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    Is Artemis Gold (TSXV:ARTG) Undervalued On Strong Earnings And Blackwater Progress?

    Simply Wall St·11/06/2026 01:30:24
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    Artemis Gold (TSXV:ARTG) is in focus after reporting third quarter and nine month 2026 earnings, with higher sales and net income year on year, along with progress updates at its Blackwater Gold project expansions.

    Artemis Gold’s recent earnings, dividend declaration and Blackwater expansion updates arrive alongside a 7.05% 7 day share price return and a year to date gain of 12.16%, while the 1 year total shareholder return of 17.24% and very large 3 year total shareholder return suggest longer term momentum that has cooled slightly with a 4.13% 90 day share price decline around the current CA$39.47 level.

    Scan other gold producers with similar earnings momentum and project updates using the hand picked 33 elite gold producer stocks.

    The recent lift in Artemis Gold’s share price alongside softer 90 day returns leaves a simple puzzle. Are investors pricing improving earnings and project execution, or mostly reacting to changing mood around the stock as results land?

    Most Popular Narrative: 27% Undervalued

    Against the current CA$39.47 share price, the most followed narrative pegs Artemis Gold’s fair value near CA$54.10. This frames the recent move as still leaving a valuation gap tied directly to Blackwater’s expansion plans and capital returns.

    The analysts have a consensus price target of CA$54.1 for Artemis Gold based on their expectations of its future earnings growth, profit margins and other risk factors.

    In order for you to agree with the analysts, you would need to believe that by 2029, revenues will be CA$3.0 billion, earnings will come to CA$1.3 billion, and it would be trading on a PE ratio of 13.0x, assuming you use a discount rate of 8.1%.

    See why 10 investors see Artemis Gold as 27% undervalued.

    Result: Fair Value of CA$54.10 (UNDERVALUED)

    Still, the whole narrative around Artemis Gold hinges on Blackwater running reliably, as well as on capital projects staying on schedule and on budget.

    Find out about the key risks to this Artemis Gold narrative.

    Next Steps

    Views around Artemis Gold are split, with some focused on the upside and others watching the risks more closely. Act while the information is fresh and form your own take by weighing the 4 key rewards and 2 important warning signs.

    Looking for more investment ideas beyond Artemis Gold?

    If Artemis Gold has sharpened your thinking, do not stop here. Use the screener to line up your next short list while the market is still reacting.