Artemis Gold’s $1B Blackwater Phase 2: capex, throughput and schedule for mine planners
Reviewed by Tom Sullivan
First reported on MINING.com
30 Second Briefing
Artemis Gold has approved a C$1.44 billion Phase 2 (EP2) expansion at the Blackwater mine in British Columbia, adding a new 13 mtpa processing plant beside the existing facility to lift total capacity from 6 mtpa today to 21 mtpa by 2028. The staged build, including the Phase 1A vertical mill due by end-2026, targets 500,000–525,000 oz/year over the first 10 full years at all-in sustaining costs of $800–$1,100/oz, with mine life extended to 2043. Front-end engineering is complete, major works are scheduled for Q3 2026–Q3 2028, and peak construction will require about 1,500 direct workers.
Technical Brief
- EP2’s new plant is upsized to 13 mtpa, versus 9 mtpa in the 2024 expansion plan.
- Phase 1A’s vertical mill installation, already under construction, is scheduled for completion before end-2026.
- EP2 capex is estimated at C$1.44 billion, funded mainly from operating cash flow and the balance sheet.
Our Take
Within our 349 Mining stories, only a handful of Canadian gold items involve greenfield builds of the scale of Blackwater in British Columbia, so Artemis Gold’s EP2 decision effectively anchors the province’s project pipeline while many peers, such as Seabridge Gold at Courageous Lake, are opting for spin-outs rather than large capex commitments.
The low AISC guidance at Blackwater, even during the EP2 build, positions Artemis Gold competitively against other Canadian gold developers in our database, which suggests higher-cost projects in similar jurisdictions may struggle to secure funding if gold prices soften.
The combination of long mine life to 2043 at the EP2 rate and substantial measured and indicated resources at Blackwater means Artemis Gold has optionality for further staged expansions similar to the Phase 3 concept, a contrast to more finite, single-pit projects like Eskay Creek in British Columbia covered elsewhere in our recent gold coverage.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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