Mr. Steven Dean reports

ARTEMIS GOLD PROVIDES Q2 UPDATE ON BLACKWATER MINE CONSTRUCTION PROGRESS

Artemis Gold Inc. has provided an update on second quarter construction progress at the Blackwater mine in central British Columbia. The project remains fully financed and currently on schedule for first gold pour in fourth quarter 2024.

At June 30, 2024, overall construction was approximately 87 per cent complete, and approximately $650-million of the capital budget of $730-million to $750-million had been spent.

Steven Dean, chairman and chief executive officer of Artemis, stated: "Through to June 30, 2024, we continued to advance construction and progress our operational readiness plans in line with our expected timelines. The development of gold mines is complex, and requires multiple skill sets and disciplines, including risk management. This month, we were challenged again by wildfires in the area of the mine, and I would like to recognize the Blackwater team's efforts to safely and orderly demobilize staff upon receipt of the recent wildfire evacuation order. Last week's response to the lifting of the order and commencement of an expedient return and ramp-up to full-scale construction was a credit to our team."

Construction update

Construction of the water management pond, excavation of the cut-off trench through Mine Creek in the tailings storage facility, and the earthworks and lining of the central water management pond were completed. Work on the tailings storage facility continues to progress well with increased productivity and material movements through the quarter.

Total major workhours worked up to June 30, 2024, surpassed 2.5 million hours with a zero lost-time injury frequency rate and an all injury frequency rate of 78.44.

Process plant

At the end of June, 2024, the Sedgman engineering, procurement, and construction contract work on the processing plant was approximately 90 per cent complete over all, with engineering, design and procurement materially complete.

Equipment installation was a key focus area for Q2, as well as installation of structural steel, conveyors, platework, pipework and electrical infrastructure. Installation of the primary crusher commenced, and utilities were installed across the crushing circuit, allowing for precommissioning activities on the crushing circuit to commence. Mill installation advanced while the cyclone, gravity concentrators and the sulphur burner were installed. Cladding of the reagents building was completed, and the mill building will soon be ready to be clad following final equipment installation. Hydro testing of the process and raw water tanks was completed, and tank infrastructure completed, with tank top installations well advanced.

Early precommissioning activities in the crushing area of the process facility is under way.

Transmission line

During Q2 2024, the transmission line continued to advance on schedule. The line is being built in two parts, north and south of the Nechako River. The length of the northern section is approximately 50 kilometres, and the southern section is approximately 80 kilometres.

In the North section, 98 per cent of foundations are complete, 97 per cent of pole structures are installed, 95 per cent of structural frames are complete and 25 per cent of the conductor was installed.

In the South section, 91 per cent of foundations are complete, 84 per cent of pole structures are installed, 69 per cent of structural frames are complete and 10 per cent of the conductor was installed.

Upgrades to the BC Hydro Glenannan substation were completed, while commissioning planning with BC Hydro is advancing as planned.

The main 25-kilovolt electrical substation to power infrastructure at Blackwater mine was installed, and pole installation and conductor stringing across the asset is well progressed.

Heavy equipment

During Q2 2024, construction and commissioning of the initial phase of the mining fleet were completed, with two 400-tonne hydraulic backhoe excavators, nine 240-tonne rigid frame haul trucks and two large mining front-end loaders fully assembled. The fleet to support initial operations is now complete. Additional units are on site and are currently being assembled, with the intent to add these to the fleet as operations ramp up.

Personnel

The company maintained its work force of approximately 350 employees in Q2 2024, and the ratios of the work force have remained consistent, approximately:

• Twenty per cent of the team are women.
• Thirty per cent identify as indigenous.
• Forty-five per cent are from the local region.
• Eighty per cent are B.C. residents.

The total Blackwater mine work force, including staff and contractors employed at the mine site and along the transmission line, surpassed 800 at the end of June.

Operational readiness

Recruitment of personnel for the Blackwater mine operations commenced earlier this year, and the full operations management team is in place.

Key personnel has been mobilized to initiate precommissioning activities in the crushing area.

Operations preparation and integration is under way.

Wildfire response

On July 22, 2024, the company announced that it responded to a wildfire evacuation order issued across a region that included the Blackwater mine. The company pro-actively removed all non-essential staff and contractors from site and took the necessary precautions to safeguard the asset, with essential staff remaining. On July 26, the company announced the evacuation order had been lifted, and began an expedient, staged return of employees and contractors to site. The mine site was not impacted by any wildfires.

Financing

During Q2 2024, the company completed the third and final draw of $80-million under the project loan facility, bringing the total drawn to $380-million, along with approximately $12-million in cumulative capitalized interest.

At June 30, 2024, Artemis had estimated remaining phase 1 capital expenditures of approximately $100-million. At the same date, the committed sources of financing totalled $164-million, comprising:

• Cash and cash equivalents of $111-million;
• Approximately $13-million of capitalized interest remaining available;
• A cost overrun facility of $40-million.

In addition, the company had 20.5 million warrants outstanding at June 30, 2024, which are exercisable at $1.08 per warrant before Aug. 27, 2024, for anticipated proceeds of $22-million.

Artemis president and chief operating officer Jeremy Langford commented: "Looking ahead to [third quarter] 2024, we expect to complete construction of the new operations camp and decommission the original exploration camp. We will commence the preproduction mining works and expect to begin commissioning the process facility and the water management pond. By the end of Q3, we anticipate the transmission line will be nearing completion, and we remain on track for first gold pour in Q4 2024."

About Artemis Gold Inc.

Artemis 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 in central British Columbia approximately 160 km southwest of Prince George and 450 km northeast of Vancouver. The project is one of the largest capital investments in central British Columbia in over a decade. The first pour of gold and silver at Blackwater is expected in Q4 2024. Artemis trades on the TSX Venture Exchange 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.

We seek Safe Harbor.