Artemis Gold Inc.

Artemis Gold operates the Blackwater Gold Project in central British Columbia — a large, recently commissioned open-pit gold-silver mine plus a 32.3% stake in Velocity Minerals (Bulgarian gold exploration). It's the direct way to own a newly-producing gold mine ramping into full commercial output.

• Q2 revenue grew 88% year over year to $434M with Q2 EPS at $0.85 beating consensus by 11% — the ramp trajectory at Blackwater is landing in earnings, and analyst FY27 revenue at $1.97B (from FY26 $1.56B) implies continued production and grade-recovery improvements.
• Trades at 21x TTM earnings and 70% gross margin — that's high-margin gold-producer economics, and 22% ROIC with 49% ROE reflects the leverage-and-execution combination that Artemis is delivering; FCF yield of 2.5% is modest but growing as capex normalizes post-commissioning.
• The stock is at 56% of 52-week range but +20% above the 50-day and +8% above the 200-day — the classic profile of a stock accelerating through its own range as the earnings power keeps beating expectations, and gold-price backdrop (near $2,500/oz) supports the operational math.
• The gold-price macro backdrop is genuinely supportive: central-bank buying, geopolitical demand, and dollar-weakness dynamics have kept gold structurally higher — Artemis is one of the cleanest ways to add production-inflection exposure without operational-risk-heavy juniors.

What extends the move: Nov 10 Q3 earnings sustaining 30%+ revenue growth plus updated FY27 production guidance from Blackwater — that combination defends the multiple and takes the stock toward $35. What would invalidate accelerating: a gold-price break below $2,300/oz that pressures margins, or any Blackwater operational disruption (equipment failure, permit issue) that slows production ramp.