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Artemis Gold
(ARTG)
Artemis Gold (ARTG) vs. iShares MSCI Canada ETF (EWC)
Artemis Gold Business Overview & Revenue Model
Artemis Gold Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 913.94M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 668.98M | -1.10M | -987.00K | -412.00K | -341.00K |
| EBITDA | 683.25M | -16.19M | -12.80M | -12.60M | -10.07M |
| Net Income | 349.16M | -31.44M | -11.45M | -21.63M | -13.71M |
Balance Sheet | |||||
| Total Assets | 2.47B | 1.71B | 1.12B | 656.75M | 469.79M |
| Cash, Cash Equivalents and Short-Term Investments | 181.36M | 28.28M | 156.59M | 194.09M | 132.48M |
| Total Debt | 709.94M | 610.09M | 164.84M | 1.71M | 1.24M |
| Total Liabilities | 1.46B | 1.12B | 539.42M | 79.32M | 50.46M |
| Stockholders Equity | 1.01B | 590.85M | 581.36M | 577.43M | 419.33M |
Cash Flow | |||||
| Free Cash Flow | 122.88M | -491.59M | -401.34M | -102.97M | -89.37M |
| Operating Cash Flow | 524.25M | -8.81M | -4.92M | -6.05M | -5.73M |
| Investing Cash Flow | -401.37M | -453.09M | -421.98M | -96.79M | -79.66M |
| Financing Cash Flow | 9.44M | 333.59M | 389.40M | 165.58M | 164.90M |
Artemis Gold Technical Analysis
Artemis Gold Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $10.84B | 10.22 | 30.82% | 0.42% | 51.00% | 532.40% | |
73 Outperform | $11.17B | 10.07 | 22.38% | ― | 48.70% | 1718.41% | |
71 Outperform | $6.26B | 10.24 | 20.98% | ― | 5.33% | 143.67% | |
66 Neutral | C$8.86B | 14.58 | 12.15% | 1.71% | 34.31% | ― | |
62 Neutral | C$8.75B | 24.10 | 28.16% | ― | ― | ― | |
62 Neutral | C$7.68B | 25.03 | 10.55% | ― | 151.45% | 1224.07% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
Artemis Gold Corporate Events
Artemis Gold has granted a new package of equity-based incentives to its directors, officers, and employees under its Omnibus Incentive Plan, including 21,100 stock options, 133,200 restricted share units, 123,200 performance share units, and 10,300 deferred share units. The stock options are exercisable at $39.23 per share, matching the closing price on February 19, 2026, and will expire five years from the grant date, underscoring the company’s strategy to align management and staff compensation with long-term shareholder value and the continued development of its Blackwater Mine operations.
The expanded equity incentives are likely intended to support talent retention and performance alignment as Artemis transitions deeper into the production phase at Blackwater, a key asset in its growth strategy as a gold and silver producer. By pricing the options at market and supplementing them with RSUs, PSUs, and DSUs, the company reinforces its commitment to governance practices that tie executive and employee rewards to operational and market performance over the medium term.
The most recent analyst rating on (TSE:ARTG) stock is a Hold with a C$42.00 price target. To see the full list of analyst forecasts on Artemis Gold stock, see the TSE:ARTG Stock Forecast page.
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.
Artemis Gold has adopted a progressive dividend policy as part of its capital allocation framework, with plans to initiate a base quarterly dividend of $0.05 per share in the second half of 2026 and increase it to $0.08 per share in 2027. The company also plans to evaluate opportunistic share buybacks from 2027, aiming to balance reinvestment in growth, balance sheet strength, and returning capital to shareholders.
From 2028, aligned with advancing its Expanded Phase 2 project at the Blackwater Mine, Artemis intends to add a variable dividend on top of the $0.08 base payout so that total dividends approximate 40% of free cash flow. Management frames the policy as a signal of confidence in sustainable operating cash flows and its strategy to grow Blackwater into a more than 500,000 ounce-per-year operation and one of Canada’s largest and lowest-cost gold mines by the end of 2028, enhancing its appeal to income-focused and growth-oriented investors alike.
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.
Artemis Gold closed a $450 million private placement of 5.625% senior unsecured notes due 2031, directing the proceeds and existing cash to fully repay its revolving credit facility while absorbing roughly $7.4 million in issuance fees with bookrunners BMO, RBC, and National Bank. The refinancing bolsters the miner’s capital structure as it ramps up Blackwater output, lowering near-term funding risk and reinforcing its low-cost positioning among mid-tier gold producers.
The most recent analyst rating on (TSE:ARTG) stock is a Buy with a C$42.00 price target. To see the full list of analyst forecasts on Artemis Gold stock, see the TSE:ARTG Stock Forecast page.
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 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 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 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 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.