Mr. Dale Andres reports

ARTEMIS GOLD PROVIDES UPDATE ON PHASE 1A EXPANSION

Artemis Gold Inc. has provided an update on construction progress of the phase 1A expansion project at the Blackwater mine in central British Columbia.

The phase 1A expansion was announced in Q3 2025 and represents a capital efficient, step change opportunity to upgrade the current Blackwater processing plant, increasing nameplate capacity by 33 per cent from six Mtpa (million tonnes per annum) to eight Mtpa. At the end of Q2 2026, phase 1A was 57 per cent complete and is on schedule for commissioning during Q4 2026.

Artemis Gold chief executive officer Dale Andres commented: "We are very pleased with the progress being made on the phase 1A expansion project that will add materially to our production in 2027. Phase 1A has been implemented rapidly, and the benefits from this project will be delivered in just a few months, supplementing cash flows."

Phase 1A scope and progress

Phase 1A enhancements include:

• Addition of a 3.5-megawatt vertical grinding mill (Vertimill) to the current ball mill grinding circuit along with modifications to the current cyclone cluster and feed well;
• Expanded leach circuit with the addition of one preaeration tank and one leach tank to the existing carbon-in-leach train;
• Expansion and upgrades to the oxygen supply system and the addition of oxygen shear reactors on the existing detoxification circuit;
• Upgrade of the existing elution circuit to provide greater flexibility in relation to stripping of loaded carbon;
• Optimization of the reagents mixing and delivery systems to increase efficiency and lower costs.

The phase 1A project is on schedule and the following construction milestones have been achieved:

• The Vertimill foundation civil works are complete. The Vertimill building structural steel has arrived and steel erection is well advanced. Vertimill components are now arriving at site in preparation for the commencement of mechanical installation.
• Fabrication of the new cyclone cluster is complete, with the assembly now en route to site.
• The new preaeration tank erection is complete, the new leach tank base plate welding is complete and tank wall strake erection works are well advanced.
• Shear reactor foundation works have been completed.

After finalizing the scope, including adding additional spares, phase 1A is now expected to be completed at a capital cost of $120-million, representing an industry-low capital intensity of $60 per additional annual tonne of processing capacity, with clear potential for further optimization above eight Mtpa.

Updates to the resource model and optimization of the mine plan for both the phase 1A and EP2 expansions are being undertaken in 2026. The updates will incorporate new resource expansion drill results, a review of cut-off grade strategies, and an assessment of additional low- and medium-grade ore that is being identified through grade control drilling. Annual production and cost guidance for 2027 will be provided in early Q1 2027 after this work is completed. A significant increase in production is expected with the 33-per-cent increase in mill throughput with the phase 1A expansion. Grades are expected to remain well above reserve grade for 2027 and 2028 until EP2 is commissioned.

About Artemis Gold Inc.

Artemis Gold is a well-financed, growth-oriented gold and silver producer and 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 primary focus is the operation and further development of the Blackwater mine in central British Columbia approximately 160 kilometres southwest of Prince George and 450 kilometres 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. Artemis Gold trades on the TSX-V under the symbol ARTG and the OTCQX under the symbol ARGTF.

Qualified person

Artemis Gold chief business development officer Tony Scott, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and approved all scientific and technical information in this press release.

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