Artemis Gold Inc. (TSX-V: ARTG) reports financial and operating results for the three- and six-month periods ended June 30, 2025 (Q2 2025 and YTD 2025, respectively) and announces the arrangement of an underwritten revolving credit facility. The Company will host a conference call and webcast on August 13, 2025, the details of which are provided below.

2025 Highlights

• Q2 2025 production totalled 50,623 ounces of gold, bringing YTD 2025 production to 63,343 ounces of gold
• Cash costs¹ of US$690 per ounce of gold sold and all-in sustaining costs  of US$805 per ounce of gold sold during the two months May and June 2025 (the “post-commercial production period”)
• During Q2 2025, generated net income of $100.2 million or $0.43 per share on a fully diluted basis, adjusted EBITDA¹ of $146.4 million, and cash flow from operating activities of $185.1 million
• To date, the Company has made $67 million of principal payments against its long-term debt² (including a $40 million repayment in July)
• Arranged a $700 million underwritten RCF to refinance existing long-term debt² and provide additional flexibility to support near-term expansion options. Financial close of the RCF remains subject to customary conditions precedent.
• 5.5 million hours worked without a lost time incident up to the end of July 2025

Post-commercial Production Highlights

• Mill throughput averaged 16,206 tonnes per day during the post-commercial production period representing 98.6% of nameplate capacity
• Gold production totalled 34,824 ounces in May and June 2025, and gold sales were 34,112 ounces
• Average realized gold price¹ of C$4,578 per ounce¹

Artemis Gold CEO Dale Andres commented: “This quarter marked a major milestone for Artemis Gold, as we transitioned the Blackwater Mine from development to production, and celebrated the opening of Canada’s newest gold mine together with our First Nations partners and other stakeholders. We are uniquely positioned in one of the best mining jurisdictions in the world, and in this record gold price environment, we are demonstrating consistent operational performance, cost control, and capital discipline.

“At US$805 per ounce of gold sold, our AISC¹ ranks among the lowest in the industry, as we benefit from a low strip ratio, downhill loaded hauling, and low-cost, renewable hydro electric power. Looking ahead, we plan to continue to optimize the current Phase 1 operations, which we expect will allow Blackwater to consistently outperform its nameplate capacity. In addition to debt repayments already made, we will be refinancing the remainder of the PLF and Standby-Facility with the recently agreed $700 million revolving credit facility which we expect to have available for drawdown before the end of Q3 2025. At the same time, we are evaluating the opportunity to accelerate and optimize the Phase 2 expansion, with a decision expected in the second half of the year.”

Financial and Operating Results

The following tables summarize key operating statistics and unit analysis for the post-commercial production period of May 1, 2025 to June 30, 2025 only, as well as select financial information for Q2 2025 and YTD 2025. For further information, refer to the Company’s unaudited condensed consolidated interim financial statements and Management’s Discussion and Analysis (“MD&A”) filed on SEDAR+ at www.sedarplus.com.

Gold production during the month of April was 15,799 ounces and gold production during Q2 2025 totaled 50,623 ounces. Gold production in Q1 2025 was 12,720 ounces. Year-to-date gold production totaled 63,343 ounces through June 30, 2025, including 28,519 ounces produced during the pre-commercial period. The Blackwater mill operated at 102% of nameplate capacity in the month of June, averaging 16,738 tonnes per day.

In late July 2025 the Company successfully completed a 3-day planned shut-down of the processing plant to make various modifications and improvements to the dry and wet circuits, which is expected to enable the mill to further (and more consistently) outperform the nameplate capacity. The Company’s current focus is to drive both stability and above-nameplate mill throughput. This, along with mill feed ore characteristics, impacted gold recoveries which were lower than originally planned (averaging 84% in May and June 2025). Various initiatives are underway to further improve recoveries, including augmenting the Company’s understanding of the ore characteristics in oxide zones and transitional zones to optimize the ore blend.

AISC¹ for the post-commercial production period was US$805 per ounce sold, with 34,112 ounces sold during this two-month period. The Company’s low AISC for the post-commercial production period reflects, amongst other factors, the benefit of Blackwater’s low strip ratio, as well as comparatively low cost of diesel consumption associated with Blackwater’s hauling activities due to the down-hill haul from the pit to the process plant, stockpile areas and the tailings storage facility. Blackwater also benefits from comparatively low cost of power as the Company invested in a 135km transmission line which connects Blackwater to hydro-electric power.

