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Industry Leading Growth Driven by Golden Cash Flow J A N U A R Y 2 0 2 6
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TSX Venture: ARTG www.artemisgoldinc.com Cautionary Note Regarding Forward-Looking Information 2 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- looking statements that involve known and unknown risks and uncertainties. Any statements that refer to expectations, projections 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 press release and include, but are not limited to, statements regarding the future of mining in British Columbia; the contribution of the mine to various stakeholders or the economy; the size of the mine relative to its competitors; opinions of the Province of British Columbia regarding the mine and the region; agreements and relationships with Indigenous partners; 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 sustaining 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 operations, including the expected costs and benefits of work to be undertaken as part of Phase 1A, EP2, and the expected timing of procurement, construction, commissioning and completion works; (v) anticipated life of mine and options 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 future 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 other 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 and receipt of certain required permits and 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, the 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, enhancement 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, unavailability or unanticipated delays to the delivery of materials, resources (including hydropower), plant and equipment or third party contractors, delays in the receipt of government permits and approvals, industrial disturbances, job action, and unanticipated events related to heath, safety and environmental matters), 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 without 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 expansion 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 continue to make the Mine and expansion plans 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 EBITDA, 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 by 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 three and nine months ended September 30, 2025 available on the Company’s website at www.artemisgoldinc.com and on SEDAR+ at www.sedarplus.ca. Qualified Persons – 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 Artemis Gold – Industry-leading Growth Profile Blackwater is growing to become one of the three largest single gold mines in Canada Board and management aligned with shareholders TIER 1 JURISDICTION GOLD RESERVES2 8 million ounces Oz AuEq/YR Board and management 39% 1 Refer to Non-IFRS Measures on slide 2 of this presentation 2 Refer to Appendix for details on Mineral Reserve and Resource estimates Phase 1A increases plant throughput by 33% to 8 Mtpa by Q4 2026 for $110M No equity dilution since 2023 own Phase 1A and EP2 to be funded from operating cash flow 100% British Columbia Lowest quartile AISC1 globally 2026 guidance of $925-$1,025/oz gold sold Phase 1 now in full production Produced 192,808 oz gold in inaugural year of operations in 2025 EP2 adds another 13 Mtpa for total 21 Mtpa by Q4 2028 – a 250% increase – for $1.44B
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4 Blackwater Mine: Our Competitive Advantages Located in British Columbia, a Tier 1 jurisdiction • Moderate climate; year-round access • Supportive government policy and effective regulations; politically and socially stable • Quality infrastructure: roads, power, water, communications Lowest quartile AISC1 and industry-leading AISC1 margins • Renewable, low-emission and low-cost hydroelectric power • Life of mine low strip ratio of 2:1 • Low diesel consumption: downhill loaded haul from pit to plant to tailings Long mine life and extension opportunities • Current life to 2043 at EP2 processing rate • Reserve and resource expansion potential • Regional exploration upside with 1,500 sq km land package Best in class ESG • Zero Scope 1 emissions in process plant design • Fully permitted for EP2 expansion • Valley fill TSF design: single 300m wall = Lower risk/capex compared to paddock style TSF • First Nations and community support; workforce comprised of ~40% local and ~25% Indigenous Discipline and Growth 1 Refer to Non-IFRS Measures on slide 2 of this presentation
