Artemis Gold Inc · TSXV:ARTG
Artemis Gold — Investor Presentation (July 2025)
36 slides from Artemis Gold's investor presentation, July 2025
Slide 1: Disciplined Development of the Blackwater Mine in B.C.
TSX-V: ARTG | artemisgoldinc.com Disciplined Development of the Blackwater Mine in B.C. J U LY 2 0 2 5
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: Why Artemis Gold?
Why Artemis Gold? One of the Largest Gold Projects in Canada Board and Management Aligned with Shareholders > 200m $ BLACKWATER MINE NEW 100 % BC CANADA TIER 1 GOLD MINE Invested since 2020 Board and Management Own 38 % No equity dilution during GOLD RESERVES1 Expansion Study outlines potential cons
Slide 4: Management Team
Management Team Ryan Beedie Elise Rees Director Director Steven Dean Dale Andres Jeremy Langford Gerrie van der Westhuizen Candice Alderson Executive Chair Chief Executive Officer & Director President Chief Financial Officer and Chief ESG Officer Steven Dean has extensive experience Dale Andres has
Slide 5: Value Creation Through De-risking and Construction
Value Creation Through De-risking and Construction Atlantic Gold ✓ Predecessor to Artemis Gold ✓ Acquisition to production in three years ✓ 180% share price appreciation from start of construction to commercial production; GDXJ down 1% during the same period ✓ Atlantic Gold returned 1,129% to shareh
Slide 6: Value Creation Through Disciplined Development to Construction
Value Creation Through Disciplined Development to Construction 2100% 1900% +2,000% 1700% 1500% 1300% 1100% 900% 700% 500% 300% 100% -100% Jun-24 Jun-20 Jun-21 Jun-22 Jun-23 Aug-20 Aug-21 Aug-22 Feb-23 Aug-23 Aug-24 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Feb-20 Feb-21 Feb-22 Feb-24 Feb-25 Apr-20 A
Slide 7: Blackwater Mine: Located in Central B.C.
Blackwater Mine: Located in Central B.C. British Columbia hosts industry leading, best-in-class ESG “The reason for the interest in investment in B.C. is Located in British Columbia, a Tier 1 jurisdiction the stable investment climate, when you get your • Moderate climate; year-round access regulato
Slide 8: 2025 Guidance
2025 Guidance Production • Pre-commercial production, Blackwater produced approx. 30,000 ounces of gold • Post-commercial production, Blackwater is expected to produce 160,000 to 200,000 ounces of gold • Full-year 2025 guidance range is 190,000 to 230,000 ounces of gold Costs • Post-commercial produ
Slide 9: 2024 Expansion Study Summary
2024 Expansion Study Summary Board and management have no intention to dilute shareholders with equity financing to accelerate Phase 2; any decision will be based on ability to fund through operating cash flows THE OPTIONALITY ADVANTAGE US$1,800/oz long-term gold; 0.74 CAD:USD First five years First
Slide 10: Expansion Study – Production and AISC
Expansion Study – Production and AISC 700,000 1,400 600,000 1,200 500,000 1,000 Annual production (AuEq oz) AISC (US$/oz) 400,000 800 300,000 600 200,000 400 100,000 200 0 - years 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Phase 1 Phase 2 Phase 3 Stockpile phase annual production (AuEq oz) AISC (US$/
Slide 11: Expansion Study Capital Intensity
Expansion Study Capital Intensity Phase 1 Phase 2 Phase 3 Throughput capacity 6 Mtpa 15 Mtpa 25 Mtpa Incremental throughput capacity n/a 9 Mtpa 10 Mtpa Growth capex (C$) C$730M - C$750M C$592M C$852M Capital intensity ($/tpa throughput capacity)1 C$123/t C$66/t C$85/t Capital intensity per expansion
Slide 12: Blackwater – Substantial Upside
Blackwater – Substantial Upside Blackwater offers substantial upside to higher gold prices and exchange rates February 2024 Expansion Study Technical Report delivered after-tax NPV5% of C$3.2B at a base case gold price assumption of US$1,800/oz gold and CAD:USD exchange rate of 0.74 Every increase o
Slide 13: Differentiators: Why Is Blackwater Different?
