Artemis Gold Inc. (ARTG:CA) Q4 2025 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call highlights strong financial performance with record gold production and revenue, supported by operational efficiencies and strong gold prices. The company has a solid liquidity position and plans for progressive dividends, which are positive indicators. While there are concerns about capital expenditure and potential risks in growth projects, the Q&A reflects confidence in operational improvements and risk mitigation strategies. The positive sentiment from strong financial results and shareholder return plans outweighs the uncertainties, suggesting a positive stock price movement in the short term.
Key Financial Performance
Gold Production Produced over 68,000 ounces of gold in Q4 2025, a new record despite shutdowns. Produced almost 193,000 ounces of gold for the full year 2025, within the original guidance range. This was achieved due to higher grades and recoveries as the company optimized the processing plant.
All-in Sustaining Cost (AISC) USD 925 per ounce of gold sold in Q4 2025. Post-commercial production AISC for the year was USD 869 per ounce, within the revised guidance range. The low-cost position was supported by strong gold prices and operational efficiencies.
Revenue Reported revenue of CAD 334 million in Q4 2025. This was driven by record production and higher gold prices.
Adjusted Net Income CAD 146 million in Q4 2025. This was supported by record production and lower borrowing costs.
Adjusted EBITDA CAD 237 million in Q4 2025. This was driven by higher production and strong margins.
Average Realized Gold Price Over CAD 5,800 per ounce for ounces sold into the spot market in Q4 2025. This reflects the strong gold price environment.
Cash Flow from Operations Record CAD 198 million in Q4 2025. This was due to higher production and industry-leading margins.
Liquidity Pro forma available liquidity of CAD 853 million at the end of Q4 2025. This includes CAD 168 million in cash and CAD 685 million available under the revolving credit facility.
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Operating Highlights
Dividend Policy: The company announced a progressive dividend policy starting with a base quarterly dividend of $0.05 in the second half of 2025, increasing to $0.08 per quarter by 2027. By 2028, 40% of available cash flow will be returned to shareholders through dividends and potential share buybacks.
Gold Production: The company produced 193,000 ounces of gold in 2025, achieving commercial production in May and hitting nameplate capacity mid-year. They plan to increase production to over 500,000 ounces annually by 2028.
Expansion Projects: Phase 1A expansion to 8 million tonnes per annum was announced in September 2025, and the EP2 project to increase processing capacity to 21 million tonnes per annum was announced in December 2025.
Gold Market Position: Blackwater mine is set to become one of the three largest gold mines in Canada, with a low all-in sustaining cost of $925 per ounce in Q4 2025 and $869 per ounce for the year.
Operational Efficiency: Despite shutdowns, the company achieved record gold production of 68,000 ounces in Q4 2025. Mill throughput was slightly lower, but higher grades and recoveries offset this. Recoveries improved to over 88%.
Cost Management: The company maintained an all-in sustaining cost margin of $2,300 per ounce in Q4 2025, reflecting strong cost control and optimization.
Financial Strategy: The company refinanced its project loan facility with a revolving credit facility in July 2025 and issued a CAD 450 million corporate bond in early 2026, enhancing financial flexibility.
Future Growth Initiatives: The company is exploring conveyor systems, electrification of haul fleets, and autonomous haulage to improve unit costs. They are also conducting drilling for resource expansion and life extension beyond EP2.
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Risk or Challenges
Unplanned Mill Motor Replacement: The company faced an unplanned mill motor replacement during the quarter, which could indicate potential risks related to equipment reliability and operational disruptions.
Mandatory Hedge Deliveries: The company has significant mandatory hedge deliveries scheduled for 2026, including 25,000 ounces in Q1. This could limit financial flexibility and expose the company to potential market price risks.
Higher Stockpile Tonnages: The ore body is yielding more medium- and low-grade material than expected, leading to higher stockpile tonnages. This could impact processing efficiency and overall production costs.
Rectification and Improvement Projects: Ongoing rectification and improvement projects around the processing plant indicate potential operational inefficiencies that need to be addressed to meet targets.
Construction Workforce Ramp-Up: The company is expanding its construction workforce and facilities, which could pose challenges in workforce management and cost control during the EP2 project.
Capital Expenditure for Growth Projects: The company plans to spend CAD 670 million to CAD 745 million in 2026 on growth projects, which could strain financial resources and execution capabilities.
Water Management Infrastructure: The company is investing in water management infrastructure, including a new membrane water treatment plant. Delays or issues in these projects could impact environmental compliance and operations.