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0 5 10 15 20 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5 2025 Operating Highlights 1 Gold recoveries include gold recovered in circuit Record quarterly production in Q4; grades and recoveries trending higher 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 40% 50% 60% 70% 80% 90% 100% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 5 10 15 20 25 30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 Monthly Mined Tonnes (Mt) 2025 Monthly Mill Throughput (ktpd) 2025 Monthly Gold Recoveries (%) 2025 Monthly Gold Production (koz) Planned shutdown Planned shutdown Ball mill motor failure Successful first year of operations • Commercial production achieved in May 2025 • 192,808 ounces of gold produced, within guidance range • Steady improvements made throughout the year • Operating at or above design capacity Record Q4 2025 production of 68,480 ounces of gold • Recoveries improved to 88.1% • Mill availability was lower due to • Planned four-day shutdown to complete first full re-line of the ball mill in October • Ball mill motor failure in early November Targeting mill throughput of 10% above design capacity in advance of Phase 1A Commercial production Commercial production Design throughput Commercial production Commercial production
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2026 Guidance – Industry-leading AISC1 Production guidance 265,000-290,000 oz gold 6 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 $5 Resource expansion and exploration $15-$20 Growth capital Phase 1A $95-$100 Phase EP2 $385-$435 Other growth capital $190-$210 Total growth capital $670-$745
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TSX Venture: ARTG www.artemisgoldinc.com Meaningful and Near-term Organic Growth Opportunities 7 ➢Phase 1 optimization – targeting 10% above design throughput ahead of Phase 1A expansion ➢Phase 1A – increasing plant design throughput from 6 Mtpa to 8 Mtpa by end of 2026 (+33%) ➢Expanded Phase 2 (EP2) – 13 Mtpa plant addition to achieve 21 Mtpa by end of 2028 (+250%) ➢Resource expansion – drilling and mine plan optimization in H1 2026 ➢Regional exploration – drill program commenced in Q4 2025 All supported by a strengthened balance sheet and funded through operating cash flow
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8 Phase 1A – A Capital Efficient Growth Opportunity Nameplate plant capacity in nameplate capacity from Phase 1 $110M per tonne of annual throughput 6Mtpa 8Mtpa Q 3 2 0 2 5 Q 4 2 0 2 6 33% Capital cost Industry low capital intensity $55 Phase 1A will be funded through operating cash flows; payback period of <6 months Work commenced in September 2025 and is expected to be fully commissioned in Q4 2026 Modifications to existing plant to maximize throughput • Addition of a 3.5 MW vertical mill and modifications to the cyclone cluster • Expanded leach circuit with the addition of one aeration tank and one pre-leach tank • Upgrades to other systems including oxygen supply, reagents and elution circuit • Creates operational flexibility Phase 1A will drive higher revenue and cash flow in this record gold price cycle Provides greater operational flexibility to improve productivity and efficiency De-risks and enhances future free cash flows aimed at funding an optimized Phase 2 expansion
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9 Phase 1A Progress – Growth from 6 Mtpa to 8 Mtpa Engineering and procurement advancing well • 3.5 MW vertical grinding mill ordered • All 13 procurement packages have been committed Construction activities commenced and ramping up • Ring beam foundations completed for the new CIL pre- aeration and leach tanks • Leach tanks containment slab 90% complete; tank erection will begin in Q2 • Vertical mill foundation rebar commenced; 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 9
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10 EP2 – Transforming Blackwater into one of Canada’s largest gold mines Nameplate plant capacity in nameplate capacity from Phase 1 $1.44B per tonne of annual throughput 8Mtpa 21Mtpa Q 4 2 0 2 6 Q 4 2 0 2 8 250% Capital cost Industry low capital intensity $110 Transforms Blackwater into one of the three largest single gold mines in Canada Over 500,000 oz of annual gold production for first 10 full years Expected to be funded from operating cash flow Dedicated early works phase significantly de-risks the schedule • Progress detailed engineering and long lead equipment procurement; grinding mills ordered • Earthworks and construction camp The strong gold price and the Phase 1A expansion allow the optimization of Phase 2 at a larger scale Opportunity to leverage best-in-class executive and project development team that successfully delivered Phase 1 Will secure Blackwater’s position as one of the lowest-cost and highest-margin gold operations globally
