Artemis Gold (ARTG) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly gold production of 74,063 oz and gold sales of 78,126 oz in Q2 2026, driven by strong grades and recoveries and operational improvements.

• Revenue reached CAD 433.6M, adjusted EBITDA was CAD 285.2M, and adjusted net income was CAD 199.7M ($0.83 per diluted share) for Q2 2026.

• Declared inaugural quarterly dividend of CAD 0.05/share, with plans to increase to CAD 0.08/share in 2027 and target 40% of free cash flow as dividends from 2028.

• Phase 1A expansion 57% complete, on track for Q4 2026 commissioning, and EP2 expansion ahead of schedule with major works started and all long-lead equipment ordered.

• Strengthened balance sheet with total available liquidity of CAD 879M at quarter-end and downside gold price protection via put options.

Financial highlights

• Q2 2026 revenue reached CAD 433.6M, up from CAD 231.1M in Q2 2025, with adjusted EBITDA of CAD 285.2M and adjusted net income of CAD 199.7M.

• Record operating cash flow of CAD 208M, with cash and equivalents at CAD 179M and total liquidity of CAD 879M.

• Sold 78,126 oz of gold, with 49,000 oz at CAD 6,119/oz and 23,000 oz under hedge at CAD 2,995/oz.

• All-in sustaining cost (AISC) of US$955/oz, cash costs at US$813/oz, and AISC margin of 71%.

• Growth capital expenditures in Q2 2026 totaled CAD 131.6M; full-year guidance for growth capital is CAD 685M–755M.

Outlook and guidance

• Maintaining 2026 gold production guidance of 265,000–290,000 oz at AISC of US$925–1,025/oz, trending toward higher end.

• AISC expected to trend toward higher end of guidance due to inflation, partially offset by improvement initiatives.

• Phase 1A to be commissioned in Q4 2026, with full benefit in 2027; EP2 to increase capacity to 21M tons/year by H2 2028 and target over 500,000 oz annual gold production by 2029.

• Dividend policy targets progressive increases and 40% of free cash flow payout from 2028.

• Growth capital for 2026 projected at CAD 685M–755M, funded from operating cash flow.