Artemis Gold Inc. (TSX-V: ARTG) is not just digging for gold but also making significant strides in its ambitious Blackwater mine construction project.
On Wednesday, the mining magnate unveiled its Q2 financial results, shedding light on the progress of the Blackwater mine, which is now 27 per cent complete as of June 30.
With a clear vision in sight, the company is gearing up for its inaugural gold pour in the latter half of 2024.
Construction progressed in many areas including the mill building, the ball mill, carbon in leach tanks and the primary, secondary and tertiary crushers. The mill building structural steel has been delivered and assembly is expected to start in Q3 2023, with completion anticipated by the end of 2023.
The company has projected the initial capital required for the first gold pour to be between $730 million and $750 million. As of June 2023, they have already spent around $186 million towards this.
By the end of June 2023, the company reported cash reserves of about $63 million. Additionally, the company has secured a commitment of US$136 million (equivalent to $180 million) from its streamer, which remains undrawn as of June 30, 2023.
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The company also possesses committed project loan facilities amounting to $385 million, which includes up to $25 million for capitalized interest, and a separate $40 million as a standby cost overrun facility.
Furthermore, 26.3 million warrants are available for the company, each priced at C$1.08. These can be exercised before Aug. 27, 2024, potentially bringing in an additional $28 million.
The Blackwater Mine project in central British Columbia is approximately 160 kilometers southwest of Prince George and 450 kilometers northeast of Vancouver. The project is one of the largest capital investments in the Bulkley-Nechako, Fraser-Fort George and Cariboo regions of the province in the last decade.
“We remain focused on a disciplined approach to the development of the Blackwater mine. We have formed strong partnerships with our local communities and First Nations, and with Phase 1 fully funded and 27 per cent complete, we remain on track to pour the first gold in H2 2024,” CEO Steven Dean said.
“Blackwater will be one of B.C.’s largest gold mines and a significant contributor to the local, provincial, and federal economies.”
Artemis Gold stock dropped by 2.45 per cent to $5.18 on the Canadian Venture Exchange.
