Artemis Gold (ARTG) Q2 2025 earnings summary

Executive summary

• Achieved commercial production at Blackwater Mine in May 2025, marking a major operational milestone and the opening of Canada's newest gold mine.

• Produced 50,623 oz of gold in Q2 2025, with year-to-date production at 63,343 oz, in line with guidance.

• Blackwater Mine built in 22 months, with first gold and silver poured in January and commercial production achieved three months later.

• Maintained a strong safety record with 5.5 million hours worked without a lost time incident as of July 2025.

Financial highlights

• Q2 2025 revenue reached $231.1 million, net income was $100.2 million, and adjusted EBITDA was $146.4 million.

• Cash flow from operations in Q2 2025 was $185.1 million, supported by high realized gold prices (C$4,578/oz).

• Cash costs for May–June 2025 were US$690/oz gold sold; AISC was US$805/oz, among the lowest in the industry.

• $67 million of long-term debt repaid year-to-date, including a $40 million payment in July.

• Sustaining capital and lease payments were $4.2 million in Q2 2025; $7.3 million year-to-date.

Outlook and guidance

• Reiterated full-year 2025 production guidance of 190,000–230,000 oz of gold, with 160,000–200,000 oz expected post-commercial production.

• Post-commercial production AISC guidance remains US$670–$770/oz, placing the operation in the lowest decile globally.

• AISC expected to trend lower in H2 2025 as efficiencies improve and production increases.

• Evaluating acceleration and optimization of Phase 2 expansion, with a decision expected in H2 2025.