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11 EP2 – Production Growth and Cost Guidance Units Expansion period First five full years First 10 full years 2025 2026-2028 2029-2034 2029-2038 Annual average gold production koz/year 190 - 210 275-425 500-525 500-525 Annual average silver production koz/year 600-1,200 2,500-3,000 2,000-2,500 Annual average gold eq. production koz/year 285-450 520-550 510-540 All-in sustaining costs1,2 US$/oz Au $825 - $875 $800-$900 $1,000-$1,100 $1,000-$1,100 • Consistent production above 500,000 gold ounces per year • Attractive all-in sustaining costs1,2 in the lowest quartile 11 1 Refer to Non-IFRS Measures on page 2 of this presentation 2 All-in sustaining costs are presented on an asset level basis and include production costs, selling costs and royalties, sustaining capital costs, equipment finance costs beyond the expansion period, less silver by-product credits and changes in inventory, divided by payable gold ounces. Except for 2025, they do not include regional and corporate general and administrative expense and other non-cash items
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12 Development Timeline – 2026 to 2028 2025 Phase 1A Plant Construction EP2 Plant Construction EP2 Commissioning 21 Mtpa Nameplate 2026 2027 2028 2029+ Phase 1A Commissioning EP2 Early Works P H A S E 1 , P H A S E 1 A a n d E P 2 O P T I M I Z A T I O N TSF and Water Management Infrastructure Mining Equipment Ramp Up 12
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13 Expanded Phase 2 (EP2) – Overview EP2 Plant - 13 Mtpa design capacity • When 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 operating activities from EP2 construction • Minimizes disruption to current operations EP2 maximizes throughput allowed under existing Federal Decision Statement and Provincial Environmental Assessment Certificate • Approved to 21.9 Mtpa or 60ktpd 13
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720 590 513 495 400 385 310 310 290 255 237 224 193 $- $500 $1,000 $1,500 $2,000 $2,500 0 100 200 300 400 500 600 700 800 Detour Lake Canadian Malartic Blackwater (EP2) Meadowbank Cote Meliadine Macassa LaRonde Rainy River Brucejack Musselwhite Greenstone Blackwater (2025) Q3 2025 YTD Cash Costs and AISC (US$/oz) 2025 Gold Production (koz) Gold Production Cash Costs (US$/oz) AISC (US$/oz) Peer Average AISC 14 One of the Largest, Lowest-cost Gold Mines in Canada Source: Company filings 2025 production is either 2025 full-year production where reported (Blackwater, Greenstone, Porcupine, Musselwhite, Rainy River and Cote) or the mid-point of the latest company guidance for 2025 where 2025 full -year has not yet been reported (Detour Lake, Canadian Malartic, Meadowbank, Macassa, LaRonde, and Brucejack). Cash costs are as reported by each company for each respective mine Q3 2025 year -to-date. All-in sustaining costs (AISC) are as reported by each company for each respective mine Q3 2025 year -to-date, except for the Agn ico Eagle mine’s which reflects the consolidated corporate AISC because Agnico Eagle does not report individual mine AISC. Peer average AISC is the average of the mines presented, excluding Blackwater. Blackwater EP2 figures are based on the mid-point of the production and AISC outlook provided in the December 15, 2025 Expanded Phase 2 Development Press Release; cash costs and AISC are presented on an asset -level basis Excludes Porcupine (Discovery) and Island Gold (Alamos) as they are complexes with multiple different mines and mills. 14
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15 Further Opportunities 15 Future expansions • EP2 consistent with staged development plan for Blackwater Phase 3 – 2024 Expansion Study considered Phase 3 to 25 Mtpa • Options beyond EP2 to achieve 25Mtpa include debottlenecking, optimization, and additional processing capacity Margin improvement – targeting 10% above Phase 1 design throughput ahead of Phase 1A • Also advancing other cost optimization and improvement initiatives Material movement alternatives – potential to reduce operating costs and greenhouse gas emissions • Evaluation of alternative methods for waste transportation, electrification of the mine fleet and fleet automation Resource expansion – mineralization remains open to the north, northwest and at depth • Drilling planned in 2026 District exploration – large, highly prospective land package • Regional exploration drill program commenced in October 2025
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16 Gold Price Resource Upside Note: Based on a 0.3 g/t AuEq resource cutoff ADDITIONAL RESOURCE IN US$2,000/OZ GOLD PRICE Category Tonnes (Mt) AuEq (g/t) AuEq Moz Measured 40 0.60 0.76 Indicated 116 0.66 2.45 Total M&I 156 0.64 3.21 Purple Surface – Reserve pit shell (US$1,400/oz Au) Resource Pit Shell (US$2,000/oz Au) Resource Pit Shell (US$2,000/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
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17 Exploration Upside: 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 1,490 km2 largely under- explored land package
