Artemis Gold (ARTG) AI Stock Analysis

• Market Cap: C$10.35B
• Dividend Yield: N/A
• Average Volume (3M): 891.58K
• Price to Earnings (P/E): 51.7
• Beta (1Y): 1.50
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 439
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.59
• Shares Outstanding: 230,988,480
• 10 Day Avg. Volume: 509,386
• 30 Day Avg. Volume: 891,581
• PEG Ratio: -0.59
• Price to Book (P/B): 4.92
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.92
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$55.48
• Price Target Upside: 19.38% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: C$47.00 ▲(1.14% Upside)

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.

Positive Factors

High Profitability and Margins

Sustained TTM margins indicate a low unit cost structure and strong operating leverage at Blackwater. High gross and EBIT margins provide durable earnings power, improve cash generation potential per ounce, and create a buffer versus cyclical commodity prices over the medium term.

Strong Operating Cash Flow Conversion

Operating cash flow materially exceeding net income demonstrates good cash conversion from operations. This strengthens the company's ability to fund ongoing development, service obligations, and sustain operations without relying solely on immediate external equity issuances.

Large-Scale Blackwater Expansion Approved

Board-backed Phase 2 scale-up formalizes a path to materially higher production and resource utilization. A sanctioned large project creates potential long-term economies of scale, stronger market position in gold output, and a clear strategic roadmap for capacity growth.

Negative Factors

Negative Free Cash Flow

Persistently negative free cash flow signals ongoing funding needs to cover reinvestment and capex. Over a multi-month horizon this constrains liquidity, increases reliance on financing channels, and limits the company's ability to self-fund expansion without raising debt or equity.

Increased Leverage vs. Earlier Years

Higher leverage versus prior low-debt years reduces financial flexibility and raises interest service risk. In a capital-intensive mining cycle this amplifies execution risk, constrains optionality on funding strategies, and may force more costly financing if commodity or funding conditions tighten.

Large Expansion Capital Requirement

A $1.44B expansion funding need creates prolonged execution and financing risk. Delivering such large capital projects can strain management bandwidth, require substantial external funding or dilution, and materially affect balance sheet health and strategic flexibility over the coming months.

Artemis Gold Business Overview & Revenue Model

Company Description

Artemis Gold Inc., a gold development company, focuses on the identification, acquisition, and development of gold properties. The company's asset portfolio includes a 32.3% equity interests in Velocity Minerals Ltd. that focuses on acquiring, exploring, and evaluating mineral resource properties in Bulgaria. It also holds interest in the Blackwater Gold Project located in central British Columbia. Artemis Gold Inc. was incorporated in 2019 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Artemis Gold makes money primarily through the exploration and development of its Blackwater Gold Project. The company generates revenue by advancing this project towards production, which involves significant capital investment in exploration, feasibility studies, permitting, and construction. Once operational, the company expects to earn revenue from the sale of extracted gold and other by-products. Artemis Gold may also engage in strategic partnerships, joint ventures, or off-take agreements with other mining companies or investors to secure financing and share risks. Additionally, fluctuations in gold prices and the successful execution of its project development plans are critical factors influencing the company's potential earnings.

Artemis Gold Financial Statement Overview

Summary

Strong TTM operating inflection with high profitability and positive operating cash flow, but the quality of cash generation is mixed due to negative free cash flow and a higher debt load versus prior years.

Income Statement

TTM (Trailing-Twelve-Months) shows a major inflection: revenue reached 580.2M with strong profitability (gross margin ~74%, net margin ~36%) and solid operating earnings (EBIT margin ~62%). This is a sharp turnaround from prior annual periods that showed no revenue and recurring net losses, which raises execution and sustainability risk as results transition into a new operating phase.

Balance Sheet

Leverage is meaningful but not excessive in TTM (debt-to-equity ~0.69) and equity is sizable (867.0M) supporting the asset base (2.20B). However, debt has increased substantially versus earlier years (from minimal levels in 2020–2022), and the balance sheet only recently shifted into strong profitability (TTM return on equity ~29%), making the current strength less proven across a full cycle.

