Mr. Steven Dean reports

ARTEMIS GOLD PROVIDES AN UPDATE ON SITE ACTIVITIES AT BLACKWATER MINE

Artemis Gold Inc. has provided an update on activities at the Blackwater mine site.

Overview

Site works continue to progress with over 280 hectares logged and cleared including priority infrastructure areas such as topsoil areas, borrow source locations, the mine haul road network and water management structures. Where required, the existing road network has been upgraded to allow access for heavy construction equipment to key infrastructure locations.

A laydown area has been completed to accommodate the construction fleet, maintenance facilities and construction offices and will serve as a key staging area for earthworks activities throughout the project construction.

The construction camp has been completed, including the installation and commissioning of a waste water treatment plant, expanding the site capacity to 420 persons. Additional accommodation dormitories are planned to be completed during Q2 2023, which will then raise the total camp capacity to in excess of 500 people.

Construction fleet

Key mobile construction equipment has been delivered to site, including excavators, backhoe loaders, compactors, grader, telehandlers, and a fuel and lube truck. Further to the delivery of the owner fleet, additional rental equipment has been mobilized to Blackwater mine in alignment with the company's construction plan. The earthworks fleet now contains approximately 35 individual pieces of equipment.

Plant site

Sedgman site mobilization activities continue to progress with the establishment of facilities for subcontractors well advanced.

Bulk earthworks at the plant site are nearing completion and handover of the first work fronts has occurred. Detailed excavation for concrete civil works has commenced and the concrete batch plant has been commissioned. First concrete pour in the ball mill foundation has been completed. Reinforcing steel (rebar) installation has commenced at the ball mill.

Engineering and procurement

As of the end of April, 2023, Sedgman had completed approximately 73 per cent of the detailed engineering for the processing plant.

Over 90 per cent of the procurement packages have been awarded, including all critical path items. The remaining procurement packages will be awarded in accordance with schedule requirements.

Manufacturing of the process buildings is well advanced and initial shipments have started to arrive at the Blackwater mine site. Other major equipment packages delivered to site to date include the agitator shafts for the carbon-in-leach (CIL) tanks, as well as reinforcing bar for civil works activity.

Personnel

The recruitment activities for Blackwater mine have focused on hiring heavy equipment operators and key personnel for the bulk earthworks activities. Personnel numbers at the Blackwater mine are increasing and currently there are over 200 staff and contractors working on site.

At the end of Q1 2023, approximately 30 per cent of on-site personnel were women and 31 per cent of on-site personnel identified as indigenous.

Quote from Steven Dean, Artemis Gold chairman and chief executive officer:

"Site activities at Blackwater mine continue to plan. We are pleased with the progress of our team and the milestones achieved so far. We look forward to continued success at the site to prepare the mine for first gold pour in the second half of 2024."

About Artemis Gold Inc.

Artemis Gold is a well-financed, growth-oriented gold development company with a strong financial capacity aimed at creating shareholder value through the identification, acquisition and development of gold properties in mining-friendly jurisdictions. The company's current focus is construction of the Blackwater mine project in central British Columbia approximately 160 kilometres southwest of Prince George and 450 km northeast of Vancouver. The project is one of the largest capital investments in the Bulkley-Nechako, Fraser-Fort George and Cariboo regions of B.C. in the last decade. The first pour of gold and silver from Blackwater mine is expected in the second half of 2024 and the mine is expected to be in production for a minimum of 22 years.

Qualified person

Jeremy Langford, FAUSIMM, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.

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