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    Record Blackwater Output and Recoveries Could Be A Game Changer For Artemis Gold (TSXV:ARTG)

    Simply Wall St·07/22/2026 17:19:24
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    • Artemis Gold Inc. reported that its Blackwater mine delivered record quarterly production of 74,063 ounces of gold in the second quarter of 2026, up 20% from the prior quarter, supported by higher feed grades, record 92.2% recoveries, and increased mill throughput.
    • This combination of stronger grades, improved recoveries, and higher throughput highlights the impact of ongoing process optimization at Blackwater on operational performance and reliability.
    • We’ll now examine how this record quarter at Blackwater, driven by higher grades and recoveries, may reshape Artemis Gold’s investment narrative.

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    Artemis Gold Investment Narrative Recap

    To own Artemis Gold, you need to believe Blackwater can run reliably, scale through Phase 1A and Phase 2, and turn that throughput into durable cash flow. The record Q2 2026 production from Blackwater reinforces the near term catalyst around mill optimization and guidance delivery, while also slightly easing concerns about unplanned downtime. The biggest risk, in my view, remains execution and cost control on future expansion phases rather than the current run rate itself.

    Against this backdrop, the February 2026 issuance of CA$450,000,000 in senior unsecured notes stands out as particularly relevant. That financing underpins Artemis’s ability to fund Blackwater’s growth projects while maintaining liquidity, but it also increases the importance of delivering expansions on time and on budget so that debt remains comfortably serviceable. How effectively the company balances higher production with this larger capital structure will be important for the next leg of the story.

    Yet behind the strong quarter, investors should be aware that cost pressures tied to diesel, reagents and future expansion spending could still...

    Read the full narrative on Artemis Gold (it's free!)

    Artemis Gold's narrative projects CA$2.5 billion revenue and CA$1.2 billion earnings by 2029. This requires 27.6% yearly revenue growth and a CA$741.3 million earnings increase from CA$458.7 million today.

    Uncover how Artemis Gold's forecasts yield a CA$56.66 fair value, a 65% upside to its current price.

    Exploring Other Perspectives

    TSXV:ARTG 1-Year Stock Price Chart
    TSXV:ARTG 1-Year Stock Price Chart

    The more cautious analysts, who were assuming revenue of about CA$2.2 billion and earnings of CA$1.1 billion by 2029, highlight how concerns around back end weighted expansion spending and exposure to higher operating costs can yield a far more pessimistic view than consensus, and record Q2 output at Blackwater may or may not be enough to shift that narrative once everyone updates their numbers.

    Explore 5 other fair value estimates on Artemis Gold - why the stock might be worth over 3x more than the current price!

    The Verdict Is Yours

    Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.