Blackwater Mine Is Now 95% Completed

VANCOUVER - Artemis Gold Inc. on progress at the Blackwater Mine. Overall construction of the Blackwater Mine is over 95% complete, the project is fully funded, and first gold pour is targeted for late Q4 2024. The 135-kilometre long 225kV transmission line between the Blackwater Mine and BC Hydro's Glenannan substation is complete and was successfully energized with renewable grid power.

Construction of the Tailings Storage Facility will be complete by the end of this month in advance of commencement of ore commissioning of the plant. The initial mining fleet has been commissioned and pre-stripping of the mine, as well as the construction of haul roads, are well advanced, with first ore expected to be received to the run of mine (ROM) pad over the course of the next month. In addition, Blackwater's operations camp is complete and has housed operational staff since late Q3 2024.

In order to accelerate the commissioning of the process facility to align with the other major construction milestones already achieved, the Company has taken responsibility for plant commissioning from the EPC contractor and will commence owner commissioning and remaining construction activity effective immediately.

During the past 17 months, the Blackwater Mine has experienced two separate wildfire events which halted construction at site for a total of approximately one and a half months during the most productive months of the build. This resulted in additional fixed overhead drag on the project, and the benefit of operating cash flows has been deferred by the period of productive construction days lost. Management also invested in certain schedule acceleration initiatives to offset the delays, which have added to the cost of construction.