Artemis Gold (ARTG) — Stock Analysis 2026 [3.8]

Analysis as of 5 November 2026. Price deck: base gold US$4,500/oz — the fixed-grid price nearest the representative trailing average (3-month US$4,303.64, 6-month US$4,290.96 and 12-month US$4,468.92, COMEX daily closes to 5 November 2026) — with every grid price run as a scenario: extreme bear US$3,000, deep bear US$3,500, bear US$4,000, base US$4,500 and bull US$5,000/oz, converted at USD/CAD 1.3972; silver stays inside the guided costs; no analyst consensus is on file at this date, and no forecast and no spot price enter the value. At C$39.47 a share (TSXV close, 5 November 2026, the day after the Q3 2026 results) the market-implied deck is US$3,555/oz gold. Fundamentals are the FY2025 filings, the 2024 Blackwater technical report and the Q3 2026 report of 4 November 2026. Refreshed on each quarterly report and on material events. Rating: ★★★★ Solid / Undervalued (wide band).

Artemis Gold owns and runs Blackwater, an open-pit gold mine in central British Columbia that declared commercial production on 1 May 2025 and produced 205,532 ounces in the first nine months of 2026 at an all-in sustaining cost of US$1,024/oz. The thesis in one line: a low-cost, one-mine producer with an 8.0 Moz reserve whose share price pays for gold at only US$3,555/oz, below every trailing average, while the expansion that nearly doubles its output is still being built. Why now: the Q3 2026 report put Phase 1A at 77% complete and EP2 on course for 21 Mtpa by Q4 2028, the first dividend was paid in September, and the Vista Gold acquisition is pending. To screen Artemis Gold against every listed gold producer on cost, reserve life and stage, see Metal Pilot’s gold mining stock screener.

1. Snapshot & thesis

Artemis Gold Inc. (TSXV: ARTG) is a Canadian mining producer in the precious-metals sector — gold, with silver a part-streamed by-product — reporting in Canadian dollars. It owns one mine, Blackwater in central British Columbia (100%, through BW Gold Ltd.), in commercial production since 1 May 2025 and being expanded in two steps, Phase 1A and EP2. It also holds 4.95% of Vista Gold, which it agreed on 20 September 2026 to acquire for its Mt Todd gold project in Australia. The registry still tags it a developer; the producing mine sets the archetype.

Figure 1. Artemis Gold in numbers, as of 5 November 2026

Figure data: Table 1; rating per Section 9, valuation per Section 7.

Thesis in brief. Bull: the lowest guided cost in its peer set, a cash margin of 75.7% in the first nine months of 2026, an 8.0 Moz reserve, and an expansion paid for from operating cash flow and an undrawn C$700 million credit facility, with net debt of only C$422.0 million. Bear: one mine; a Q3 2026 mill-feed grade of 1.55 g/t, about twice the 0.75 g/t reserve average; a reserve estimate last updated in 2021; 111,000 ounces still to deliver at C$2,816/oz; and EP2 capital of C$1.44 billion that leaves out the fleet, tailings and site infrastructure. What tips it: whether EP2 reaches 21 Mtpa on budget by Q4 2028, and whether gold holds above the US$4,226/oz flip price.

Table 1. Artemis Gold in numbers

Source: Artemis Gold’s filings on SEDAR+ and artemisgoldinc.com — the Q3 2026 MD&A and interim statements (4 November 2026) for nine-month results, the balance sheet at 30 September 2026 and the share count at 4 November 2026; the 2025 MD&A and annual statements for FY2025; the NI 43-101 technical report on the 2024 Expansion Study for reserves (effective 10 September 2021), resources (5 May 2020) and the study life; the dividend release of 4 November 2026; price per Yahoo Finance, TSXV close 5 November 2026; valuation rows per Section 7. Notes: (1) market capitalisation on basic shares; enterprise value = basic market capitalisation + the senior notes incl. accrued interest + leases − cash; (2) cash margin = revenue less production costs; (3) free cash flow = operating cash flow less purchases of mineral property, plant and equipment.

How to read this analysis: the statcards and Section 9 carry the verdict; Sections 2–6 carry the evidence, Section 7 the valuation.

2. Assets & operations

Artemis Gold sells gold from one mine, with part of its gold and half its silver streamed; for how the metal is priced and why miners gear to it, see Gold — A Complete Market Guide. This section covers Blackwater, its EP2 expansion and the pending Vista Gold deal.

