10:52 AM EDT, 03/13/2024 (MT Newswires) -- National Bank of Canada said Wednesday that Artemis Gold Inc. ( ARGTF ) 's fourth-quarter 2023 financials did not include new material information, as the company's liquidity and cash spend were already reported in the first quarter.

The construction of the Blackwater project remains on time with the first pour scheduled in the second half. The development also remains on budget, with total capex unchanged and fully funded with a modest surplus.

The bank reiterated Artemis as a top pick, citing its free cash flow inflection that is expected around October.

National Bank also cited Artemis' expected decision to proceed with the phase two expansion in the second half.

The bank gave Artemis an outperform rating with a $9.25 price target.

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