Artemis Gold (ARTG) AI Stock Analysis

• Market Cap: $8.54B
• Dividend Yield: N/A
• Average Volume (3M): 891.58K
• Price to Earnings (P/E): 41.0
• Beta (1Y): 1.52
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CA
• 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: 0.75
• Enterprise Value/Revenue: 11.03
• Enterprise Value/Gross Profit: 14.87
• Enterprise Value/Ebitda: 16.86
• 1Y Price Target: $54.00
• Price Target Upside: 46.35% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: C$39.00 ▲(5.69% 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.

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

Artemis Gold's financial performance is marked by significant challenges, including zero revenue, high leverage, and negative cash flow, typical of a developmental stage mining company. While there is potential growth from the Blackwater Mine, current financial health is risky with ongoing high costs and debt levels.

Income Statement

Artemis Gold's income statement reveals significant challenges with consistent net losses over the years. The company reports zero revenue, which is typical in early-stage mining operations focusing on exploration and development. Gross profit and net income continue to be negative, indicating ongoing operational inefficiencies and high costs relative to nonexistent revenue.

Balance Sheet

The balance sheet shows a high debt-to-equity ratio of 1.03 in the TTM period, reflecting increased leverage that could pose financial risks. However, the company has maintained a reasonable equity base, with stockholders' equity representing 34.6% of total assets, indicating some level of financial stability.

Cash Flow

The cash flow statement highlights a challenging scenario with negative free cash flow and operating cash flow, indicating cash outflows exceed inflows, typical for companies in the development phase. The significant reliance on financing activities suggests potential sustainability concerns in the absence of revenue generation.

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: 36.90
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• 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 36.9 is below the 20-day moving average (MA) of 36.97, above the 50-day MA of 35.73, and above the 200-day MA of 28.46, indicating a neutral trend. The MACD of 0.21 indicates Positive momentum. The RSI at 52.14 is Neutral, neither overbought nor oversold. The STOCH value of 55.80 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
ELD	79 Outperform	C$10.48B	20.73	9.54%	―	44.88%	38.67%
NGD	78 Outperform	C$10.40B	29.87	22.29%	―	48.70%	1718.41%
IMG	73 Outperform	C$13.80B	27.62	10.09%	―	56.17%	-51.73%
OLA	69 Neutral	C$6.65B	92.26	9.79%	―	151.45%	1224.07%
BTO	67 Neutral	$8.38B	27.05	6.90%	1.71%	34.31%	―
ARTG	62 Neutral	$8.54B	41.02	28.16%	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Artemis Gold Corporate Events

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.

Artemis Gold Strengthens Management Team with Key Appointments

Artemis Gold Inc. has announced the appointments of Tony Scott as Chief Business Development Officer and James Woeller as Vice President Business Development and Improvement. These strategic additions are aimed at enhancing the company’s management capabilities as it optimizes its Phase 1 operations and plans for a Phase 2 expansion at the Blackwater Mine. The appointments are expected to support Artemis Gold’s growth and shareholder value generation through improved business planning and asset optimization.

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 Achieves Q3 2025 Production Targets at Blackwater Mine

Artemis Gold reported its Q3 2025 production results for the Blackwater Mine, producing 60,985 ounces of gold, consistent with its guidance. The company achieved a mill throughput rate of 101% of design capacity despite a major shutdown and improved gold recovery to 87%. With production weighted towards Q4 2025, Artemis Gold is on track to meet its full-year production guidance of 190,000 to 230,000 ounces of gold, highlighting its strategic ramp-up and optimization efforts.

The most recent analyst rating on (TSE:ARTG) stock is a Buy with a C$36.00 price target. To see the full list of analyst forecasts on Artemis Gold stock, see the TSE:ARTG Stock Forecast page.