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Q4 2025 Results Conference Call F E B R U A R Y 1 9 , 2 0 2 6 TSX-V: ARTG | artemisgoldinc.com
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2 Forward Looking and Cautionary Statements 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- looking statements that involve known and unknown risks and uncertainties. Any statements that refer to expectations, project ions or other characterizations of future events or circumstances contain forward -looking statements. In certain cases, forward-looking statements and information can be identified using forward -looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “potential” or similar terminology. Forward -looking statements and information are made as of the date of this presentation and include, but are not limited to, statements regar ding the potential for Artemis to deliver dividends to shareholders under its new dividend policy; the declaration and payment of future dividends, the potential adoption of additional shareholder return policies, including a Normal Course Issu er Bid, liquidity available to invest in expansion projects, the strategy, plans, future financial and operating performance of the Blackwater Mine, including (i) estimates of grades, throughput, recoveries, future production and sales; (ii) estimates of future costs, all-in sustaining costs, all-in sustain cost margins, and growth capital expenditures; (iii) the extent and timing of any exploration programs; (iv) the plans of the Company with respect to optimizing and enhancing current operation s, including the expected costs and benefits of work to be undertaken as part of Phase 1A and EP2 expansions, and the expected timing of procurement, construction, commissioning and completion works; (v) the anticipated life of mine and op tions to extend, and (vi) other financial and operational expectations of the Company with respect to the mine.. These forward-looking statements represent management’s current beliefs, expectations, estimates and projections regarding futur e events and operating performance, which are based on information currently available to management, management’s historical experience, perception of trends and current business conditions, expected future developments and ot her factors which management considers appropriate. Such forward -looking statements involve numerous risks and uncertainties, and actual results may vary. Important risks and other factors that may cause actual results to vary include, without limitation: risks related to ability of the Company to accomplish its plans and objectives with respect to the operations, optimization, enhancement and expansion of the Blackwater Mine within the expected timing or at all, the timing a nd receipt of certain required approvals, changes in commodity prices, changes in interest and currency exchange rates, litigation risks (including the anticipated outcome or resolution of ongoing or potential claims and counterclaims, th e timing and success of such claims and counterclaims), risks inherent in mineral resource and mineral reserves estimates and results, risks inherent in exploration and development activities, changes in exploration, mining, optimization, enhancem ent or expansion plans due to changes in logistical, technical or other factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailabi lity or unanticipated delays to the delivery of materials, resources (including hydropower), plant and equipment or third party contractors, delays in the receipt of government approvals, industrial disturbances, job action, and unanticipated even ts related to health, safety and environmental matters including climate change, weather events, and the possibility that assumptions relating to hydrogeological conditions, water quality, water availability or related mitigation measures may prov e inaccurate or incomplete)), changes in governmental regulation of mining operations, political risk, social unrest, changes in general economic conditions or conditions in the financial markets, and other risks related to the ability of the Company to proceed with its plans for the Mine and other risks set out in the Company’s most recent MD&A, which is available on the Company’s website at www.artemisgoldinc.com and on SEDAR+ at www.sedarplus.ca. In making the forward-looking statements in this presentation, the Company has applied several material assumptions, including w ithout limitation, the assumptions that: (1) market fundamentals will result in sustained mineral demand and prices; (2) any necessary permits, approvals and consents in connection with the exploration program or the operations and ex pansion of the Mine will be obtained; (3) financing for the continued operation of the Blackwater Mine and future expansion activities will continue to be available on terms suitable to the Company; (4) sustained commodity prices will cont inue to make the Mine economically viable; and (5) there will not be any unfavourable changes to the economic, political, permitting and legal climate in which the Company operates. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause the actual results or performance by the Company to differ materially from those expressed in or implied by any forward-looking statements. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or the financial condition of the Company. Investors should therefore not place undue reliance on forward -looking statements. The Company is under no obligation and expressly disclaims any obligation to update, alter or otherwise revise any forward -looking statement, whether written or oral, that may be made from time to time, whether because of new information, future events or otherwise, except as may be required under applicable securities laws. Non-IFRS Measures – This presentation refers to certain financial measures, such as average realized gold price per oz sold, EBITDA, adjusted EBI TDA, cash cost per oz sold, all-in sustaining cost (“AISC”), AISC margin, sustaining and growth capital expenditures, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures have been derived from the Company's financial statements because the Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and stakeholders will use the non-IFRS measures to evaluate the Company’s future operating and financial performance. However, these non-IFRS performance measures do not have any standardized meaning and may therefore not be comparable to similar measures presented b y other issuers. Accordingly, these non-IFRS performance measures are intended to provide additional information and should not be considered in isolation or as a substitute of performance measures prepared in accordance with IFRS. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company's MD&A for the year ended December 31, 2025 available on the Company’s website at www.artemisgoldinc.com and on SEDAR+ at www.sedarplus.ca. Qualified Person – Artemis Gold Chief Business Development Officer, Tony Scott, P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this presentation.
