Shares of Artemis Gold traded 0.7% higher on Tuesday morning on the announcement, sending the Vancouver-based miner’s market capitalization above C$3 billion ($2.1bn).
Artemis had previously maintained its first pour target of year-end 2024 despite multiple construction delays. The delays, mainly caused by the BC wildfires this summer, have led to a 7% rise in the project’s initial capital costs to C$780-C$800 million.
The Blackwater mine, located 160 km southwest of Prince George, is expected to become the province’s first new gold mine since the Brucejack in 2017.
Once in production, it is expected to produce 500,000 oz. of gold equivalent in each of its first 10 years, generating annual free cash flow of about C$500 million at an all-in sustaining cost of $712 per oz.
Expansion plans are also underway to extend the life of mine to 23 years.
