Lowest decile AISC1 of US$869 per gold oz sold post-commercial production
EBITDA1 of $237 million in Q4 2025 and $630 million in full year 2025
Operating cash flow of $198 million in Q4 2025 and $561 million in full year 2025
(all amounts in Canadian dollars unless otherwise stated)
VANCOUVER, BC, Feb. 18, 2026 /CNW/ - Artemis Gold Inc. (TSXV:ARTG) ("Artemis Gold" or the "Company") reports financial and operating results for the three- and 12-month periods ended December 31, 2025 (Q4 2025 and full year 2025, respectively). The Company will host a conference call and webcast on February 19, 2026, the details of which are provided below.
Q4 and Full Year 2025 Highlights
Gold production of 68,480 ounces, bringing full year 2025 gold production to 192,808 ounces
Q4 sales of 67,852 ounces of gold; gold ounces sold into the spot market attracted an average realized price1 of US$4,168 per ounce, compared to the LBMA average of US$4,142 per ounce
Q4 cash costs1 were US$779 per ounce of gold sold and all-in sustaining costs ("AISC")1 were US$925 per ounce of gold sold
Q4 AISC margin1 of US$2,297 per ounce of gold sold or approximately 70% of cash revenue
Q4 revenue was $333.7 million, bringing full year 2025 revenue to $913.9 million
Q4 cash flow from operating activities of $197.9 million, totalling $560.7 million for the full year
Q4 adjusted net income1 of $145.8 million or $0.61 per share on a fully diluted basis, and full year 2025 adjusted net income1 of $415.6 million or $1.76 per share on a fully diluted basis
Q4 adjusted EBITDA1 was $225.5 million, and $610.4 million for the full year
Construction of Phase 1A expansion advanced, and on track to increase processing capacity to 8Mtpa by end of Q4 2026
Announced Expanded Phase 2 ("EP2") expansion decision, a further increase in processing capacity to 21Mtpa by end of Q4 2028
Closed a $450 million offering of senior unsecured five-year notes at 5.625% to repay outstanding amounts on the revolving credit facility
At December 31, 2025, cash and equivalents totalled $168.1 million and total available liquidity was $410.1 million. Pro-forma available liquidity, reflecting the $450 million bond offering completed subsequent to year-end, of $852.7 million
At the end of 2025, 6.5 million hours had been worked without a lost time incident
Artemis Gold CEO Dale Andres commented: "We delivered strong financial performance during the quarter with lowest decile AISC1 and strong margins and cash flows driven by higher realized gold prices. Mining and milling operations at Blackwater are currently performing well, with issues causing unplanned downtime in Q4 now largely resolved.
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1 Refer to Non-IFRS Measures
"Looking ahead, we continue to execute on our organic growth strategy, advancing construction of the Phase 1A expansion, which is expected to increase mill throughput by 33% by Q4 2026. We are also now advancing the EP2 project which will increase production to more than 500,000 ounces of annual gold production by the end of 2028, transforming Blackwater into one of the three largest single gold mines in Canada."
Financial and Operating Results
The following tables summarize key operating results and unit analysis for the post-commercial production period of May 1, 2025 to December 31, 2025, as well as select financial information for May and June 2025, Q3 2025 and Q4 2025 and full year 2025. For further information, refer to the Company's consolidated financial statements and Management's Discussion and Analysis ("MD&A") filed on SEDAR+ at www.sedarplus.com.
Table 1
Operating results
Units
May and June 2025
Q3 2025
Q4 2025
Total post-commercial production
Ore mined
tonnes
4,816,820
6,161,619
6,206,783
17,185,222
Waste mined
tonnes
2,404,651
5,180,117
5,500,707
13,085,475
Strip ratio
waste / ore
0.50
0.84
0.89
0.76
Total mined
tonnes
7,221,471
11,341,736
11,707,490
30,270,697
Milled
tonnes
988,588
1,528,851
1,422,877
3,940,316
Milled
tonnes per day
16,206
16,618
15,466
16,083
Gold grade
grams per tonne
1.34
1.48
1.66
1.51
Gold recoveries1
%
84.0 %
84.9 %
88.1 %
86.0 %
Gold produced
ounces
34,824
60,985
68,480
164,289
Gold sold - spot sales
ounces
24,821
56,400
40,453
121,674
Gold sold - stream deliveries
ounces
3,291
6,463
5,225
14,979
Gold sold - hedge deliveries
ounces
6,000
-
22,174
28,174
Gold sold - total
ounces
34,112
62,863
67,852
164,827
Unit analysis2,3
Units
May and June 2025
Q3 2025
Q4 2025
Total post-commercial production
Cash costs per gold ounce
CAD$ per ounce
$949
$911
$1,086
$991
Cash costs per gold ounce
US$ per ounce
$690
$661
$779
$717
AISC per gold ounce
CAD$ per ounce
$1,109
$1,157
$1,290
$1,202
AISC per gold ounce
US$ per ounce
$805
$840
$925
$869
AISC margin per gold ounce
CAD$ per ounce
$2,921
$3,271
$3,204
$3,171
AISC margin per gold ounce
US$ per ounce
$2,122
$2,374
