Blackwater Mine set to produce over 500,000 ounces of gold annually, becoming one of Canada’s largest
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PRINCE GEORGE – Artemis Gold has given the green light for an expanded Phase 2 development at its Blackwater Mine, located southwest of Prince George. This expansion will boost the processing capacity from 8 million to 21 million tonnes per year by the end of 2028.
With a price tag of $1.44 billion, the project is primarily expected to be funded through operating cash flow. It’s projected to yield an average of 500,000 to 525,000 ounces of gold annually for the first decade, positioning Blackwater among Canada’s top three gold mines.
The expansion aims to reduce unit operating costs by leveraging economies of scale, with all-in sustaining costs estimated at US$800-US$1,100 per ounce over the next 10 years.
Preparatory work is set to kick off in January 2026, with major construction beginning in the third quarter of 2026. First gold production is anticipated in the third quarter of 2028, contingent on securing a reliable hydroelectric power supply.
