic2 0.63 (0.02) 1.81 (0.08)
Adjusted net income (loss) per common share - diluted2 0.61 (0.02) 1.76 (0.08)
Net cash from (used in) operating activities 197,886 (1,419) 560,706 (8,811)
Sustaining capital expenditures and lease payments 7,773 2,798 20,780 5,621
Growth capital – Phase 11 - 125,413 148,963 547,837
Growth capital – Phase 1 deferred1 63,318 - 178,182 -
Growth capital – Phase 1A 9,129 - 11,474 -
Growth capital – EP2 24,794 - 24,794 -
EBITDA2 236,542 (8,642) 629,836 (30,960)
Adjusted EBITDA2 225,496 (3,773) 610,420 (17,332)
1 Phase 1 growth capital comprises both Phase 1 capital and Phase 1 deferred capital associated with infrastructure and certain plant rectification works, including amounts which will form
part of the Company’s counterclaim against its former EPC contractor
2 Refer to Non-IFRS Measures
The Company generated revenue of $333.7 million and $913.9 million in Q4 2025 and full year 2025,
respectively, from sales of gold and silver following the initial gold and silver pours in January 2025 at the
Blackwater Mine . During Q4 2025, the Company reported adjusted EBITDA of $225.5 million and
adjusted net income of $145.8 million, or $0.63 basic adjusted earnings per share. For full year 2025, the
Company generated adjusted EBITDA of $610.4 million and adjusted net income of $ 415.1 million, or
$1.81 basic adjusted earnings per share.
Cash flow from operating activities, after changes in working capital, was $197.9 million in Q4 2025 and
$560.7 million for full year 2025.
At December 31, 2025 the Company’s cash and cash equivalents totalled $168.1 million. Including the
undrawn portion of the credit facility of $242 million at December 31, 2025, total available liquidity at the
end of 2025 was $410.1 million.
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Corporate Updates
On December 15, 2025, the Company announced board approval for the EP2 project, with an estimated
capital cost for the processing infrastructure of $1.44 billion . EP2 represents a significant addition to
processing plant capacity at Blackwater Mine from the previously announced Phase 1A project, which is
currently in construction, growing from an expected 8 Mtpa before the end of 2026 to 21 Mtpa before the
end of 2028. Once EP2 is in production, the Blackwater Mine is expected to produce an average o f
500,000 to 525,000 ounces of gold for the first 1 0 full years. The full EP2 investment decision is
conditional upon receipt of formal confirmation of adequate hydro -electricity supply from BC Hydro,
expected in early 2026. EP2 is expected to be funded primarily from operating cash flows and is
supported by the Company’s streng thened balance sheet which provides financial flexibility to fund
growth.
On February 3, 2026, the Company closed a $450 million offering of senior unsecured notes (the
“Offering”). The notes attract a coupon of 5.625% and are due on February 15, 2031. The
Company used the net proceeds together with cash on hand to repay in full the balance of the
Company’s revolving credit facility (“RCF”). The Company expects to fund both Phase 1A and EP2
entirely from operating cash flows, but having the full RCF available is prudent risk mitigation. The
Company may consider reducing the RCF limit (currently at $700 million) in the short to medium term.
On February 18, 2026, the Company announced the introduction of a dividend policy as part of the
Company’s disciplined capital allocation framework , providing guidance for returning capital to
shareholders in a manner that is sustainable, prudent, and consistent with the Company’s growth
strategy. Beginning in the second half of 2026, the Company intends to pay a quarterly dividend of $0.05
per share, commencing in the second half of 2026 with two quarterly payments expected in 2026 . The
Company plans to increase this base quarterly dividend to $0.08 per share in 2027. Beginning in 2027,
and in addition to the base quarterly dividend, the Company will also consider potential share buybacks,
including the potential implementation of a Normal Course Issuer Bid (“NCIB”) . Beginning in 2028 and
aligned with progression toward commercial production of the EP2 project, the Company intends to
implement a variable dividend in addition to the quarterly base dividend, with each quarterly base dividend
to be topped up by a variable amount such that the total amount of dividends will approximate 40% of
free cash flow1. The divided policy is part of the Company’s evolving capital allocation framework and
with all quarterly payments subject to Board approval.
Outlook
The Company expects to produce 265,000-290,000 ounces of gold in 2026 at AISC of US$925-US$1,025
per ounce sold, which is one of the lowest costs in the industry. Higher grades are expected in the first
half of the year as mining progresses towards the bottom of the current pit phases and higher throughput
rates expected in the second half of the year as components of the Phase 1A plant expansion come
online. The Phase 1A expansion project, which is expected to be completed, commissioned and fully
ramped up during the fourth quarter of 2026, will require an estimated 8 -day shutdown of the existing
plant at the end of Q3 2026 to tie in major components.
Total growth capital is expected to be in the range of $670 to $745 million and funded from operating
cash flow, which includes $95 to $100 million to complete the Phase 1A expansion, $385 to $435 million
to advance the recently announced $1.44 billion EP2 project, and $190 to $210 million of other expansion
capital primarily associated with tailings and water expansion projects together with additional equipment
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for the mining fleet. The early works program on the EP2 project is focused on advancing detailed
engineering and design, long -lead equipment and material procurement, earthworks, and camp
construction. Major works are expected to commence before the end of the third quarter.
