Artemis Gold Inc. announced 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.