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Regional Exploration Upside – Highly Prospective District 18 • 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 ➢ Initial $5 million program; 15,000 - 25,000 metres, up to 150 holes ➢ Starting with RC drilling to identify geochemical anomalies • Additional $15-$20 million for regional exploration and resource expansion in 2026 Multi-decade geologic potential, including near-mine resource expansion and regional targets
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19 Capital Structure C A P I T A L S T R U C T U R E at January 23, 2026 Issued and outstanding shares 231M Options, RSUs and DSUs 11M Fully diluted shares 242M Share price ($C) $45.32 Market capitalization ($C) $10.5B 90-day average daily value traded ($C) $30M Board and Management Institutional and ETFs Retail/HNW 23% 39% 38% Ownership, Fully Diluted L A R G E S H A R E H O L D E R S • Ryan Beedie (Director) • Steven Dean (Exec Chair) • Lingotto • Fourth Sail • Helikon • GDX • Blackrock • Paulson • GDXJ • T. Rowe Price • Fidelity • SILJ ETF • David Black (Lead Director) • Jeremy Langford (President) • Franklin • Allspring • Gabelli • Baker Steel • Van Eck • Stabilitas • CPR/Amundi • Schroder • Ninety One UK • Credit Mutuel • Amiral Gestion • Kopernik • Sentry/CI • Montrusco Bolton
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20 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 source: RBC Capital Markets; January 12, 2026 Upside valuation for a premium asset
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TSX Venture: ARTG www.artemisgoldinc.com Want to know more about Artemis Gold? Follow or Like our social channels to stay up-to-date LinkedIn linkedin.com/company/artemis-gold X twitter.com/artemisgoldinc Facebook facebook.com/blackwatermine Artemis Gold Inc. TEL: 604.588.1107 info@artemisgoldinc.com 3083-595 Burrard Street Vancouver, BC V7X 1L3 artemisgoldinc.com CONTACT US TSX-V: ARTG | artemisgoldinc.com
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TSX Venture: ARTG www.artemisgoldinc.com Appendix TSX-V: ARTG | artemisgoldinc.com
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23 Board and Management Dale Andres CEO and Director Dale Andres has 30+ years of experience in the resource industry. Previously, he was CEO and Director of Gatos Silver. Prior to this, Mr. Andres also enjoyed a distinguished career of increasing seniority at Teck Resources where he served as SVP, Base Metals, SVP, Copper, VP, Copper Strategy and North American Operations, VP, Gold and International Mining, and General Manager, Underground Mines. Jeremy Langford President Jeremy Langford has multi-mine gold producer experience and an extensive proven track record in managing operations and the development of scale greenfield assets. Mr. Langford served most recently in the role of COO of Centamin Plc and prior to that COO & EVP Construction and Technical Services with Endeavour Mining. Over the past 20+ years, Mr. Langford has led the successful execution of six large-scale gold development projects. Gerrie van der Westhuizen CFO and Corporate Secretary Gerrie van der Westhuizen has 20+ years of experience in progressively senior positions in the mining and natural resources industry. Mr. Van der Westhuizen joined Artemis in January 2021 as VP Finance, prior to which he served as VP Finance for Galiano Gold. Gerrie is a Chartered Accountant and began his career with PwC, where he was a manager in their mining group. He also serves on the Board of Directors of Velocity Minerals. Candice Alderson Chief ESG Officer Candice Alderson brings a legal and finance background with extensive major project management experience. Ms. Alderson most recently served as Senior Vice President, Infrastructure Investments for the Ledcor Group of Companies. She was also a member of Ledcor’s Inclusion and Diversity Committee. Janis Shandro Director David Black Lead Director Elise Rees Director Lisa Ethans Director Ryan Beedie Director Steven Dean Executive Chair Steven Dean has extensive experience internationally in mining, including as President of Teck Cominco Limited (now Teck Resources Ltd.). More recently, Mr. Dean was Chairman, CEO and founder of Atlantic Gold Corporation, which was sold to St. Barbara Limited in 2019. He also serves as Chairman of Oceanic Iron Ore Corp. (TSX-V: FEO). Tony Scott Chief Business Development Officer Tony Scott has 25+ years of experience in the metals and mining industry, spanning technical, operational and financial roles. Mr. Scott most recently served as SVP, Corporate Development and Technical Services at Gatos Silver, where he played a key role in guiding the company’s strategic roadmap and growth initiatives. Previously, he held progressively senior positions at Macquarie Group. Mr. Scott’s experience also includes leadership roles with Teck Resources and Placer Dome.
