Artemis looks to triple gold production at B.C. mine
Artemis Gold Inc. [ARTG-TSXV, ARTG-OTCQX] has reported record quarterly production from its Blackwater gold mine in British Columbia. The company said production in the three months ended June 30, 2026, amounted to 74,063 ounces, marking a 20% increase compared to the equivalent quarter in 2025.
It said the increase was driven by higher feed grades, higher gold recoveries and higher mill throughput in the processing plant., which processed 1.34 million tonnes of during the quarter, with feed grades averaging 1.86 g/t gold, while recoveries reached a record 92.2% rate as a result of continued processing optimizations.
The company is concurrently advancing a Phase 1A expansion project that will increase the design throughput capacity of the existing process plant by 33% to eight million tonnes per year. Artemis is also advancing the Expanded Phase 2.0 project, which is designed to increase yearly throughput to 21 million tonnes before the end of 2028 by adding a second, larger processing train to the existing facility.
All of these projects combined will more than triple Artemis’s current processing capacity at Blackwater and ultimately increase gold production to more than 500,000 ounces annually.
Artemis shares advanced on the news, rising 8.4% or $2.65 to $34.12. The shares currently trade in a 52-week range of $48.80 and $25.
The Blackwater gold mine is located approximately 160 kilometres southwest of Prince George and 446 kilometres northeast of Vancouver. It is accessible by a major highway and access/service roads.
Artemis bought the asset from New Gold Inc. (NGD-TSX, NYSE American) in August, 2020. Coeur Mining Inc. [CDE-NYSE] recently announced a definitive agreement to acquire New Gold. The first gold pour was achieved in January, 2025, and commercial production was declared on May 1, 2025.
The company has said it plans to develop the project in three stages, a move that would entail targeting a higher-grade zone of near surface mineralization in the southern half of the open pit in the first seven years, supporting a shorter payback period and higher IRR. It said this approach would reduce the initial capital expenditures to $592 million.
The phased approach provides the opportunity to build the Blackwater project with growth financed from free cash flow, the company has said.
Artemis said an economic study indicates that Blackwater could deliver $2.3 billion in provincial government revenues over the life of the project.
The study envisages $13.2 billion in added value in B.C. from an operation that is expected to consist of an open pit gold and silver mine that is expected to be in production for a minimum of 22 years.