Artemis Gold Inc. (TSX-V: ARTG) is pleased to announce that on February 28, 2023 it executed  definitive documents for a syndicated project facility with National Bank of Canada, Macquarie Bank Limited, ING Capital LLC, Société Générale and Bank of Montreal in respect of its previously announced $385 million Project Loan Facility to fund a significant component of the estimated construction costs of the Company’s Blackwater Gold Project  in central British Columbia.  The PLF also provides for a $40 million standby cost overrun facility.

The terms of the PLF are substantially consistent with those announced in the Company’s news release dated February 24, 2022 and include the following:

• Facility Amount – $360 million, plus up to $25 million for capitalized interest prior to Project completion, plus a $40 million Standby COF. The Company may cancel the Standby COF once Project development reaches completion.
• Interest Rate – Canadian Dealer Offered Rate, plus a margin of 4.75% pre-project completion, reducing to 4.25% post-completion. Any amounts drawn on the Standby COF will carry the above pricing plus an additional 2%.
• Fees – Customary Upfront and standby fees for a facility of this nature.
• Repayment and Maturity – Principal and capitalized interest will be repayable in quarterly installments over six years, commencing in the third quarter following commercial production, with reduced repayments during the period when the Company expects to undertake its expansion of the Project from phase 1 to phase 2. The PLF can be prepaid at anytime without penalty.
• Hedging – A hedging program is expected to be put in place prior to utilization of the PLF. In order to limit the Company’s exposure to lower gold prices early in the mine life including during pay-back and in support of overall project economics, the extent of the hedge program may range from 185,000 gold ounces to 300,000 gold ounces.

Utilizing the PLF is subject to the satisfaction of certain customary conditions precedent. The PLF is secured through guarantees and a first ranking charge on all assets of the Company and each of its material subsidiaries.

Steven Dean, Chairman and CEO commented, “Execution of the definitive documents for the PLF is yet another major milestone on the development path for Blackwater. The calibre of the syndicate banks who have joined the leads National Bank and Macquarie is further testimony to the financial strength of the Project.”