Mr. Steven Dean reports

ARTEMIS ANNOUNCES RESULTS FROM BLACKWATER ECONOMIC IMPACT STUDY

Artemis Gold Inc. has released the results of an economic impact study conducted on the company's Blackwater gold project in central British Columbia, Canada.

The company engaged KPMG to produce the study to be used to measure the updated economic benefits of the staged approach to the development of the project. The study focuses on job creation, fiscal revenues and overall economic wealth creation for the regions within and surrounding the project, the province and for Canada.

The statistics produced in the study are based on the base-case scenario of the three-phased development of the project as reported in the company's prefeasibility study (PFS) dated Aug. 26, 2020, entitled "Blackwater Gold Project British Columbia NI 43-101 Technical Report on Pre-Feasibility Study," over a minimum 23-year mine life. The base case assumes:

• Initial development capital of $592-million to build a 5.5-million-tonne-per-year mine (years one to five);
• $426-million in capital costs to expand to 12 million tonnes per year (years six to 10);
• $398-million in capital costs to expand to 20 million tonnes per year (years 11 to 23).

The selected British Columbia regions within the study included Bulkley-Nechako, Fraser-Fort George and Cariboo. With a total capital investment of $1.5-billion (initial and expansion capital), Blackwater would be one of the largest capital investments for the region in the last 10 years.

The attached tables provide a summary of the economic impact on the regions, the province and on government revenues.

Steven Dean, chairman and chief executive officer, commented: "The results of the economic impact study confirms what the development of the Blackwater gold project will deliver as a new economic engine for central British Columbia and Canada. After over seven years of the project being diligently and respectfully advanced through the environmental assessment process and reaching agreement with the Lhoosk'uz Dene and Ulkatcho first nations, the environmental assessment was approved in 2019. Artemis continues to be committed to the responsible advancement of the Blackwater gold project. The Blackwater project has the potential to economically contribute at the local, provincial and federal levels for more than 25 years."

Next steps

The company is focused on advancing the project forward with the following priorities:

• Progression and achievement of final permitting required to commence construction;
• The commencement of a preconstruction grade-control drilling program;
• Negotiating and awarding of lump-sum fixed-price engineering, procurement and construction (EPC) contracts in respect of key components of construction of the project;
• Arrangement of requisite debt and equity financing to support development activities;
• Planning for a diamond drilling exploration program to test resource extensions where the deposit remains open;
• Continuing engagement and consultation with other indigenous groups that may be impacted by the project;
• Continuing work on a definitive feasibility study based on the revised development approach with detailed engineering of the project.

Corporate update -- tier graduation -- supplemental disclosure

On Oct. 30, 2020, the company announced that it has been approved for graduation from Tier 2 to Tier 1 issuer status on the TSX Venture Exchange, effective Nov. 4, 2020.

As required disclosure under TSX Venture Exchange policies and the escrow agreement between the company and Computershare Investor Services Inc. dated Oct. 2, 2019, an attached table outlines the remaining shares in escrow post graduation to Tier 1.

The remaining shares held in escrow are scheduled to be released on April 30, 2021.

We seek Safe Harbor.