Artemis Gold Inc · TSXV:ARTG
Artemis Gold — Investor Presentation (May 2024)
35 slides from Artemis Gold's investor presentation, May 2024
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. May 2024
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: Why Artemis Gold?
Why Artemis Gold? One of the Largest Gold Projects in Canada Board and Management Aligned with Shareholders BLACKWATER MINE NEW 100% BC CANADA TIER 1 >$200m Board and Management GOLD MINE Own Invested GOLD RESERVES1 Expansion Study outlines potential since 38%F/D 8 Million ounces > 500,000 AuEq oz/y
Slide 4: Management Team
Management Team Steven Dean Jeremy Langford Chairman & Chief Executive Officer President & Chief Operating Officer Steven Dean has extensive experience internationally in mining, Jeremy Langford has multi-mine gold producer experience and including as President of Teck Cominco Limited (now Teck Reso
Slide 5: Value Creation Through De-risking and Execution
Value Creation Through De-risking and Execution 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 sharehold
Slide 6: 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 7: De-risking Blackwater One Catalyst at a Time, on Time
De-risking Blackwater One Catalyst at a Time, on Time ✓ Completed $171M equity offering (Q2 2021) ✓ Completed $175M equity financing (Q4 2022) ✓ Signed Nazko IBA (Q2 2021) ✓ Ordered construction and mining fleet (Q1 2023) ✓ Completed grade control drilling (Q3 2021) ✓ Completed construction camp (>5
Slide 8: The Canadian Advantage
The Canadian Advantage Currency movements have benefited Canadian assets more than US or European assets US GOLD EURO GOLD CAD GOLD +25.2% % +33.4 +38.0% US$ gold is up 25.2% since Euro gold is up 33.4% since the beginning of 2022 the beginning of 2022 CAD gold is up 38.0% since the beginning of 202
Slide 9: Blackwater Construction Progressing
Blackwater Construction Progressing Phase 1 construction 73% complete at the end of March 2024 with >600 employees and contractors on site; on schedule for first gold pour in H2 2024 Moderate climate, year-round access 9
Slide 10: Phase 1 Fully Funded
Phase 1 Fully Funded Initial capital guidance of $730-$750M is fully funded Remaining Phase 1 spend of $207-227M with committed sources of funding totalling $295M Project Loan Facility March 31, 2024 Construction spend to date Cash balance $100 million undrawn $523 million $155 million March 31, 202
Slide 11: 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$1,800/oz long-term gold; 0.74 CAD:USD First five years First
Slide 12: Expansion Study – Production and AISC
Expansion Study – Production and AISC 700,000 1,400 600,000 1,200 500,000 1,000 Annual production (AuEq oz) AISC (US$/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$/
Slide 13: Expansion Study Capital Intensity
Expansion Study Capital Intensity Phase 1 Phase 2 Phase 3 Throughput capacity 6 Mtpa 15 Mtpa 25 Mtpa Incremental throughput capacity n/a 9 Mtpa 10 Mtpa Growth capex (C$) 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 14: 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 15: Differentiators: What Does Artemis Do Differently?
Differentiators: What Does Artemis Do Differently? Fixed price EPC contracts OUR BIGGEST Grade control drilling D I F F E R E N T I AT O R : • Shifts risk to Management • 16x more data contractor than diamond • Forces discipline Track Record drilling before construction • Improved mine • Targeting ~
Slide 16: 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 17: 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 18: 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 • Secures fleet pricing to December 31, 2024 • As of Dec 31, 2023, two 400-tonne hydraulic backhoe excavators and five 240-tonne haul trucks had been delivered to si
Slide 19: 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 20: 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 20
Slide 21: 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 Resource Pit
Slide 22: Steady Stream of Catalysts for Artemis Gold
Steady Stream of Catalysts for Artemis Gold $171m equity offering $140m mining fleet lease and $385m PLF finalized supply $318m process plant EPC BC Early Works permit agreement executed with Sedgman Fisheries Act Authorization Wheaton’s $175m equity First gold US$141m silver offering pour stream Q2
Slide 23: Capital Structure
Capital Structure C A P I TA L S T R U C T U R E Ownership, Fully Diluted Issued and outstanding shares 201M Options 13M Warrants 24M 38% 44% Fully diluted shares 238M Board and Management Share price at April 30, 2024 ($C) $8.97 18% Retail/HNW Market capitalization at April 30, 2024 ($C) $1.8B Inst
Slide 24: 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 25: Appendix
TSX-V: ARTG | artemisgoldinc.com Appendix TSX Venture: ARTG www.artemisgoldinc.com
Slide 26: 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 (ktonnes) (g/t) (g/t) (g/t) (koz) (koz) (koz) Notes: g/t) 0.20 427,123 0.68 0.65 5.5 9,360 8,905 75,802 1. The Minera
Slide 27: 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 28: 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 29: 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 30: What Historically Has Gone Wrong With Development Projects?
What Historically Has Gone Wrong With Development Projects? • Project development in the mining sector can be done successfully. • Understanding The Primary Causes of the specific Capital Costcauses of how project execution can go wrong and what can drive Overruns costs higher is integral to managin
Slide 31: 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 • 50% of the silver produced from Blackwater over the life of mine, dropping to 33% once 18M ounces of silver have been delivered to the stream • Ongoing payments
Slide 32: Final Process Plant EPC Contract Executed
Final Process Plant EPC Contract Executed Fixed Price Process Plant EPC contract Executed with Sedgman Canada Limited for $318 Million Final EPC price Includes: • Procurement/pricing of long lead equipment; • Secures labour supply and pricing for construction • Further detailed engineering/refined q
Slide 33: Blackwater Region Survey – Q4 2023
Blackwater Region Survey – Q4 2023 72 78 % % % 75 Overall support for the Three in four area residents Support for the development of mining industry is strong (72%) are aware of Artemis the Blackwater mine is strong 75% of residents either ‘strongly’ Gold’s Blackwater Mine 78% of residents either ‘
Slide 34: Blackwater Region Survey – Q4 2023
Blackwater Region Survey – Q4 2023 % 22 • Jobs or local employment is cited Close to one in four (22%) have a as one the key benefits of the mine connection to the mine Other benefits listed include economic benefits for Respondent or someone they know works on the mine project, or benefits from the
Slide 35: Analyst Coverage
Analyst Coverage INSTITUTION ANALYST EMAIL BMO Capital Markets Andrew Mikitchook andrew.mikitchook@bmo.com Canaccord Genuity Jeremy Hoy jehoy@cgf.com CIBC Capital Markets Allison Carson allison.carson@cibc.ca Cormark Securities Richard Gray rgray@cormark.com Haywood Securities Pierre Vaillancourt pv