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

  1. Reduc­tion of necessary capital by $592M
  2. Shorter amor­tiz­a­tion period and higher internal rate of return
  3. Better reco­ve­ries of gold & silver through metall­ur­gical optimization
  4. Total produc­tion cost per ounce of $668 with 248,000 ounces annual production

Next steps in the next 12–18 months

  1. New NI43-101 Tech­nical Report
  2. Publi­ca­tion of new feasi­bi­lity study
  3. Working on the final approval of the project to start with the construction
  4. Arran­ging the necessary equity and debt capital with banks
  5. Star­ting the construc­tion of the mine in the 2nd quarter of 2022


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.