Mr. Steven Dean reports

ARTEMIS GOLD PROVIDES Q3 UPDATE ON BLACKWATER MINE CONSTRUCTION PROGRESS

Artemis Gold Inc. has provided an update on Q3 construction progress at the Blackwater mine in central British Columbia. The project remains fully funded, within the guidance for initial capital expenditure and on schedule for first gold pour in the second half of 2024.

At September 30, 2023, overall construction was 45% complete, and approximately C$280 million of the guided initial capital expenditure of C$730 to C$750 million had been spent. The lag between the spend and percentage of completion is as planned and consistent with a typical project S-curve.

Artemis Gold Chairman and CEO Steven Dean commented: "Our workforce and construction activity at Blackwater returned to 100% following the wildfire events in early Q3. We remain focused on a disciplined approach to development and remain on track for the first gold pour in H2 2024."

Construction Update

Earthworks continued in priority infrastructure areas, with approximately 505 hectares logged and cleared. Over 90% of access roads needed for Phase 1 construction are now operable. Construction of the site water management facilities, including the water management pond and Davidson Creek diversion, is well advanced.

Total major works man-hours worked up to September 30, 2023, were more than 440,000 man-hours with a zero LTIFR1 and an AIFR2 of 138.97.

Plant Site

Process plant construction progressed well on a number of fronts, including the mill building foundation preparation, reagents building, ball mill pedestals, carbon in leach (CIL) tanks, and the primary, secondary, and tertiary crushers structures, as well as the reclaim tunnel civil works. Hydro testing of the first CIL tank has been completed.

Construction of the run-of-mine (ROM) wall surpassed 75% complete at the end of September 2023 and is scheduled to be completed by the end of October 2023, with the ROM dump slab civil works scheduled to begin shortly thereafter.

Heavy Equipment

The construction fleet has been expanded to include 60- and 100-tonne rigid frame haul trucks and 150-tonne excavators, providing more material movement capability to key areas. Initial deliveries of the owner mining fleet are well advanced, including 400-tonne hydraulic backhoe excavators and three 240-tonne rigid frame haul trucks which have arrived and are in various stages of assembly. Fleet assembly is expected to be sufficiently advanced by year end in preparation for pre-stripping and earthworks support in 2024. The remainder of the fleet to support operations will arrive predominately in the first half of 2024.

Engineering and Procurement

At the end of September 2023, the Sedgman EPC contract works passed 61% complete overall, with engineering and design over 95% complete. Procurement is 96% complete and progressing toward the conclusion of package awards. Key mechanical equipment packages are in various stages of delivery, including the primary, secondary and tertiary crushers and associated dry screens, while the wet plant vibrating screens, ADR plant, gravity concentrator(s) and intensive leach reactor are all on site. The major ball mill components, including the shell and head segments, are in transit and expected to arrive in October. The electrical machinery control centre fabrication is complete and will undergo factory testing in early Q4 2023.

Contracts are being finalized for explosives supply, mine fleet tire supply and the assay laboratory, while proposals for the oxygen plant and water treatment plants are in the final stages of being evaluated. Right-of-way clearing and construction of the 135km 225kV transmission line is scheduled to begin in Q4 2023.

Personnel

The Company's staffing numbers at the Blackwater Mine surpassed 250 employees in Q3 2023, with approximately 20% female and 30% identifying as Indigenous. Over 50% of the development team is from the local region and over 80% are B.C. residents. The total workforce at the Blackwater Mine, including staff and contractors, was more than 500 at the end of September.

Funding

At September 30, 2023, Artemis Gold had estimated remaining Phase 1 capital expenditures of $450 to $470 million. At the same date, the committed sources of funding totalled C$560 million, comprising:

cash and cash equivalents of C$73 million;

remaining drawdowns from streaming agreements of US$45.2 million (approximately C$62 million);

a project loan facility of C$385 million (including up to C$25 million of capitalized interest), and

a cost overrun facility of C$40 million.

Hedging

Artemis Gold has continued to execute a modest hedging program to secure the returns on capital invested in the early years of operations and further de-risk servicing of the Company's project loan facility during the pay-back period. To date, the Company has entered into gold forward sales agreements to deliver 190,000 ounces of gold bullion between March 2025 and December 2027 at a weighted average sales price of C$2,851 per gold ounce, which is more than 40% higher than the gold price assumption in the September 2021 Feasibility Study.

Engineering Study

With Phase 1 fully funded and 45% complete at the end of September 2023, a study to evaluate the benefits of advancing the Phase 2 expansion earlier than contemplated in the September 2021 Feasibility Study is progressing well. The results of this study are expected to be released in early 2024.

Artemis Gold President and COO Jeremy Langford commented: "The return and ramp-up to full construction activities following the B.C wildfire event in Q3 2023 was a testimony to our disciplined and coordinated workforce and collaborative partners. Q3 2023 saw positive gains in efficiencies and productivity, with momentum building throughout the latter stages of the period. To date, the project remains within our guidance for initial capital expenditure and on track for first gold in H2 2024 as planned."

About Artemis Gold

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 the construction of the Blackwater Mine project in central British Columbia approximately 160km southwest of Prince George and 450km 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 H2 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. For more information visit www.artemisgoldinc.com.

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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