Artemis Gold provides update on mine construction progress

The project remains fully funded, within the guidance for initial capital expenditure, and on schedule for first gold pour in 2H24.

On 31 December 2023, overall construction was 59% complete, and approximately CAN$389 million of the guided initial capital expenditures of CAN$730 – CAN$750 million had been spent. The lag between the spend and percentage of completion is as planned and consistent with a typical project S-curve. By the end of 4Q23, the company had entered into contractual commitments for CAN$615 million (or 84% of the lower end of the guided initial capital expenditure). The majority of the balance of uncommitted expenditures for the guided initial capital relate to owners cost and earthworks associated with mining pre-strip and construction of the tailings storage facility (TSF) and other civil structures.

Artemis Gold Chairman and CEO Steven Dean commented: “We remain focused on a disciplined approach to development and remain on track for the first gold pour in 2H24.”

Read the article online at: https://www.globalminingreview.com/mining/01022024/artemis-gold-provides-update-on-mine-construction-progress/