ARTG says they'll do first pour of gold in 2024.
take a look at their
Investor's Presentation.
they are most of the way done with construction.
>>> they seem to have done a very good job of controlling construction cost and schedule, compared to other companies building their 1st mine.
the market cap is ~ $2.2B Cdn - that's a huge vote of confidence by the market for a company that's still building its 1st mind.
however, at the current market cap, ya gotta ask, how much higher will it go? I think the market has already baked success into the share price.
ARTG plans a Phase 2, to implement in 2027-2028. Phase 2 will result in annual free cash flow of $1/2B or more (calculated at lower gold prices than we see now). The CapEx for Phase 2 is expected to come entirely from commercial production in 2025-2026.
- The next big move in market cap and share price may not be for a couple more years.
- If anything goes wrong in start up, ARTG's market cap will crater.
- This might not be a good time to buy shares.