# Artemis Gold Reports Record Financial and Operating Results for Q2 2026

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Original source: https://www.artemisgoldinc.com/_resources/news/nr-20260806.pdf
EGM generated: 2026-09-27
Company: Artemis Gold Inc. (ARTG)

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# Artemis Gold Reports Record Financial and Operating Results for Q2 2026

Source: https://www.artemisgoldinc.com/_resources/news/nr-20260806.pdf
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# Artemis Gold Reports Record Financial and Operating Results for Q2 2026
August 6, 2026 TSXV: ARTG
PRESS RELEASE
Artemis Gold Reports Record Financial and Operating Results for Q2 2026
• Record quarterly production
• Record adjusted EBITDA of $285 million
• Record cash flow from operations of $208 million
(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 six-month periods ended June 30, 2026 (Q2
2026 and YTD 2026). The Company will host a conference call and webcast today, August 6, 2026, the
details of which are provided below.
Q2 2026 Highlights
• Gold production of 74,063 ounces
• Gold sales of 78,126 ounces, including 22,828 ounces delivered into the hedge programs; gold
sold into the spot market attracted an average realized price 1 of US$4,392 per ounce
• Revenue of $433.6 million
• Cash costs1 of US$813 per ounce of gold sold and all-in sustaining costs (AISC)1 of US$955 per
ounce of gold sold
• AISC margin1 of US$2,519 per ounce of gold sold, representing 71% of cash revenue
• Cash flow from operating activities of $207.5 million
• Adjusted net income1 of $199.7 million, or $0.83 per share fully diluted
• Adjusted EBITDA1 of $285.2 million
• Purchased 172,500 ounces of gold put options at a strike price of CAD$5,300 per ounce with
expiry dates between July 2026 and June 2027, providing downside gold price protection during
EP2 construction
• At June 30, 2026, cash and equivalents totalled $178.9 million; total available liquidity of $878.9
million
• At the end of Q2 2026, 8 million hours had been worked without a lost time incident
As announced on August 5, 2026, the Board of Directors declared an inaugural quarterly dividend of
$0.05 per share; payable on September 9, 2026 to shareholders of record on August 19, 2026. This
declaration is consistent with the Company’s dividend policy announced on February 18, 2026.
Artemis Gold CEO Dale Andres commented: “We achieved record results in the quarter with record
quarterly grades, recoveries, and gold production together with strong AISC, margins and cash flows. We
also announced our first return of capital to shareholders with an inaugural quarterly dividend,
demonstrating the confidence we have in our ability to generate strong cash flows while taking a
disciplined approach in executing our growth projects.
1
Refer to Non-IFRS Measures
1
“We are progressing very well on our Phase 1A and EP2 growth projects, with the first and largest
concrete pour on the EP2 project already completed. We are very excited to be starting major works
construction activities ahead of schedule as we transform Blackwater into a +500,000 ounce per year
gold operation over the next two years. We continue to expect EP2 to be funded out of operating cash
flow, and buying put option contracts to put a floor price on more than 80% of our anticipated spot gold
sales, while retaining full upside exposure to higher gold prices. We see this as prudent risk management
during our peak capital spending period over the next 12 months.”
Financial and Operating Results
The following tables summarize key operating results and unit analysis. For further information, refer to
the Company’s condensed consolidated interim financial statements and Management’s Discussion and
Analysis ("MD&A") filed on SEDAR+ at www.sedarplus.com.
