Artemis Resources Limited — Capital/Financing Update 2010

Sep 28, 2010

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28 September 2010

Dear Overseas Shareholder

RENOUNCEABLE RIGHTS ISSUE

As you may be aware, Artemis Resources Limited ( Artemis or Company ) is currently undertaking a renounceable pro rata rights issue ( Rights Issue ) pursuant to a prospectus dated 28 September 2010 ( Prospectus ). The Company anticipates that the Rights Issue will close on 28 October 2010.

The Prospectus is for a renounceable rights issue to existing shareholders in Australia and New Zealand on the basis of 1 new share for every 6 shares held on the record date at an issue price of 5.5 cents per share, together 1 free attaching new option for every 4 new shares issued. The Rights Issue will raise approximately $2.478 million if all the entitlements are taken up (excluding any shares that may be issued as a result of any options that are exercised prior to the record date).

The Company has determined, pursuant to Listing Rule 7.7.1(a) of the Listing Rules of ASX Limited ( ASX Listing Rules ) that it would be unreasonable to make offers under the Prospectus to all countries outside of Australia and New Zealand. Accordingly, in compliance with ASX Listing Rule 7.7.1(b), the Company wishes to advise you that it will not be extending the Rights Issue to you.

The Company has appointed Patersons Securities Limited ( Nominee ) on normal commercial terms, as nominee for the excluded shareholders to arrange the sale of the rights which would have been offered to the excluded shareholders. The Company will transfer the rights of the excluded shareholders to the Nominee who will account to those excluded shareholders for the net proceeds of the sale of the rights (if any). The Nominee will have the absolute and sole discretion to determine the timing and the price at which the rights may be sold and the manner of any such sale. Neither the Company nor the Nominee will be subject to any liability for failure to sell the rights or to sell them at a particular price.

If, in the reasonable opinion of the Nominee, there is not a viable market for the rights or a surplus over the expenses of sale cannot be obtained for the rights that would have been offered to the excluded shareholders, then the rights will be allowed to lapse and the will form part of the shortfall.

Should you have any queries please contact the Company’s Share Registry Security Transfer Registrars Pty Limited on +61 8 9315 2333.

Yours faithfully,

Artemis Resources Guy Robertson Company Secretary

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ABN: 80 107 051 749 Telephone: +61 2 9299 8820 Facsimile: +61 2 9262 2885 Email: info@artemisresources.com.au Address: Level 10, 1 Margaret Street, Sydney NSW 2000 Postal Address: PO Box R933, Royal Exchange NSW 2205 www.artemisresources.com.au