Artemis Gold Q3 Output Jumps 14% as Blackwater Expansion Advances
Artemis Gold’s Blackwater Mine produced 69,546 ounces of gold in the third quarter, up 14% from a year earlier, keeping the British Columbia operation on track for its 2026 production target as the next stage of its processing expansion moves toward commissioning.
By Paul Ploumis
Published October 14, 2026
Key Points
- Q3 gold production: 69,546 ounces, ↑14% YoY.
- 2026 YTD production: 205,532 ounces.
- Full-year guidance: 265,000–290,000 ounces maintained.
- Ore processed: 1.48 million tonnes during Q3.
- Average grade: 1.55 grams of gold per tonne.
- Gold recovery: 90%.
- Phase 1A: 77% complete and scheduled for Q4 commissioning.
- Expansion target: Processing capacity will rise from 6 Mtpa to 8 Mtpa under Phase 1A.
SEATTLE (Scrap Monster): Artemis Gold Inc. reported stronger year-over-year gold production at its Blackwater Mine in central British Columbia during the third quarter as higher plant throughput helped offset lower grades than in the previous quarter.
Blackwater produced 69,546 ounces of gold during the three months ended September 30, up 14% from 60,985 ounces in the corresponding quarter of 2025.
Production for the first nine months of 2026 reached 205,532 ounces, leaving the company on track to meet its full-year guidance of 265,000–290,000 ounces.
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The most revealing production comparison is not Q3 versus Q3. It is 2026 year-to-date production versus Blackwater’s entire first year.
The mine produced 192,808 ounces of gold during all of 2025.
Through September 2026, Blackwater has already produced 205,532 ounces — approximately 12,724 ounces, or 6.6%, more than its full-year 2025 total with one quarter still remaining.
The arithmetic behind Artemis Gold’s maintained guidance also shows how the fourth quarter could shape the final result.
| 2026 Production Target | Q4 Output Required | Vs. Q3 2026 |
|---|---|---|
| Low end: 265,000 oz | 59,468 oz | 14.5% below Q3 |
| Guidance midpoint: 277,500 oz | 71,968 oz | 3.5% above Q3 |
| High end: 290,000 oz | 84,468 oz | 21.5% above Q3 |
The lower half of the guidance range therefore does not require a record quarter. Q2 2026 remains Blackwater’s quarterly production record at 74,063 ounces.
Reaching the upper end would be more demanding: the mine would need roughly 84,500 ounces in Q4, about 14% above its Q2 record.
Phase 1A is unlikely to be judged primarily on the 2026 total. Commissioning is planned for December, meaning the larger operational benefit from the 33% throughput expansion should become more visible in 2027 rather than during most of the current fourth quarter.
Plant Throughput Increased in Q3
Blackwater processed 1.48 million tonnes of ore during the third quarter, up from 1.34 million tonnes in Q2.
Average mill feed grade was 1.55 grams per tonne, compared with the exceptionally strong 1.86 g/t recorded in the second quarter.
Gold recovery averaged 90%, below Q2’s record 92.2% but above levels recorded during much of Blackwater’s first operating year.
| Blackwater Production | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|
| Gold Production | 61,923 oz | 74,063 oz | 69,546 oz |
| Ore Processed | 1.32 Mt | 1.34 Mt | 1.48 Mt |
| Gold Grade | 1.59 g/t | 1.86 g/t | 1.55 g/t |
| Recovery | 90.6% | 92.2% | 90.0% |
The quarter therefore illustrates how improved throughput can support production even when feed grade and recovery ease from unusually strong levels.
Phase 1A Expansion Reaches 77% Completion
Artemis Gold said its Phase 1A processing expansion was 77% complete and remained on schedule for completion during the fourth quarter.
The project will increase design throughput at Blackwater by approximately 33%, from 6 million tonnes per year to 8 million tonnes per year.
Commissioning is currently planned for December.
Contractor rectification work on tanks in the leach circuit is expected to be completed before commissioning begins.
Artemis has been carrying out debottlenecking and reliability improvements in the crushing, grinding and leach circuits while Phase 1A construction progresses.
Blackwater Expansion Does Not Stop at 8 Million Tonnes
Phase 1A is only the first part of a much larger expansion plan.
Artemis Gold is also constructing its Expanded Phase 2, or EP2, project.
EP2 is designed to add a second, larger processing train and increase total Blackwater capacity to 21 million tonnes per year before the end of 2028.
| Blackwater Expansion Stage | Processing Capacity | Target Timing |
|---|---|---|
| Current Phase 1 | 6 Mtpa | Operating |
| Phase 1A | 8 Mtpa | Q4 2026 |
| Phase 1A + EP2 | 21 Mtpa | By end-2028 |
That would represent a 250% increase from Blackwater’s current 6 Mtpa design throughput.
The company expects the expanded operation to produce more than 500,000 ounces of gold annually once EP2 reaches full production, with 2029 expected to be the first full year reflecting the expanded capacity.
EP2 Construction Continues
Major works construction on EP2 began during the third quarter and is progressing according to the company’s current schedule.
The C$1.44 billion project is expected to be funded primarily from operating cash flow.
Artemis previously said the expansion is designed to increase Blackwater production to approximately 500,000–525,000 ounces annually during its first 10 full years of expanded operations.
Those projections remain forward-looking and depend on construction, commissioning, ore grades, recoveries, throughput and other operating assumptions.
Blackwater Became a Commercial Mine Only Last Year
Blackwater achieved its first gold and silver pour in January 2025 and declared commercial production on May 1, 2025.
The mine produced 192,808 ounces of gold during 2025, its first operating year.
The rapid increase to more than 205,000 ounces during the first nine months of 2026 reflects both a full year of commercial operation and continued optimization of the processing plant.
November 4 Results Will Add Cost and Financial Detail
The production update does not include full quarterly financial results.
Artemis Gold plans to release its complete third-quarter financial and operating results before markets open on November 4, 2026.
A conference call and webcast are scheduled for 9:00 a.m. Pacific Time the same day.
Those results will provide additional information on operating costs, all-in sustaining costs, cash flow and spending on Phase 1A and EP2.
What to Watch Next
Q4 production: Blackwater needs 59,468 ounces in the fourth quarter to reach the bottom of its annual guidance and 84,468 ounces to reach the top.
December commissioning: Phase 1A is expected to move from construction into commissioning before year-end.
Plant throughput: Q3 processing increased to 1.48 million tonnes. Continued improvement will be important ahead of the move to 8 Mtpa design capacity.
Leach-circuit work: Tank rectification is expected to be completed before Phase 1A commissioning.
November 4 financials: Investors will receive updated cost, cash-flow and expansion-spending figures with the full Q3 results.
EP2 execution: The longer-term story is the planned jump to 21 Mtpa by the end of 2028 and more than 500,000 ounces of annual gold output.
ScrapMonster Market Read: Blackwater’s third-quarter result is notable less because it set a new record — it did not — and more because production remained strong while the plant processed substantially more ore at lower grades than in Q2. Nine-month production has already exceeded Blackwater’s entire 2025 output, and the mine does not need a record fourth quarter to reach the lower or middle portion of its guidance range. The bigger operational inflection point now moves to December, when Phase 1A is expected to begin commissioning. If that expansion performs as designed, 2027 becomes the first year in which the 33% increase in processing capacity should meaningfully influence annual production.
Source: Artemis Gold Inc.