Artemis Resources Limited — Capital/Financing Update 2008

Jul 24, 2008

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Registered Office 61Gwenyfred Road Kensington WA 6151 ABN 80 107 051 749 Telephone: +618 9488 5266 Facsimile: +618 6467 6001 Email: info@artemisresources.com.au

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25 July 2008 ASX ANNOUNCEMENT

MANAGEMENT FEE AND INCENTIVE FEE

Highlights:

• Calculation of Apollo Minerals Limited Management Fee and Incentive Fee for financial year ended 30 June 2008

• Incentive Fee payable by Apollo to Artemis is $1,898,183

Australian resource investment house Artemis Resources Ltd (“Artemis”), advises that as outlined in the Apollo Minerals Limited (“Apollo”) IPO Prospectus dated 9 August 2007, Apollo advised of the arrangements in relation to the Management Agreement it had with Artemis.

Artemis agreed to provide the services to Apollo as set out in the management agreement with its fees calculated in two parts and in accordance with the following formula:

• (a)Management Fee - the greater of 2% x Market Capitalisation ( CMC ) and $300,000 per annum.

(b)Incentive Fee - calculated annually in arrears as an amount equal to 20% of the amount, if any, by which the Apollo Return for any given financial year outperforms the Standard & Poors ASX 300 Metals and Mining Index (BRI) for that financial year in accordance with the following formula:

– (Company Return BRI) x CMC2

5

Shareholders should refer to the IPO Prospectus dated 9 August 2007 for further information about the formulae above.

In regard to the Management Fee (item (a) above) for the 2008 financial year, the Company advises that 2% of CMC $339, 942 on an annualised basis. Given that Apollo was listed on 31 October 2008, this amount will be adjusted to take account that the relevant period is 8 months.

In regard to the Incentive Fee (item (b) above) for the 2008 financial year, the Company advises that based on the formula as outlined in the Prospectus, the Incentive Fee has been calculated at $1,898,183 . This amount reflects the growth of the Apollo share price since listing against the movement in the Standard and Poors ASX 300 Metals and Mining Index in the same period. Pursuant to the Management Agreement, the Incentive Fee is payable by Apollo in cash. However, subject to the Corporations Act and Listing Rules, Apollo may in its discretion, pay up to 90% of the Incentive Fee in the form of Shares. The issue price of any Shares in this regard will be the VWAP of all Shares in respect of the 2008 Financial Year which has been calculated at 35.03 cents.

Artemis awaits the exercise of Apollo’s discretion in relation to the settlement of the 2008 Management and Incentive Fee.

For information, please call: Barry Woodhouse Director and Company Secretary, Artemis Resources Telephone: +618 9488 5266

www.artemisresources.com.au

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Registered Office 61Gwenyfred Road Kensington WA 6151 ABN 80 107 051 749 Telephone: +618 9488 5266 Facsimile: +618 6467 6001 Email: info@artemisresources.com.au

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About Artemis Resources Limited

Artemis Resources Limited is a diversified Australian resource investment house focused on direct exploration and investments in the resource sector. In 2007 the Company raised over $16 million in equity.

The Company aims to establish a diversified portfolio of investments in projects and resource companies. Artemis currently has direct interests in gold (total inferred resources of approximately 70,000 ounces of gold), Uranium in Niger and a Molybdenum-Copper project in Western Australia and continues to examine a number of resource opportunities in Australia and overseas.

The Company has significant exposure to the uranium sector through a strategic interest of approximately 5 % in uranium developer Contact Uranium (ASX Code: CTS) and its own interest in a JV agreement in Niger. Artemis also holds a 6 per cent interest in Apollo Minerals (ASX Code: AON), which is exploring for iron ore and IOCGU style deposits in South Australia and Western Australia.

Artemis has also secured the services of uranium expert Tony Grey, who is a Special Adviser to the Company tasked with assisting the Company with the development of the Company’s uranium assets. Mr Grey has over 30 years experience in the resource sector including as founder of the Jabiluka Uranium deposit, founder of Pancontinental Mining, Chairman of International Ferrochrome and director of TSX listed Mega Uranium. Mega Uranium through its wholly owned subsidiary Mega Redport Pty Ltd holds an 8% interest in Artemis.

Niger Uranium Information

Niger is one of the world’s largest uranium producers and is ranked behind only Canada, Australia and Kazahkstan in terms of production and total known uranium reserves. In 2005 Niger produced 3,093 tonnes of uranium from two mines operated by AREVA (COGEMA) situated north of the JV project area:

• The SOMAIR mine in Arlit. An open pit resource that has produced more than 45,000 tonnes of uranium at an average grade of 0.2 % U3O8 over a 30+ year history

• The COMINAK mine at Akouta: a higher grade underground mine that has produced over 55,000 tonnes of uranium at an average grade of between 0.4-0.5 % U3O8.

• The two operating mines have a combined reserve of approximately 43,000 tonnes of uranium at average grade of between 0.3% and 0.5%. Both operating mines are located in the same stratigraphic unit as the two projects which form part of Artemis’ joint venture. The joint venture ground covers approximately 1,000 km[2] and is situated adjacent to a major uranium deposit (Teguidda) currently being developed by the state owned Chinese nuclear company CNNC. The projects are also close to all necessary infrastructure.

CNNC’s Teguidda uranium project contains 15,000 tonnes at 0.2% U3O8. CNNC have commenced mine development with the aim of production in late 2009. Several other unmined uranium resources occur in the region including Imouraren (120,000 tonnes at 0.11% U3O8) and Madaouela (6,190 tonnes at 0.2-0.3% U3O8).

Areva recently announced that it had reached agreement with the Niger Government and advised its intention to spend $1.5B on Niger tenements and to develop one of the largest uranium deposits in the world at Imouraren.

www.artemisresources.com.au