Artemis Gold (TSXV: ARTG; OTCQX: ARGTF) Executive Chair Steven Dean says Blackwater is generating exceptional margins as the company accelerates its next stages of growth. Speaking with Kitco Mining at the NBF CEO Mining Conference in London, Dean says “we’re in a very fortunate position to have significant organic growth,” noting all-in sustaining costs of about $840 per ounce and a margin of more than $3,000 per ounce at current gold prices. Blackwater achieved commercial production earlier this year and is already operating above its 6 million tonne nameplate capacity.

Dean outlines how the phase 1A expansion to 8 million tonnes per year is underway, with a major phase 2 build expected to start in Q2 2026 and take throughput north of 20 million tonnes per year over a two-year construction window. He discusses funding this largely from cash flow, supported by a C$700 million revolving credit facility, while maintaining life-of-mine AISC below $1,000 per ounce and targeting production well above 500,000 ounces per year.

In this interview, Dean also discusses:
 • Blackwater’s rapid ramp-up, margin profile and capital allocation priorities
 • How the 6 Mtpa plant is being expanded to 8 Mtpa (phase 1A) and then to 20+ Mtpa under phase 2
 • Funding options for a $1 billion-plus expansion and the role of the new C$700 million revolver
 • Exploration plans on Artemis’ 1,500 square kilometre land package around Blackwater
 • How strong cash balances, perceived undervaluation and about 38% insider ownership shape Artemis’ M&A options

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https://youtu.be/udL00GrTKtQ?si=ye1orTLgfMMVH2O9

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.