Cash Flow

Cash generation improved materially in TTM with positive operating cash flow (345.8M) and operating cash flow exceeding net income (~1.38x), indicating good cash conversion from earnings. The key weakness is that free cash flow remains negative (-72.4M) and deteriorated versus the prior period (free cash flow growth -73%), suggesting heavy reinvestment/capex needs and less near-term financial flexibility.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	580.24M	0.00	0.00	0.00	0.00	0.00
Gross Profit	430.68M	-1.10M	-987.00K	-412.00K	-341.00K	-167.00K
EBITDA	379.68M	-16.19M	-12.80M	-12.60M	-10.07M	-5.76M
Net Income	206.91M	-31.44M	-11.45M	-21.63M	-13.71M	-3.93M
Balance Sheet
Total Assets	2.20B	1.71B	1.12B	656.75M	469.79M	352.67M
Cash, Cash Equivalents and Short-Term Investments	88.62M	28.28M	156.59M	194.09M	132.48M	55.84M
Total Debt	597.47M	610.09M	164.84M	1.71M	1.24M	846.64K
Total Liabilities	1.34B	1.12B	539.42M	79.32M	50.46M	93.44M
Stockholders Equity	867.05M	590.85M	581.36M	577.43M	419.33M	259.24M
Cash Flow
Free Cash Flow	-72.44M	-491.59M	-401.34M	-102.97M	-89.37M	-148.98M
Operating Cash Flow	345.82M	-8.81M	-4.92M	-6.05M	-5.73M	-4.13M
Investing Cash Flow	-377.77M	-453.09M	-421.98M	-96.79M	-79.66M	-149.68M
Financing Cash Flow	96.53M	333.59M	389.40M	165.58M	164.90M	174.16M

Artemis Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 46.47
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ARTG, the sentiment is Positive. The current price of 46.47 is above the 20-day moving average (MA) of 40.24, above the 50-day MA of 37.85, and above the 200-day MA of 30.30, indicating a bullish trend. The MACD of 2.35 indicates Negative momentum. The RSI at 74.37 is Negative, neither overbought nor oversold. The STOCH value of 71.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ARTG.

Artemis Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OGC	78 Outperform	C$11.63B	21.01	21.15%	0.42%	51.00%	532.40%
TXG	77 Outperform	C$7.67B	16.71	17.29%	―	5.33%	143.67%
NGD	73 Outperform	C$13.57B	39.30	22.29%	―	48.70%	1718.41%
BTO	67 Neutral	C$10.06B	32.47	6.90%	1.71%	34.31%	―
ARTG	62 Neutral	C$10.35B	51.66	28.16%	―	―	―
OLA	62 Neutral	C$8.71B	123.45	9.79%	―	151.45%	1224.07%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Artemis Gold Corporate Events

Artemis Gold Prices $450 Million Note Issue to Refinance Credit Facility

Artemis Gold has priced a $450 million offering of senior unsecured notes due 2031, carrying a 5.625% coupon and a two-year non-call period, with proceeds earmarked to refinance its existing $450 million revolving credit facility and cover transaction expenses. The issue, rated B+ by S&P and BB- by Fitch, was more than 3.5 times oversubscribed with an order book of about $1.6 billion, underscoring strong investor demand and confidence in the Blackwater asset; by locking in long-term fixed-rate debt and reducing exposure to variable interest rates, the company strengthens its capital structure and credit profile to support its ongoing growth plans.

The most recent analyst rating on (TSE:ARTG) stock is a Buy with a C$51.00 price target. To see the full list of analyst forecasts on Artemis Gold stock, see the TSE:ARTG Stock Forecast page.

Artemis Gold Taps $450 Million Note Offering to Refinance Debt and Support Blackwater Expansion

Artemis Gold has launched a marketed private placement of $450 million in senior unsecured notes due 2031 to refinance its existing revolving credit facility of roughly the same size and cover related transaction costs. Management frames the move as a prudent refinancing and risk-management step that locks in long-term funding at attractive yields, better matching the long-life profile of the Blackwater Mine and supporting ongoing expansion plans, including the Phase 1A and Expanded Phase 2 projects, which the company expects to fund from operational cash flow; with strong projected cash generation and a low-cost operating base, the board is also expected to review a shareholder return framework that could include dividends and share buybacks, underscoring Artemis’s confidence in its growth plan and balance sheet strength while potentially enhancing returns for investors.

