Artemis Gold Inc. provided an update on work completed on the Blackwater Mine process plant by the Company's Engineering, Procurement and Construction (EPC) contractor, Sedgman Canada Limited (Sedgman). As of the end of February 2023, Sedgman has completed approximately 63% of the detailed engineering for the processing plant. On the procurement front, over 90% of the total processing equipment packages have been awarded.

This includes key items such as the ball mill, gyratory crusher, apron and reclaim feeders, the secondary and tertiary crushers, slurry and solution pumps, the pre-leach and carbon in leach tankage, vibrating screens, and the gravity concentrators. Manufacturing has commenced and is proceeding in accordance with the relative fabrication vendor schedules/timelines (see photos enclosed). Sedgman has filled all key positions for its team at the Blackwater site.

There are over 80 full time personnel in the Vancouver office who are currently assigned to the Blackwater Mine project. Sedgman's key on-site management personnel have either commenced with the company or have been appointed. Looking ahead to second quarter of 2023, Sedgman will continue to mobilize personnel to the Blackwater site and focus on finalizing site establishment and commencing civil works and subsequent concrete pours at major foundations within the process plant area.

Deliveries of procurement packages will start arriving on site in early second quarter of 2023, and first concrete pours for major foundations are also scheduled to commence in early second quarter of 2023. Further updates will be provided in due course.