Artemis Gold Inc · TSXV:ARTG
Artemis Gold — Investor Presentation (October 2026)
47 slides from Artemis Gold's investor presentation, October 2026
Slide 1: Industry-leading Growth in a Tier 1 Jurisdiction
TSX-V: ARTG | artemisgoldinc.com Industry-leading Growth in a Tier 1 Jurisdiction OCTOBER 2026
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: Robust Investment Thesis
Robust Investment Thesis Building a low-cost >500,000 oz per year producer by end of 2028 High-quality, long-life asset in a Tier 1 jurisdiction Delivering on a consistent strategy Further growth and district potential at Blackwater Centred around disciplined capital allocation, including progressiv
Slide 4: Vista Gold Acquisition – Transaction Summary
Vista Gold Acquisition – Transaction Summary • Artemis Gold to acquire all of the issued and outstanding shares of Vista Gold, pursuant to a court-approved plan of arrangement Transaction • Total transaction value of approximately US$427M (1) • Artemis Gold and Vista Gold shareholders will own appro
Slide 5: Industry-leading Growth Profile, Disciplined Project Delivery
Industry-leading Growth Profile, Disciplined Project Delivery Building a >500,000 oz per year producer by 2029, with a pathway to one million ounces Blackwater Mt Todd Staged expansions at Blackwater funded through operating cash flow Meaningful and near-term organic growth ONGOING Q4 2026 – FULLY C
Slide 6: Shareholder Return Framework Remains Unchanged
Shareholder Return Framework1 Remains Unchanged Strong margins powering both growth and increased capital returns 40% of free cash flow2 for Base Dividend shareholder returns (2028+) • Inaugural quarterly dividend of $0.05 per share declared on August 5, 2026 Variable Return • Expected to increase t
Slide 7: Track Record of Success and Value Creation
Track Record of Success and Value Creation 580% share price appreciation over past three years – strongly outperforming GDX and GDXJ1 Declared Refinanced Announced EP2 commercial project loan Delivered major works Declared Completed construction of production, just facility with Launched 192,808 oz
Slide 8: Blackwater Mine: Our Competitive Advantages
Blackwater Mine: Our Competitive Advantages Industry-leading growth profile Blackwater is growing to become one of Canada’s largest single gold mines • Located in British Columbia, a Tier 1 jurisdiction • Moderate climate, year-round access • Supportive government policy and effective regulations, p
Slide 9: Best in Class ESG
Best in Class ESG Leading with integrity Environment Social Governance • Mill is powered by renewable • 60% of independent directors are female • Culturally-appropriate engagement with First hydroelectricity and has zero Scope 1 • Executive pay tied to ESG metrics Nations and communities emissions •
Slide 10: Mine Operations Performing Well
Mine Operations Performing Well Open pit development progressing on plan • Phase 1 pit successfully developed and now predominantly ore • Waste stripping of Phases 2/3 is well advanced • In good position for delivery of ore supply and TSF construction materials in 2027 • ~24 Mt stockpiled low- and m
Slide 11: Crushing Circuit Ready for Phase 1A Throughput
Crushing Circuit Ready for Phase 1A Throughput Crushing capacity is in place for Phase 1A • 8 Mtpa throughput rate already demonstrated Key upgrades completed • Tertiary crushers, screening, conveying and controls improved, resulting in a step change in performance Further optimizations planned • Fi
Slide 12: Production Performance Continuing to Trend Higher
Production Performance Continuing to Trend Higher Increasing gold recovery • From 84.0% in Q2 2025 to 92.2% in Q2 2026 Record gold production • 74 koz in Q2 2026 with higher grades processed Focused on throughput reliability • Stability and reliability to consistently operate above design 80 95 70 7
Slide 13: 2026 Guidance
2026 Guidance Production guidance 265,000-290,000 oz gold; trending toward higher end of cost guidance range $millions, unless stated otherwise 2026 Guidance YTD at June 30 Gold production (oz) 265,000 - 290,000 135,986 AISC1 (US$/oz sold) $925 - $1,025 $1,013 Sustaining capital $5 $3 Resource expan
Slide 14: Meaningful and Near-term Growth Opportunities
Meaningful and Near-term Growth Opportunities Delivery and optimization ➢Asset performance – reliability, debottlenecking and improvement projects Current growth ➢Transformational expansions – Phase 1A commissioning in Q4 2026, followed by EP2 in H2 2028 Future ➢Expansions / life extensions – debott
Slide 15: Committed Growth Plans – Disciplined Project Delivery
