Artemis Gold Inc · TSXV:ARTG
Artemis Gold — Corporate Update (December 2025)
22 slides from Artemis Gold's corporate update, Dec 16, 2025
Slide 1: Blackwater Mine: Expanded Phase 2 (EP2)
Blackwater Mine: Expanded Phase 2 (EP2) DECEMBER 16, 2025
Slide 2: Cautionary Note Regarding Forward-Looking Information
Cautionary Note Regarding Forward-Looking Information This presentation contains certain forward-looking statements and forward-looking information as defined under applicable Canadian and U.S. securities laws. Statements contained in this presentation that are not historical facts are forward-looki
Slide 3: Meaningful and Near-term Organic Growth Opportunities
Meaningful and Near-term Organic Growth Opportunities ➢Phase 1 optimization – targeting 10% above design throughput ahead of Phase 1A expansion ➢Phase 1A – increasing plant design throughput from 6 Mtpa to 8 Mtpa by end of 2026 ➢Expanded Phase 2 (EP2) – 13 Mtpa plant addition to achieve 21 Mtpa by e
Slide 4: Expanded Phase 2 (EP2) – Overview
Expanded Phase 2 (EP2) – Overview Nameplate plant capacity Capital cost Industry low capital intensity Phase 1A 6Mtpa 8Mtpa Q3 2025 Q4 2026 $110M $55 per tonne of additional annual throughput Nameplate plant capacity Capital cost1 Industry low capital intensity EP2 8Mtpa Q4 2026 21Mtpa Q4 2028 $1.44
Slide 5: Expanded Phase 2 (EP2) – Production and Cost Guidance
Expanded Phase 2 (EP2) – Production and Cost Guidance Expansion First five full First 10 full Units period years years 2025 2026-2028 2029-2034 2029-2038 Annual average gold production koz/year 190 - 210 275-425 500-525 500-525 Annual average silver production koz/year 600-1,200 2,500-3,000 2,000-2,
Slide 6: Development Timeline – 2026 to 2028
Development Timeline – 2026 to 2028 2025 2026 2027 2028 2029+ PHASE 1 OPTIMIZATION TSF and Water Management Infrastructure Mining Equipment Ramp Up Phase 1A Plant Construction Phase 1A Commissioning Phase 2 Early Works Phase 2 Plant Construction Phase 2 Commissioning 21 Mtpa Nameplate 6 6
Slide 7: Expanded Phase 2 (EP2) – Overview
Expanded Phase 2 (EP2) – Overview • EP2 Plant - 13 Mtpa design capacity • When combined with Phase 1A (8 Mtpa) will increase the combined throughput capacity of Blackwater to 21 Mtpa • EP2 processing plant is a separate facility adjacent to the Phase 1 processing plant • Allows for the segregation o
Slide 8: Processing Facility Flowsheet
Expanded Phase 2 Processing Facility Flowsheet Sr I Coarse Ore tl, Hopper Secondary Crushing ARTEMIS GOLD INC Primary Cyclone Gravity Separation Concentration Pebble Crushing + + | i Gravity nh Cyanidation Ball Milling SAG Pebble { Milling) Screen Crushed Ore Stockpile Cyclone & Gravity Gravi ity Fe
Slide 9: Expanded Phase 2 (EP2) – Design Layout
Expanded Phase 2 (EP2) – Design Layout The EP2 processing plant will include: • 2 stage crushing circuit • Covered coarse ore stockpile • SABC grinding circuit • 18 MW SAG mill • 18 MW ball mill • Pebble crusher • Gravity concentration • Leach and adsorption circuits • Including both carbon-in- leac
Slide 10: EP2 – Project Planning and Early Works
EP2 – Project Planning and Early Works • Front-end engineering and design for EP2 was completed in December 2025, along with detailed project execution plans • Planning activities for early works and construction are well advanced • Orders placed for several long-lead items • September 2025 – SAG an
Slide 11: Phase 1A Progress – 6 Mtpa to 8 Mtpa
Phase 1A Progress – 6 Mtpa to 8 Mtpa Engineering and procurement advancing well • 3.5 MW vertical grinding mill ordered • 10 of 13 procurement packages have been committed Construction activities have commenced and are expected to ramp up in Q1 2026 • Ring beam foundations completed for the new CIL
