Mr. Steven Dean reports

ARTEMIS GOLD REPORTS Q2 2023 FINANCIAL RESULTS AND PROVIDES CONSTRUCTION PROGRESS UPDATE

Artemis Gold Inc. has released its financial results for the three and six months ended June 30, 2023 (Q2 2023), and has provided an update on construction progress at the Blackwater mine in central British Columbia. The project remains fully funded, on track for first gold pour in H2 2024 and there is no change to the initial capital expenditure guidance at this time.

Q2 2023 financial results

Artemis Gold's Q2 2023 financial results -- including the consolidated interim financial statements and management's discussion and analysis (MD&A) -- have been filed and are available for review on SEDAR+ and on the company's website.

Construction update

Overall construction at the Blackwater mine was 27 per cent complete as of June 30, 2023. Project development continues to advance on schedule, targeting first gold pour in H2 2024. Earthworks continued in priority infrastructure areas, with approximately 400 hectares logged and cleared and 85 per cent of access roads needed for construction now operable.

Construction of additional accommodation dormitories is in progress, which will raise the total camp capacity from 420 to over 550 beds.

Construction of the tailings storage facility main wall is on track to commence as planned.

Total major works man-hours worked to June 30, 2023, stood in excess of 160,000 hours with a zero LTIFR and an AIFR of 129.37.

Plant site

Process plant construction progressed well on several work fronts including the mill building, ball mill, carbon in leach (CIL) tanks, and the primary, secondary and tertiary crushers, as well as the reclaim tunnel earthworks. The mill building structural steel has been delivered and assembly is expected to commence in Q3 2023, with completion anticipated by the end of 2023.

Heavy equipment

The construction fleet has been commissioned and is operational. Larger haul trucks are planned to arrive in Q3 2023 to expand and support the existing fleet as earthworks ramp up over the summer.

Initial deliveries of the mining fleet, including the first 240-ton CAT 793 haul trucks, are also expected to arrive in Q3 2023.

Engineering and procurement

At the end of June, 2023, the Sedgman EPC contract works passed 40 per cent complete overall with engineering and design over 85 per cent complete. Procurement is over 90 per cent complete, with fabrication and shipping of critical items well advanced including key equipment such as the primary, secondary and tertiary crushers, the ball mill heads and components, inter-tank screens, and cyclone cluster. Electrical machinery control centre fabrication is well advanced and on schedule.

Laboratory and oxygen plant tenders have been completed, and contracts have been awarded for production drilling and explosive supplies. The civil, mechanical and piping materials, and equipment for the water management pond, tailings storage facility as well as the diversion system infrastructure has been ordered as planned.

Personnel

At the end of June, 2023 there were approximately 350 staff and contractors on site at Blackwater mine. Of these, approximately 25 per cent are female and over 30 per cent identify as indigenous. Over 50 per cent of the development team is from the local region and over 80 per cent are British Columbia residents.

Artemis Gold chairman and chief executive officer Steven Dean commented: "We remain focused on a disciplined approach to 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 first gold in H2 2024. Blackwater will be one of B.C.'s largest gold mines and a significant contributor to the local, provincial and federal economies."

Subsequent to June 30, 2023

Artemis Gold took pro-active measures during July, 2023, to temporarily reduce the number of non-essential staff and contractors as a result of an uncontrolled wildfire reaching the immediate vicinity of the mine site. Following the wildfire, all mine site infrastructure remains intact, including the construction camp, process plant area, construction fleet and contractors' fleets, and damage to property was minimal as previously reported. Site construction activities resumed in early August. Current staff and contractor numbers are over 400 at Blackwater mine, with all scheduled work fronts active.

There is no change to the targeted gold pour in H2 2024. The company continues to assess the impact of the wildfire on the company's estimates of initial capital. Any cost impact depends on various factors, including contractual remedies and insurance recoveries available to the company and its contractors.

At this time, the company is not making any change to its initial capital expenditure guidance and the project remains fully financed.

The initial capital to complete to first gold pour is estimated to range between $730-million and $750-million, of which the company had incurred approximately $186-million as at the end of June, 2023. The company's cash and cash equivalents at the end of June, 2023, totalled approximately $63-million. At the same date, the company had financing committed from its streamer in the amount of $136-million (U.S.) (approximately $180-million) undrawn as at June 30, 2023, committed project loan facilities in the amount of $385-million (including up to $25-million of capitalized interest), along with a $40-million standby cost overrun facility. The company also has 26.3 million warrants outstanding which are exercisable at $1.08 per warrant before Aug. 27, 2024, for anticipated proceeds of $28-million.

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 kilometres northeast of Vancouver. The project is one of the largest capital investments in the Bulkley-Nechako, Fraser-Fort George and Cariboo regions of British Columbia in the last decade. The first pour of gold and silver from Blackwater mine is expected in the second half (H2) of 2024 and the mine is expected to be in production for a minimum of 22 years. Artemis Gold trades on the TSX-V under the symbol ARTG.

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 press release.

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