Artemis Gold faces production outage, guidance intact

Artemis Gold (TSXV: ARTG) says it is currently experiencing a production outage at its flagship Blackwater mine in British Columbia due to a ball mill failure.

In a statement on Thursday, Artemis said a ball mill gearbox malfunction earlier in the week had caused the shutdown. A replacement gear is readily available, and the repair work is expected to take 8 to 10 days to complete.

Mining-related activities are continuing as normal, it added.

Shares of Artemis Gold fell as much as 6% on on news of the mill shutdown, sending its market capitalization below C$9 billion ($6.6 billion). By midday, it had recovered about half of those losses.

Guidance intact

As a result of this unplanned mill outage, Artemis now expects its first-quarter gold output to be lower than anticipated. However, the company’s full-year guidance, set at 265,000-290,000 oz., remains intact as it evaluates various options to make up for the lost production.

During this period of interruption, the Artemis team will carry out maintenance activities that it originally planned for the second quarter.

Situated approximately 446 km northeast of Vancouver, BC, the Blackwater mine represents Canada’s newest gold operation and the first in the province in nearly a decade. In 2025, its inaugural year of operations, it produced 192,808 oz. of gold over a period of eight months.