Artemis Gold (ARTG) investor relations material

Strategic growth and expansion plans

• Operating throughput will increase by 33% next year, with a major expansion (EP2) targeting 21 million tons per annum by mid-2027 and over 500,000 oz gold production in the second half of 2028.

• Acquisition of Vista Gold and its Mount Todd project in a $427 million all-share deal is expected to close in Q1 2027, with Vista shareholders owning 5% of the combined entity.

• Focus remains on staged development at Blackwater, with board and management holding a 36% stake, ensuring strong alignment with shareholders.

• Mount Todd is fully permitted for a 50,000 ton per day operation, with development plans to be detailed post-acquisition.

• Pathway to 1 million ounces annual production is targeted as early as 2032, leveraging both Blackwater and Mount Todd.

Operational performance and optimization

• Phase 1A project will be fully ramped up by January, delivering an 8 million ton per annum rate and supporting further optimization.

• EP2 project, with a CAD 1.44 billion budget, is on track with major works underway, aiming for first gold by mid-2028 and full ramp-up by year-end.

• New resource and reserve mine plan, including de-bottlenecking to potentially reach 25 million tons per annum, is expected in Q1 next year.

• Blackwater mine benefits from low strip ratio, cheap hydroelectric power, and a downhill haul, with mine life potentially extending to 2050.

• Stockpiled 24 million tons of low and medium grade ore, with mill recoveries at 92% and commercial production declared in May 2025.

Financial strategy and capital allocation

• Growth capital guidance for the year is CAD 685–755 million, with spending weighted to the second half due to EP2.

• Phase 1A is a CAD 120 million project, over 57% complete at Q2, with wet circuit upgrades and dry circuit already ramped up.

• EP2 expansion features a new processing train, early works completed, and major construction milestones achieved, including concrete pours and equipment delivery.

• Dividend policy initiated with CAD 0.05/share, targeting CAD 0.32/share annually by 2027, and a variable rate (40% of free cash flow) as EP2 comes online.

• EP2 funding is secured through operating cash flow, with CAD 179 million in cash and a CAD 700 million undrawn credit facility; gold price risk is hedged with put options.