Artemis Orders Construction Fleet Artemis IN Final Preparations FOR Commencement of Major Works at the Blackwater Project Artemis Provides Corporate Update

NEWS RELEASE

February 21, 2023 Trading Symbol: TSX-V: ARTG

ARTEMIS ORDERS CONSTRUCTION FLEET

ARTEMIS IN FINAL PREPARATIONS FOR COMMENCEMENT OF MAJOR WORKS AT THE BLACKWATER

PROJECT

ARTEMIS PROVIDES CORPORATE UPDATE

(Vancouver, February 21, 202 3) – Artemis Gold Inc. (TSX -V: ARTG) (“ Artemis” or the “ Company”) is

pleased to provide various updates on its site activities at the Company’s Blackwater project

(“Blackwater”) and corporate head office.

Blackwater Construction Fleet Ordered

The Company has executed an order with Finning (Canada), a division of Finning International Inc. (TSX:

FTT) for the construction equipment required for the execution of the owner -performed scope of major

works construction activities. The initial construction fleet is expected to be delivered in early Q2 2023

and will be composed of a variety of mining support equipment, including excavators, backhoe loaders,

compactors, graders, telehandlers, as well as fuel and water trucks , and will be further expanded

throughout the construction period.

Supplementary rental equipment will be used in the interim to support the initial construction fleet until

the primary mining fleet is delivered to site in preparation for the commencement of mine pre -stripping

activities. Preliminary work activities will focus on development of site infrastructure including access

roads, water management structures, mine haul roads, and commencement of tailings dam construction.

Plant Site Preparation on Schedule

The plant site preparation is well advanced with the majority of the bulk earth works completed, including

contractor laydown and batch plant areas. Both areas are ready for handover to the Engineering,

Procurement and Construction contractor (Sedgman Canada Limited or “ Sedgman”) upon Sedgman’s

mobilization to Blackwater.

Meanwhile, construction activities have expanded to focus on water management in readiness for spring

breakup, including completion of the sediment and erosion control pond.

The process plant site area remains on track to be completed before the start of major works

construction, which is expected to commence shortly following the receipt of the BC Mines Act Permits.

Figure 1: Blackwater Project Plant Site Area Q1-2023 (Looking West)

Source: Artemis Gold Inc.

Construction Camp Installation

Work on the construction camp is proceeding on schedule with 150 rooms and kitchen facilities on track

to be ready for occupation by the end of February, with the remaining rooms to b e furnished and ready

for occupation in March 2023, bringing the total camp capacity to 477 beds to meet the full complement

needed for the duration of the construction period.

Figure 2: Blackwater Project New Construction Camp Area Q1-2023 (Looking West)

Source: Artemis Gold Inc.

Preferred Construction Support Service Partners Selected

To further support preparations for the commencement of major works construction, the Company has

also selected preferred partners to provide security, supply fuel and related products, as well as explosives

and related services. The Company expects to finalize negotiations for these and other key contracts with

a view to executing binding agreements following receipt of the BC Mines Act Permit.

New Additions to Artemis Management Team

Artemis is also pleased to announce the appointments of Emily Schwede as Vice President, Legal and Peter

Rawlins as Vice President, Treasurer. Emily Schwede brings over 20 years of legal experience to her role.

Most recently, she held the position of Director, Legal Affairs at SNC Lavalin Inc. where she was involved

in all legal and commercial aspects of major projects from pre -bid to proposals to the execution and

operational phases. Peter Rawlins brings deep experience in treasury, debt management and financial

markets. He joins Artemis from CIBC where he worked for 19 years, most recently as Managing Director

of CIBC Capital Markets, Global Mining and Forest Products. During this time, Peter’s focus has been on

negotiating and executing various financing structures including project finance, corporate debt, streams

and risk management strategies such as hedging.

Steven Dean, Chairman and CEO commented, “As the bulk earthworks activities for the Blackwater process

plant nears completion, and in anticipation of receipt the of the BC Mines Act Permits for Blackwater, we

are preparing our team and making the necessary preparations with our preferred partners to secure the

supply of equipment, materials and services in order to be shovel- ready for the commencement of major

works construction. The addition of Emily and Peter further strengthens the Artemis Management team

as we continue to advance our Tier One asset base.”

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 news release.

ARTEMIS GOLD INC.

On behalf of the Board of Directors

“Steven Dean”

Chairman and Chief Executive Officer

For further information: Nicholas Campbell, VP Capital Markets, +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) accepts 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", "e xpect", "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 plans of the Company regarding the Project

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, risks

related to the ability of the Company to accomplish its plans and objectives with respect to the 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 operational

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, industrial disturbances or other job action, and unanticipated events 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 the m do so, what impact they will have on the results of operations or

financial condition of the Company. Except as required by law, the Company is under 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 as a result of new information,

future events or otherwise, except as may be required under applicable securities laws.