2.1 Portfolio overview

Table 2. Artemis Gold asset portfolio, by value

Source: Artemis Gold Q3 2026 MD&A (Highlights pp.4–6; commercial production p.7; Vista Gold p.5); NI 43-101 technical report on the 2024 Expansion Study, Table 1-2 p.41 and section 1.2 p.30; AIF 2024, section 3 p.6 (interest).

Concentration is total: Blackwater is all of the revenue, all of the production and, in Section 7, all of the net asset value. Mt Todd is outside both the table’s value and the valuation until the deal closes.

2.2 Revenue split

Figure 2. Revenue by commodity, FY2025

Source: Artemis Gold 2025 consolidated financial statements, Note 15 Revenue, p.39.

Figure 3. Revenue by asset, FY2025

Source: Artemis Gold 2025 consolidated financial statements, statement of income, p.9.

Gold is the business: silver brought in less than 1% of cash metal revenue, half of it going to the stream. The asset split is trivial for a one-mine company and is shown for completeness.

2.3 Blackwater (British Columbia)

Blackwater is an open-pit mine and mill in central British Columbia, held 100% through BW Gold Ltd. The BC Mines Act permit (M-246), approved on 9 March 2023 as the last of the construction permits, and the Environmental Management Act permits are in hand. Two streams sit on the mine: a gold stream on 8% of gold until 464,000 ounces are delivered, then 4% for the life of mine, for which the holder pays 35% of the spot price and a silver stream on 50% of the silver until about 18 Moz is delivered. Two private net smelter royalties, 1.0% and 1.5%, cover parts of the reserve.

The mine declared commercial production on 1 May 2025 and milled at 15,466 tonnes a day in Q4 2025, on a plant built for 6 Mtpa. In Q3 2026 the mill fed 1.55 g/t gold at 89.8% recovery, at a cash cost of US$871/oz and an AISC of US$1,048/oz sold (US$849 and US$1,024 for the nine months). That grade is about twice the reserve’s average.

The reserve is 334.3 Mt at 0.75 g/t gold and 5.8 g/t silver — 8.0 Moz of gold, 7.8 Moz of it Proven (325.1 Mt at 0.74 g/t) and 0.2 Moz Probable (9.2 Mt at 0.80 g/t) — under NI 43-101 and CIM 2014, effective 10 September 2021, at US$1,400/oz gold, US$15/oz silver and a C$13.00/t NSR cut-off, with 93% gold recovery. Measured and Indicated resources, inclusive of the reserve, are 596.8 Mt at 0.61 g/t (11.67 Moz) and Inferred 16.9 Mt at 0.45 g/t (246 koz), effective 5 May 2020. The 2024 Expansion Study gave a 17-year life and an after-tax NPV5% of C$3.25 billion on a gold deck falling from US$2,000 to US$1,800/oz.

The asset risk is that grade: a bulk pit at 0.75 g/t lives on tonnes and cost per tonne once the higher-grade early feed runs out.

2.4 EP2 increment (Blackwater expansion)

The plan replaces the 2024 study’s phasing. Phase 1A lifts the plant from 6 to 8 Mtpa for C$120 million and was 77% complete at the end of Q3 2026. EP2 then takes it to 21 Mtpa by Q4 2028 for C$1.44 billion — a figure that excludes the mining fleet, tailings and water works and site infrastructure upgrades — and is guided to produce 500,000–525,000 oz a year for its first ten full years. Growth capital is guided at C$685–755 million for 2026, of which C$399.5 million was spent in the first nine months. Section 7 models Phase 1A at 370,000 oz a year in 2027–28 and EP2 from 2029. No status for the EP2 permit amendments is in the filings on file, which is the expansion’s main open approval question.

2.5 Production, reserves & costs

Figure 4. Gold production — FY2025 and 2026 guidance

Source: Artemis Gold 2025 MD&A, Highlights p.4; Q3 2026 MD&A, Highlights p.6.

Nine months of 2026 already exceed the whole of 2025, a year that included four months before commercial production. The guidance midpoint is 44% above 2025; EP2’s target is nearly double the midpoint again. The reserve has not been updated since 2021 — a new resource model and mine plan are in progress in 2026 — so replacement is n/d. The reserves-and-resources-by-asset figure is not drawn: one operating mine (Section 10.1).

