VANCOUVER, BC — February 18, 2026 — Leads & Copy —
Artemis Gold Inc. (TSXV: ARTG) has released its financial and operating results for the three- and 12-month periods ending December 31, 2025, showcasing strong financial performance driven by high realized gold prices and efficient operations at the Blackwater Mine. The company reported a lowest decile All-In Sustaining Cost (AISC) of US$869 per gold ounce sold post-commercial production, EBITDA of $237 million in Q4 2025 and $630 million for the full year, and operating cash flow of $198 million in Q4 2025 and $561 million for the full year.
Artemis Gold CEO Dale Andres noted that mining and milling operations at Blackwater are currently performing well. He added that they continue to advance construction of the Phase 1A expansion, which is expected to increase mill throughput by 33% by Q4 2026, and they are also now advancing the EP2 project which will increase production to more than 500,000 ounces of annual gold production by the end of 2028, transforming Blackwater into one of the three largest single gold mines in Canada.
Gold production reached 68,480 ounces in Q4, bringing the full year total to 192,808 ounces. The company sold 67,852 ounces of gold in Q4 at an average realized price of US$4,168 per ounce, outperforming the LBMA average of US$4,142 per ounce. Cash costs were US$779 per ounce of gold sold, and AISC was US$925 per ounce of gold sold, resulting in an AISC margin of US$2,297 per ounce, representing approximately 70% of cash revenue.
Revenue for Q4 amounted to $333.7 million, bringing the full year revenue to $913.9 million. Cash flow from operating activities was $197.9 million for Q4 and $560.7 million for the full year. Adjusted net income for Q4 was $145.8 million or $0.61 per share on a fully diluted basis, while the full year adjusted net income was $415.6 million or $1.76 per share on a fully diluted basis. Adjusted EBITDA was $225.5 million for Q4 and $610.4 million for the full year.
The company is progressing with the Phase 1A expansion, expected to increase processing capacity to 8 million tonnes per annum (Mtpa) by the end of Q4 2026. Additionally, the company announced an Expanded Phase 2 (EP2) expansion, further increasing processing capacity to 21 Mtpa by the end of Q4 2028.
Artemis Gold closed a $450 million offering of senior unsecured five-year notes at 5.625% to repay outstanding amounts on its revolving credit facility. As of December 31, 2025, the company had $168.1 million in cash and equivalents, with total available liquidity of $410.1 million. Pro-forma available liquidity, reflecting the bond offering, reached $852.7 million.
The company announced the introduction of a dividend policy as part of the Company’s disciplined capital allocation framework. Beginning in the second half of 2026, the Company intends to pay a quarterly dividend of $0.05 per share, and plans to increase this base quarterly dividend to $0.08 per share in 2027. Beginning in 2027, and in addition to the base quarterly dividend, the Company will also consider potential share buybacks. Beginning in 2028 and aligned with progression toward commercial production of the EP2 project, the Company intends to implement a variable dividend in addition to the quarterly base dividend.
The company expects to produce 265,000-290,000 ounces of gold in 2026 at AISC of US$925-US$1,025 per ounce sold. Total growth capital is expected to be in the range of $670 to $745 million and funded from operating cash flow.
The company reported that 6.5 million hours had been worked without a lost time incident as of the end of 2025.
Artemis Gold is focused on the operation and development of the Blackwater Mine in central British Columbia. The first gold and silver pour at Blackwater was achieved in January 2025, with commercial production declared on May 1, 2025.
Source: Artemis Gold Inc.
