The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

30 April 2025

Quarterly Activities Report

For the period ending 31 March 2025

_______________________________________________________________________________

Highlights

Karratha Gold Project (ARV 100%) - Site Exploration

The first phase of drilling to test three previously undrilled gold targets in the immediate area of the 100% owned Carlow gold/copper deposit was successfully completed during the quarter[1].

·    Phase One comprised five diamond holes for a total of 1,790m as an initial test of the Marillion, Carlow East and Titan targets which extend over 2.7kms[2]

·    Results announced post reporting period include 7m @ 2.9g/t Au including 1m @ 15.3g/t Au from 404m in 25ARDD001, the first hole to test the Marillion Prospect[3]

·    The Marillion intersection is significant and may extend potential for Carlow high-grade lodes up to 600m east of previous drilling.  The 600m gap is now a priority for drilling

·    Phase One drilling included three initial holes at Titan, intersecting elevated gold values from 0.2g/t to 0.5g/t Au and an intersection of 1m @ 16.4g/t Au from 67m in 25ARDD004

·    Phase One drilling resulted in new interpretation of the Carlow geology which opens-up wider potential for mineralisation.  Next phase of drilling is planned to start in June

Karratha Gold Project - Carlow Review

Artemis has commenced a review of >400 historic drill holes which formed the basis of the 2022 Carlow Mineral Resource estimate which contains 374koz gold and 66,000t copper [4].  

·    192 high-grade gold assays (>10g/t Au) intersected in 80 historic holes identified during initial stage of the Carlow review[5]

·    515 high-grade copper assays (>2.0% Cu) intersected in 162 historic holes identified during initial stage of the Carlow review[6]

·    Deepest historic hole at Carlow intersected 4m @ 11.1 g/t Au & 2.0% Cu in  20CCDD003, outside the resource with potential open below and along strike  

·    Conceptual technical studies of Carlow including metallurgical test work are planned next steps pending completion of the Carlow review

Pilbara Lithium Joint Venture (ARV 50%) - Andover Lithium

·    Artemis signs binding JV agreement with GreenTech Metals (ASX:GRE) to consolidate lithium rights of both companies' extensive holdings into Andover Lithium Pty Ltd[7]

Artemis Resources Limited ('Artemis' or the 'Company') (ASX/AIM: ARV) is pleased to provide the activities report for the quarter ended 31 March 2025. During this period the Company completed the first phase of diamond drilling (Phase One) which was an initial test of three previously undrilled targets along a 2.7km long structural zone centred around the Carlow gold/copper deposit.  Despite the proximity to the Carlow Mineral Resource announced in October 2022[8] which was based on >400 historic aircore, reverse circulation and diamond core drill holes, there is no effective drilling either east or west along strike from Carlow. 

The targets were identified during a review of all available data which included high grade surface gold occurrences announced by Artemis during 2024[9], geological and structural interpretations and detailed geological mapping of outcrops during the December 2024 quarter.

Phase One comprised five diamond holes for a total of 1,790m as an initial test of the Marillion, Carlow East extensions and Titan targets which are plotted on Figure 1.

Figure 1:  Schematic longitudinal section extending from Marillion to Titan showing main interpreted geological features, an outline of the current Inferred Mineral Resource[10] at Carlow, pierce points of historic holes with many of the >10g/t Au and >2.0% Cu assays[11] projected onto the section and drill traces (red) of all recent Phase One drill holes

The Phase One drilling program was successful with high-grade gold intersected at two of the targets, Marillion and Titan (Refer to figure 1). The intersection at Marillion opens up potential for possible extensions to the Carlow deposit up to 600m east along strike from any previous drilling. The intersection at Titan is associated with elevated gold values up to 0.5g/t Au intersected in a previously unknown and completely untested sequence interpreted under cover along the eastern margin of the large Titan gravity anomaly (refer to figures 3 and 4).

