On February 28, 2023, Artemis Gold Inc. executed definitive documents for a $385 million Project Loan Facility (PLF) with major banks including National Bank of Canada, Macquarie Bank Limited, ING Capital LLC, Société Générale, and Bank of Montreal, to finance its Blackwater Gold Project in British Columbia. This facility comprises a $360 million loan, an additional $25 million for capitalized interest, and a $40 million standby cost overrun facility (Standby COF), which can be cancelled once the project is complete.

The PLF's terms, consistent with those announced on February 24, 2022, include a Canadian Dealer Offered Rate (CDOR) based interest rate of 4.75% pre-completion, reducing to 4.25% post-completion, with an extra 2% for amounts drawn from the Standby COF. Repayment is structured in quarterly installments over six years, starting after commercial production begins, with flexibility during the project's expansion phase.

Artemis plans a hedging program to manage gold price exposure, ranging from 185,000 to 300,000 ounces. The PLF, secured against all company assets, is subject to customary conditions. Chairman and CEO Steven Dean highlighted this as a testament to the project's financial strength.