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Artemis Gold
(ARTG)
Select Model
Select Model
Rating:75Outperform
Price Target:
C$51.00
▲(13.31% Upside)
Action:Upgraded
Date:08/10/26
The score is driven primarily by a strong TTM financial inflection (high margins, strong returns, and positive free cash flow). Technicals are bullish but appear overextended (RSI/Stoch elevated), which tempers the rating. Valuation is reasonable but not clearly cheap, and the lack of dividend yield further limits support from income.
Positive Factors
Strong TTM Profitability and Revenue Scale
The TTM profitability inflection provides meaningful operating scale and demonstrates strong earnings potential. Sustained revenue growth and high margins could support durable cash generation if production and operating performance remain consistent.
Negative Factors
Earnings Sustainability Risk
The abrupt shift from multi-year losses and no revenue to strong TTM results makes the current earnings profile less proven across a full operating cycle. Any execution or production disruption could expose substantial earnings volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong TTM Profitability and Revenue Scale
The TTM profitability inflection provides meaningful operating scale and demonstrates strong earnings potential. Sustained revenue growth and high margins could support durable cash generation if production and operating performance remain consistent.
Read all positive factors
Artemis Gold (ARTG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.37B
Dividend Yield0.12%
Average Volume (3M)236.89K
Price to Earnings (P/E)16.8
Beta (1Y)2.07
Revenue Growth411.07%
EPS Growth541.04%
CountryCA
Employees439
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)2.40
Shares Outstanding233,190,780
10 Day Avg. Volume211,223
30 Day Avg. Volume236,886
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)8.31
Price to Sales (P/S)9.21
P/FCF Ratio68.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$57.50Price Target Upside27.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.82
Revenue Forecast (FY)C$1.48B
Artemis Gold Business Overview & Revenue Model
Company Description
Artemis Gold Inc. operates as a gold development firm, specializing in locating, acquiring, and advancing gold-focused assets. Its investment portfolio features a significant 32.3% equity ownership in Velocity Minerals Ltd., an entity dedicated to...
How the Company Makes Money
Artemis Gold is primarily a development-stage mining company, so its ability to generate revenue is tied to progressing projects into production rather than selling a broad set of services. Once in production, the company’s main revenue stream is ...
Artemis Gold Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
72
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.39B | 913.94M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 1.01B | 668.98M | -1.10M | -987.00K | -412.00K | -341.00K |
| EBITDA | 1.01B | 614.57M | -16.19M | -12.80M | -12.60M | -10.07M |
| Net Income | 557.55M | 349.16M | -31.44M | -11.45M | -21.63M | -13.71M |
Balance Sheet | ||||||
| Total Assets | 2.92B | 2.47B | 1.71B | 1.12B | 656.75M | 469.79M |
| Cash, Cash Equivalents and Short-Term Investments | 194.13M | 181.36M | 28.28M | 156.59M | 194.09M | 132.48M |
| Total Debt | 584.73M | 593.31M | 610.09M | 164.84M | 1.71M | 1.24M |
| Total Liabilities | 1.59B | 1.46B | 1.12B | 539.42M | 79.32M | 50.46M |
| Stockholders Equity | 1.34B | 1.01B | 590.85M | 581.36M | 577.43M | 419.33M |
Cash Flow | ||||||
| Free Cash Flow | 268.55M | 122.88M | -491.59M | -401.34M | -102.97M | -89.37M |
| Operating Cash Flow | 666.12M | 524.25M | -8.81M | -4.92M | -6.05M | -5.73M |
| Investing Cash Flow | -457.94M | -401.37M | -453.09M | -421.98M | -96.79M | -79.66M |
| Financing Cash Flow | -89.66M | 9.44M | 333.59M | 389.40M | 165.58M | 164.90M |
Artemis Gold Technical Analysis
Neutral
45.01
Price Trends
37.45
Positive
35.41
Positive
37.11
Positive
Market Momentum
0.89
Positive
49.56
Neutral
25.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ARTG, the sentiment is Neutral. The current price of 45.01 is above the 20-day moving average (MA) of 41.70, above the 50-day MA of 37.45, and above the 200-day MA of 37.11, indicating a neutral trend. The MACD of 0.89 indicates Positive momentum. The RSI at 49.56 is Neutral, neither overbought nor oversold. The STOCH value of 25.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:ARTG.
Artemis Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | C$9.31B | 8.43 | 37.64% | 0.99% | 55.87% | 135.78% | |
82 Outperform | C$6.46B | 7.75 | 25.62% | 0.89% | 75.86% | 161.88% | |
75 Outperform | C$9.37B | 16.75 | 51.31% | 0.12% | 411.07% | 541.04% | |
69 Neutral | C$9.86B | 9.21 | 21.87% | 1.50% | 72.47% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:ARTG
Artemis Gold
40.20
7.24
21.98%
TSE:BTO
B2Gold
7.46
1.50
25.19%
TSE:OGC
OceanaGold
41.87
14.10
50.80%
TSE:TXG
Torex Gold Resources
69.79
15.63
28.85%
Artemis Gold Corporate Events
Business Operations and Strategy
Artemis Gold Reports Deep High-Grade Hits in Blackwater Expansion Drilling
Positive
Aug 20, 2026
Artemis Gold reported strong initial results from its 2026 resource expansion drilling program at the Blackwater deposit, including long intervals of high-grade gold mineralization below the current reserve pit. Two deep diamond drill holes, exten...
Business Operations and StrategyPrivate Placements and Financing
Artemis Gold Issues Shares to Lhoosk’uz Dené Nation Under Blackwater Participation Deal
Positive
Aug 18, 2026
Artemis Gold will issue 500,000 common shares to the Lhoosk’uz Dené Nation under a participation agreement originally struck in 2019 with New Gold and later assumed by Artemis subsidiary BW Gold following the acquisition of the Blackwat...
Business Operations and StrategyDividendsFinancial Disclosures
Artemis Gold Posts Record Q2 Results and Launches First Dividend Amid Blackwater Expansion
Positive
Aug 6, 2026
Artemis Gold reported record second-quarter 2026 results, driven by gold production of 74,063 ounces and sales of 78,126 ounces, generating revenue of $433.6 million and adjusted EBITDA of $285.2 million. The company delivered strong profitability...
Business Operations and StrategyShareholder Meetings
Artemis Gold Shareholders Back Board, Auditor and Incentive Plan at AGM
Positive
Aug 5, 2026
Artemis Gold Inc. reported that shareholders holding 70.65% of its outstanding shares were represented at its Annual General Meeting, where they approved all items on the agenda. Investors voted to fix the number of directors at eight, with all no...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.