2.6 Peer positioning

Table 3. Peer positioning — quality metrics

Source: each company’s 2025 filing on SEDAR+ — Lundin Gold annual report 2025 (2026 guidance, Outlook p.17) and AIF 2025 (reserves after 2025 depletion, p.11), OceanaGold AIF 2025, Torex Gold AIF 2025 (production; Morelos P&P 4,839 koz AuEq at 31 December 2025), Wesdome AIF 2025; Artemis Gold per Table 2. Peer basis: TSX-listed gold producers with one to four mines; none in a pending deal.

Artemis is fourth of five on 2025 output, a year cut short by the start-up, but holds the largest reserve on file and the lowest guided cost; EP2 would take it to the top of the set on volume.

3. Financials & balance sheet

Artemis Gold reports under IFRS in Canadian dollars; for the measures used here, see The Commodity Investor, Part 10 — Financial Metrics. 2025 was the first year of revenue: C$913.9 million, a cash margin of C$703.1 million (76.9%) and adjusted EBITDA of C$610.4 million, turning a C$31.4 million loss in 2024 into net income of C$349.2 million. The first nine months of 2026 already passed it on every line — revenue C$1,106.1 million, adjusted EBITDA C$683.1 million, net income C$453.1 million. Operating cash flow of C$560.7 million in 2025 was 1.61× net income; free cash flow was C$159.3 million after C$401.4 million of capital purchases, of which the MD&A counts C$363.4 million as growth capital and C$20.8 million as sustaining capital and lease payments.

Cost deck. 2026 AISC guidance is US$925–1,025/oz against US$1,024/oz in the nine months; the gold price inside the guidance is n/d. The cost lines that move with price are the gold stream (8% to its threshold, then 4%, paid at 35% of spot) and the two NSRs (1.0% and 1.5%); closure costs inflate at 2.19% a year; the 2024 study’s life-of-mine operating cost is C$20.03/t milled. Non-capital losses were used up in 2025 (C$57.1 million a year earlier), cash tax paid rose from C$6.0 million in 2025 to C$20.3 million in the nine months of 2026, and the horizon of the remaining tax pools is n/d.

Net debt and liquidity. At 30 September 2026 net debt was C$422.0 million including C$168.3 million of leases (C$253.6 million without): the C$450.0 million 5.625% senior unsecured notes due 15 February 2031 (callable from 15 February 2028, 6.07% effective), carried at C$444.6 million with accrued interest, less C$190.9 million of cash. That is 0.70× 2025 adjusted EBITDA; stressed to US$3,000/oz, Section 7’s forward volume and costs give EBITDA of about C$973 million, so today’s net debt would be about 0.43× it (Table 13’s build at US$3,000/oz). Liquidity adds the undrawn C$700 million revolving facility, which runs to 21 August 2030 at CORRA plus 1.875–3.00%; the company was in compliance with its covenants, whose levels are not disclosed. The rehabilitation provision is C$121.6 million (C$333.3 million undiscounted; the 2024 study puts closure at C$250 million net of salvage).

Hedge book. The stated policy is to protect cash flow through the Phase 1A and EP2 builds. 111,000 oz remain under the mandatory hedge program at a weighted C$2,816/oz, delivered quarterly to Q3 2028 (12,158 oz in Q4 2026); the discretionary hedges were all settled in 2026 (21,000 oz at C$3,350/oz). Gold puts cover 178,500 oz to August 2027, plus 10,500 oz bought after the quarter to September 2027, at C$5,300–5,500/oz, for C$45.5 million of premium.

Capital returns. The first quarterly dividend, C$0.05 a share, was paid on 9 September 2026 (C$11.8 million); a second was declared on 4 November 2026, and the company plans C$0.08 a quarter in 2027. Building the mine took the weighted share count from 162.5 million in 2022 to 236.3 million diluted in 2025; 235.2 million shares were outstanding on 4 November 2026.

Table 4. Five-year financial summary (C$m unless stated)

Source: Artemis Gold consolidated financial statements on SEDAR+ — 2025 (statements of income p.9, financial position p.8, cash flows p.11), 2024 (pp.7–10), 2023 (pp.8–11) and 2022 (pp.7–10, FY2021 comparatives); 2025 MD&A, Highlights p.5 (adjusted EBITDA) and Non-IFRS measures p.29 (sustaining and growth capital). Notes: (1) FY2021 capex excludes the C$50.0 million Blackwater acquisition payment; (2) FY2021–FY2024 were pre-production, so margins and net debt / EBITDA are not meaningful; (3) capex is cash purchases of mineral property, plant and equipment (FY2024 as restated in the 2025 statements); the sustaining / growth split is the MD&A’s non-IFRS capital, which differs from cash purchases by accruals and leases; (4) free cash flow = operating cash flow − capex; (5) net debt = debt + leases − cash, restricted cash excluded.