Table 3
Production and cost guidance 2026
Gold production (oz) 265,000 - 290,000
AISC1 (US$/oz sold) 925-1,025
Sustaining capital ($ millions) 5
Resource expansion and exploration ($ millions) 15-20
Growth capital
Phase 1A expansion project ($ millions) 95-100
EP2 project ($ millions) 385-435
Other expansion capital ($ millions) 190-210
Total growth capital ($ millions) 670-745
1 Refer to Non-IFRS Measures
Conference Call and Webcast Details
Artemis Gold will host a conference call and webcast on February 19, 2026 at 9:00am PST (12:00pm
EST).
Conference call
Toll-free in Canada and the US: 1-833-752-3746
International: +1-647-846-8723
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=HeRYgqDg
The webcast will be available for replay on the Company’s website at www.artemisgoldinc.com until May
19, 2026.
About Artemis Gold
Artemis Gold is a well-financed, growth-oriented gold and silver producer and 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 primary focus is the
operation and further development of the Blackwater Mine in central British Columbia approximately
160km southwest of Prince George and 450 kilometres northeast of Vancouver. The first gold and silver
pour at Blackwater was achieved in January 2025 and commercial production was declared on May 1,
2025. Artemis Gold trades on the TSX -V under the symbol ARTG and the OTCQX under the symbol
ARGTF. For more information visit www.artemisgoldinc.com.
Qualified Person
Artemis Gold Chief Business Development Officer, Tony Scott, P. Geo., a Qualified Person as defined
by National Instrument 43-101, has reviewed and approved the scientific and technical information in this
press release.
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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 news
release.
Non-IFRS Measures
This press release refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, adjusted
EBITDA, cash costs, all-in sustaining costs (“AISC”), AISC margin, sustaining and growth capital expenditures, which are not
measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures have been
derived from the Company's financial statements because the Company believes that, in addition to conven tional measures
prepared in accordance with IFRS, certain investors and stakeholders will use the non -IFRS measures to evaluate the
Company’s future operating and financial performance. However, these non -IFRS performance measures do not have any
standardized meaning and may therefore not be comparable to similar measures presented by other issuers. Accordingly, these
non-IFRS performance measures are intended to provide additional information and should not be considered in isolation or as
a substitute of performance measures prepared in accordance with IFRS.
Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in
the Company's MD&A for the year ended December 31, 2025 available on the Company’s website at www.artemisgoldinc.com
and on SEDAR+ at www.sedarplus.ca.
In addition, for purposes of determining future dividends under the Company’s inaugural dividend policy, free cash flow is defined
as the cash generated by the business that is available to be distributed to shareholders and is calculated as net cash from
operating activities, less net cash used in investing activities, lease payments, and scheduled payments of principal and interest
on the Company’s recurring financing arrangements.
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 historical 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 certain 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
for Artemis to deliver dividends to shareholders under its new dividend policy; the declaration and payment of future dividen ds,
the potential adoption of additional shareholder return policies, including a Normal Course Issuer Bid, liquidity available to invest
in expansion projects, the strategy, plans, future financial and operating performance of the Blackwater Mine , including (i)
estimates of grades, throughput, recoveries, future production and sales; (ii) estimates of future costs, all-in sustaining costs, all-
in sustain cost margins, and growth capital expenditures; (iii) the extent and timing of any exploration programs; (iv) the plans of
the Company with respect to optimizing and enhancing current operations, including the expected costs and benefits of work to
be undertaken as part of Phase 1A and EP2 expansions, and the expected timing of procurement, construction, commissioning
and completion works; (v) the anticipated life of mine and options to extend, and (vi) other financial and operational expectations
of the Company with respect to the mine..
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, without limitation: risks
related to ability of the Company to accomplish its plans and objectives with respect to the operations, optimization, enhancement
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and expansion of the Blackwater Mine within the expected timing or at all, the timing and receipt of certain required approva ls,
changes in commodity prices, changes in interest and currency exchange rates, litigation risks (including the anticipated outcome
or resolution of ongoing or potential claims and counterclaims, the timing and success of such claims and counterclaims) , risks
inherent in mineral resource and mineral reserves estimates and results, risks inherent in exploration and development activities,
changes in exploration, mining, optimization, enhancement or expansion plans due to changes in logistical, technical or other
factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with
specifications, cost esc alation, unavailability or unanticipated delays to the delivery of materials, resources (including
hydropower), plant and equipment or third party contractors, delays in the receipt of government approvals, industrial
disturbances, job action, and unanticipated events related to health, safety and environmental matters including climate change,
weather events, and the possibility that assumptions relating to hydrogeological conditions, water quality, water availabilit y or
related mitigation measures may prove inaccurate or incomplete) ), 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 Mine 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.sedarplus.ca
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 permits, approvals and consents in connection with the exploration program or the operations and expansion of the
Mine will be obtained; (3) financing for the continued operation of the Blackwater Mine and future expansion activities will
continue to be available on terms suitable to the Company; (4) sustained commodity prices will continue to make the Mine
economically viable; and (5) there will not be any unfavourable changes to the economic, political, permitting and legal clim ate
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 the financial condition of the Company. Investors should therefore not place undue reliance on forward -looking statements.
The Company is u nder no obligation 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 required under applicable securities laws.