Differentiators: Why Is Blackwater Different? Mitigating risk and inflationary pressures during construction LOW STRIP RATIO VALLEY FILL DOWNHILL LOADED HAUL AND PRE-STRIP: TSF DESIGN: FROM PIT TO PLANT TO TSF: LOM Strip • Phase 1: Single 300m retention wall required (Dam C) Lower Diesel ratio of ~2
Slide 14: Best in Class ESG
Best in Class ESG Gender diverse board with Federal & Provincial EA Completion of ESG Gap Established Board Health, 50% female non-executive approvals, BC Mines Act analysis for compliance with Safety, Environment and Social members with ESG experience Permit, Schedule 2 Amendment, IFC Standards and
Slide 15: 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 BENEFITS AGREEMENTS WITH T H E F I R S T
Slide 16: Exploration Potential: Open to the North, Northwest and at Depth
Exploration Potential: Open to the North, Northwest and at Depth Long-term exploration upside potential remains substantial Open to the North Open to the Northwest Open at depth in the South 1,500 km2 largely under- explored land package 16
Slide 17: Priority Targets
Priority Targets • Large land package of 1,490 sq km • Over 30 targets identified within trucking distance of the Blackwater mine; significant mineralization identified in numerous drill holes (e.g. Black Bear) • Historical dataset contains: • > 40,000 rock, soil and till samples • ground and airbor
Slide 18: 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$2,000/OZ GOLD PRICE Tonnes AuEq AuEq Category (Mt) (g/t) Moz Resource Pit
Slide 19: Capital Structure
Capital Structure Ownership, Fully Diluted C A P I T A L S T R U C T U R E at July 4, 2025 Issued and outstanding shares 230M 19% Board and Management Options 10M 40% Institutional and ETFs Fully diluted shares 240M Retail/HNW Share price ($C) $25.40 41% Market capitalization ($C) $5.8B 90-day avera
Slide 20: 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 1.75x +116% Upside valuation for Upside valuation for 1.50x a premium asset an average asset 1.25x 1.00
Slide 21: 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 22: Appendix
TSX-V: ARTG | artemisgoldinc.com Appendix TSX Venture: ARTG www.artemisgoldinc.com
Slide 23: Advanced Development Projects Benchmarking
Advanced Development Projects Benchmarking ➢ Blackwater is the only current development project advancing on schedule and on budget (within contingency) 160% 120% Capex Overrun (%) 80% 40% 0% Asset Back River 1 Magino1 Côté 1 Premier 1,2 Valentine Greenstone1 Tocantinzinho1 Blackwater1 Operator B2Go
Slide 24: 2024 Expansion Study Summary by Phase
2024 Expansion Study Summary by Phase US$1,800/oz long-term gold; 0.74 CAD:USD Phase 1 Phase 2 Phase 3 Stockpile Phase LOM Years 1-2 3-6 7-15 16-17 17 Growth capital1, 2 $53m $592m $852m n/a $1,497m Sustaining capital2 $140m $457m $498m $28m $1,122m Throughput capacity (Mtpa) 6.0 15.0 25.0 25.0 Vari
Slide 25: Phase 2 Expansion
Phase 2 Expansion Expansion capex for Phase 2 estimated at C$592; to be funded from operating cash flows Expansion study outlines opportunity to bring Phase 2 forward to year 3 Phase 2 would produce average annual AuEq production of 561,000 oz and generate average annual after-tax free cash flow of
Slide 26: Phase 3 Expansion
Phase 3 Expansion Expansion capex for Phase 3 estimated at C$852; to be funded from operating cash flows Expansion study outlines opportunity to bring Phase 3 forward to year 7 Phase 3 would produce average annual AuEq production of 516,000 oz and generate average annual after-tax free cash flow of
Slide 27: The Canadian Advantage
The Canadian Advantage Currency movements have benefited Canadian assets more than European or US assets EURO GOLD US GOLD CAD GOLD +50% Euro gold is up 50% since +60% US$ gold is up 60% since +65% C$ gold is up 65% since the the beginning of 2024 the beginning of 2024 beginning of 2024 At June 30,
Slide 28: Mining Fleet Pricing, Supply & Financing Secured With Path to Decarbonization
Mining Fleet Pricing, Supply & Financing Secured With Path to Decarbonization Finning International Inc. Mining Fleet Supply Agreement • Secured fleet pricing • Construction and commissioning of the mining fleet to support initial operations is complete Caterpillar Financial Services Limited Credit
Slide 29: Low Carbon Emission Intensity Advantage
Low Carbon Emission Intensity Advantage: Targeting a Carbon Neutral Operation in 2029 Opportunity to become one of the lowest carbon footprint gold mines in the world BC’s hydro-electric power is a reliable, low-cost, low- carbon source of electricity The 2021 Updated Feasibility Study includes one
Slide 30: Blackwater Regional Survey – Q4 2024
Blackwater Regional Survey – Q4 2024* Q4 2024 Q4 2024 77 % 74 % Overall support for the mining industry is strong. 74% of all area residents support development of A total of 77% either ‘strongly’ (50%) or ‘somewhat’ (27%) support Blackwater Mine. A total of 74% either ‘strongly’ (50%) or the indust
Slide 31: 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 32: 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
Slide 33: Grade Control Drilling Results
Grade Control Drilling Results • 33,216m RC drill program completed in 2021 • Refined drill density down to 12.5m x 12.5m spacing over 8 Bench 1605 million ore resource tonnes • Confirmed excellent continuity of high-grade mineralization and provided a higher level of confidence in the Phase 1 minin
Slide 34: Grade Control Drilling Section 5892775N
Grade Control Drilling Section 5892775N Section 5892775N Section Highlights (Au only): • BWRC00132: 24m @ 3.0 g/t Au (starting at surface) • BWRC00139: 12m @ 5.0 g/t Au (starting at 57m) • BWRC00142: 27m @ 3.0 g/t Au (starting at 39m) • BWRC00143: 15m @ 4.0 g/t Au (starting at 21m) • BWRC00145: 15m
Slide 35: 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 36: 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