Artemis Gold

ARTG.V

Other Precious Metals · Basic Materials

Price

C$41.17

+1.02 (+2.54%)

Market Cap

C$9.59B

Exchange

Toronto Stock Exchange Ventures

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 gold mining company focused on producing gold from its flagship Blackwater Mine in central British Columbia, Canada. The Blackwater project is one of the largest gold deposits in Canada, and Artemis built it from a development-stage asset into an operating mine. The company sells gold bullion to refiners and financial institutions, which is the standard end market for gold producers.

Artemis makes money by mining and selling gold, with revenue tied directly to the price of gold and how much ore the mine produces. Operations are concentrated entirely in British Columbia, making it a single-asset company at this stage of its development. The Blackwater Mine is still ramping up production, which gives Artemis room to grow output and lower its costs per ounce over time — but that same single-asset focus means any operational disruption, permitting issue, or sustained drop in gold prices would have an outsized impact on the business.

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

+668.0% 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

35.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$194M 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 668% 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

19.9%

Converts sales into free cash efficiently (19.9%)

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

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Stability

Debt / Equity

0.39

Conservative — low debt load (0.39)

Interest Cover

13.54x

Comfortably covers interest (13.5x)

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

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Valuation

P/E Ratio (TTM)

20.7x

Growth-priced — P/E 20.7

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+13.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.7 → 7.2)

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Dividends

Not applicable for this business.

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