Business in Vancouver named Steven Dean, founder and executive chair of Artemis Gold Inc. (TSX-V: ARTG), its Executive Chair of the Year. The recognition follows the company’s transformation from a $40 million market capitalization in 2020 to more than $8 billion in 2026. Dean will be formally honored at the C-Suite Awards on November 5, 2026, in Vancouver.
Market capitalization is the total value of a company’s outstanding shares. For example, if Artemis Gold has roughly 235 million shares trading near $38 each, its market cap exceeds $8 billion. The company went from building a mine with zero revenue to generating almost $1 billion in revenue in its first full year as an operating mine in 2025. It added another $433.6 million in revenue in the first half of 2026.
“Being recognized by my peers and other business leaders in Vancouver is a tremendous honour,” Dean said. “I have lived and worked here for over 28 years and have found the talent in Vancouver to be exceptional. It is a privilege to be counted among the top C-Suite executives in the city.”
Artemis Gold acquired the Blackwater project in central British Columbia from New Gold in 2020. Under Dean’s leadership the company financed, built and commissioned a major gold mine, achieved commercial production and announced two expansions that will grow processing capacity by more than 250 percent—all within a short period. Few companies complete that sequence in a single year.
Shareholders saw a 645 percent share-price appreciation over the past three years. The company produced more than $800 million in operating cash flow in its first year of operations. Operating cash flow is the cash generated from core mining activities after operating expenses. Artemis also reported an industry-leading 71 percent gross profit margin on revenue. Gross profit margin is revenue minus the direct costs of producing the metal, expressed as a percentage of revenue. Operating costs sit in the industry’s lowest decile per ounce produced.
Blackwater Mine is one of the first fully electrified process plants in the gold-mining sector. Traditional diesel and propane equipment was replaced with equipment powered by B.C.’s green energy. A privately owned transmission line delivers low-cost renewable hydroelectricity to the site.
The award highlights successful project delivery in a sector where many mines face cost overruns and delays. Artemis Gold’s low-cost position and strong cash generation support self-funded growth. Phase 1A is a 33 percent expansion of the existing plant to 8 million tonnes per year of throughput. It was 77 percent complete as of the third quarter of 2026 and remains targeted for commissioning in the fourth quarter. Expanded Phase 2, or EP2, aims to lift throughput to 21 million tonnes per year and push annual gold production above 500,000 ounces by 2029.
All-in sustaining cost, or AISC, is the full cost to produce an ounce of gold, including mining, processing, sustaining capital and corporate costs, divided by ounces sold. For example, an AISC of $950 per ounce when gold trades near $4,000 leaves a wide margin. Artemis guides 2026 production of 265,000 to 290,000 ounces of gold at an AISC of $925 to $1,025 per ounce sold. Guidance is the range of production or costs a company expects for a period. Year-to-date production through September 30 stood at 205,532 ounces after 69,546 ounces in the third quarter, a 14 percent increase from the prior-year quarter.
Michael Goehring, president and CEO of the Mining Association of BC, said, “During his 41-year mining career, internationally and in Canada, Steven’s contributions have left a positive and lasting effect on Canada’s mining industry. His recent success at Artemis Gold is worthy of recognition as one of British Columbia’s most distinguished C-Suite executives.”
Sixty percent of Artemis Gold’s independent board and roughly one-third of the senior leadership team are women. Blackwater currently has around 635 direct employees, 25 percent of whom identify as Indigenous. The operation has recorded no lost-time incidents over 5.3 million hours worked.
“These efforts all speak to who Steven is both as a CEO and as a person. To Steven, leadership is not solely about the bottom line,” said Beedie president Ryan Beedie. “Leadership also means building an equitable and sustainable future.” Beedie is a major shareholder.
Growth projects carry execution risk even after a successful first-year ramp-up. On August 4, 2026, Artemis Gold updated the capital cost for Phase 1A to $120 million after finalizing scope and adding spares. That figure was higher than the original $100 million to $110 million range announced in 2025. Cost inflation or further scope changes on the much larger EP2 project, estimated at $1.44 billion, could affect cash-flow timing or returns. The company is also completing an all-share acquisition of Vista Gold that adds the advanced-stage Mt Todd project in Australia. Until that deal closes, Artemis remains concentrated on a single operating mine in British Columbia, where wildfire risk and power-supply reliability are ongoing operational factors.
Gold-price volatility is another factor. While high prices have supported strong margins, a sustained decline would compress free cash flow available for expansions and dividends. Artemis has used modest hedging and put options to protect some cash flows during the construction period, but the majority of production remains exposed to the spot price.
Steven Dean will be formally recognized at the Business in Vancouver C-Suite Awards on November 5, 2026. Artemis Gold is expected to release third-quarter 2026 financial results around November 4, 2026. Investors can monitor whether Phase 1A reaches commissioning by the end of the fourth quarter of 2026 as planned. Progress on the Vista Gold acquisition, targeted for closing in early 2027 subject to approvals, will determine the pace of diversification beyond Blackwater. Updates on EP2 major-works construction and any revisions to 2026 guidance or 2027 production outlooks will also be material.
This article is for educational purposes only and is not investment advice. It does not recommend buying, selling or holding any security.
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