Artemis Gold (TSXV: ARTG) has pushed back the completion date for its Blackwater mine in central British Columbia after experiencing delays with setting up the process control network during the holiday season.
The company now expects to commence processing of ore through the ball mill and first gold pour in January 2025 after it completes final commissioning of the wet plant.
Shares of Artemis Gold traded 0.7% higher on Tuesday morning on the announcement, sending the Vancouver-based miner’s market capitalization above C$3 billion ($2.1bn).
Artemis had previously maintained its first pour target of year-end 2024 despite multiple construction delays. The delays, mainly caused by the BC wildfires during the summer, have led to a 7% rise in the project’s initial capital costs — to C$780-C$800 million.
The Blackwater mine, located 160 km southwest of Prince George, is expected to become the province’s first new gold mine since the Brucejack in 2017.
Once in production, it is expected to produce 500,000 oz. of gold equivalent in each of its first 10 years, generating annual free cash flow of about C$500 million at an all-in sustaining cost of $712 per oz.
Expansion plans are also underway to extend the life of mine to 23 years.
