TSXV: ARTG
-- 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 AISC(1) 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.
____________________ (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 Units May and Q3 2025 Q4 2025 Total post-
results June 2025 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
tonnes per
Milled day 16,206 16,618 15,466 16,083
grams per
Gold grade tonne 1.34 1.48 1.66 1.51
Gold
recoveries(1) % 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 Units May and Q3 2025 Q4 2025 Total post-
analysis(2,3) June 2025 commercial
production
Cash costs per CAD$ per
gold ounce ounce $949 $911 $1,086 $991
Cash costs per
gold ounce US$ per ounce $690 $661 $779 $717
AISC per gold CAD$ per
ounce ounce $1,109 $1,157 $1,290 $1,202
AISC per gold
ounce US$ per ounce $805 $840 $925 $869
AISC margin
per gold CAD$ per
ounce ounce $2,921 $3,271 $3,204 $3,171
AISC margin
per gold
ounce US$ per ounce $2,122 $2,374 $2,297 $2,293
% of cash
AISC margin revenue 70 % 72 % 70 % 71 %
Average
realized gold CAD$ per
price ounce $4,578 $4,806 $5,814 $5,095
Average
realized gold
price US$ per ounce $3,326 $3,489 $4,168 $3,684
(1) Recoveries include gold in circuit
(2) Totals may differ due to rounding
(3) Refer to Non-IFRS Measures
Gold production was 68,480 ounces in Q4 2025, 164,289 ounces for the post-commercial production period and 192,808 ounces for the full year 2025. Mill feed grade averaged 1.66 g/t gold in Q4, 12% higher than Q3 2025. Sales in Q4 totalled 67,852 ounces of gold; gold ounces sold into the spot market achieved an average realized price of US$4,168 per ounce, compared to the LBMA average of US$4,142 per ounce.
Mining operations continued to track to plan, with total tonnes mined in Q4 2025 increasing by 3% compared to Q3 2025.
During Q4 2025, milling operations continued to perform well on an operating hour basis and above the design rate; however, the total tonnage processed was impacted by lower mill availability as previously disclosed. The mill operated at an average throughput rate of 15,466 tonnes per day or 94% of design capacity for the quarter. The Company continues to target mill throughput at 10% above design capacity on a sustainable basis in advance of commissioning the Phase 1A expansion.
The Company reported AISC(1) of US$925 per ounce of gold sold in Q4 2025 versus US$840 per ounce of gold sold in Q3 2025. The increase was primarily due to increased reagent consumption associated with both ongoing circuit optimization and the processing of transitional ore that required higher reagent dosages to support recovery performance, as well as higher reagent unit costs. The increase in AISC also reflected higher plant maintenance costs, as the Company corrected for a number of design and construction deficiencies during the quarter. In addition, royalty and participation payments included in AISC increased during the quarter, reflecting higher realized gold prices.
The Company reported AISC(1) of US$869 per gold ounce for the post-commercial production period and an AISC margin of US$2,293 per gold ounce, representing a margin of 71% of cash revenue. These results place Blackwater in the lowest decile of the global cost curve, with margins among the highest in the industry.
The following information is derived from the Company's unaudited Interim Financial Statements prepared in accordance with IFRS Accounting Standards applicable to interim financial reporting including IAS 34. Net income (loss) per share is calculated using the weighted average number of shares outstanding on a basic and diluted basis as determined under IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS").
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