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Artemis Gold raises Blackwater mill expansion budget to C$120 million
The cost of the first Blackwater mill expansion in British Columbia is up as much as 20%, but Artemis still targets starting the larger plant by year-end as the site is 57% complete.
Artemis Gold has increased the budget for its first Blackwater mill expansion in British Columbia to C$120 million, a rise of as much as 20% from earlier estimates of C$100 million to C$110 million, while maintaining plans to start the larger plant by year-end.
The company said the project, located about 450 km northeast of Vancouver, was 57% complete as of June 30. Artemis also firmed the scope and added spare equipment to lift designed processing capacity by a third to 8 million tonnes a year.
Artemis expects the expanded circuit to begin operation in the fourth quarter, which would leave most of the production gain for next year. The revised budget is positioned as relatively small relative to the company’s 2026 growth capital of C$670 million to C$745 million funded from operating cash flow, according to a Haywood Securities analyst cited in the update.
The update comes as central British Columbia faces a broader mine-building push. Artemis shares were up 5% in Toronto to $35.31, valuing the company at C$8.3 billion, and the mill work includes civil work completion, structural steel progress, mill parts arriving, and installation activities driving the schedule.
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