(Vancouver, December 30, 2021) – Artemis Gold Inc. (TSX-V: ARTG) (“Artemis” or the “Company”) announces that its memorandum of understanding (“MOU”) with Ausenco Engineering Canada Inc. (“Ausenco”) has been terminated due to the expiry of an agreed period to enter into an Engineering, Procurement and Construction (“EPC”) contract to construct a processing facility and associated infrastructure (the “Facilities”) for the Company’s Blackwater Gold Project (“Blackwater” or the “Project”) in Central British Columbia.

The MOU was executed in March 2021 as part of a multi-party competitive bid process and was awarded to Ausenco at that time.

Negotiations are expected to continue with various parties to finalize an EPC contract for the construction of the Facilities. The Company also expects to enter into agreements in the next several weeks with suppliers of long-lead equipment to support timelines for construction.

The Company continues to expect initial capital costs to be in the range outlined in the Company’s Feasibility Study for the Project (see the Company’s National Instrument 43-101 Technical Report entitled “Blackwater Gold Project NI 43-101 Technical Report on Updated Feasibility Study” with an effective date of September 10, 2021, along with the related announcement dated September 13, 2021, both available on the Company’s website and on www.sedar.com), and do not expect the termination of the MOU to impact the timing of commencement of early works construction at Blackwater (targeted for late Q1 or early Q2 2022, depending on seasonal factors), or major works construction, which is dependent upon receipt of Mines Act and Environmental Management Act permits and other authorizations as required for major works, scheduled for receipt approximately mid-2022.

Further updates will be provided in due course.

Qualified Person

Jeremy Langford, FAUSIMM, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.

ARTEMIS GOLD INC.
On behalf of the Board of Directors

“Steven Dean”

Chairman and Chief Executive Officer