As the members and readers of our mailing list know, we have been investors in Steven Dean’s Artemis Gold since the IPO. Anyone thinking about taking their profits now should read the recently updated preliminary feasibility study. We will comment on it here to show the significant performance potential that is still possible even from the current price level.

Core messages of the News Release
- Reduction of necessary capital by $592M
- Shorter amortization period and higher internal rate of return
- Better recoveries of gold & silver through metallurgical optimization
- Total production cost per ounce of $668 with 248,000 ounces annual production
Next steps in the next 12–18 months
- New NI43-101 Technical Report
- Publication of new feasibility study
- Working on the final approval of the project to start with the construction
- Arranging the necessary equity and debt capital with banks
- Starting the construction of the mine in the 2nd quarter of 2022

Conclusion
The share price of Artemis Gold may rise much further than many market participants can currently imagine. The Blackwater project has excellent characteristics to benefit disproportionately from further increasing gold prices.

Even at a gold price of “just” $2,050, the project has a current net present value of $3.8 billion. With 122 million shares outstanding, this corresponds to a potential share price of $31. Artemis Gold is therefore a buy-and-hold investment for us to benefit disproportionately from management excellence and rising gold prices. We will only sell when Steven Dean and his team sell.