Artemis Gold Advancing the Blackwater Gold Project in Canada

• Artemis Gold owns 100% of the Blackwater gold project in central British Columbia, Canada with reserves of 8M ounces.
• Construction is underway on Blackwater, with the first gold production expected in H2 2024. The project is being fast-tracked to production.
• Total capital costs are estimated at C$730-750M, and Artemis has secured over C$830M in committed funding.
• The project benefits from a low strip ratio, extensive drilling, and good infrastructure and is located in a Tier 1 jurisdiction.
• Optimization studies are underway to improve economics at current gold prices. Artemis sees the potential to expand reserves and accelerate development.

Artemis Gold is developing its wholly-owned Blackwater gold project located in central British Columbia, Canada. Blackwater is one of the largest undeveloped gold projects in Canada with reserves of over 8 million ounces of gold. The company is fast-tracking Blackwater to production, with first gold scheduled for 2024.

At full capacity, the project is expected to produce over 400,000 ounces per year, establishing it as one of the top gold mines in Canada. Artemis provides investors with exposure to a large-scale, low-cost gold project in a Tier 1 mining jurisdiction.

Construction Progressing RapidlyMajor construction activities commenced at Blackwater in Q1 2023 after receipt of all key permits. As of August 2022, the overall project was approximately 37% complete. Critical path items underway include the installation of a 132kV transmission line, accommodation facilities, and pioneer earthworks on the tailings storage facility.

According to CEO Steven Dean, “Lots of construction activity on the left and that's our campsite, and other infrastructure on the right.”

Artemis Gold remains on track to deliver its first gold production in H2 2024. The company plans to issue a construction progress update in late October as part of its quarterly reporting. Fully Funded to ProductionA key de-risking milestone was achieved earlier this year when Artemis secured over C$830M in committed funding for Blackwater construction. This compares favorably to the guidance of C$730-750M in capital expenditure required to build the mine.

Major sources of funds include:

• Cash reserves
• Precious metals stream agreements
• C$400M debt facility with leading banks

Artemis Gold also has C$29M in in-the-money warrants due in 2023 and a C$40M cost overrun facility from banks. This comprehensive funding package ensures Blackwater can be financed through to production with minimal risk.

As CEO Dean emphasized, “I’m feeling pretty comfortable that we’re well funded."

Optimization Studies Underway

The company is currently updating Blackwater’s feasibility study to optimize the development plan at higher gold prices. The revised report will focus on accelerating the mine schedule and increasing processing rates. There is also potential to expand reserves by incorporating additional mineralization from pit shell expansions.

At current gold prices above $2,000/oz, Blackwater’s reserves could grow by 3 million ounces from mining a larger pit shell. The updated feasibility study is due for release in January 2023. Low Costs and Strong EconomicsThe Blackwater project benefits from low strip ratios, extensive drilling and excellent infrastructure. With minimal overburden, the life-of-mine strip ratio is a low 2.2:1.

Although the average grade is 0.78 g/t gold equivalent, this is comparable to the global average open pit grade of around 0.9 g/t. The extensive grade control drilling also reduces operational risk during early production. The project location provides access to nearby infrastructure, an experienced labor force and all necessary services. As a result, Blackwater is projected to be a low-cost gold mine with all-in-sustaining-costs of just US$707/oz.

These advantages underpin Blackwater’s robust economics. At base case assumptions of US$1,600/oz gold, the after-tax NPV is US$1.1B with a 23% IRR. There is significant upside at current gold prices above $2,000/oz.

Artemis Gold offers investors a de-risked gold developer with exposure to a top-tier mining jurisdiction. The clear path to production and solid project economics provide upside potential as Blackwater advances toward its first gold. The proven mine-building expertise of management further reduces execution risk. With construction activities ramping up and funding secured, Artemis appears primed to deliver strong returns for shareholders in the coming years. As one of the largest undeveloped gold assets in Canada, Blackwater offers investors a unique opportunity.

The Investment Thesis for Artemis Gold

• Construction underway at one of the largest undeveloped gold projects in Canada
• Fully funded through to production with over C$830M in committed capital
• Clear path to cash flow with first gold projected in H2 2024
• Significant production scale of 400koz per year in top-tier mining jurisdiction
• Low costs and strip ratio provide competitive economics
• Exploration upside on 1400km2 land package around the mine site
• Optimization studies could substantially increase reserves and mine life
• Insider ownership aligns management interests with shareholders
• Undervalued compared to single-asset developer peers

Artemis Gold offers an attractive investment opportunity in a de-risked gold developer. The Blackwater project benefits from a clear path to near-term production, low costs, and expansion potential. Trading at a discount to peers, Artemis Gold has a significant upside as the company progresses toward its first gold in 2024. With construction activities ramping up, the company appears poised to deliver strong returns for shareholders.