Highlights from the drilling include high-grade gold (>15g/t Au) intersected at the Marillion and Titan targets located 2.7km apart on the same structural zone which hosts the 374koz gold and 66,000t copper resource at Carlow. Importantly the first drill hole at the large Marillion target intersected 7m @ 2.9g/t Au including 1m @ 15.3g/t Au from 399m downhole in 25ARDD001, approximately 600m east along strike from any previous drilling at Carlow. This one intersection suggests gold mineralisation may extend well beyond the current deposit with the gap between Carlow and Marillion (refer to Figure 1) now a high priority for drilling planned to start in June.

The potential for extensions to the Carlow deposit is also supported by an intersection of 4m @ 11.1 g/t Au and 2.0% Cu in hole 20CCDD003, the deepest historic drill hole at Carlow[12]. This intersection is at approximately 500m vertical depth and is not included in the Carlow resource. The high-grade intersection in hole 20CCDD003 warrants step out drilling to test for other high-grade gold and copper lodes and potential resource extensions below Carlow.

Phase One included three holes at Titan drilled below one of four surface gold occurrences in quartz veins and chert outcrops around a central gravity-low feature reported in 2024 and 2025[13]. The holes intersected a previously unknown sequence of chrome rich ultramafic rocks and sediments intruded by porphyry.  All three holes at Titan (25ARDD003, 25ARDD004, 25ARDD005) reported elevated values of gold between 0.2g/t and 0.5g/t Au within the ultramafic unit and porphyry intrusion with 1m @ 16.4g/t Au intersected in the porphyry intrusion in hole 25ARDD004 from 67m down hole (refer to Figure 2). 

Figure 2: Titan cross section showing elevated gold intersections including 1m @ 16.4g/t Au hosted in porphyry

Figure 3: Panorama of Titan Prospect from chert ridge (Regal Thrust) looking NE across central gravity low feature, showing surface gold occurrences (HG Au)[14] and location of holes 25ARDD003, 25ARDD004, 25ARDD005 (Figures 2, 4)[15] 

​

Figure 4: Titan Prospect in centre of Carlow Tenement - interpreted key elements are: Regal thrust zone chert outcrops (brown), major thrusts (black), Titan gravity-low feature (purple) extending >7km across Carlow Tenement, area of recent drilling at Titan (yellow circle), 3 interpreted gravity-high anomalies (G1-G3) and 5 EM conductive plates (C1-C5).

Figure 5: Titan Prospect - drone image showing collar locations of three Phase One diamond drill holes and approximate outline of area of high-grade gold and silver surface occurrences[16]

During the quarter Artemis commenced a review of >400 historic drill holes which formed the basis of the 2022 Carlow Mineral Resource estimate which contains 374koz gold and 66,000t copper[17].   The review coincides with the current gold price (~USD3,300/oz), almost double the price when the Carlow Mineral Resource was announced in October 2022[18] (~USD1,640/oz), and with the Artemis announcement on 28 April 2025 which includes a 'Carlow lode type' gold intersection in the first hole (25ARDD001) at the Marillion target, 600m east of Carlow. 

The first step in the Carlow review is to evaluate numerous (>700) high-grade gold and copper assays reported from approximately 240 historic drill holes. High gold and copper assays are widespread across the Carlow lode system and include the following assays (listed in Tables 1 and 3 in the Artemis announcement on 28 April 2025) with many plotted on Figure 1 above:

·    Approximately 192 high-grade gold assays (>10g/t Au) intersected in 80 historic holes identified during initial stage of the Carlow review[19]

·    Approximately 515 high-grade copper assays (>2.0% Cu) intersected in 162 historic holes identified during initial stage of the Carlow review[20]

·    An intersection of 4m @ 11.1 g/t Au & 2.0% Cu at ~500m vertical depth in 20CCDD003, the deepest historic hole at Carlow which is below and outside the resource

Depending on results of the initial review of historic drilling at Carlow, Artemis expects to appoint consultants to undertake conceptual technical studies including metallurgical test work on drill core samples from Carlow with this work planned to start later in the June quarter.

Pilbara Lithium Joint Venture (ARV 50%) - Andover Lithium

Artemis and GreenTech Metals (ASX: GRE, 'GreenTech') have executed a binding agreement to consolidate the lithium mineral rights of their respective tenement holdings near Karratha in the West Pilbara.  The combined lithium mineral rights will be held in a joint venture company called Andover Lithium Pty Ltd ('Andover Lithium') with Artemis and GreenTech each holding 50% interest.  (Refer to Artemis ASX announcement on 3 April 2025). 

