07:17 AM EDT, 10/10/2024 (MT Newswires) -- Artemis Gold ( ARGTF ) on Thursday said overall construction of the Blackwater Mine in B.C. is 95% complete and increased its initial capex guidance by 7%.

The transmission power line went live this week, while the tailings storage facility will be complete by the end of this month.

Artemis Gold ( ARGTF ) has also increased its initial capital guidance to first gold pour to $780 million to $800 million. In the past 17 months, the Mine has endured two wildfire events which halted construction for 6 weeks, resulting in additional fixed overhead drag, the company said.

Artemis has executed an agreement with National Bank to provide additional stand-by unsecured debt funding of up to $65 million, plus up to $10 million in capitalized interest and fees. This funding is on top of the current project loan facility of $360 million plus capitalized interest of up to $25 million and a cost overrun facility of $40 million that was drawn in early October. The stand-by facility is repayable within 12 months, most likely from a new corporate debt refinancing in 2025.

Artemis confirmed that first gold pour is targeted for late this year.