Video News/NBC London CEO Mining Conference 2025

Artemis Gold Executive Chair Steven Dean says Blackwater Mine is performing ahead of expectations after achieving commercial production in September and sustaining all-in sustaining costs of about $840 per ounce. With gold at record highs, Blackwater is generating a margin of more than $3,000 per ounce, providing what Dean describes as a strong foundation for the company’s next stage of growth. Artemis has already begun work on its 1A expansion from 6 to 8 million tonnes per year and expects to present a Phase 2 proposal to its board before year end. “It will take our nameplate capacity through north of 20 million tons per annum,” he said. Dean said Phase 2 would represent an investment of more than a billion dollars, supported by cash flow and a newly completed C$700 million revolving credit facility. Artemis is also ramping up regional exploration across its 1,500 square kilometers of land in British Columbia and sees further potential to expand the Blackwater deposit. With production expected to move well above 500,000 ounces per year once Phase 2 is complete and insider ownership at 38 percent, Dean says the company is positioned to advance its growth strategy while maintaining control over its long-term direction.