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    Why Artemis Gold (TSXV:ARTG) Is Up 6.2% After Blackwater Mine’s Record Q2 Gold Output

    Simply Wall St·07/15/2026 02:21:38
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    • Artemis Gold Inc. reported that in the second quarter of 2026 its Blackwater Mine achieved a quarterly record production of 74,063 ounces of gold, with higher feed grades, record 92.2% recoveries, and 1.34 million tonnes processed.
    • This strong start to 2026, with 135,986 ounces produced in the first half and Blackwater tracking within full-year guidance, underscores the impact of process optimization and throughput gains on the mine’s operating profile.
    • We’ll now explore how Blackwater’s record quarterly production and efficiency improvements might influence Artemis Gold’s existing investment narrative.

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    Artemis Gold Investment Narrative Recap

    To own Artemis Gold, you need to believe Blackwater can run efficiently while funding and executing its expansion plans from a single producing asset. Blackwater’s record Q2 production supports the near term catalyst of process optimization and throughput gains, while also easing concerns around recent unplanned downtime. The biggest risk remains that expansion projects and ongoing mill reliability issues could still disrupt throughput or lift costs, even as current results point in a positive operational direction.

    The recent Q2 production update ties directly into the earlier guidance that kept 2026 output targets intact despite the ball mill gearbox failure in March. That earlier announcement framed the year as a test of Blackwater’s ability to recover lost volumes and maintain reliability. Q2’s higher grades, record recoveries and stronger throughput are an important proof point against that backdrop, but they do not remove the execution risks around Phase 1A and the larger Phase 2 build out.

    Yet behind this strong quarter, investors should still be aware that cost pressures and expansion execution risk could...

    Read the full narrative on Artemis Gold (it's free!)

    Artemis Gold's narrative projects CA$2.5 billion revenue and CA$1.2 billion earnings by 2029. This requires 27.6% yearly revenue growth and about a CA$741 million earnings increase from CA$458.7 million today.

    Uncover how Artemis Gold's forecasts yield a CA$56.66 fair value, a 64% upside to its current price.

    Exploring Other Perspectives

    TSXV:ARTG 1-Year Stock Price Chart
    TSXV:ARTG 1-Year Stock Price Chart

    Some analysts were already assuming Artemis could reach about CA$3.0 billion of revenue and CA$1.6 billion of earnings by 2029, a much more optimistic view that may shift again after a record quarter and in light of lingering cost and expansion risks.

    Explore 4 other fair value estimates on Artemis Gold - why the stock might be worth just CA$40.32!

    The Verdict Is Yours

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.