One-glance verdict
Overvalued
$17.83 our estimate vs market $27.56
55% above our estimate, beyond the bull case
Fundamentals snapshot
Artemis Gold Inc.
ARGTF · OQX · Basic Materials · Other Precious Metals & Mining
Current price
$27.56
52-week range
$20.85 - $35.59
Market cap
$6.43B
Balance sheet
Watch
13.54x Strong cushion
Net debt $291.22M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Returns 53.5% on equity, ahead of 80% of its peers.
- Reward Free cash flow was positive in 1/10 years.
- Reward Dividend yield is 0.5% with 1-year payout history.
What this company does
Artemis Gold Inc.
Artemis Gold is a mining company focused on developing a large gold project in Canada called Blackwater. Since the mine is still under construction, the company isn't selling gold yet and instead raises money from investors to fund its operations. The company's value is based on its potential to successfully finish the mine and profit from selling gold in the future.
How the company got here
Artemis Gold was established in 2019 and acquired the Blackwater project in central British Columbia from New Gold in 2020. The company's primary focus has been to develop this single, high-impact asset. A major turning point was achieving the first gold and silver pour in January 2025, followed by the start of commercial production in May 2025. This transitioned Artemis from a development company to a producing mining company, allowing it to generate revenue (the money a company makes from its sales) and cash flow from its own operations.
What it actually does
Artemis Gold is in the business of finding, developing, and operating gold and silver properties in Canada. Think of them as a company that searches for valuable metals in the ground and then builds and runs a mine to extract them. Their main product is gold and silver, which they sell on the market. The company's entire operation is currently centered around one large project, the Blackwater Mine.
Blackwater Mine
This is the company's only business and its flagship asset. Located in central British Columbia, it is an open-pit mine, meaning they extract gold and silver from a large pit on the surface. The mine generates revenue by processing the mined rock to pull out the gold and silver, which is then sold. This single mine is the source of all the company's current income and is considered one of the largest gold development projects in Canada.
What management is betting on now
Management's main strategy is to significantly expand the Blackwater Mine in multiple phases, using the cash generated from current operations to fund this growth. They are working on a "Phase 1A" expansion to increase the amount of ore processed by the end of 2026. An even larger "Expanded Phase 2" is planned to be completed by the end of 2028, with the goal of making Blackwater one of the top three largest gold mines in Canada. The company is also focused on exploration (the process of searching for new mineral deposits) to potentially extend the mine's life beyond its current plan.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $17.83 vs current price $27.56
Our most-likely fair value is $17.83 a share — about 35.3% below today's price of $27.56, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Watch
Net debt $291.2M. Interest coverage 13.5x.
Net debt
$291.22M
Interest coverage
13.54x
Artemis Gold Inc.'s profit covers its interest bill about 13.5 times over.
Watch
Worse cushion
Baseline
Better cushion
ARGTF
BASELINE
Artemis Gold Inc.
Total debt $417.15M Interest coverage 13.54x This is the baseline the peer rows are being compared against.
Total debt $539.80M Interest coverage 10.58x -22% vs ARGTF Carries about 1.3x less debt cushion than ARGTF.
Total debt $2.30M Interest coverage 32.21x +138% vs ARGTF Carries about 2.4x more debt cushion than ARGTF.
Total debt $456.09M Interest coverage 37.25x +175% vs ARGTF Carries about 2.8x more debt cushion than ARGTF.
Total debt $1.76B Interest coverage 26.70x +97% vs ARGTF Carries about 2.0x more debt cushion than ARGTF.
What you should know
The case for and against ARGTF
3 Rewards
0 Risks
Rewards
-
Returns 53.5% on equity, ahead of 80% of its peers.
-
Free cash flow was positive in 1/10 years.
-
Dividend yield is 0.5% with 1-year payout history.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
16.31x
Forward P/E
—
P/B
6.86x
P/S
4.62x
EV/EBITDA
6.63x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
76.5%
Operating margin
74.0%
Net margin
40.1%
ROE
53.5%
ROA
25.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.44x
Current ratio
1.19x
Quick ratio
0.82x
Total debt
$417.15M
Total cash
$125.93M
Growth
How the business has been compounding
Revenue TTM
$978.80M
Revenue 5Y CAGR
—
EPS TTM
1.69
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$394.61M
Free CF TTM
$112.14M
FCF margin
11.5%
Dividend
Shareholder payout
Yield
0.5%
Payout ratio
0.0%
Last ex-div date
2026-08-19