4. Management, strategy & structure

4.1 Management & governance

Steven Dean is Executive Chair and Dale Andres Chief Executive Officer, both directors; Jeremy Langford is President, Erik Marchand Chief Financial Officer and Corporate Secretary (succeeding Gerrie van der Westhuizen) and Candice Alderson Chief ESG Officer. Their prior roles are not in the filings on file. The 2026 circular fixes the board at eight; five nominees are independent, and the Executive Chair and the CEO are among the three who are not. The circular names the Audit, Compensation and Health, Safety, Environment and Social Performance committees. Key-management compensation — salaries, consulting, director fees and share-based pay — was C$16.1 million in the nine months of 2026 (C$5.1 million in Q3); no other related-party dealings are in the facts on file.

4.2 Strategy

The strategy is to grow one large, low-grade deposit in steps rather than buy production: Phase 1A to 8 Mtpa, then EP2 to 21 Mtpa by Q4 2028 and 500,000–525,000 oz a year, with a new resource model and mine plan in 2026 and C$15–20 million of resource-expansion and exploration drilling this year. Cash returns start during the build — C$0.05 a quarter now, C$0.08 planned for 2027 — and the Vista Gold deal adds a second development project, paid in shares.

4.3 Ownership & structure

The most material deal is Vista Gold: a definitive agreement of 20 September 2026 to acquire it for 0.0966 Artemis shares per Vista share, for the Mt Todd project in Australia; Artemis already holds 4.95% of Vista. Vista’s share count is not in the facts, so the dilution is n/d. Ryan Beedie (Beedie Investments Ltd. and related entities) holds 67,581,949 shares, 29.0% of the votes and the only holding above 10% the circular discloses; board and management own 36% on a fully diluted basis. Blackwater is held through BW Gold Ltd. with no non-controlling interest, and the two streams are the main third-party claims on its output. Shares: 235,150,370 outstanding and 242,404,326 fully diluted (options, RSUs, DSUs and PSUs) at 4 November 2026; no warrants or convertibles are in the count.

5. ESG & sustainability

Artemis Gold reports safety as hours without a lost-time incident — 6.5 million at the end of 2025 — and no frequency-rate series, sustainability report or TCFD, ISSB, GRI or TSM alignment statement is in the filings on file. The workforce is about 40% local and 25% Indigenous. The tailings storage facility dam is being raised as part of expansion capital, under the board’s Health, Safety, Environment and Social Performance Committee. Disclosure, not performance, is what holds this section back.

6. Risks

The risks Section 7 prices — grade, EP2 capital and timing, the gold price, the forward hedges and the Canadian dollar — lead the register.

Table 5. Risk register

Source: this analysis, from Artemis Gold’s Q3 2026 MD&A and interim statements on SEDAR+ (Highlights pp.4–6; Note 9 p.13; Note 16 pp.22–24; capital expenditures p.24) and Section 7’s grid notes. Likelihood and impact are the author’s 1–5 ratings, not disclosed figures.

Figure 5. Risk matrix — likelihood × impact

Source: Table 5. Each point prints its likelihood × impact score; the shaded region is the high-likelihood, high-impact quadrant. Ratings are the author’s assessment, not disclosed figures.

7. Valuation

Valuation as of 5 November 2026, in Canadian dollars. Horizon: spot fair value. Price deck: base gold US$4,500/oz — the 3-month, 6-month and 12-month trailing averages (US$4,303.64, US$4,290.96 and US$4,468.92, COMEX daily closes to 5 November 2026) all sit nearest that price on the US$3,000–5,000 grid; the scenarios run from US$3,000 to US$5,000 in US$500 steps, converted at USD/CAD 1.3972. Silver is held inside the guided costs: half of Blackwater’s silver goes to a stream until about 18 million ounces are delivered, and the cash silver the company keeps was 1.1% of its cash metal revenue in the first nine months of 2026. Discount rate 5% real, after tax — the precious-metal producer rate, sensitised at 4% and 7%. Share price C$39.47 (TSXV close on 5 November 2026, the day after the third-quarter results) on 242.4 million fully diluted shares.

