Artemis Gold (TSXV: ARTG) has officially hit commercial production at their new Blackwater mine in British Columbia.
The designation is said to follow the crushing circuit processing on average 17,700 tonnes of material over the last 30 days, while the milling circuit has processed on average 15,300 tonnes of ore per day over the same time period. Gold production year to date meanwhile has already hit 30,000 ounces.
With the commencement of commercial production, Artemis has also now provided guidance for the remainder of 2025. The company expects to production between 160,000 and 200,000 ounces of gold over the remaining eight months of the year. That production is expected to produce gold at all in sustaining costs of US$670 to US$770 an ounce.
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Forecasted production for the full fiscal year, including pre-commercial production figures, is expected to be in a range of 190,000 to 230,000 ounces.
Capital expenditures of $60 to $75 million are also expected for the remainder of the year, which includes the construction of an airstrip, further water treatment facilities, and other infrastructure. $3 million in front-end engineering and design work is also to be spent on the proposed phase 2 expansion.
“We completed construction in an industry leading 22 months, and the team achieved commercial production in a remarkable three months from commencement of milling operations. We will soon turn our attention to the potential acceleration of the proposed Phase 2 expansion, which is anticipated to increase Blackwater’s average annual production to over 500,000 equivalent gold ounces per year, firmly establishing the mine as a Tier 1 asset in a top jurisdiction,” commented Steven Dean, Chairman and CEO of Artemis Gold.
Artemis Gold last traded at $18.90 on the TSX Venture.
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