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3 On Today’s Call GERRIE VAN DER WESTHUIZEN Chief Financial Officer and Corporate Secretary CANDICE ALDERSON Chief ESG Officer DALE ANDRES Chief Executive Officer & Director JEREMY LANGFORD President MEG BROWN VP Investor Relations ERIK MARCHAND VP Finance TONY SCOTT Chief Business Development Officer
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$0.10 $0.32 $0.32 $0.32 H2 2026 2027 2028 2029+ Base Dividend 4 Dividend Policy Approved; Inaugural Dividend in H2 2026 Industry-leading margins powering growth and capital returns • Maintaining a strong balance sheet • Reinvesting in attractive growth opportunities • Returning capital to shareholders Capital allocation priorities Base Dividend Variable Return $0.05/sh per quarter $0.08/sh per quarter $0.08/sh per quarter $0.08/sh per quarter None Potential share buybacks Cash dividend and/or share buybacks Cash dividend and/or share buybacks • Progressive – base plus variable dividend • 40% of free cash flow starting in 2028 • Free cash flow is defined as cash flow from operations, less sustaining capital, growth capital and scheduled financing obligations • Balance of free cash flow (60%) is available for: • Future growth and expansion opportunities • Potential additional shareholder returns, including share buybacks Shareholder return framework1 1 The declaration and payment of dividends and the use of other shareholder return mechanisms are at the sole discretion of the Board of Directors and will depend on the Company’s financial results, capital requirements, cash flow, prevailing market conditions, and any other factors the Board considers relevant or appropriate 40% of free cash flow for shareholder returns (2028+)
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Track Record of Success and Value Creation 1 Over Phase 1 throughput capacity of 6 Mtpa 2 During post-commercial production period Completed construction of Blackwater in industry- leading 22 months, on schedule and on budget Poured first bar of gold Declared commercial production, just three months after start of milling operation Achieved nameplate throughput capacity Announced and launched Phase 1A expansion, increasing throughput capacity by 33%1 by end of 2026 Announced EP2 expansion, increasing throughput capacity by 250%1 by end of 2028 Delivered 192,808 oz of gold production in 2025, in line with guidance, at industry lowest quartile AISC of US$869 per oz of gold sold2 Announced dividend policy with inaugural base dividend in H2 2026 Strengthened balance sheet with $450M corporate bond; paid down RCF Refinanced project loan facility with $700M revolving credit facility Hosted official mine opening celebration at Blackwater, Canada’s newest gold mine Launched regional exploration drill program Q1 2025 Q4 2025Q3 2025Q2 2025 Q1 2026 De-risking and disciplined growth of the Tier 1 Blackwater Mine 5
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6 • AISC2 of US$925/oz in Q4, within guidance range for 2025 at US$869/oz • Higher reagent consumption and pricing, and higher maintenance costs to rectify EPC contractor design deficiencies in Q4 • AISC margin2 of US$2,297/oz or 70% of cash revenue • Production of 68,480 oz gold, up from 60,985 oz in Q3 • Grades increased to 1.66 g/t • Gold recoveries improved to 88.1% • Over 6.5 million hours worked without a lost time incident3 Q4 2025 Operating Highlights Select operating results May and June 2025 Q3 2025 Q4 2025 Total post- commercial production4 Total mined (t) 7,221,471 11,341,736 11,707,490 30,270,697 Ore milled (t) 988,588 1,528,851 1,422,877 3,940,316 Ore milled (tpd) 16,206 16,618 15,466 16,083 Gold grade (g/t) 1.34 1.48 1.66 1.51 Gold recoveries1 (%) 84.0% 84.9% 88.1% 86.0% Gold produced (oz) 34,824 60,985 68,480 164,289 Total gold sold (oz) 34,112 62,863 67,852 164,827 Cash costs2 (US$/oz) $690 $661 $779 $717 AISC2 (US$/oz) $805 $840 $925 $869 AISC2 margin (US$/oz) $2,122 $2,374 $2,297 $2,293 Continued plant optimization; grades and recoveries trending higher 1 Gold recoveries include gold recovered in circuit 2 Refer to Non-IFRS Measures on slide 2 of this presentation 3 As of December 31, 2025 4 Commercial production declared as of May 1, 2025 Q4 RESULTS:
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7 2025 Operating Highlights 0.0 1.0 2.0 3.0 4.0 5.0 40% 60% 80% 100% Record quarterly production in Q4; grades and recoveries trending higher 2025 Monthly Mined Ore Tonnes (Mt) 2025 Monthly Gold Recoveries1 (%) Commercial production Commercial production Successful first year of operations • 192,808 ounces of gold produced2, within guidance range • Mining performing at or above plan; ~14Mt of ore stockpiled on surface • Steady improvements to milling made throughout the year Record production of 68,480 ounces in Q4 2025 • Recoveries1 improved to 88.1% due to continued plant optimization and ore characteristics • Mill availability was impacted by • Planned four-day shutdown to complete first full re-line of the ball mill in October • Ball mill motor failure in early November 0 5 10 15 20 0 10 20 30 1 Gold recoveries include gold recovered in circuit 2 Post-commercial production period 2025 Monthly Mill Throughput (ktpd) 2025 Monthly Gold Production (koz) Planned shutdown Planned shutdown Ball mill motor failure Commercial production Commercial production Design throughput
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8 Phase 1 Deferred Capital Projects 15-metre lift on tailings dam • In preparation for Phase 1A and Phase 2 • Alternative sourcing of construction materials required Ore stockpile expansion • Additional capacity required earlier due to waste converting to low and medium grade ore Plant rectification works and optimization • Winterization of piping and plant, crushing circuit modifications, gravity circuit upgrades • Process water system redundancy, HVAC system upgrades, pump replacements Water management projects • Consistent with the site-wide water management plan and permits • Freshwater reservoir nearing completion; reverse osmosis plant progressing TSF Dam – view looking south-west Freshwater Reservoir – Flow Control House TSF Dam – 15 metre raise completed Freshwater Reservoir – HDPE Lining Installation Key projects advanced in 2025
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9 Q4 2025 Financial Highlights Industry-leading AISC margin1; generating strong and steady operating cash flow Select Financial Information ($000s except ounces sold and per share information) Q4 2025 YTD 2025 Q3 2025 Gold ounces sold 67,852 189,769 62,863 Revenue 333,703 913,939 308,105 Gross profit 239,257 670,658 231,666 Income before income taxes 207,727 533,539 173,441 Net income 133,479 349,161 110,853 Net income per share – basic 0.58 1.52 0.48 Net income per share – diluted 0.56 1.48 0.46 Adjusted net income1 145,783 415,061 141,703 Adjusted net income per share – basic1 0.63 1.81 0.61 Adjusted net income per share – diluted1 0.61 1.76 0.59 Net cash from (used in) operating activities 197,886 560,706 163,679 Sustaining capital and lease payments 7,773 20,780 5,678 Growth capital – Phase 1 - 148,963 - Growth capital – Phase 1 deferred 63,318 178,182 80,566 Growth capital – Phase 1A 9,129 11,474 2,623 Growth capital – EP2 24,794 24,794 217,970 EBITDA1 236,542 629,836 211,396 Adjusted EBITDA1 225,496 610,420 110,853 1 Refer to Non-IFRS Measures on slide 2 of this presentation Earnings Drivers: • 8% increase in revenue due to 8% growth in production and ounces sold ➢ C$ realized price on spot market ounces up by 21%, ➢ 22Koz delivered into mandatory hedge at C$2,820/oz; fewer ounces delivered into spot market • Lower borrowing cost on RCF in Q4 ($3.8M) • Non-cash drivers ➢ Lower MTM loss on voluntary hedges in Q4 ($5.6M) ➢ Higher deferred tax expense on higher net income ($12M) Increase in Production and AISC Margin: Record cash flow in Q4
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10 Financial Highlights: Balance Sheet Strengthened Paid down RCF with new unsecured notes; focused on building cash for expansion Subsequent to year end: • Closed on a $450 million offering of senior unsecured 5.625% notes on February 3, 2026 • Used the net proceeds to substantially repay the balance of the RCF • Pro forma total available liquidity of $853M • Significant cash flow from operations expected to grow cash balance • Phase 1A and EP2 expected to be funded from operating cash flows Dec 31 balance sheet, pro forma for bond issue $685M $168M Cash on hand at Dec 31, 2025 Amount undrawn on RCF at Feb 3, 2026 Total available liquidity $853M