Vista Gold Acquisition Complements Artemis Gold’s Existing Portfolio Mt Todd potential development timeline sequences well with completion of Blackwater EP2, providing an attractive growth option 2026 2027 2028 2029 2030 2031 2032 Phase 1A Phase 1A: 33% Disciplined Project Delivery Committed Growth
Slide 16: Phase 1A – A Capital Efficient Growth Opportunity
Phase 1A – A Capital Efficient Growth Opportunity 33% Nameplate plant capacity Capital cost Low capital intensity 6 Mtpa Q3 2025 8 Mtpa Q4 2026 in nameplate capacity from Phase 1 $120M $60 per tonne of annual throughput • Phase 1A will be funded through operating cash flows; payback period of <6 mon
Slide 17: Phase 1A Progress
Phase 1A Progress Phase 1A 57% complete at the end of Q2 2026 The following milestones have been achieved: • Vertimill building structural steel erection well advanced and Vertimill installation commenced on site • New cyclone cluster received site • New pre-aeration tank erection complete including
Slide 18: 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 Low capital intensity 8 Mtpa 21 Mtpa 250% $1.44B $110 per tonne of annual throughput Q4 2026 Q4 2028 in nameplate capacity from Phase 1 Transforms Blackwater into one of the three largest sing
Slide 19: EP2 Progress – Major Works Started in August 2026
EP2 Progress – Major Works Started in August 2026 Major works construction commenced ahead of schedule Early works program complete; de-risks schedule The following milestones have been achieved: • First mass concrete pour for the ball and SAG mill foundations complete. • Ball mill plinths rebar and
Slide 20: 2025 Gold Production
One of the Largest, Lowest-cost Gold Mines in Canada 800 Gold Production Cash Costs (US$/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 21: Gold Price Resource Upside
Gold Price Resource Upside • Current reserves based on a US$1,400/oz gold price pit shell Purple Surface – Reserve pit shell (US$1,400/oz Au) • At US$2,000/oz gold price, the pit shell potentially expands MINERAL RESERVE AT US$1,400/OZ GOLD PRICE Tonnes AuEq AuEq Category (Mt) (g/t) Moz Mineral 331.
Slide 22: Resource Expansion Upside
Resource Expansion Upside • Resource expansion potential is substantial • First two diamond drill holes1 intercepted significant mineralization below current reserve pit ✓ BWDD26001 intercepted 259m at 1.22 g/t Au, including 85m at 2.29 g/t Au ✓ Both holes intercepted significant mineralization belo
Slide 23: Regional Exploration Upside – Highly Prospective District
Regional Exploration Upside – Highly Prospective District Land package of 1,490 km2 prospective for multiple deposit types • Over 30 targets identified within trucking distance of the Blackwater mine • Regional exploration drilling began in October 2025 • 15,000 - 25,000 metres, up to 150 holes • >1
Slide 24: Further Growth and Upside at Blackwater
Further Growth and Upside at Blackwater Optimization studies planned • Mine design and scheduling – update for current prices and with cutoff grade optimization • Processing expansion – optimization and Phase 3 options above 21Mtpa • Mining equipment – shovel electrification and haulage automation o
Slide 25: Strategic Rationale and Benefits to Artemis Gold Shareholders
Strategic Rationale and Benefits to Artemis Gold Shareholders 1 Preserves and further strengthens the Artemis Gold investment thesis 2 Adds an advanced-stage gold development asset of scale in a favourable jurisdiction 3 Establishes a growth pathway to one million ounces of gold per year Vista Gold
Slide 26: Acquisition Enhances Artemis Gold’s Existing Growth Strategy
Acquisition Enhances Artemis Gold’s Existing Growth Strategy Operational performance – Optimizing the current operation through increased mill utilization and processing Phase 1 reliability Blackwater Near-term growth – Blackwater Phase 1A (+33%) expansion components being tied in and commissioned P
Slide 27: Strategic Rationale and Benefits to Vista Gold Shareholders
Strategic Rationale and Benefits to Vista Gold Shareholders Immediate premium and compelling value Provides Vista Gold shareholders with immediate and attractive premiums of 25% to the last closing price, and 29% to the 20-day VWAP of Vista shares for the period up to and including September 18, 202
Slide 28: Mt Todd is an Advanced Stage Gold Asset of Scale
Mt Todd is an Advanced Stage Gold Asset of Scale Stage Location Darwin Feasibility Study Northern Territory Northern Australia Territory Australia Jabiru Reserves1 Resources1 36 5.2 Moz Au P&P 9.1 Moz Au M&I 1 1.4 Moz Au Inferred Adelaide River Existing Infrastructure Mine Type 21 Roads, power, gas
