Artemis Gold Inc.

Notable vs. Peers

• All-in sustaining cost of $869/oz is 56% lower than the peer producer average of $1,969/oz.
• Financials score of 4.8/10 is weaker than the peer average of 6.4/10.

Lifecycle Milestones

1. Permit granted

   Mar 2023 · BC Mines Act Permit for Blackwater Mine (BC Ministry of Energy, Mines and Low Carbon Innovation) -- the company's own release frames this as the permit enabling major construction activities to commence as planned in Q1 2023. An earlier 'early works' permit (M-246, July 2021) allowed only site preparation, not full mine construction. · Source
2. Construction decision (FID)

   Feb 2022 · No discrete single-day 'board sanctions construction' release found (see script header). Dated to the executed credit-approved commitment letter for $385M project debt financing 'to Develop Blackwater' -- read together with the already-closed Dec 2021 Wheaton silver stream ($141M), this is the point the full construction capital stack was in place. Construction financing decisions of this kind are this company's closest real-world analogue to a formal FID. · Source
3. Construction start

   Sep 2022 · 'Artemis Announces Commencement of Site Works at Blackwater' -- major site works began under the 2021 early-works permit, ahead of the March 2023 full Mines Act permit (see PERMIT_GRANTED note; this is a real, sourced instance of construction activity preceding final permitting, not a data error). [Task #697 chronology ruling, 2026-08-25] NOT A DATE ERROR -- confirmed, and now flagged structurally rather than only in prose. Task #696's permit rule flags PERMIT_GRANTED (2023-03-14) as postdating this 2022-09-19 construction start. A prior pass had already adjudicated this and written the answer into both rows: Blackwater's site works began lawfully under an EARLIER early-works permit (M-246, July 2021, site preparation only), while the row in the PERMIT_GRANTED slot holds the later BC Mines Act permit authorising full mine construction. Two sequential permits, one slot -- so the chain reads inverted while every underlying fact is correct and separately sourced. This is a distinct shape from the multi-asset (SBMI) case: one asset, one operator, staged regulatory approvals. Flagged for a reviewed exception (key: PERMIT_GRANTED_AFTER_CONSTRUCTION_START); the remaining PERMIT_GRANTED_AFTER_CONSTRUCTION_DECISION inversion on this ticker is already covered by the rule's conditional-FID expectedGap. Not added to the rules file here because it was under concurrent edit. Do not resolve this by re-dating PERMIT_GRANTED to the July 2021 early-works permit: M-246 did not authorise mine construction, and the Mines Act permit is the meaningful one for every other gate that reads this row. · Source
4. First pour / production

   Jan 2025 · First gold and silver pour at the Blackwater Mine. · Source
5. Commercial production

   May 2025 · Commercial production declared at Blackwater, roughly 3 months after the Jan 29, 2025 first pour already on file. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.