Artemis Gold

ARGTF

Other Precious Metals · Basic Materials

Price

$29.37

+1.12 (+3.96%)

Market Cap

$6.84B

Exchange

Other OTC

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+66.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 142.2M (2021) → 236.3M (2025)

Artemis Gold is a Canadian mining company that finds, builds, and operates gold mines. Its main project is the Blackwater Gold Mine in British Columbia, Canada, which is one of the largest new gold mines built in Canada in recent years. The company sells gold, a precious metal used in jewelry, electronics, and as a financial safe-haven asset by investors and central banks worldwide.

Artemis Gold makes money by mining and selling gold at market prices, so its revenue rises and falls with the global gold price. The company operates entirely in British Columbia, making it a single-asset, single-country business at this stage of its development. Its strong gross margin reflects the relatively low cost of producing gold at Blackwater compared to the current gold price, which is its key competitive advantage. The main risk is that a significant drop in gold prices, cost overruns, or operational problems at Blackwater could sharply reduce profitability since the company has no other mines to offset that exposure.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+670.0% YoY

Strong revenue growth

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

35.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$195M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Artemis Gold is growing revenue at 670% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

69.6%

Premium pricing power — 69.6% gross margin

Operating Margin

67.6%

Excellent — 67.6% operating margin

ROCE

13.5%

Good — 13.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

>+1,000%

Fast-growing sales (>+1,000% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

140%

Turns 140% of profit into real cash

FCF Margin

19.8%

Converts sales into free cash efficiently (19.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.40

Conservative — low debt load (0.40)

Interest Cover

13.64x

Comfortably covers interest (13.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

14.8x

Attractive valuation — P/E 14.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+9.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.8 → 5.2)

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Dividends

Not applicable for this business.

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