HomeMarket NewsMiningArtemis Makes Steady Progress on Blackwater Project Amidst Early Expansion Speculation

Artemis Makes Steady Progress on Blackwater Project Amidst Early Expansion Speculation

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Roads and Infrastructure

Artemis Minerals Inc. has reported that construction for the first phase of the Blackwater project is well on track, with roads completed and continuing work on water management facilities and the transmission line. Key activities are underway at the plant site, including foundation work, reagents building, and ball mill pedestals. The company is pushing forward with carbon-in-leach and detox tank erection, three-stage crushing, and reclaim tunnel civil works. Furthermore, the erection of the mill building and installation of the ball mill have commenced.

Expanding Fleet and Equipment

The construction fleet has been bolstered with the addition of both 60- and 100-tonne rigid frame trucks, along with 150-tonne excavators. Additionally, the company has taken delivery of five 240-tonne rigid frame haul trucks, with assembly well underway. Further enhancements to the fleet are anticipated in the first half of this year, preceding the commencement of pre-stripping activities.

Project Milestones and Progress

As of the end of December, the Sedgman EPC contract work had reached 75% completion, with engineering, design, and procurement substantially finished. Key mechanical equipment, such as crushers, dry screens, and the ball mill, are already on site and in various stages of assembly. Last quarter also saw the arrival onsite of the initial delivery of the 225-kV transmission line conductor and poles.

Financial Risk Management

Artimis Minerals Inc. has taken precautionary measures by instituting a modest gold hedging program. The company has entered into a forward sales agreement, committing to deliver 190,000 oz. of gold between March 2024 and December 2027 at a weighted average price of C$2,815 ($2,094) per oz. Moreover, Artemis executed zero-cost collars linked to 30,000 oz. of gold, with settlement dates set from December 2024 to February 2025. These collars have a put price of C$2,600 ($1,934) per oz. and a call price of C$3,353 ($2,494) per ounce.

Phase 2 Expansion

Notably, with Phase 1 nearly halfway completed and fully funded, the company has initiated a study aimed at advancing the Phase 2 expansion. Artemis has disclosed that the results of the study are slated for release by the end of the current quarter.


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