Artemis Gold's Blackwater Mine: On Track for Late Q4 2024 First Gold Pour

Artemis Gold Inc. (TSX-V: ARTG) has provided an update on the progress of its Blackwater Mine in central British Columbia, with the project remaining fully funded, within guidance for initial capital expenditure, and on schedule for first gold pour in H2 2024. The Company's Chairman and CEO, Steven Dean, stated that the project team has managed to limit the impact of wildfire events, which halted construction for approximately one and a half months during the most productive months of the build, to only a 7% increase in initial capital guidance. This testament to the team's financial discipline and deep project development experience has kept the project on track for the first gold pour in late Q4 2024.



The Blackwater Mine project has experienced two separate wildfire events, which resulted in additional fixed overhead drag on the project and deferred operating cash flows. To mitigate the financial impact of these events, Artemis Gold has executed an agreement with National Bank of Canada to provide additional stand-by debt funding of up to $65 million, plus up to $10 million in capitalized interest and fees, on a subordinated and unsecured basis. This funding is in addition to the Company's existing Project Loan Facility of $360 million plus capitalized interest of up to $25 million, as well as a cost overrun facility of $40 million that was drawn in early October 2024. This additional funding provides the Company with the financial flexibility to absorb the financial impact of wildfire events while managing project schedule targeting first gold pour in late Q4 2024 and ramp-up of operations beyond.

Artemis Gold has updated its initial capital guidance to first gold pour from $730 million to $750 million to $780 million to $800 million, an increase of approximately 7%. This update reflects the Company's commitment to financial discipline and its ability to manage the project's budget effectively, despite the challenges posed by wildfire events. The Company has also been working diligently on cost savings throughout its construction budget to minimize the impact of cost drivers such as the additional fixed overhead drag on the project due to wildfire events.



In conclusion, Artemis Gold's Blackwater Mine project remains on track for a late Q4 2024 first gold pour, with the Company demonstrating strong financial discipline and project management skills in the face of wildfire events. The Company's focus on cost savings, financial discipline, and strategic planning has enabled it to maintain a clear understanding of the project's budget and keep the project on schedule. Investors should monitor the progress of the Blackwater Mine project and consider the potential long-term strategic benefits of the Company's commitment to financial discipline and project management.