(Kitco News) - Artemis Gold has officially achieved commercial production at its flagship Blackwater Mine, delivering the milestone on time and on budget, the company announced. The mine, located in British Columbia, is forecast to produce between 160,000 and 200,000 ounces of gold for the remainder of 2025, with all-in sustaining costs as low as $670 per ounce, significantly below the industry average.
“The kudos is deserved for our team,” said Steven Dean, Chair and CEO of Artemis Gold, in an interview with Kitco Mining. “We’re in the lowest quartile globally, and perhaps even in the lowest decile, of costs for large-scale mines.”
Dean emphasized that Artemis’ strategy included standard, proven equipment and a straightforward processing flow sheet. “Nothing new or leading edge,” Dean said.
Looking ahead, Dean confirmed that Artemis is actively considering a Phase 2 expansion, which could increase annual output to over 500,000 ounces.
Artemis also intends to refinance its current project loan with more flexible corporate debt. “We’re now in a cashflow state,” Dean noted. “We can fund future expansion from internal cash flow, without issuing new equity. We haven’t issued shares since October 2022, and we treat our shares like gold.”
Artemis’ market capitalization has surged past C$5 billion, placing it ahead of many mid-tier producers. The company is also preparing to restart exploration activities around the 12-million-ounce Blackwater deposit and across its 1,400-square-kilometer land package.
“I think the capital markets are changing their view on single-asset producers,” Dean said, adding that Artemis is modeling its growth trajectory on companies like Lundin Gold. “The future is going to give greater value recognition to teams that are focused on making the most of a world-class asset.”
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