Mr. Steven Dean reports

ARTEMIS GOLD ANNOUNCES COMMERCIAL PRODUCTION AT BLACKWATER AND PROVIDES 2025 GUIDANCE

Artemis Gold Inc. has achieved commercial production at the Blackwater mine in central British Columbia.

Over the past 30 days, the average tonnes per day processed through Blackwater's crushing circuit was 17,700 tonnes per day (107 per cent of design capacity), while the milling circuit has averaged over the same period 15,300 tonnes per day (93 per cent of design capacity). Further to this, the milling circuit has averaged for the past 14 days 16,700 tonnes per day (102 per cent of design capacity).

In the open pit, mining has delivered in excess of 90 per cent of its planned tonnage, with both the 400-tonne and the 600-tonne production excavators fully deployed. Mined tonnes and grades based on grade control modelling are reconciling favourably to the resource model.

Since the commencement of milling operations at Blackwater this year, gold production has totalled approximately 30,000 ounces. For the eight months of commercial production ending Dec. 31, 2025, the company expects to produce 160,000 to 200,000 ounces of gold at an all-in sustaining cost (AISC) of $670 (U.S.) to $770 (U.S.) per ounce, bringing forecast production for the financial year 2025 to 190,000 to 230,000 ounces of gold. This includes expected production for the second half of 2025 of 130,000 to 160,000 ounces of gold at estimated AISC of $645 (U.S.) to $725 (U.S.) per ounce. AISC is expected to be slightly higher during the two months remaining in the second quarter of 2025 due to the continued ramp-up in production over that period.

Included in the AISC estimate for the eight months ending Dec. 31, 2025, is sustaining capital of approximately $16-million. In addition, the company expects to incur phase 1 deferred capital expenditures of $60-million to $75-million during the eight months ending Dec. 31, 2025, including construction of an air strip, additional water treatment facilities and other infrastructure. The company also plans to spend an initial $3-million in front-end engineering and design work for the proposed phase 2 expansion.

Artemis Gold chairman and chief executive officer Steven Dean commented: "On behalf of the board of directors, I express my sincere gratitude and congratulations to the Blackwater team and our contractors for their hard work and dedication in achieving this milestone. We completed construction in an industry-leading 22 months, and the team achieved commercial production in a remarkable three months from commencement of milling operations. We will soon turn our attention to the potential acceleration of the proposed phase 2 expansion, which is anticipated to increase Blackwater's average annual production to over 500,000 equivalent gold ounces per year, firmly establishing the mine as a Tier 1 asset in a top jurisdiction."

Conference call

Artemis Gold will host a conference call on May 2, 2025, at 11 a.m. PT (2 p.m. ET).

Canada/United States toll-free:  1-844-763-8274

International toll:  1-647-484-8814

No passcode is required; participants should ask to join the Artemis Gold call.

A transcript of the conference call will be made available on the company's website following the call.

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 the Blackwater mine in central British Columbia, located approximately 160 kilometres southwest of Prince George and 450 km northeast of Vancouver. The first gold and silver pour at Blackwater was achieved in January, 2025, and commercial production was declared on May 1, 2025.

Qualified person

Artemis Gold president and chief operating officer 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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