Slide 29: Mt Todd is a Unique Opportunity
Mt Todd is a Unique Opportunity Scale in a stable jurisdiction Scarcity of large gold deposits in Tier 1 mining jurisdictions Good access to infrastructure Paved roads, powerline, natural gas pipeline nearby, freshwater reservoir and tailings storage facilities on site Advanced stage of permitting M
Slide 30: Mt Todd Exploration Potential
Mt Todd Exploration Potential 1,392 km2 contiguous mining leases and exploration licenses N • Numerous areas on the property have historic artisanal mine Commodity workings from the early 1900s for gold, alluvial and hardrock, and Au Cu tin Pb Exploration Licenses Mining Leases • The property has be
Slide 31: Significant Cash Flow to Fund Growth Options
Significant Cash Flow to Fund Growth Options Cash flow generation from Blackwater post EP2 to comfortably fund development capital for Mt Todd while also supporting ongoing capital returns to shareholders US$4,221M Strong balance sheet with C$879M total liquidity at June 30, 2026 Phase 1A and EP2 ex
Slide 32: Financial Strength: Funding Certainty for EP2
Financial Strength: Funding Certainty for EP2 Significant Liquidity Production Growth Downside Price Protection Profits Protected $179M cash Total Q2 available liquidity $879M $700M RCF Strong Q2 2026 cash Phase 1A drives Put options protect 12 months Catastrophic event insurance balance plus fully
Slide 33: Capital Structure
Capital Structure Ownership, fully diluted C A P I T A L S T R U C T U R E at September 30, 2026 Issued and outstanding shares 235M 19% Board and management Options, RSUs and DSUs 7M 36% Institutional and ETFs Fully diluted shares 242M Retail/HNW Share price ($C) $39.72 45% Market capitalization ($C
Slide 34: Key Catalysts in 2026
Key Catalysts in 2026 Right team; right asset; right time 1. Phase 1 – guidance of 265,000–290,000 oz 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 202
Slide 35: 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 36: Appendix
TSX-V: ARTG | artemisgoldinc.com Appendix TSX: ARTG | artemisgold.com 36
Slide 37: Board and Management
Board and Management Steven Dean Dale Andres Jeremy Langford Erik Marchand Tony Scott Candice Alderson Founder and Executive Chair CEO and Director President CFO and Corporate Secretary Chief Business Development Chief ESG Officer Steven Dean is the founder and Executive Chair of Dale Andres has 30+
Slide 38: Q2 2026 Operating Results
Q2 2026 Operating Results Mining operations performed well; record production and sales • Record production of 74,063 oz gold Select operating results Q1 2026 Q2 2026 YTD 2026 • Record sales of 78,126 oz gold Total mined (t) 12,535,515 11,420,052 23,955,611 • Gold grades reached record 1.86 g/t Ore
Slide 39: Bringing Generational Change to Indigenous and Local Communities
Bringing Generational Change to Indigenous and 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 S
Slide 40: 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 41: 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 42: 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$2,830/oz • Remaining contracts mature as follows: ➢ During the 3 months ending September 30, 2026 – 15,826
Slide 43: 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 44: Mineral Reserve Estimate for Blackwater
Mineral Reserve Estimate for Blackwater 1. Mineral Reserves are reported at the point of delivery to the primary crusher, inclusive of mining loss and dilution, using the 2014 CIM Definition Standards, and have an effective date of December 31, 2025. 2. Mineral Reserves are depleted to a surveyed as
Slide 45: Mineral Resource Estimate for Blackwater
Mineral Resource Estimate for Blackwater 1. The Mineral Resource estimate was prepared by Sue Bird, P.Eng., the Qualified Person for the estimate, and an employee of Moose Mountain Technical Services. 2. Mineral Resources are reported using the 2014 CIM Definition Standards and are estimated in acco
Slide 46: 2025 Mt Todd Mineral Resource
2025 Mt Todd Mineral Resource Batman Deposit Heap Leach Pad Quigleys Deposit Contained Contained Contained Tonnes Grade Tonnes Grade Tonnes Grade Gold Ounces Gold Ounces Gold Ounces (000s) (g Au/t) (000s) (g Au/t) (000s) (g Au/t) (000s) (000s) (000s) Measured (M) 124,502 0.82 3,301 - - - 3,702 1.13
Slide 47: 2025 Mt Todd Mineral Reserve
2025 Mt Todd Mineral Reserve Batman Deposit Heap Leach Pad Total Contained Contained Contained Tonnes Grade Tonnes Grade Tonnes Grade Gold Ounces Gold Ounces Gold Ounces (000s) (g Au/t) (000s) (g Au/t) (000s) (g Au/t) (000s) (000s) (000s) Proven 77,359 0.95 2,371 - - - 77,359 0.95 2,371 Probable 81,