en.Wedoany.com Reported - Despite an unexpected production halt in March due to a gearbox failure at the ball mill, TSX-V-listed Artemis Gold delivered a strong quarterly report. Driven by record recoveries at the Blackwater processing plant and high-grade ore from the open pit, the company posted an adjusted net profit of C$129 million for the quarter ended March 31.
Gold production for the quarter totaled 61,923 ounces, with sales of 60,517 ounces at an average realized price of US$4,795 per ounce, generating revenue of C$315 million. Adjusted EBITDA for the same period amounted to C$175 million. The Blackwater mine poured its first gold bar in January 2025, whereas operations in the first quarter of last year were still in the ramp-up phase prior to commercial production.
Looking at the full-year figures, Artemis reported an adjusted net profit of C$415.1 million for 2025, equivalent to C$1.81 per share. The company disclosed that Phase A expansion of the Blackwater mine is 34% complete and progressing on schedule, with the target of increasing annual processing capacity to 8 million tonnes by year-end. Early construction work on the larger Phase II expansion has also commenced, aiming to expand annual throughput to 21 million tonnes by the end of 2028.
CEO Dale Andres stated, "The company's organic growth strategy is set to be fully achieved by the end of 2028, at which point annual production will exceed 500,000 ounces, representing a 265% increase in output between 2025 and 2029." The company also announced its inaugural dividend policy, planning to distribute C$0.05 per share quarterly starting in the second half of 2026, with two dividend payments expected for the full year. At period-end, Artemis held C$174 million in cash and cash equivalents, with total available liquidity of C$874 million, and maintained its full-year gold production guidance at 265,000 to 290,000 ounces.
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