The most recent analyst rating on (TSE:ARTG) stock is a Buy with a C$51.00 price target. To see the full list of analyst forecasts on Artemis Gold stock, see the TSE:ARTG Stock Forecast page.

Artemis Gold Posts Record Q4 Output and Sets Low-Cost Growth Path at Blackwater

Artemis Gold reported record fourth-quarter 2025 production of 68,480 ounces of gold at its Blackwater Mine, lifting full-year output to 192,808 ounces in the operation’s first year. The strong quarterly performance was driven by higher mill feed grades and improved recoveries, while plant availability recovered to over 93% in December after addressing design and construction deficiencies linked to the former EPC contractor. For 2026, the company forecasts production of 265,000 to 290,000 ounces of gold at all-in sustaining costs of US$925 to US$1,025 per ounce, positioning Blackwater among the lowest-cost gold operations globally and supporting robust margins at current gold prices. Artemis is advancing a Phase 1A expansion to lift nameplate mill capacity from 6 Mtpa to 8 Mtpa by late 2026 and the larger Expanded Phase 2 project to increase throughput to 21 Mtpa and annual production to more than 500,000 ounces by the end of 2028, a growth plan that would more than triple current processing capacity and establish Blackwater as one of the three largest single gold mines in Canada.

The most recent analyst rating on (TSE:ARTG) stock is a Hold with a C$38.00 price target. To see the full list of analyst forecasts on Artemis Gold stock, see the TSE:ARTG Stock Forecast page.

Artemis Gold Grants 588,000 Stock Options as Part of Annual Incentive Program

Artemis Gold has granted 588,000 incentive stock options to its directors, officers and employees under its Omnibus Incentive Plan, with an exercise price of C$36.83 per share and a five-year term. The grant forms part of the company’s annual long-term incentive compensation cycle, underscoring its use of equity-based rewards to retain and align key personnel as it advances operations at the Blackwater Mine and pursues its growth strategy in gold and silver production.

The most recent analyst rating on (TSE:ARTG) stock is a Hold with a C$39.00 price target. To see the full list of analyst forecasts on Artemis Gold stock, see the TSE:ARTG Stock Forecast page.

Artemis Gold Expands Blackwater Mine to Boost Production

Artemis Gold has announced the board approval for an expanded Phase 2 development at the Blackwater Mine, increasing processing capacity to 21 Mtpa by 2028. This expansion is expected to transform Blackwater into one of the three largest single gold mines in Canada, with over 500,000 ounces of annual gold production for the first 10 years. The project, with a capital cost of $1.44 billion, will primarily be funded from operating cash flows, supported by a strong balance sheet. The expansion is anticipated to generate significant economic benefits, including job creation and community development, while maintaining low-cost production and high margins.

The most recent analyst rating on (TSE:ARTG) stock is a Buy with a C$54.00 price target. To see the full list of analyst forecasts on Artemis Gold stock, see the TSE:ARTG Stock Forecast page.

Artemis Gold Achieves Strong Q3 2025 Results and Advances Expansion Plans

Artemis Gold reported strong financial and operational results for Q3 2025, with a significant AISC margin of 72% and gold production of 60,985 ounces. The company is advancing its growth strategy with the commencement of the Phase 1A expansion and a $700 million credit facility to refinance debt, indicating a robust financial position and future growth potential.

The most recent analyst rating on (TSE:ARTG) stock is a Buy with a C$48.00 price target. To see the full list of analyst forecasts on Artemis Gold stock, see the TSE:ARTG Stock Forecast page.

Artemis Gold Launches Extensive Exploration Drill Program in British Columbia

Artemis Gold has initiated a regional exploration drill program on its extensive land package in central British Columbia, with an initial $5 million investment targeting 15,000 to 25,000 meters of drilling. This program is part of a long-term strategy to explore over 30 identified drill targets near the Blackwater Mine, leveraging historical data and AI-aided methods to prioritize high-potential areas. The exploration aims to enhance the company’s operations and unlock further value for shareholders by revealing the true potential of the Blackwater region.

The most recent analyst rating on (TSE:ARTG) stock is a Buy with a C$48.00 price target. To see the full list of analyst forecasts on Artemis Gold stock, see the TSE:ARTG Stock Forecast page.