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Canadian gold developer building and ramping up the Blackwater open-pit mine in British Columbia.
Canadian gold developer building and ramping up the Blackwater open-pit mine in British Columbia.
Has moved from development to production: its income is gold, and later silver, sold at market prices from a single mine, so how fast Blackwater reaches planned throughput and holds costs matters most. A two-stage build means the first phase is producing while a larger second phase is planned.
Moat: narrow (installed base). Large, phased, low-strip open-pit resource now in production ramp-up.
Headquarters: Vancouver, Canada · Founded: 2016
Size Artemis Gold (ARTG.V) is a Canada Materials company (Precious Metals) with a market value of $6.76B, the 97th largest of 420 Canada companies the cockpit tracks. Shares closed at C$40.64 on 6 Nov 2026.
Performance Over six months the shares gained 18.5%, against +1.6% for the median peer and +5.2% for the Canada market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 148.1% over the last twelve months (peer median +59.2%); the operating margin is 70.8% (peer median 45.4%).
Valuation It trades at 11.3× forward earnings against a peer median of 10.5× (10th most expensive of 21).
Capital Return on invested capital runs 28.5 points above its cost of capital (11.2% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$1.44B | C$914M | C$0 | C$0 | C$0 |
| Revenue growth | — | — | — | — | — |
| Gross profit | C$1.04B | C$669M | -C$1.09M | -C$987,371 | -C$475,710 |
| EBITDA | C$1.07B | C$683M | -C$16.7M | -C$13.3M | -C$12.7M |
| Net income | C$587M | C$349M | -C$31.4M | -C$11.4M | -C$21.6M |
| Free cash flow | C$230M | C$123M | -C$494M | -C$401M | -C$100M |
| Capital expenditure | C$459M | C$401M | C$484M | C$396M | C$96.9M |
| Total debt | C$585M | C$593M | C$610M | C$165M | C$1.71M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Artemis Gold ARTG.V | $6.76B | +18% | +148% | 71% | 11.3× | 6.6% |
| G Mining Ventures GMIN.TO | $9.98B | -10% | +72% | 66% | 19.4× | n/a |
| Montage Gold MAU.TO | $4.79B | +17% | n/a | n/a | 18.4× | n/a |
| Skeena Resources SKE.TO | $3.90B | +6% | n/a | n/a | n/a | n/a |
| Endeavour Mining EDV.TO | $13.7B | -10% | +27% | 47% | 9.3× | -6.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ARTG.V | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.5% | -0.5% | 5th highest of 21 |
| 6-month return | +18.5% | +1.6% | highest of 21 |
| Distance from 52-week high | -16.7% | -27.9% | 4th highest of 21 |
| Revenue growth (TTM) | +148.1% | +59.2% | highest of 20 |
| Operating margin | 70.8% | 45.4% | 2nd highest of 20 |
| Forward P/E | 11.3× | 10.5× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 6.6% | -1.8% | 4th most demanding of 15 |
| ROIC minus cost of capital | +28.5 pp | +15.1 pp | 5th highest of 21 |
| EV / EBITDA | 9.2× | 7.6× | 5th most expensive of 19 |
| Net debt / EBITDA | 0.4× | -0.3× | 4th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Artemis Gold ARTG.V | Canada | $6.76B | +18% | +148% | 71% | 11.3× | 6.6% | n/a |
| OR Royalties OR.TO | Canada | $6.81B | 0% | +68% | 77% | 29.5× | n/a | n/a |
| Triple Flag Precious Metals TFPM.TO | Canada | $6.54B | +1% | +45% | 63% | 24.7× | n/a | n/a |
| B2Gold BTO.TO | Canada | $7.19B | +13% | +72% | 46% | 6.1× | -7.0% | +12.3% |
| Compania de Minas Buenaventura SAA Sponsored ADR BVN | United States | $7.25B | -21% | +64% | 45% | 6.5× | -14.1% | +20.7% |
| Sibanye Stillwater Limited Sponsored ADR SBSW | United States | $6.30B | -29% | +59% | 26% | 5.9× | n/a | n/a |
| OceanaGold OGC.TO | Canada | $6.27B | -5% | +56% | 44% | 7.1× | -5.4% | +29.2% |
| First Majestic Silver AG.TO | Canada | $7.52B | -27% | +96% | 44% | 18.1× | 9.2% | +29.2% |
| Zhaojin Mining Industry 1818.HK | Hong Kong | $7.87B | -42% | +49% | 34% | 17.0× | -2.5% | +17.9% |
| Perseus Mining PRU.AX | Australia | $5.77B | +11% | +13% | 48% | 11.8× | -1.1% | +26.4% |
| Genesis Minerals GMD.AX | Australia | $5.73B | +6% | +89% | 45% | 15.1× | 7.2% | +182.9% |
| SSR Mining SSRM | United States | $5.66B | -17% | +39% | 42% | 8.1× | n/a | n/a |
| DPM Metals DPM.TO | Canada | $8.61B | +18% | +96% | 55% | 10.1× | 5.1% | +8.6% |
| Greatland Resources GGP.AX | Australia | $5.11B | -31% | +118% | 52% | 13.4× | -3.1% | n/a |
| JCHX MINING MANAGEMENT 603979.SS | China | $5.09B | -12% | +23% | 28% | 9.9× | -7.7% | +29.3% |
| China Gold International Resources CGG.TO | Canada | $9.08B | +10% | +53% | 56% | 9.7× | 5.2% | +10.4% |
| Torex Resources TXR.TO | Canada | $5.02B | +16% | +76% | 46% | 7.1× | -3.9% | +11.5% |
| Eldorado Gold ELD.TO | Canada | $9.37B | +11% | +25% | 45% | 7.7× | n/a | n/a |
| K92 Mining KNT.TO | Canada | $4.86B | +10% | +62% | 68% | 11.0× | 0.7% | +31.3% |
| Montage Gold MAU.TO | Canada | $4.79B | +17% | n/a | n/a | 18.4× | n/a | n/a |
| Ramelius Resources RMS.AX | Australia | $4.78B | +3% | -14% | 42% | 19.0× | 13.7% | +10.3% |