Artemis Gold (ARTG) Q3 2025 earnings summary

Executive summary

• Achieved gold production of 60,985 ounces in Q3 at an AISC of $840/oz, with mill throughput averaging 101% of design capacity and 105% in August and September, supported by robust gold prices and operational outperformance.

• Sales reached 62,863 ounces of gold at an average realized price of US$3,489/oz, generating revenue of $308.1 million in Q3 2025.

• Cash flow from operating activities was $163.7 million, with adjusted net income of $141.7 million and adjusted EBITDA of $211.4 million.

• Commenced construction of Phase 1A expansion to increase processing capacity by 33% and arranged a $700 million credit facility, drawing $458 million to refinance debt.

• Achieved over 6 million hours worked without a lost-time incident by end of September 2025.

Financial highlights

• Q3 revenue reached CAD 308 million (US$308.1 million), including CAD 284 million in cash revenue from 62,863 ounces of gold sold.

• Adjusted net income was approximately CAD 142 million, with adjusted EBITDA at CAD 211 million.

• Cash flow from operations was CAD 163.7 million in Q3 2025, supported by an average realized gold price just under CAD 4,800/oz.

• Cash and equivalents at September 30, 2025: $75.3 million; total liquidity: $317.3 million.

• Q3 2025 net income: $110.9 million ($0.48/share basic); adjusted net income: $141.7 million ($0.61/share basic).

Outlook and guidance

• Full-year production guidance maintained at 190,000–230,000 ounces, but expected at the lower end due to higher mill downtime and lower recoveries.

• AISC guidance revised upward to $825–$875/oz (from $670–$770/oz) due to higher reagent and maintenance costs, with expectations for cost normalization in 2026 as optimizations progress.

• Targeting 10% above design throughput by year-end, with incremental benefits from phase I-A expansion expected as new equipment is brought online.

• Phase 1A expansion to increase mill throughput by 33% by Q4 2026; Phase 2 investment decision expected before end of 2025.