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24 Bringing Generational Change to Indigenous & Local Communities *Dr. Janis Shandro holds a PhD in mining engineering and population health. She is a community health and safety practitioner and a trusted advisor and consultant to various international finance institutions and organizations, governments, public mining and oil and gas companies and indigenous 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 P A C T B E N E F I T S A G R E E M E N T S W I T H T H E F I R S T N AT I O N S W H I C H H O S T T H E D E P O S I T A N D P R O P O S E D M I N E O P E R AT I O N S . We are committed to building and maintaining respectful, long-lasting and collaborative relationships with Indigenous peoples, host communities, local governments and institutions who are associated with and affected by our operation. “ The Health, Safety, Environment and Social (HSES) performance for Artemis Gold is guided by applicable laws as well as the United Nations Guiding Principles on Business and Human Rights, the United Nations Declaration on the Rights of Indigenous People, The Truth and Reconciliation Commission of Canada’s Calls to Action, along with leading international performance and risk management standards.” – DR. JANIS SHANDRO* DIRECTOR & CHAIR OF ARTEMIS GOLD’S HSES COMMITTEE
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TSX Venture: ARTG www.artemisgoldinc.com Blackwater Regional Survey – Q4 2025* 25 *850 interviews were conducted by telephone with a random sample of area residents 18 years of age or over. The number of interviews conducted per community are as follows: Vanderhoof 88, Fort St. James 50, Fraser Lake/Burns Lake/Anahim Lake 97, Prince George 218, Quesnel 299, Williams Lake 298 A total of 80% either ‘strongly’ or ‘somewhat’ support the industry. Support is strong across all communities, but particularly in Williams Lake (87%) and Quesnel (86%). A total of 79% either ‘strongly’ (56%) or ‘somewhat’ (24%) support development of the Blackwater Mine. Support is strongest in Quesnel (91%) and Vanderhoof (88%) 79% of area residents support development of Blackwater Mine Overall support for the mining industry has been strengthening 75% 77% 80% 2023 2024 Q4 2025 78% 74% 79% 2023 2024 Q4 2025
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TSX Venture: ARTG www.artemisgoldinc.com Wheaton Precious Metals Stream Financings 26 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, dropping to 33% once 17.8M ounces of silver have been delivered to the stream • Ongoing payments of 18% of the spot price of silver, increasing to 22% once the upfront deposit has been reduced to zero Gold stream amendment • Up-front payment of US$40 million received in 2023 during Phase 1 construction • 8% of the gold produced from Blackwater over the life of mine, dropping to 4% once 464K ounces of gold are delivered to the stream • Ongoing payments of 35% of the spot price of gold 1/ refer to the Company’s Q4 2024 MD&A dated March 11, 2025, available on the Company’s website at https://www.artemisgoldinc.com/investors/financials/
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TSX Venture: ARTG www.artemisgoldinc.com Analyst Coverage 27 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 don.demarco@nbc.ca Paradigm Capital Lauren McConnell lmcconnell@paradigmcap.com RBC Capital Markets Harrison Reynolds harrison.reynolds@rbccm.com TD Securities Wayne Lam wayne.lam@tdsecurities.com Ventum Financial pending reassignment Artemis Gold does not provide analysts reports or recommendations, nor does it endorse or approve any opinions, estimates or forecasts of any analyst regarding the Company’s business or its securities, or their conclusions or recommendations. This list should not be considered accurate or exhaustive, as analysts and institutions may change their coverage universe from time to time.
