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Artemis Gold Inc.
2/19/2026
Thank you for standing by. This is the conference operator and welcome to the Artemis Gold fourth quarter 2025 results conference call. As a reminder, all participants are in the listen only mode and a conference call is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference, you may reach an operator by pressing star then zero. I would now like to turn the conference over to Ms. Meg Brown, Vice President and Investor Relations. Please go ahead.
Thank you, Operator. Good morning, everyone, and welcome. Thank you for joining our Q4 conference call and webcast. Before we begin, I would like to remind everyone that certain statements made on today's call may be forward-looking, and we encourage you to refer to our public filings and disclosures, including the cautionary language in yesterday's news release, for a more detailed discussion of potential risks and uncertainties, related to these statements. I will now hand the call over to Artemis Gold's CEO, Dale Andres. Over to you, Dale.
Thanks, Meg, and thanks, everyone, for joining the call this morning. In addition to myself on the call today, we have our president, Jeremy Langford, our CFO, Jerry Vander Westhuyzen, our chief business development officer, Tony Scott, our Chief ESG Officer, Candice Alderson, and our VP Finance, Eric Marchand. So in addition to myself, Gerry and Jeremy will help present the highlights of the quarter, and then we'll open up the call to your questions. Before I discuss the quarter, I would like to highlight our dividend announcement yesterday. Our board did approve a progressive dividend policy, and that's with an inaugural base quarterly dividend commencing in the second half of this year. As the slide illustrates on slide four, we plan to start with a relatively modest base dividend of $0.05 per quarter in the second half of this year, rising to $0.08 per quarter in 2027. shareholder returns are expected to progressively increase as we move through the end of our ep2 construction period when we plan to return 40 of available cash flow to shareholders starting in 2028 and beyond and that's both through a base dividend and then incorporating a variable return component which may be a combination of further dividends as well as the potential for share buybacks. We may consider potential share buybacks in addition to the base dividend as early as 2027. This dividend policy reflects our confidence in both the strength and sustainability of our operating cash flows and in our disciplined development of the Phase 1A and EP2 expansion projects at the Blackwater Mine. As an important part of our capital allocation framework, this policy positions Artemis among leading peers and balances reinvestment for growth with shareholder returns and while providing flexibility in the near term to grow Blackwater to be a plus 500,000 ounce annual producer. And we're on track for that. Turning to slide five, And as I reflect on the year, 2025 truly was a transformational year for Artemis. And it really is a testament to our team's ability to deliver. So much has happened over the last year. It is amazing to consider we poured our first bar of gold just about a year ago on schedule and on budget. And from there, we moved very rapidly from first gold to commercial production in May hit nameplate capacity before the middle of the year. We produced almost 193,000 ounces of gold for the first full year, and that was within our original guidance range. We locked in our next phases of growth with the Phase 1A expansion to 8 million tonne per annum processed that we announced in September, and then in December announced the EP2 project, the Transformational Growth Project, growing processing capacity by over 250% to 21 million tonnes per annum. These projects, and Jeremy will discuss our progress on these a little later on, will make Blackwater one of the three largest gold mines in Canada. Our finance team has also been very busy. Refinancing the project loan facility with a revolving credit facility in July gave us greater flexibility for the expansion project funding. And the team has now set up the balance sheet with an incredibly priced long-term debt that is a good match for this long-term asset. And Gerry will provide a few more details on that shortly. It's been quite a year and I'm really proud of the team for delivering on all of these accomplishments. On slide six, this shows the operating highlights for the quarter. We achieved a new record for gold production despite shutdowns, including a full ball mill reline and an unplanned mill motor replacement. We produced over 68,000 ounces of gold in the fourth quarter at an all-in sustaining cost of US $925 per ounce of gold sold. On a post-commercial production basis, we finished the year At $869 US per ounce and importantly that was within our revised guidance range and also importantly without a lost time incident. Our mill throughput was slightly lower than Q3 due to those shutdowns that I mentioned, but that was more than offset by higher grades as we move down in the pit and as well as higher recoveries as we continue to optimize the processing plant. Our low cost position coupled with continuing strong gold price environment that we find ourselves in translates into industry leading all in sustaining cost margin. And that was about $2,300 per ounce for the fourth quarter. On the slide seven, this shows how we continue to perform and through 2025 on a consistent basis throughout the year and how we continue to optimize. Just a few comments. Mining is generally going very well. The ore body continues to show that more medium and low grade material than we had expected is being mined. And we now have a stockpile that's ready to feed the mill of nearly 14 million tons. We continue to nudge up our gold recoveries as we adjust the feed blend to the plant, as well as various parameters and reagent consumptions. And this has improved our recoveries to over 88% for the quarter. On slide 8, this shows a few of the capital projects that we've been continuing to push forward in the last quarter. Water management infrastructure is a key part of our environmental stewardship. Our tailings dam and freshwater reservoir, shown in the lower couple of photos, are key parts of that management system. We commissioned a metals water treatment plant near the mill in the fourth quarter. And a new membrane water treatment plant at the tailings facility will be completed in the summer of this year. And we made good progress on that in the fourth quarter as well. There are still a number of rectification and improvement projects around the processing plant that are still underway. and that includes continuing to expand the ore stockpile footprint faster than expected, again, due to the higher stockpile tonnages I mentioned. But we are making very good progress on these items, and we're well set up to achieve our targets and guidance for this year. I'd now like to turn the call over to Gerry to discuss our financials. Gerry?
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