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Guidance & Outlook
Dividend Policy: The company plans to initiate a base quarterly dividend of $0.05 in the second half of 2025, increasing to $0.08 per quarter by 2027. Starting in 2028, 40% of available cash flow will be returned to shareholders through a combination of base dividends and potential share buybacks.
Gold Production Growth: The company aims to achieve gold production of over 500,000 ounces annually by the end of 2028, with production at this level starting in 2029.
Phase 1A Expansion: The Phase 1A expansion to 8 million tonnes per annum is expected to be completed by late 2026, increasing throughput capacity.
EP2 Project: The EP2 project will expand processing capacity to 21 million tonnes per annum by Q3 2028, with full ramp-up by the end of 2028.
2026 Guidance: Gold production is projected to be between 265,000 and 290,000 ounces at an all-in sustaining cost of USD 925 to USD 1,025 per ounce. Capital expenditures are expected to range from CAD 670 million to CAD 745 million.
Technological Advancements: The company is exploring conveyor systems, electrification of haul fleets, and autonomous haulage to improve unit costs.
Exploration and Resource Expansion: Active drilling programs are underway to support resource conversion, expansion, and regional exploration, aimed at life extension and further growth beyond EP2.
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Shareholder Return Plan
Progressive Dividend Policy: The Board approved a progressive dividend policy with an inaugural base quarterly dividend commencing in the second half of this year. The initial dividend will be $0.05 per quarter, rising to $0.08 per quarter in 2027.
Future Dividend Plans: Starting in 2028, the company plans to return 40% of available cash flow to shareholders through a combination of base dividends and variable returns, which may include additional dividends.
Potential Share Buybacks: The company may consider share buybacks in addition to the base dividend as early as 2027.
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Key Q&A
Q:How are operations progressing in 2026, considering the downtime in Q4?
A:Operations are progressing well in 2026. The company has incorporated lessons learned from last year's winterization efforts, leading to a strong start to the year despite some downtime in Q4.
Q:What is the company's philosophy on growth from 2029 onwards, including M&A?
A:The company prioritizes maintaining a strong balance sheet, reinvesting in current projects, and returning 40% of free cash flow to shareholders starting in 2028. While the focus is on internal growth, the team is capable of exploring M&A opportunities, but this is not the current priority.
Q:What safeguards or extra conservatism have been built into the EP2 schedule to mitigate risks like fire season?
A:The EP2 schedule includes an early works phase focusing on detailed engineering, long lead procurement, early earthworks, and construction camps. Lessons from past fire seasons have been incorporated, and the schedule has built-in flexibility, such as potential night shifts, to meet milestones.
Q:Do recoveries in operations expect to improve progressively through 2026 or after specific upgrades?
A:Recoveries are expected to improve progressively through 2026 due to better ore blending, process management, and continuous optimization. Additional benefits will come from Phase 1A upgrades, such as improved reagent systems and additional oxygen supply, with a target of 93% recovery over the next 2-3 years.
Q:Is the company comfortable with its current liquidity position, and is there scope to reduce the RCF limit?
A:The company is comfortable with its liquidity position of $853 million. While there is potential to reduce the RCF limit, this will be evaluated closer to the completion of Phase 1A.
Q:When can we expect a year-end resource update, and will it reflect higher gold prices?
A:A year-end resource update will be released in the coming weeks, reflecting mined data to date but not full optimization. A fully optimized reserve and resource update, incorporating higher gold prices and additional drilling, is expected by the end of 2026.
Q:Review of Unclear Management Responses
A:Management avoided providing a direct answer regarding the company's long-term M&A strategy, stating that the focus is on internal growth but leaving the possibility of exploring opportunities vaguely open.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Artemis Gold
Blackwater
CAD
EP
Phase
RCF
Slide
USD ounce
asset
ball mill
base dividend
bond
camp
cash flow
construction
credit
disclosure
engineering design
expansion
gold price
gold production
loan facility
order
ounce gold
ounce hedge
plant
policy
processing
project loan
recovery
site
tonne
work
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Artemis Gold Inc. (ARTG:CA) Q4 2025 Earnings Call Transcript
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The earnings call highlights strong financial performance with record gold production and revenue, supported by operational efficiencies and strong gold prices. The company has a solid liquidity position and plans for progressive dividends, which are positive indicators. While there are concerns about capital expenditure and potential risks in growth projects, the Q&A reflects confidence in operational improvements and risk mitigation strategies. The positive sentiment from strong financial results and shareholder return plans outweighs the uncertainties, suggesting a positive stock price movement in the short term.
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Frequently Asked Questions
Where does this earnings call transcript come from?
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They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
