Artemis Gold Inc · TSXV:ARTG
Artemis Gold — Investor Presentation (May 2026)
34 slides from Artemis Gold's investor presentation, May 2026
Slide 1: Industry-leading Growth in a Tier 1 Jurisdiction
TSX-V: ARTG | artemisgoldinc.com Industry-leading Growth in a Tier 1 Jurisdiction M AY 2 0 2 6
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 press release that are not historical facts are forward-look
Slide 3: Robust Investment Thesis
Robust Investment Thesis Building a low cost +500,000 oz per year producer by end 2028 High-quality, long-life asset in a Tier 1 jurisdiction Delivering on a consistent strategy 100% exposure to British Columbia with district potential Centred around disciplined capital allocation, including progres
Slide 4: Industry-leading Growth Profile, Disciplined Project Delivery
Industry-leading Growth Profile, Disciplined Project Delivery Building a >500,000 oz per year producer by 2029 Meaningful and near-term organic growth Capital efficient, staged expansions funded through operating cash flow ONGOING Q4 2026 – FULLY COMMISSIONED Q3 2028 - COMMISSIONING +165% Phase 1 Ph
Slide 5: Dividend Policy Approved – Inaugural Dividend in H2 2026
Dividend Policy Approved – Inaugural Dividend in H2 2026 Industry-leading margins powering growth and capital returns Capital allocation priorities 40% of free cash flow1 for Base Dividend shareholder returns (2028+) • Maintaining a strong balance sheet Variable Return • Reinvesting in attractive gr
Slide 6: Track Record of Success and Value Creation
Track Record of Success and Value Creation 730% share price appreciation over past three years Delivered 192,808 oz of gold Strengthened production in 2025, in balance sheet Completed construction of Declared commercial line with guidance, at with $450M Blackwater in industry- production, just three
Slide 7: Blackwater Mine: Our Competitive Advantages
Blackwater Mine: Our Competitive Advantages Industry-leading growth profile Blackwater is growing to become one of Canada’s third-largest single gold mines • Located in British Columbia, a Tier 1 jurisdiction • Moderate climate, year-round access • Supportive government policy and effective regulati
Slide 8: Best in Class ESG
Best in Class ESG Leading with Integrity Environment Social Governance • Mill is powered by renewable • Culturally-appropriate engagement with First • 60% of independent directors are female hydroelectricity and has zero Scope 1 Nations and communities • Executive pay tied to ESG metrics emissions •
Slide 9: Q1 2026 Operating Results
Q1 2026 Operating Results Mining operations performed well; recoveries trending higher • Production of 61,923 oz gold Select operating results Q3 2025 Q4 2025 Q1 2026 • Mill throughput impacted by unplanned shutdown in March due to a ball mill gearbox Total mined (t) 11,341,736 11,707,490 12,535,515
Slide 10: Q1 2026 Operating Highlights
Q1 2026 Operating Highlights Open pit development progressing on plan • Record tonnes mined, up 7% from Q4 2025 • Blasted inventory increased to record levels in March • Mine productivity improvements, including double-sided loading and hot-seating • Stockpiled ore at 19.5M tonnes Recoveries continu
Slide 11: 2026 Guidance – Industry-leading AISC
2026 Guidance – Industry-leading AISC1 Production guidance 265,000-290,000 oz gold; trending toward higher end of cost guidance range $millions, unless stated otherwise 2026 Guidance Gold production (oz) 265,000-290,000 AISC1 (US$/oz sold) $925-$1,025 Sustaining capital $5 Resource expansion and exp
Slide 12: Phase 1A – A Capital Efficient Growth Opportunity
Phase 1A – A Capital Efficient Growth Opportunity 33% Nameplate plant capacity Capital cost Industry low capital intensity 6 Mtpa Q3 2025 8 Mtpa Q4 2026 in nameplate capacity from Phase 1 $110M $55 per tonne of annual throughput • Phase 1A will be funded through operating cash flows; payback period
Slide 13: EP2 – Transforming Blackwater into one of Canada's largest gold mines
EP2 – Transforming Blackwater into one of Canada’s largest gold mines Nameplate plant capacity Capital cost Industry low capital intensity 8 Mtpa 21 Mtpa 250% $1.44B $110 per tonne of annual throughput Q4 2026 Q4 2028 in nameplate capacity from Phase 1 Transforms Blackwater into one of the three lar
Slide 14: EP2 – Project Overview
EP2 – Project Overview • EP2 Plant - 13 Mtpa design capacity ➢ Combined with Phase 1A (8 Mtpa) will increase the combined throughput capacity of Blackwater to 21 Mtpa • EP2 processing plant is a separate facility adjacent to the Phase 1 processing plant ➢ Allows for the segregation of Phase 1/1A ope
Slide 15: Development Timeline
Development Timeline 2025 2026 2027 2028 2029+ PHASE 1, PHASE 1A and EP2 OPTIMIZATION TSF and Water Management Infrastructure Mining Equipment Ramp Up Phase 1A Plant Construction Phase 1A Commissioning EP2 Early Works EP2 Plant Construction EP2 Commissioning 21 Mtpa Nameplate TSX: ARTG | artemisgold
Slide 16: One of the Largest, Lowest-cost Gold Mines in Canada
