Artemis Gold Mining has announced the development of the Blackwater mine, after officially declaring the start of commercial production. In recent weeks, the performance of the crushing and milling circuits has exceeded technical projections, processing up to 107% of their design capacity.
Commercial production at the Blackwater mine
For the remaining eight months of the fiscal year, Artemis Gold expects gold production to be gold production of between 160,000 and 200,000 ounces, which positions the project within the highest efficiency range in the industry. For the full 2025 fiscal year, the expectation rises to between 190,000 and 230,000 ounces, with an estimated all-in sustaining cost(AISC) between $670 and $770 per ounce. These figures confirm the mine’s sustainable performance and its ability to operate at attractive margins.
In addition, the investment plan calls for US$16 million in maintenance capital, as well as between US$60 million and US$75 million in deferred capital expenditures. These investments include the development of new facilities such as a runway and water treatment plants. In addition, the company will begin designing Phase 2 of the project, which aims to double the current capacity and bring average annual production to more than 500,000 gold equivalent ounces.
On behalf of the Board of Directors, I express my sincere gratitude and congratulate the Blackwater team and our contractors for their hard work and dedication in achieving this milestone.
We completed construction in a record 22 months, and the equipment reached commercial production within an exceptional three months from the start of milling operations.
Coming soon, we will focus on the potential acceleration of the proposed Phase 2 expansion, which is expected to increase Blackwater’s average annual production to more than 500,000 gold equivalent ounces per year, cementing the mine as a premier asset in a premier jurisdiction.
Steven Dean, president and chief executive officer of Artemis Gold.
The start of Blackwater’s commercial production. Source: Artemis Gold
Follow us on social media and don’t miss any of our posts!
YouTube LinkedIn Facebook Instagram X (Twitter) TikTok
Source and photo: Artemis Gold