Table 1
Q2 2025 YTD 2025
Operating results Units Q2 2026 (May and YTD 2026 (May and
June) June )
Ore mined tonnes 5,321,686 4,816,820 12,315,888 4,816,820
Waste mined tonnes 6,098,409 2,404,651 11,639,723 2,404,651
Strip ratio waste / ore 1.15 0.50 0.95 0.50
Total mined tonnes 11,420,095 7,221,471 23,955,611 7,221,471
Processed tonnes 1,343,772 988,588 2,661,426 988,588
Gold grade grams per tonne 1.86 1.34 1.73 1.34
Gold recoveries 1 % 92.2% 84.0% 91.5% 84.0%
Gold produced ounces 74,063 34,824 135,986 34,824
Gold sold - spot sales ounces 49,052 24,821 72,482 24,821
Gold sold - stream deliveries ounces 6,246 3,291 11,160 3,291
Gold sold - hedge deliveries ounces 22,828 6,000 55,001 6,000
Gold sold - total ounces 78,126 34,112 138,643 34,112
1 Recoveries include gold in circuit
2
Q2 2025 YTD 2025
Unit analysis1,2 Units Q2 2026 (May and YTD 2026 (May and
June) June )
Cash costs per gold ounce CAD$ per ounce $1,132 $949 $1,160 $949
Cash costs per gold ounce US$ per ounce $813 $690 $838 $690
AISC per gold ounce CAD$ per ounce $1,330 $1,109 $1,401 $1,109
AISC per gold ounce US$ per ounce $955 $805 $1,013 $805
AISC margin per gold ounce CAD$ per ounce $3,510 $4,825 $3,179 $4,825
AISC margin per gold ounce US$ per ounce $2,519 $3,505 $2,298 $3,505
AISC margin % of cash revenue 71% 80% 68% 80%
Avg realized gold price (spot sales) CAD$ per ounce $6,119 $4,578 $6,265 $4,578
Avg realized gold price (spot sales) US$ per ounce $4,392 $3,326 $4,529 $3,326
1 Totals may differ due to rounding
2 Refer to Non-IFRS Measures
The Blackwater Mine produced a record 74,063 ounces of gold in Q2 2026. Gold recoveries in the mill
improved to a record 92.2% in the quarter, up from 84.0% in Q2 2025 as a result of process optimization
of the milling circuit and improved ore characteristics as mining has advanced deeper into the deposit.
Plant feed grades averaged 1.86 grams per tonne (g/t) gold during the quarter, up from 1.34 g/t gold in
Q2 2025. Debottlenecking and improvement projects are continuing in the crushing, grinding and leach
circuits as efforts continue to focus on increasing plant throughput and improving reliability.
The Company reported AISC of US$955 and US$1,013 per ounce of gold sold in Q2 2026 and YTD
2026, respectively, versus US$805 per ounce of gold sold in May and June 2025. Mill contractor and
reagent costs were higher as part of the mill circuit optimization program along with higher diesel costs
compared to Q2 2025. Higher AISC was also attributable to higher lease payments, with no lease
payments made in Q2 2025.
The Company reported an AISC margin of 71% in the period, compared to 80% in Q2 2025; the decrease
was attributable to the factors above, partially offset by higher realized sales prices. Notwithstanding
these impacts, margins remained strong, supported by the robust gold price environment and the
Company’s low-cost operating profile.The low AISC reflects, among other factors, the benefit of
Blackwater’s low strip ratio, the comparatively low diesel consumption associated with Blackwater’s
hauling activities due to the downhill haul from the pit to the process plant, stockpile areas and the tailings
storage facility, as well as the fact that the processing facility is entirely energized by BC’s low-cost
renewable hydro-electric power. As a result, the Company has relatively low exposure to diesel price
volatility, with a US$10 change to the oil price estimated to have a US$5 to US$10 per ounce impact on
AISC, depending on the movement of materials.