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11 2026 Guidance – Industry-leading AISC 1 Production guidance (190,000-230,000oz of gold) Original guidance maintained, but expect in the lower half of the range 1 Refer to Non-IFRS Measures on slide 2 of this presentation 2026 Guidance Gold production (oz) 265,000 - 290,000 AISC1 (US$/oz sold) $925 - $1,025 Sustaining capital ($millions) $5 Resource expansion and exploration ($millions) $15 - $20 Growth capital Phase 1A ($millions) $95 - $100 Phase EP2 ($millions) $385 - $435 Other growth capital ($millions) $190 - $210 Total growth capital ($millions) $670 - $745 Production guidance 265,000-290,000 oz gold
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12 Industry-leading Growth Profile, Disciplined Project Delivery Production guidance (190,000-230,000oz of gold) Original guidance maintained, but expect in the lower half of the range Production of >500,000 ounces of gold per year by 2029 33% expansion to 8Mtpa mill throughput Phase 1A - $110M EP2 - $1.44B 250% expansion to 21Mtpa mill throughput Targeting 10% above design throughput Phase 1 Optimization Mine life extensionsTechnology alternatives Future expansions Meaningful and near-term organic growth Further growth, optionality and upside Capital efficient, staged expansions funded through operating cash flow Advancing studies to drive efficiencies and lower unit costs Resource to reserve conversion; exploration and resource extension drilling program in 2026 Beyond 21 Mtpa, in conjunction with resource expansion Ongoing Q4 2026 – Fully Commissioned Q3 2028 - Commissioning+265% 193 265-290 500-525 275-425 2025 2026 Guidance Expansion Period (2026-2028) First 10 full years (2029+) Further Growth
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13 Phase 1A Progress – Growth from 6 Mtpa to 8 Mtpa Engineering and procurement advancing well • All major equipment packages have been ordered • Key material quantity estimates are complete Construction activities are continuing • Foundations completed for the new CIL pre-aeration and pre-leach tanks • Tank erection will begin in Q2 • Detailed excavations completed for vertical mill foundations • Mill foundation first concrete pour complete • Building foundations to start in Q2 • Shear reactor pumps building and structural foundations to commence in Q2 Throughput increases realized by the end of 2026 • Minor components to assist recoveries will be tied in during regular scheduled maintenance • Throughput increases realized in late 2026 with completion of vertical mill Vertical mill foundations New leach tank foundations
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14 EP2 Progress – Transforming Blackwater into one of Canada’s largest gold mines 18MW Ball Mill Shells EP2 Plant Design Construction Camp Pad GradingConstruction Camp Pad Excavation Engineering and procurement progressing • Orders placed for 18MW SAG and ball mills in Q3 2025 • Orders placed for other long-lead time items including gyratory crusher, secondary crushers and pebble crusher Early works activities have commenced • Construction camp • Earthworks excavation and grading are nearing completion • Foundation pad fabrication and delivery continuing • Camp buildings are arriving at nearby staging area • Plant site earthworks expected to start in early Q2 2026 Over 500,000 oz of annual gold production1 Capex estimate of $1.44 billion - expected to be funded from operating cash flow Dedicated early works phase significantly de-risks schedule Commissioning expected in H2 2028 1 Before end 2028; annualized rate after completion of the EP2 project
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15 Q4 Summary / 2026 Priorities Solid Q4 results – Record production; continuing to optimize plant and cost performance Robust balance sheet – Growing cash balance and strong liquidity Strong AISC margins – Industry-leading Q4 AISC margin of US$2,297 per oz Phase 1A – Engineering and construction advancing; on track for Q4 2026 commissioning EP2 Early Works – Detailed engineering, long lead time procurement, earthworks and construction camp Disciplined capital allocation – Returning capital to shareholders
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Q4 2025 Results Conference Call F E B R U A R Y 1 9 , 2 0 2 6 TSX-V: ARTG | artemisgoldinc.com