ARTEMIS AWARDS MINING FLEET SUPPLY FOR PROJECT BLACKWATER, SECURES CREDIT-APPROVED LETTER OF COMMITMENT FOR EQUIPMENT RENTAL, AND SET PATHWAY TO FLEET DECARBONIZATION


Ticker symbol: TSX-V: ARTG

All amounts are quoted in Canadian dollars unless otherwise stated

VANCOUVER, BC, May 24, 2022 /CNW/ – Artemis Gold Inc. (TSXV: ARTG) (“Artemis“or the”Company“) is pleased to announce that following a competitive bidding process, it has signed binding agreements with Finning (Canada), a division of Finning International Inc. (TSX: FTT) (“Finishing“) for the provision of a primary and auxiliary mining fleet (the “Supply agreements“) for the Company’s Blackwater Gold Project (“black water“or the”Project“) in central British Columbia. The company also concurrently signed a credit approval commitment letter for an equipment lease facility with Caterpillar Financial Services Limited (“financial cat“) associated with the primary and auxiliary mining fleet, as well as an agreement with Caterpillar Inc. (NYSE: CAT) (“caterpillar“) regarding the provision of a future zero-emission transport fleet.

As part of the supply contracts, Finning secured the price of equipment for the main fleet up to December 31, 2024, subject to minor index and currency adjustments. Finning has further agreed delivery dates for the main and auxiliary fleet to support the development of the Blackwater mine. Supply agreements guarantee the supply of equipment, as well as the supply of parts and labor, the latter in support of the equipment availability guarantees provided by Finning.

Approved equipment lease facility with Cat Financial provides up to $140 million in the financing of equipment on terms consistent with the assumptions contained in the Company’s 2021 Feasibility Study Technical Report titled “Blackwater Gold Project NI 43-101 Updated Feasibility Study Technical Report” date September 10, 2021. The equipment lease facility remains subject to customary conditions precedent, including finalization of the master lease agreement and related documents.

Through the agreement with Caterpillar, the Company has the ability to place orders for Caterpillar’s zero-emission haul trucks, currently under development, for shipments beginning in 2029. The fleet transition represents a key milestone in the project and will significantly reduce the carbon footprint of Blackwater’s operations.

The project will be powered by clean electricity through the Company’s planned 135 km 230 kV transmission line, which will connect to the BC Hydro grid.

Steven Deancommented the Chairman and CEO, “The execution of these agreements provides Artemis with certainty of price and equipment availability for Blackwater’s planned mining and construction activities. Equally important, the partnership with Caterpillar provides the project with a pathway to decarbonization of Blackwater’s transmission fleet With access to clean energy from BC Hydro, transitioning to an electrified fleet as early as 2029 provides Artemis with a pathway to significantly reduce the project’s carbon footprint, which is in line with ESG objectives of Artemis to responsibly develop the Blackwater Gold Project, identify innovative ways to reduce our impact on the environment while providing generational opportunities in the communities in which we operate.”

Mark CameronVice President of Caterpillar, added: “We salute Artemis’ commitment to sustainability and the planned path to decarbonization at Blackwater. We look forward to supporting their carbon reduction goals with the future deployment of Caterpillar’s zero-emission haul trucks once development is complete. »

David PrimrosePresident of Finning Canada, said: “We are delighted to partner with Artemis Gold and Cat Financial to supply and support the main and auxiliary fleet for the Blackwater Project. The mining sector of Western Canada continues to represent a great opportunity for us as we help our customers improve the efficiency, productivity and safety of their operations. »

Qualified person

Jeremy LangfordFAUSIMM, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release.

ARTEMIS GOLD INC.
On behalf of the Board of Directors

Steven Dean

President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Information

This press release contains certain “forward-looking statements” and certain “forward-looking information” as defined by applicable Canadian and United States securities laws (together, “forward-looking statements“). Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “should”, “expect”, “intend”, “estimate”, “anticipate “, “believes”, “continue”, “plans”, “potential” or similar terminology. Forward-looking statements in this press release include, but are not limited to, statements and information regarding the Company’s plans regarding the project and other statements regarding future plans, expectations, advice, projections , objectives, estimates and forecasts, and statements regarding management’s expectations with respect to such matters.

Forward-looking statements and information are not historical facts and are made as of the date of this press release. These forward-looking statements involve numerous risks and uncertainties and actual results may vary. Important factors that could cause actual results to vary include, but are not limited to, risks relating to the Company’s ability to achieve its plans and objectives with respect to the project on time or at all; the timing and receipt of certain approvals, changes in commodity and electricity prices, changes in interest and foreign exchange rates, risks inherent in exploration estimates and results, the timing and success, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recovery of mineral reserves and resources), changes in development or mining plans due to changes in logistical factors, technical or other, unforeseen operational difficulties (including failure of plant, equipment or processes to perform to specification, cost escalation, unavailability of materials, equipment and third party subcontractors , delays in receiving government approvals, disruptions to labor or other business actions, and unforeseen events related to health, safety and environment), political risks, social unrest and changes in general economic or financial market conditions. In making the forward-looking statements contained in this press release, the Company has applied several important assumptions, including, without limitation, assumptions that: (1) market fundamentals will drive sustained demand and prices for minerals ; (2) the receipt of all necessary approvals and consents in connection with the development of any properties; (3) the availability of financing on suitable terms for the development, construction and continued operation of any mineral property; and (4) sustained commodity prices such that all properties brought into production remain economically viable. The Company’s actual results or performance could differ materially from those expressed or implied by the forward-looking statements relating to these matters. Accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will or will occur, or if any of them occur, what impact it will have on the results of operations or the financial situation of the Company. Except as required by law, the Company has no obligation, and expressly disclaims any obligation, to update, modify or revise any forward-looking statements, whether written or oral, which may be made from time to time, that whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

SOURCEArtemis Gold Inc.

For further information: Nicholas Campbell, Vice President, Capital Markets, +1 (604) 558-1107.


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