Blackwater Mine Production Update: C$1.44B Capex
Artemis Gold Inc.'s Blackwater Mine in British Columbia, Canada has a production guidance outlining initial capital of C$1.44B.
Artemis Gold Inc.'s Blackwater Mine has reported production guidance results for the gold project in British Columbia, Canada. It reflects Artemis Gold Inc.'s (ARTG.V) latest disclosed economics for the asset.
Economics. Initial capital expenditure is estimated at C$1.44B, with life-of-mine sustaining capital of C$5M. Economics are based on Mineral Reserve pit shell based on US$1,400/oz gold; additional resource pit shell at US$2,000/oz gold.
Production and mine plan. The project envisions an open-pit operation. Average annual production is approximately 500 koz Au. Metallurgical recovery averages 92.2%. The open-pit strip ratio is 2:1.
These figures are extracted from Artemis Gold Inc.'s technical disclosures and reflect the most recent Production Update on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Mineral Reserve | 331.9 Mt | 0.77 g/t AuEq | 8.2 Moz AuEq |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 40 Mt | 0.60 g/t AuEq | 0.76 Moz AuEq |
| Indicated | 116 Mt | 0.66 g/t AuEq | 2.45 Moz AuEq |
| Measured & Indicated | 156 Mt | 0.64 g/t AuEq | 3.21 Moz AuEq |
Our Analysis
- Initial capex
- C$1.44B
costlier than 93% of 168 projects we track
- Study price assumption
- Mineral Reserve pit shell based on US$1,400/oz gold; additional resource pit shell at US$2,000/oz gold
- Spot gold today
- $4,162.30/oz
This is an operating mine, not a study, and that changes what the numbers are worth. Production-stage figures carry a confidence that a scoping or feasibility exercise cannot claim: the capex has largely been spent, the grades and recoveries are being realised rather than modelled, and the reserve pit shell at US$1,400/oz gold is a floor the operation has already been built around. Among the 168 gold projects we track, this one sits in familiar territory rather than at either extreme, and the honest read is that it earns its place on execution record rather than on any single standout metric.
The constraint that matters is scale, and it cuts in the company's favour. Initial capex of C$1.44B is lower than 7% of the projects we track, and against a market capitalisation of roughly US$6.59B it represents about 0.2x equity value. That is the sharpest funding signal here: a build of this size relative to a mid-cap balance sheet can be absorbed without the dilution or debt package that typically defines risk on larger-ticket developments. It is also one of 7 projects in the portfolio, so no single asset carries the company.
British Columbia is a mining-friendly jurisdiction, which supports the operating record but does not remove permitting and cost pressure. The reserve shell at US$1,400/oz sits well below today's spot of US$4,162.30/oz, and the resource shell at US$2,000/oz implies meaningful upside if prices hold near current levels. The question that decides the investment is whether the operation can convert that price gap into margin rather than absorb it in costs.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.