When determining the value of the Company’s inventory balances, which in turn drives the quantum of the credit (reduction) to production cost (and AISC¹), the Company does not capitalize its stockpile of low-grade ore tonnes (the Company only attributes mining costs to high-grade and medium-grade ore when valuing stockpile inventory and the low-grade stockpile inventory is carried on the Company’s books at $nil).

The Company recorded revenue of $231.1 million and $272.1 million in Q2 2025 and YTD 2025, respectively, driven by the initial sales of gold and silver in the current year following the commencement of production at the Blackwater Mine.

During Q2 2025, the Company generated net income of $100.2 million or $0.43 diluted earnings per share, compared to a loss of $5.7 million or $0.03 loss per share in Q2 2024. Similarly, during YTD 2025, the Company generated net income of $104.8 million or $0.45 diluted earnings per share, compared to a loss of $12.4 million or a loss per share of $0.06 in YTD 2024.

During Q2 2025, the Company incurred sustaining capital and lease payments of $4.2 million, along with $47.1 million Phase 1 capital cost (pre-commercial production) and $34 million of Phase 1 deferred capital. For YTD 2025, the Company incurred $7.3 million in sustaining capital and lease payments, while Phase 1 capital (pre-commercial production) totalled $141.6 million and Phase 1 deferred capital totalled $34 million. During the comparative periods, the Company incurred no sustaining capital, made lease payments of $0.8 million and $1.4 million in Q2 2024 and YTD 2024, respectively, and incurred Phase 1 capital of $147.1 million and $292.5 million in Q2 2024 and YTD 2024, respectively. Both Phase 1 and Phase 1 deferred capital in YTD 2024 and YTD 2025 includes amounts associated with rectification works which will form part of the Company’s counterclaim against its former EPC contractor.

EBITDA¹ for Q2 2025 totaled $168.9 million, while adjusted EBITDA¹ for the same period amounted to $146.4 million. For YTD 2025, EBITDA¹ and adjusted EBITDA¹ totaled $175.3 million and $173.5 million, respectively.

Cash flow from operating activities was $185.1 million for Q2 2025 and $199.1 million for YTD 2025, compared to negative $0.9 million and negative $6.1 million during the respective comparative periods.

In Q2 2025, the Company repaid $34.0 million in principal and interest under the Project Loan Facility (“PLF”) and made $4.2 million in lease payments. In late July the Company repaid an additional $40 million in principal under the Stand-by Facility of the PLF”.

The improvement in the financial metrics noted above reflect the impact of the successful start-up of the Blackwater Mine in early 2025.

Corporate Update

As previously disclosed, on June 19, 2025 the Company announced a leadership transition with the appointment of Mr. Dale Andres as Chief Executive Officer and Director. Mr. Steven Dean, the Company’s founder, transitioned to the role of Executive Chair. Mr. Jeremy Langford continues as President, with a focus on business growth, asset optimization, and development.

On August 12, 2025, the Company executed a credit-approved commitment letter and term sheet with National Bank of Canada to underwrite a $700 million RCF. The Company expects to utilize the RCF to discharge its remaining obligations associated with the PLF and Standby-Facility, which at the time of closing of the RCF is expected to amount to approximately $450 million. The RCF will be secured by a charge against all assets of the Company, subject to various intercreditor agreements. The RCF will attract customary upfront and commitment fees and interest will be based on CORRA plus a margin ranging from 2.25% to 3.25%, depending on the Company’s ratio of adjusted EBITDA¹ to net debt. Financial close of the RCF remains subject to customary conditions precedent and the RCF is expected to mature four years following such financial close.

Outlook

The Company is on track to achieve its previously stated production guidance for fiscal 2025 of 190,000 to 230,000 ounces of gold, including 160,000 to 200,000 ounces during the post-commercial production period at AISC¹ of US$670 to US$770 per ounce. AISC¹ is expected to trend lower in the second half of the year as operating efficiencies improve and production continues to increase.

About Artemis Gold

Artemis Gold is a well-financed, growth-oriented gold and silver producer and development company with a strong financial capacity aimed at creating shareholder value through the identification, acquisition, and development of gold properties in mining-friendly jurisdictions. The Company’s primary focus is the operation and further development of the Blackwater Mine in central British Columbia approximately 160km southwest of Prince George and 450km northeast of Vancouver. The first gold and silver pour at Blackwater was achieved in January 2025 and commercial production was declared on May 1, 2025.

Qualified Person

Artemis Gold Vice President, Technical Services Alastair Tiver, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.