Andover Lithium will create the largest lithium exploration holding in the West Pilbara with over 420 km² situated along strike from Azure Minerals lithium discovery (refer Figure 6). The tenement package encompasses a large part of the Karratha-Roebourne lithium corridor and includes six known lithium prospective areas, four with significant outcrops of spodumene bearing pegmatites[21].  Consolidation of the extensive lithium interests into a joint venture structure provides an opportunity to attract a major funding partner into Andover Lithium. 

Figure 6: Andover Lithium Joint Venture Tenements (orange outline) with known Li pegmatites (red circles)

The combined tenements contain undrilled lithium bearing pegmatite outcrops within the same regional corridor which hosts the Tier 1 lithium pegmatite project discovered by Azure Minerals that has a reported Exploration Target of 100 - 240Mt @ 1.0 - 1.5% Li₂O^[22]

Consolidation of the extensive lithium interests of Artemis and GreenTech into a 50:50 joint venture will allow the two companies to focus on their core exploration and resource expansion activities in the Karratha region, respectively for gold and copper/zinc.  The consolidation should not require any substantial management time or involve any material costs from either company.

Corporate

Mr Julian Hanna was appointed Managing Director on 24 January 2025. Mr Hanna was the Co-founder and Managing Director of Western Areas Ltd for 12 years from 2000. He then joined MOD Resources Ltd as Managing Director for 7 years from 2013 before joining Sandfire Resources Ltd in 2019 following its takeover of MOD Resources as Director External Relations. Between 2022 and 2024 Mr Hanna acted as GM Growth and Development for St George Mining.

Mr Bruce Garlick was appointed a Director on 5 March 2025. Mr Garlick has over thirty years' experience in mining, exploration, and engineering, having an extensive knowledge of the Pilbara as a Director of Fox Resources Ltd which previously held significant exploration tenements in the Pilbara.

Mr George Ventouras resigned as a Director on 8 January 2025.

In February 2025 the Company completed tranche 2 of the capital raise announced on 16 December 2024, with the issue of 284,428,571 new shares at $0.007 per share.

Exploration expenditure during the quarter totalled $901,000.

Payments to related parties during the quarter being directors fees and salaries amounted to $122,000.

This announcement was approved for release by the Board.

Appendix 1

Schedule of tenement holdings at end of Q3 FY2025. All are in Western Australia  

Competent Person Statement

The information in this report that relates to Exploration Results was compiled by Mr Julian Hanna, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hanna is Managing Director of Artemis Resources Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Hanna consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

No New Information

To the extent that this announcement contains references to prior exploration results which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

About Artemis Resources

Artemis Resources (ASX/AIM:ARV) is a gold, copper and lithium focused resources company with a highly attractive suite of projects in Western Australia's underexplored North Pilbara Gold Province.

·    Attractive projects:

o  Gold/Copper - Karratha Gold Project (100%) multiple prospects incl: Carlow, Titan, Marillion

o  Paterson Gold/Copper Project - adjacent to Havieron Mine (owned Greatland Gold)

o  Lithium - Artemis/Greentech Lithium JV: Mt Marie, Kobe, Osborne Lithium prospects

·    Highly strategic location: Tier 1 jurisdiction, close proximity to major hub at Karratha including regional rail and road infrastructure, administrative centre and Dampier Port

·    Significant exploration upside: highly prospective tenure package in the Pilbara Region of Western Australia which is rapidly emerging gold province dominated by >12Moz Au Hemi Project

·    Mineral Resource with growth potential: existing high-grade gold-copper-cobalt Inferred Mineral Resource at Carlow (100%-owned tenure)

·    Established processing site at Radio Hill: strategically located, fully permitted

·    IOCG Exploration Target: Artemis has applied for a 340km² exploration licence 440km east of Kalgoorlie covering a large interpreted magnetic intrusion prospective for IOCG type copper/gold   

Figure 7: Satellite image showing outline of Artemis tenement holdings south and east of Karratha