Artemis Gold is valued on the producer (mining) archetype of How to Value Commodity Stocks, on one asset: Blackwater in central British Columbia, held 100% and in commercial production since 1 May 2025. The registry still tags the company a developer, but the mine is producing, so the producer set applies: net asset value carries half the weight, EV/EBITDA on the next twelve months 30% and free-cash-flow yield support 20%, unchanged. What makes Blackwater unusual is that most of its value is still being built. The plant runs at 6 million tonnes a year; Phase 1A, 77% complete, takes it to 8, and the EP2 expansion — C$1.44 billion of capital, under construction — is planned to reach 21 million tonnes a year by the fourth quarter of 2028 and 500,000–525,000 ounces a year for its first ten full years.

The build therefore splits the mine in two. Block 1 values Blackwater as if it stopped at the Phase 1A rate: two years at 8 Mtpa at the ounces per tonne the 2026 guidance implies (370,000 ounces a year), then the rest of the reserve at the same throughput and the guided cost per tonne, a life of about 41 years. Block 2 is everything EP2 adds — ten years at the 512,500-ounce target midpoint, then the residual reserve at 21 Mtpa, about 237,000 ounces a year for the last 4.7 years — less the EP2 capital still to spend, and it carries a 0.85 risk weight: the expansion is funded and being built, but no permit-amendment status is on file. The reserve is the 10 September 2021 estimate of 8.0 Moz at 0.75 g/t, unchanged since; after the 426,500 ounces produced to the valuation date, about 7.0 Moz remain recoverable at the 93% reserve recovery, a 16.8-year life with EP2.

Costs follow the 2026 guidance: the US$925–1,025/oz all-in sustaining cost midpoint per ounce while the grade holds, then the same cost per tonne once the plant is mining the lower-grade residual. Tax is the Canadian and British Columbia statutory 27% with the province’s 13% mineral tax deductible, 36.49% combined on the margin, with growth capital shielded when spent. The gold stream is carried on its filed terms: 8% of gold until 464,000 ounces are delivered, then 4% for the life of mine, with the holder paying 35% of the gold price — 5.2% of gold revenue given up, then 2.6%. Two items sit in the bridge rather than the rows: the 111,000 ounces still to be delivered into the mandatory hedge at C$2,816/oz, marked to every grid price, and the gold puts, worth nothing at the base deck and real money in the bear columns. The pending Vista Gold acquisition is outside the value until it closes.

Table 6. Load-bearing inputs — the filed figures the valuation moves on (full register: Table 20)

Source: Artemis Gold’s filings on SEDAR+ and artemisgoldinc.com — each row names its document, locator, label and page; full register: Table 20.

8. Near-term catalysts (1–3 years)

Table 18. Near-term catalysts

Source: Artemis Gold Q3 2026 MD&A (Highlights pp.4–6), 2025 MD&A (Highlights p.5), Phase 1A update release (4 August 2026) and Q3 2026 interim statements (Note 16 p.22).

9. Rating & verdict

Artemis Gold is a mining producer in precious metals, scored on the producer weights against the four Section 2.6 peers: asset quality, cost, reserves, balance sheet and capital allocation at 15% each, the other four dimensions at 6.25%.

Figure 9. Scorecard by dimension, 5 November 2026

Figure data: Table 19. Each spoke prints its stars and weight; the dashed ring is the weighted composite, 3.79/5.

Table 19. Scorecard rationale — Artemis Gold, 5 November 2026

Source: each row cites its evidence in this analysis, from Artemis Gold’s filings on SEDAR+; peers per Table 3, 2025 filings.

Weighted average: 0.45 + 0.75 + 0.60 + 0.60 + 0.45 + 0.3125 + 0.1875 + 0.25 + 0.1875 = 3.79/5 → ★★★★, Solid.

The two-axis verdict. As of 5 November 2026, Artemis Gold rates ★★★★ Solid and reads Undervalued (wide band): blended fair value C$56.22 against C$39.47, implied +42.4%, on NAV/share of C$50.76 at the US$4,500/oz base — a re-rating candidate, and the catalyst is EP2 reaching 21 Mtpa by Q4 2028. At the 5% base rate, with the target multiples held, the share price implies gold at US$3,555/oz. The target multiples sit 10% above their anchors, carried by the cost star (★★★★★) and the four-star reserve, balance-sheet and jurisdiction terms.

The bull case is cost and runway: the lowest guided AISC in the peer set, a large reserve and an expansion already being built from cash flow. The bear case is that most of the value is still to be built, on a reserve estimate from 2021 and a grade that is running well above it. Delivery of EP2 tips it. To rank Artemis Gold against every listed gold producer on cost, reserve life and stage, see Metal Pilot’s gold mining stock screener.

