Why Artemis Gold (TSXV:ARTG) Is Down 12.2% After Replacing Its Credit Line With 5.625% Notes

• Artemis Gold has completed a private placement of C$450,000,000 senior unsecured notes due 2031, bearing 5.625% interest, and is using the proceeds, together with cash on hand, to fully repay its revolving credit facility, reshaping its debt profile after the deal closed in early February 2026.
• The oversubscribed bond offering, rated B+ by S&P and BB- by Fitch, highlights strong fixed-income investor appetite for Artemis Gold’s Blackwater-focused growth plans and fixed-rate funding approach.
• We’ll now examine how replacing its revolving credit facility with long-term fixed-rate notes could influence Artemis Gold’s investment narrative.

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What Is Artemis Gold’s Investment Narrative?

To own Artemis Gold, you have to buy into Blackwater as a long-life, low-cost mine that can support meaningful growth without stretching the balance sheet too far. The story has already shifted from “can they get into production?” to “can they execute Phase 2 and keep costs in line?” In that context, the C$450,000,000 bond issue and repayment of the revolving credit facility look material for the near term: it locks in funding at a fixed rate, cuts exposure to variable interest costs and eases refinancing pressure just as production ramps. At the same time, it hardens the capital structure with senior unsecured debt, increasing leverage on a business that only recently turned profitable and is still working through ramp-up and expansion risks.

However, this higher fixed debt load introduces its own risk that investors should be aware of.

Despite retreating, Artemis Gold’s shares might still be trading above their fair value and there could be some more downside. Discover how much.

Exploring Other Perspectives

Seven fair value estimates from the Simply Wall St Community span roughly C$11.71 to C$117.08 per share, underlining just how far apart individual views can be. Set against that wide spread, the recent move into long-term fixed-rate debt and the execution risk around Blackwater’s expansion help explain why opinions on Artemis Gold’s future performance are so varied, and why it is worth weighing several of these viewpoints yourself.

Explore 7 other fair value estimates on Artemis Gold – why the stock might be worth over 2x more than the current price!

Build Your Own Artemis Gold Narrative

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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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