Table 2
Select Financial Information
Q2 2026 Q2 2025 YTD 2026 YTD 2025
($000s except per share information)
Revenue 433,584 231,064 748,967 272,131
Cost of sales
Production costs (96,926) (55,386) (179,247) (63,938)
Depreciation and depletion (12,176) (7,791) (25,096) (8,458)
Gross profit 324,482 167,887 544,624 199,735
3
Select Financial Information
Q2 2026 Q2 2025 YTD 2026 YTD 2025
($000s except per share information)
General and administrative expense (3,395) (5,052) (9,754) (10,123)
Finance income 966 251 2,119 251
Finance expense (15,413) (14,598) (31,698) (14,746)
Equity loss from investment in associate (61) 6 (220) (109)
Change in fair value of derivatives (570) (1,731) (15,943) (22,637)
Income before income taxes 306,009 146,763 489,128 152,371
Current income tax expense (6,101) (3,066) (11,277) (3,066)
Deferred income tax expense (100,888) (43,511) (164,631) (44,476)
Net income 199,020 100,186 313,220 104,829
Net income per common share – basic 0.85 0.44 1.34 0.46
Net income per common share – diluted 0.83 0.43 1.31 0.45
Weighted number of common shares outstanding – basic 234,036,481 228,071,254 233,418,662 226,781,701
Weighted number of common shares outstanding – diluted 240,257,855 235,268,210 239,750,776 233,457,530
Adjusted net income1 199,651 101,911 329,383 127,575
Adjusted net income per common share – basic1 0.85 0.45 1.41 0.56
Adjusted net income per common share – diluted 1 0.83 0.43 1.37 0.55
EBITDA 1
332,632 168,901 543,803 175,324
Adjusted EBITDA 1 285,193 146,380 460,786 173,526
Net cash provided by operating activities 207,471 185,138 335,346 199,141
Net cash used in investing activities (194,318) (147,554) (289,036) (231,904)
Sustaining capital expenditures and lease payments 10,630 4,157 19,145 7,329
Phase 1A expansion project 27,880 - 37,151 -
EP2 project 71,960 - 107,892 -
Other expansion capital 31,316 - 74,305 -
Resource expansion and exploration 475 - 1,008 -
Phase 1 deferred capital - 34,020 - 34,020
Phase 1 capital (pre-commercial production) - 51,298 - 148,963
Total growth capital 131,631 85,318 220,356 182,983
Total capital expenditures 142,261 89,475 239,501 190,312
1
Refer to Non-IFRS Measures
The Company generated record revenue of $433.6 million in Q2 2026 compared to $231.1 million in Q2
2025, and $749.0 million and $272.1 million in YTD 2026 and YTD 2025, respectively, from sales of gold
and silver at the Blackwater Mine.
During Q2 2026, the Company sold a record 78,126 ounces of gold, consisting of 49,052 ounces sold
into the spot market, 6,246 ounces delivered into the gold stream, 7,000 ounces delivered into the
discretionary hedges, and 15,828 ounces delivered into the mandatory hedge program. For the
comparative period of Q2 2025, total gold sales were 49,517 ounces, comprised of 37,226 ounces sold
into the spot market, 3,291 ounces delivered into the gold stream, and 9,000 ounces delivered into the
discretionary hedges. The significant increase in ounces sold was primarily attributable to the Company
achieving commercial production in May 2025 in the comparable periods last year.
For the year-to-date period ended June 30, 2026, total gold sales were 138,643 ounces, comprised of
72,482 ounces sold into the spot market, 11,160 ounces delivered into the gold stream, 14,000 ounces
delivered into the discretionary hedges and 41,001 ounces delivered into the mandatory hedge program.
For the comparative year to date period, total gold sales were 59,053 ounces, comprised of 46,652
4
ounces sold into the spot market, 3,401 ounces delivered into the gold stream, and 9,000 ounces
delivered into the discretionary hedges.
The Company recorded total cost of sales of $109.1 million in Q2 2026 and $63.2 million in Q2 2025.
YTD 2026 cost of sales amounted to $204.3 million compared to $72.4 million in YTD 2025. The higher
cost of sales in the 2026 periods reflects the achievement of commercial production on May 1, 2025,
resulting in higher production and ounces sold in 2026 compared to the prior periods. The higher cost of
sales was also attributable to work performed for the continued optimization of the mill, including higher
contractor and reagent costs, to support higher recoveries.
The Company recorded total finance expense of $15.4 million and $31.7 million in Q2 2026 and YTD
2026, respectively, primarily comprised of interest expense on debt, accretion of deferred revenue, and
interest on lease liabilities. The Company recorded total finance expense of $14.6 million and $14.7
million in Q2 2025 and YTD 2025. The Company capitalized finance expense incurred before commercial
production was achieved on May 1, 2025 as borrowing costs to mineral property, plant and equipment.
As a result, the Company recorded comparat

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