Slide 12: Key Supporting Activities – 2026 to 2028
Key Supporting Activities – 2026 to 2028 Mine operations Tailings and water management Mining rates increasing from ~40 Mtpa to 90-95 Mtpa Scope and design do not change with EP2 expansion Existing mining fleet will be expanded accordingly Timing of expanded footprint and TSF raises consistent Stock
Slide 13: Regional and Community Benefits
Regional and Community Benefits Current employment stats for operations of Phase 1 ~900 ~25%* Direct employees + Indigenous employees contractors Expected employment stats with EP2 *25% of direct Blackwater Mine employees ~1,200 Direct employees + contractors for operations + ~1,500 Employees & cont
Slide 14: Gold Price Resource Upside
Gold Price Resource Upside Current reserves based on a Purple Surface – Reserve pit shell (US$1,400/oz Au) US$1,400/oz gold price pit shell At US$2,000/oz gold price, the pit shell potentially expands ADDITIONAL RESOURCE IN US$2,000/OZ GOLD PRICE Tonnes AuEq AuEq Category (Mt) (g/t) Moz Measured 40
Slide 15: Further Opportunities
Further Opportunities Future expansions • EP2 consistent with staged development plan for Blackwater • 2024 Expansion Study considered Phase 3 to 25 Mtpa • Options beyond EP2 to achieve 25Mtpa include debottlenecking, optimization, and additional processing capacity Margin improvement – targeting 10
Slide 16: Expanded Phase 2 (EP2) – Permitting and Dependencies
Expanded Phase 2 (EP2) – Permitting and Dependencies BC Hydro • The Company has received certain undertakings from BC Hydro which will secure sufficient supply of green hydropower for EP2 • EP2 investment decision conditional upon receipt of formal confirmation of supply, expected in early 2026 Perm
Slide 17: One of the Largest, Lowest-cost Gold Mines in Canada
One of the Largest, Lowest-cost Gold Mines in Canada 800 Gold Production Cash Costs (US$/oz) AISC (US$/oz) $2,500 700 720 Q3 2025 YTD Cash Costs and AISC (US$/oz) $2,000 600 2025 Gold Production (koz) 590 500 513 $1,500 495 Peer Average AISC 400 385 380 $1,000 300 310 310 275 255 240 200 200 $500 10
Slide 18: Key Takeaways
Key Takeaways EP2 investment of $1.44B is optimized and capital-efficient Over 500,000 oz annual gold production for first 10 full years Industry leading margins and all-in sustaining costs Numerous opportunities to further enhance margins, expand and extend mine life Cements Blackwater Mine’s posit
Slide 19: Want to know more about Artemis Gold?
TSX-V: ARTG | artemisgoldinc.com Want to know more about Artemis Gold? Follow or Like our social channels to stay up-to-date CONTACT US LinkedIn Artemis Gold Inc. linkedin.com/company/artemis-gold TEL: 604.588.1107 X info@artemisgoldinc.com twitter.com/artemisgoldinc 3083-595 Burrard Street Facebook
Slide 20: Appendix
TSX-V: ARTG | artemisgoldinc.com Appendix TSX Venture: ARTG www.artemisgoldinc.com
Slide 21: Mineral Resource Estimate for Blackwater
Mineral Resource Estimate for Blackwater Measured & Indicated Mineral Resource Estimate (Effective May 5, 2020) Grades Metal Cutoff Tonnage AuEq Au Ag AuEq Au Ag Classification (AuEq Notes: (ktonnes) (g/t) (g/t) (g/t) (koz) (koz) (koz) g/t) 1. The Mineral Resource estimate was prepared by Sue Bird,
Slide 22: Mineral Reserve Estimate for Blackwater
Mineral Reserve Estimate for Blackwater Proven & Probable Mineral Reserve Estimate (Effective August 18, 2020) Notes: 1. The Mineral Reserve estimates were prepared by Marc Schulte, P.Eng., an MMTS employee, and have an effective date of September 10, 2021. 2. Mineral Reserves are reported using the