Is Artemis Gold (TSXV:ARTG) Undervalued After Record Blackwater Output?

Record Blackwater output puts Artemis Gold in focus

Artemis Gold (TSXV:ARTG) is drawing fresh attention after reporting a quarterly record 74,063 ounces of gold from its Blackwater project in Q2 2026, a 20% increase from the prior quarter.

The company attributed the higher output to better feed grades, record 92.2% recoveries and increased mill throughput, while reiterating full year guidance of 265,000 to 290,000 ounces, which keeps investor focus on execution.

See our latest analysis for Artemis Gold.

The record Blackwater output has arrived alongside a 7.3% 7 day share price return and a 12.2% 30 day share price return for Artemis Gold, although the 90 day share price return is down 9.3%. The 1 year total shareholder return of 32.2% and very large 3 year and 5 year total shareholder returns indicate that long term momentum has been strong.

If this kind of production update has you looking wider across the sector, it could be a useful moment to scan for other producers via our 33 elite gold producer stocks

After Artemis Gold’s strong production update and recent share price move, the real tension is between paying up to own the story now or waiting for a pullback. So how does the current valuation stack up?

Most Popular Narrative: 40% Undervalued

At a last close of CA$33.97 versus a narrative fair value around CA$56.66, the Artemis Gold story hinges on how far Blackwater can be scaled and optimised.

The analysts have a consensus price target of CA$56.66 for Artemis Gold based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the more bullish reporting a price target of CA$67.65, and the most bearish reporting a price target of just CA$39.51.

Read the complete narrative.

Want to see what underpins that fair value gap for Artemis Gold? The narrative leans heavily on rapid revenue expansion, rising margins and a rich profit multiple. The exact mix of growth, profitability and required return may surprise you. The full breakdown shows how each of these inputs shapes the CA$56.66 figure.

Result: Fair Value of CA$56.66 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, the Artemis Gold story still hinges on keeping Blackwater costs in check and delivering Phase 1A and Phase 2 expansions without major delays or overruns.

Find out about the key risks to this Artemis Gold narrative.

Next Steps

With Artemis Gold’s mix of fresh production data, valuation debate and both risks and rewards in play, this is a moment to act quickly and test the story against your own checklist, starting with the 3 key rewards and 1 important warning sign

Looking for more investment ideas beyond Artemis Gold?

Do not stop at Artemis Gold if you are serious about building a stronger portfolio. Use these screens to find other stocks that could fit your approach.

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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