10. Sources, methodology & disclaimer

10.1 Sources, methodology & data vintage

Company filings. Artemis Gold’s filings on SEDAR+ and artemisgoldinc.com: the NI 43-101 technical report on the 2024 Expansion Study (April 2024; effective 21 February 2024; reserves at 10 September 2021, resources at 5 May 2020), the AIF 2024 (11 March 2025; no FY2025 AIF is filed), the annual statements for 2022–2025 (the 2022 statements for the FY2021 comparatives) and MD&A for 2023–2025, the Q3 2026 MD&A, interim statements, results release and presentation (4–5 November 2026), the 2026 guidance, Phase 1A, dividend and Vista Gold releases, the EP2 presentation (16 December 2025), the October 2026 corporate presentation and the 2026 management information circular. Peers: the 2025 filings of Lundin Gold (annual report and AIF), OceanaGold, Torex Gold and Wesdome.

Market data. Yahoo Finance for the TSXV close of C$39.47 on 5 November 2026 and USD/CAD 1.3972, and COMEX gold (GC=F) daily closes to 5 November 2026. No analyst-consensus capture is on file at the as-of, so that cross-check is n/d.

Methodology. Data as of 5 November 2026; balance sheet at 30 September 2026; share count at 4 November 2026; reserves at 10 September 2021 (NI 43-101), depleted to 5 November 2026 in Section 7. Base deck US$4,500/oz gold on the fixed US$3,000–5,000/oz grid in US$500 steps, converted at USD/CAD 1.3972, silver inside the guided costs, 5% real after tax (4% and 7% sensitised); weights 50% NAV, 30% EV/EBITDA, 20% FCF yield; target multiples 10% above their anchors from the scorecard’s driver line. NAV/share C$50.76; blended fair value C$56.22 (C$24.90–65.18), implied +42.4%, Undervalued (wide band); market-implied deck US$3,555/oz. Scorecard: producer weights against the four peers in Table 3, on their 2025 filings. Canadian dollars, IFRS, calendar year. Refreshed on each quarterly report and on material events.

Re-run log. 6 November 2026: first edition, from the filings to the Q3 2026 report and the TSXV close of 5 November 2026: NAV/share C$51.42, blended fair value C$57.06, implied +44.6%, Undervalued (wide band); 3.8/5 Solid. 6 November 2026, fix round after the pre-launch gate: the gold stream carried on its filed terms (8% of gold to the 464,000 oz Amended Threshold Amount, then 4%, with the 35% payment) in place of a flat 4%; the FY2021 column, the peer citations and the per-column resource, hedge and corporate lines added — NAV/share C$51.42 → C$50.76, blended fair value C$57.06 → C$56.22, implied +44.6% → +42.4%; read unchanged, Undervalued (wide band).

Figures not drawn. The asset map is not built. The reserves-and-resources-by-asset figure is skipped — one operating mine. The Section 3 financial line and the Section 5 safety trend are not drawn; no safety-rate series is on file.

Data gaps. The documents that would close them: the gold-stream ounces delivered to date (taken as 8% of production); a life-of-mine plan or technical report for EP2, with its all-in capital including fleet, tailings and site works; the status of the EP2 permit amendments; the revolving credit agreement for covenant levels; Vista Gold’s share count; a sustainability report; a dated analyst-consensus capture; and the AISC and reserve rows for OceanaGold and Wesdome (Table 3). On file, not yet extracted: the income-tax note’s rate reconciliation and pools (2025 statements, Note 20).

The deck sensitivity, P/NAV map, Blackwater schedule, cross-checks and grid notes are in the model’s out file, claude/valuation-models/artemis-gold-artg.out.md; the load-bearing inputs open Section 7 as Table 6, and every filed figure behind the valuation is in Table 20 below.

Table 20. Source register — the filed figures behind the valuation (load-bearing inputs: Table 6)

Source: Artemis Gold’s filings on SEDAR+ and artemisgoldinc.com, each row with its document, locator, label and page; market rows per Yahoo Finance, captured 6 November 2026.

10.2 Disclaimer & disclosure

This analysis is for information only and is not investment advice, a recommendation or an offer to buy or sell any security. It is a point-in-time snapshot as of 5 November 2026: the price, the multiples and the valuation read all move. Reserve, resource and guidance figures are estimates on the codes stated beside each table. The Quality × Value verdict is an analytical read, never an instruction. This report was prepared with AI assistance (Claude Opus 5.5) from primary filings; verify every figure against the original documents. The author holds no position in Artemis Gold or any company named here.