Artemis Gold (ARTG) Status Update summary

EP2 Expansion Approval and Project Scope

• Board approved a CAD 1.44 billion investment for Expanded Phase 2 (EP2), increasing throughput to 21 million tonnes per annum by end of 2028, with potential for further increases post-commissioning.

• EP2 is a standalone facility adjacent to Phase 1A, enabling parallel construction and operations with minimal disruption and de-risking.

• The expansion will be funded primarily from operating cash flow, with no anticipated equity dilution and support from a strong balance sheet and undrawn RCF of $242M.

• Mill recoveries are expected to average 93% post-expansion, and mine life is projected through at least 2043, with further extension potential.

• EP2 will generate over 1,500 direct construction jobs at peak and increase long-term employment to around 1,200, with significant economic and community benefits, including a 25% Indigenous employment target.

Production, Cost, and Operational Guidance

• Gold production is expected to exceed 500,000 ounces per year for the first 10 years post-expansion, making the site one of Canada's largest gold mines.

• All-in Sustaining Costs (AISC) are projected at $1,000–$1,100 per ounce over the next decade, with margins of about 75% at current gold prices and lowest quartile cost structure.

• Annual gold production guidance: 190,000–210,000 oz in 2025, 275,000–425,000 oz during 2026–2028, and 500,000–525,000 oz from 2029–2038.

• Cost structure benefits from economies of scale, low strip ratio, simple metallurgy, and access to low-cost hydroelectric power.

• Power requirements for EP2 will be met by an additional 50 MW from BC Hydro at standard industrial rates, with infrastructure already in place and confirmation expected in early 2026.

Project Execution, Timeline, and Risk Management

• Orders for long-lead items, including primary grinding mills, have been placed, with early works starting in Q1 2026 and major construction in Q3 2026.

• Phase 1A expansion to 8 Mtpa is on track for completion by end of 2026, with most procurement packages committed.

• Operational flexibility is enhanced by two independent plants, allowing for blending, campaigning, and risk mitigation.

• Permitting and power supply confirmations are expected in early 2026, with no major infrastructure upgrades required and alignment with environmental certificates.

• Expansion and operational plans are subject to risks including permitting, commodity prices, supply chain, and technical factors.