Artemis Gold (TSE:ARTG)
:ARTG
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Artemis Gold
(ARTG)
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Rating:62Neutral
Price Target:
C$38.00
▼(-5.75% Downside)
Action:ReiteratedDate:02/20/26
The score is driven primarily by sharply improved 2025 financial performance (strong revenue/profitability and positive cash generation), tempered by leverage and historically volatile free cash flow. Technicals add caution due to negative MACD and price below the 20-day average, while valuation is middling given a ~25.9 P/E and no dividend yield provided.
Positive Factors
Material revenue inflection (Blackwater)
The 2025 revenue step-change to ~C$914M indicates Blackwater moved from development to delivering scale. A sustained production ramp provides a durable revenue base from precious-metal sales, shifting the company from financing-dependent to operating cash generation if production and grades remain consistent.
Negative Factors
Elevated and rising leverage
Debt increasing to ~C$710M raises financial leverage and interest-service obligations. For a commodity-exposed miner, higher leverage magnifies sensitivity to gold/silver price swings and operational hiccups, constraining flexibility for discretionary investment and increasing refinancing risk if cash flow weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Material revenue inflection (Blackwater)
The 2025 revenue step-change to ~C$914M indicates Blackwater moved from development to delivering scale. A sustained production ramp provides a durable revenue base from precious-metal sales, shifting the company from financing-dependent to operating cash generation if production and grades remain consistent.
Read all positive factors
Artemis Gold (ARTG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.34B
Dividend YieldN/A
Average Volume (3M)891.58K
Price to Earnings (P/E)24.1
Beta (1Y)1.96
Revenue GrowthN/A
EPS GrowthN/A
CountryCA
Employees439
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.61
Shares Outstanding231,737,950
10 Day Avg. Volume509,386
30 Day Avg. Volume891,581
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)8.31
Price to Sales (P/S)9.21
P/FCF Ratio68.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$59.73Price Target Upside48.13% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.16
Revenue Forecast (FY)C$1.58B
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, exp...
How the Company Makes Money
Artemis Gold’s expected primary source of revenue is the sale of precious metals (gold and silver) produced from its mining operations—principally from the Blackwater Project once it is in production. Revenue would be generated by extracting ore, ...
Artemis Gold Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
63
Positive
Cash Flow
55
Neutral
| 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
Positive
40.32
Price Trends
39.47
Positive
38.39
Positive
34.27
Positive
Market Momentum
-0.29
Negative
57.93
Neutral
78.78
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 40.32 is above the 20-day moving average (MA) of 36.79, above the 50-day MA of 39.47, and above the 200-day MA of 34.27, indicating a bullish trend. The MACD of -0.29 indicates Negative momentum. The RSI at 57.93 is Neutral, neither overbought nor oversold. The STOCH value of 78.78 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$10.35B | 10.22 | 30.82% | 0.42% | 51.00% | 532.40% | |
73 Outperform | C$6.33B | 10.24 | 20.98% | ― | 5.33% | 143.67% | |
70 Outperform | C$8.49B | 40.65 | 22.94% | ― | 151.45% | 1224.07% | |
62 Neutral | C$9.34B | 24.10 | 28.16% | ― | ― | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | C$9.11B | 14.58 | 12.15% | 1.71% | 34.31% | ― |
* Basic Materials Sector Average
TSE:ARTG
Artemis Gold
40.32
23.07
133.74%
TSE:BTO
B2Gold
6.78
2.79
69.71%
TSE:OGC
OceanaGold
45.96
32.21
234.21%
TSE:OLA
Orla Mining
24.56
11.46
87.54%
TSE:TXG
Torex Gold Resources
66.34
28.92
77.29%
Artemis Gold Corporate Events
Business Operations and StrategyExecutive/Board Changes
Artemis Gold Adds Veteran Miner George Salamis to Board as Blackwater Expansion Advances
Positive
Mar 16, 2026
Artemis Gold has appointed veteran mining executive George Salamis to its board of directors, adding deep technical and capital markets expertise as the company advances its flagship Blackwater Mine in British Columbia. Salamis, currently presiden...
Business Operations and StrategyExecutive/Board Changes
Artemis Gold Adds Veteran Miner George Salamis to Board Amid Blackwater Expansion
Positive
Mar 16, 2026
Artemis Gold has appointed veteran mining executive George Salamis to its board of directors, adding a leader with more than three decades of international experience in mining and resource exploration. Salamis, currently president, CEO and direct...
Business Operations and StrategyFinancial Disclosures
Artemis Gold Maintains 2026 Guidance Despite Blackwater Mill Shutdown
Negative
Mar 12, 2026
Artemis Gold has reported an unplanned production outage at its Blackwater Mine following the failure of a ball mill gearbox on March 11, 2026, though a suitable replacement is on hand and repairs are expected to take 8 to 10 days. While mining ac...
Business Operations and StrategyExecutive/Board Changes
Artemis Gold Grants New Equity Incentives to Align Staff With Long-Term Growth
Positive
Feb 23, 2026
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 10,3...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Artemis Gold Posts Strong 2025 Results and Accelerates Blackwater Expansion
Positive
Feb 19, 2026
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 l...
Business Operations and StrategyStock BuybackDividends
Artemis Gold Sets Progressive Dividend Plan as Blackwater Mine Ramps Up
Positive
Feb 18, 2026
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 comp...
Business Operations and StrategyPrivate Placements and Financing
Artemis Gold Raises $450 Million in Notes to Retire Revolver
Positive
Feb 4, 2026
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 bookru...
Business Operations and StrategyPrivate Placements and Financing
Artemis Gold Prices $450 Million Note Issue to Refinance Credit Facility
Positive
Jan 28, 2026
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 transac...
Business Operations and StrategyPrivate Placements and Financing
Artemis Gold Taps $450 Million Note Offering to Refinance Debt and Support Blackwater Expansion
Positive
Jan 27, 2026
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 ...
Business Operations and StrategyFinancial Disclosures
Artemis Gold Posts Record Q4 Output and Sets Low-Cost Growth Path at Blackwater
Positive
Jan 15, 2026
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...
Business Operations and Strategy
Artemis Gold Grants 588,000 Stock Options as Part of Annual Incentive Program
Neutral
Jan 2, 2026
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 annua...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.