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The latest update is out from Artemis Gold ( (TSE:ARTG) ).
Artemis Gold reported strong fourth-quarter and full-year 2025 results from its Blackwater mine, delivering 192,808 ounces of gold production and achieving post-commercial production all-in sustaining costs of US$869 per ounce, placing it in the lowest cost decile globally. Revenue reached $333.7 million in Q4 and $913.9 million for the year, with adjusted EBITDA of $225.5 million in the quarter and $610.4 million for 2025, supported by robust operating cash flow of $560.7 million for the year.
The company is advancing its growth plan at Blackwater, with the Phase 1A expansion on track to lift processing capacity to 8 million tonnes per year by the end of 2026 and an Expanded Phase 2 targeting 21 million tonnes per year and over 500,000 ounces of annual gold output by late 2028. Artemis also strengthened its balance sheet by issuing $450 million of five-year senior unsecured notes to repay its revolving credit facility, ending 2025 with pro-forma available liquidity of $852.7 million and a strong safety record of 6.5 million hours worked without a lost-time incident, underpinning its ambition to become one of Canada’s largest single-mine gold producers.
The most recent analyst rating on (TSE:ARTG) stock is a Buy with a C$44.00 price target. To see the full list of analyst forecasts on Artemis Gold stock, see the TSE:ARTG Stock Forecast page.
Spark’s Take on TSE:ARTG Stock
According to Spark, TipRanks’ AI Analyst, TSE:ARTG is a Neutral.
The score is driven primarily by improving financial performance (strong TTM margins and operating cash flow) but tempered by negative free cash flow and increased leverage. Technicals are supportive but neutral in momentum, while valuation is a headwind due to a high P/E and no dividend yield. Positive corporate developments around Blackwater expansion and operations provide an additional lift, with execution/capex scale remaining the key risk.
To see Spark’s full report on TSE:ARTG stock, click here.
More about Artemis Gold
Artemis Gold Inc. is a Canadian gold mining company listed on the TSX Venture Exchange, focused on developing and operating the Blackwater gold mine in British Columbia. The company’s strategy emphasizes low-cost production, phased capacity expansions and disciplined balance sheet management to position Blackwater as a large-scale, long-life asset in the domestic gold sector.
Average Trading Volume: 455,406
Technical Sentiment Signal: Buy
Current Market Cap: C$9.24B
Learn more about ARTG stock on TipRanks’ Stock Analysis page.