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TSX Venture: ARTG www.artemisgoldinc.com Mineral Resource Estimate for Blackwater 28 Notes: 1. The Mineral Resource estimate was prepared by Sue Bird, P.Eng., the Qualified Person for the estimate and an employee of MMTS. The estimate has an effective date of May 5, 2020. 2. Mineral Resources are reported using the 2014 CIM Definition Standards and are estimated in accordance with the 2019 CIM Best Practices Guidelines. 3. Mineral Resources are reported inclusive of Mineral Reserves. 4. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 5. The Mineral Resource has been confined by a conceptual pit shell to meet “reasonable prospects of eventual economic extraction” using the following assumptions: the 143% price case with a base case of US$1,400/oz. Au and US$15/oz Ag at a currency exchange rate of 0.75 US$ per C$; 99.9% payable Au; 95.0% payable Ag; US$8.50/oz Au and US$0.25/oz Ag offsite costs (refining, transport and insurance); a 1.5% NSR royalty; and uses a 93% metallurgical recovery for gold and 55% recovery for silver. 6. The AuEq values were calculated using US$1,400/oz Au, US$15/oz Ag, a gold metallurgical recovery of 93%, silver metallurgical recovery of 55%, and mining smelter terms for the following equation: AuEq = Au g/t + (Ag g/t x 0.006). 7. The specific gravity of the deposit has been determined by lithology as being between 2.6 and 2.74. 8. Numbers may not add due to rounding Measured & Indicated Mineral Resource Estimate (Effective May 5, 2020) Grades Metal Classification Cutoff Tonnage AuEq Au Ag AuEq Au Ag (AuEq g/t) (ktonnes) (g/t) (g/t) (g/t) (koz) (koz) (koz) Measured 0.20 427,123 0.68 0.65 5.5 9,360 8,905 75,802 0.30 313,739 0.84 0.80 5.9 8,463 8,109 59,009 0.40 238,649 0.99 0.96 6.1 7,627 7,347 46,727 0.50 186,687 1.15 1.11 6.2 6,881 6,656 37,333 0.60 149,261 1.30 1.26 6.4 6,223 6,039 30,521 0.70 120,916 1.45 1.41 6.6 5,633 5,479 25,619 Indicated 0.20 169,642 0.56 0.51 8.5 3,046 2,766 46,578 0.30 123,309 0.68 0.61 10.4 2,677 2,431 41,112 0.40 86,473 0.81 0.74 12.4 2,264 2,057 34,419 0.50 64,305 0.94 0.85 14.8 1,947 1,763 30,681 0.60 50,527 1.05 0.95 17.2 1,705 1,537 27,957 0.70 40,317 1.15 1.03 19.6 1,493 1,340 25,458 Measured + Indicated 0.20 596,765 0.65 0.61 6.4 12,406 11,672 122,381 0.30 437,048 0.79 0.75 7.1 11,140 10,540 100,120 0.40 325,122 0.95 0.90 7.8 9,890 9,404 81,146 0.50 250,992 1.09 1.04 8.4 8,828 8,419 68,014 0.60 199,788 1.23 1.18 9.1 7,928 7,577 58,478 0.70 161,233 1.37 1.32 9.9 7,125 6,819 51,077 Inferred 0.20 16,935 0.53 0.45 12.8 288 246 6,953 0.30 11,485 0.66 0.57 16.2 245 210 5,971 0.40 8,690 0.77 0.65 19.2 214 182 5,373 0.50 5,552 0.95 0.79 26.0 169 142 4,648 0.60 4,065 1.10 0.90 32.7 143 118 4,279 0.70 3,328 1.20 0.97 36.9 128 104 3,951
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TSX Venture: ARTG www.artemisgoldinc.com Mineral Reserve Estimate for Blackwater 29 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 2014 CIM Definition Standards and are estimated in accordance with the 2019 CIM Best Practices Guidelines 3. Mineral Reserves are based on the FS LOM plan. 4. Mineral Reserves are mined tonnes and grade; the reference point is the mill feed at the primary crusher and includes consideration for operational modifying factors such as loss and dilution. 5. Mineral Reserves are reported at an NSR cut-off of C$13.00/t. The cut-off grade covers processing costs of C$9.00/t, general and administrative (“G&A”) costs of C$2.50/t and stockpile rehandle costs of C$1.50/t. 6. Cut-off grade assumes US$1,400/oz. Au and US$15/oz Ag at a currency exchange rate of 0.75 US$ per C$; 99.9% payable gold; 95.0% payable silver; US$8.50/oz Au and US$0.25/oz Ag offsite costs (refining, transport and insurance); a 1.5% NSR royalty; and uses a 93% metallurgical recovery for gold and 55% recovery for silver. 7. The AuEq values were calculated using commodity prices of US$1,400/oz Au, US$15/oz Ag, a gold metallurgical recovery of 93% silver metallurgical recovery of 55%, and mining smelter terms for the following equation: AuEq = Au g/t + (Ag g/t x 0.006). 8. Numbers have been rounded as required by reporting guidelines.