One of the Largest, Lowest-cost Gold Mines in Canada 800 Gold Production Cash Costs (US$/oz) AISC (US$/oz) $2,500 700 2025 Cash Costs and AISC (US$/oz) 693 $2,000 600 643 2025 Gold Production (koz) 500 Average AISC $1,500 513 493 400 400 376 345 $1,000 300 313 290 255 200 237 224 193 $500 100 0 $- D
Slide 17: Gold Price Resource Upside
Gold Price Resource Upside Purple Surface – Reserve pit shell (US$1,400/oz Au) • Current reserves based on a 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 Resource
Slide 18: Resource Expansion Upside
Resource Expansion Upside • Long-term resource expansion upside remains substantial • Open to the North • Open to the Northwest • Open at depth in the South • 1,490 km2 largely under- explored land package TSX: ARTG | artemisgold.com 18
Slide 19: Regional Exploration Upside – Highly Prospective District
Regional Exploration Upside – Highly Prospective District • Land package of 1,490 km prospective for multiple deposit types • Over 30 targets identified within trucking distance of the Blackwater mine • Regional exploration drilling began in October 2025 • Initial $5 million program; 15,000 - 25,000
Slide 20: Further Growth, Optionality and Upside – 2026 Focus
Further Growth, Optionality and Upside – 2026 Focus Optimization studies planned • Mine design and scheduling – update for current prices and with cutoff grade optimization • Mining equipment – shovel electrification and haulage automation options • Alternative waste movement – conveyors and stackin
Slide 21: Financial Highlights: Balance Sheet Strengthened
Financial Highlights: Balance Sheet Strengthened Total available liquidity $875M March 31, 2026 balance sheet Q1 2026: • Closed $450 million offering of senior unsecured 5.625% notes $175M • Used the net proceeds to fully repay the RCF • Q1 2026 cash flow from operations of $128M supports Total avai
Slide 22: Capital Structure
Capital Structure Ownership, Fully Diluted C A P I T A L S T R U C T U R E at May 6, 2026 Issued and outstanding shares 233M 19% Board and management Options, RSUs and DSUs 9M 36% Institutional and ETFs Fully diluted shares 242M Retail/HNW Share price ($C) $36.20 45% Market capitalization ($C) $8.4B
Slide 23: Relative Valuation
Relative Valuation Blackwater is the ONLY ASSET in the peer group with potential to grow production organically >100% in the next five years; Artemis Gold continues to trade at a discount to peers Upside valuation for a premium asset Source: RBC Capital Markets; January 12, 2026 TSX: ARTG | artemisg
Slide 24: Key Catalysts in 2026
Key Catalysts in 2026 Right team; right asset; right time 1. Phase 1 – guidance of 265 – 295 koz at lowest quartile AISC1 2. Returning capital to shareholders through inaugural dividend 3. Phase 1A – 33% growth in design throughput by Q4 20262 4. EP2 – 250% growth in design throughput by Q4 20282 5.
Slide 25: 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 26: Appendix
TSX-V: ARTG | artemisgoldinc.com Appendix TSX: ARTG | artemisgold.com 26
Slide 27: Board and Management
Board and Management Steven Dean Dale Andres Jeremy Langford Gerrie van der Westhuizen Tony Scott Candice Alderson Founder and Executive Chair CEO and Director President CFO and Corporate Chief Business Development Chief ESG Officer Steven Dean is the founder and Executive Chair of Dale Andres has 3
Slide 28: Bringing Generational Change to Indigenous & Local Communities
Bringing Generational Change to Indigenous & Local Communities Artemis Gold acknowledges that the Blackwater Mine site is located within the traditional territories of the Lhoosk’uz Dené Nation and Ulkatcho First Nation “ A R T E M I S G O L D H A S I M PA C T The Health, Safety, Environment and Soc
Slide 29: Blackwater Regional Survey – Q4 2025
Blackwater Regional Survey – Q4 2025* Overall support for the mining industry 79% of area residents support has been strengthening development of Blackwater Mine 75% 77% 80% 78% 74% 79% 2023 2024 Q4 2025 2023 2024 Q4 2025 A total of 80% either ‘strongly’ or ‘somewhat’ A total of 79% either ‘strongly
Slide 30: Wheaton Precious Metals Stream Financings
Wheaton Precious Metals Stream Financings Silver stream • Up-front payment of US$141 million received in 2023 during Phase 1 construction; additional US$30M received in March 2025 on simplification of the silver stream agreement1 • 50% of the silver produced from Blackwater over the life of mine, dr
Slide 31: Hedge Program
Hedge Program Mandatory hedges • Entered into gold forward sales contracts required under the terms of the Project Loan Facility in 2023 for 190,000 oz of gold at a weighted average price of C$2,820/oz • Delivered 22 koz in Q4 2025 and 25 koz oz in Q1 2026 • Will deliver 16 koz in each of Q2 2026 an
Slide 32: Analyst Coverage
Analyst Coverage INSTITUTION ANALYST EMAIL BMO Capital Markets Andrew Mikitchook andrew.mikitchook@bmo.com Canaccord Genuity Jeremy Hoy jehoy@cgf.com Cormark Securities Richard Gray rgray@cormark.com Haywood Securities Pierre Vaillancourt pvaillancourt@haywood.com National Bank Financial Don Demarco
Slide 33: 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 34: 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