Artemis Resources Limited — Capital/Financing Update 2017

Aug 15, 2017

ASX / Media Announcement

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16 August 2017

Artemis Resources Limited ARBN: 80 107 051 749

Level 3, IBM Building, 1060 Hay Street, West Perth, WA Australia, 6006

PO Box R933 Royal Exchange NSW Australia, 1225

Phone: +61 2 9078 7670 Facsimile: +61 2 9078 7661 Email:

info@artemisresources.com.au Website: artemisresources.com.au

Directors:

Executive Chairman David Lenigas

Executive Directors Ed Mead Alex Duncan-Kemp

Company Secretary: Guy Robertson

Corporate Information ASX Code: ARV

Amended Deal with Novo Resources Corp and signing of Definitive Agreements

Highlights:

• Artemis signs Definitive Agreements with Novo Resources Corp (“Novo”).

• In addition to the original proposed farm-in and joint venture terms, Novo will also issue Artemis with 4 million Novo escrowed shares.

• Mt Oscar Tenement, which includes the Mt OscarWits conglomerate Gold Project, still remains 100% owned by Artemis and does not form part of the Novo deal.

David Lenigas, Artemis’s Executive Chairman, commented;

“Artemis is pleased to have expedited the definitive agreements which now enables Novo, with their demonstrated experience in exploring for this new style of gold mineralisation in the Karratha area, to fast track the exploration efforts on Purdy’s Reward and progressively advance this exciting new project and other conglomerate gold targets on Artemis’s tenements for the benefit of both company’s shareholders.”

Artemis Resources Limited (“ Artemis ” or “ the Company ”) ( ASX: ARV ) is pleased to announce that, further to its news release dated May 29, 2017, it has varied the original terms of the deal with Novo Resources Corp (“Novo”), and accelerated the closing and signed of the definitive agreements to farm-in and joint venture certain gold rights on a large proportion of Artemis’ exploration package in the Karratha region of Western Australia.

Novo will farm-in to 50% of gold (and other minerals necessarily mined with gold) in conglomerate and/or paleoplacer style mineralization in Artemis’ tenements within 100km of the City of Karratha, including at Purdy’s Reward (“the Gold Rights”). The Gold Rights do not include (i) gold disclosed in Artemis’ existing (at 18 May 2017) JORC compliant Resources and Reserves or (ii) gold which is not within conglomerate and/or paleoplacer style mineralization or (iii) minerals other than gold. Artemis’ Mt Oscar tenement is excluded from the definitive agreements.

The farm-in commitment requires Novo to expend AUD $2 million on exploration within two years of satisfying conditions precedent in the definitive agreements. The relevant conditions precedent to the definitive agreements include Novo obtaining any necessary TSX Venture Exchange approvals for the issue of 4,000,000 common shares (“Shares”) to Artemis (worth ~AUD $21.8 million as at the time of this announcement) and the issue of those shares within 10 business days of the agreements being signed, subject to the receipt of TSX Venture Exchange approval.

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The Shares will be subject to a twelve month hold period (inclusive of the required four month statutory hold period).

The definitive agreements cover 38 tenements/tenement applications that are 100% owned by Artemis. On completion of the farmin commitment, three 50:50 joint ventures will be formed between Novo’s subsidiary, Karratha Gold Pty Ltd (“Karratha Gold”) and three subsidiaries of Artemis. The joint ventures will be managed as one by Karratha Gold. Artemis and Novo will contribute to further exploration and mining of the Gold Rights on a 50:50 basis.

Further definitive agreements covering approximately 19 Artemis tenements/tenement applications that are already subject to third party interests are expected to be signed once all necessary third party consents have been obtained..

Figure 1: Artemis’ tenement package in the Karratha Region of Western Australia.

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BACKGROUND INFORMATION ON ARTEMIS RESOURCES:

Artemis Resources Limited is a resources exploration and development company with a focus on its prospective Pilbara (gold, cobalt, base metals, platinum, platinum group elements and iron ore) and the Mt Clement-Paulsens (gold) project in Western Australia. Artemis owns the fully permitted 425,000tpa Radio Hill nickel and copper operations, processing plant and associated mining and exploration tenements with significant existing JORC 2004 compliant resources of Nickel, Copper and Zinc situated within a 15 km radius of the Radio Hill plant. The Radio Hill Plant is located 35 km south of Karratha in the Pilbara Region of Western Australia.

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CONTACTS:

For further information on this update or the Company generally, please visit our website at www.artemisresources.com.au or contact:

Investors / Shareholders

Edward Mead Executive Director Telephone: +61 407 445 351 Email: Ed.Mead@artemisresources.com.au

FORWARD LOOKING STATEMENTS AND IMPORTANT NOTICE

This report contains forecasts, projections and forward looking information. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions it can give no assurance that these will be achieved. Expectations, estimates and projections and information provided by the Company are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of Artemis’ control. Actual results and developments will almost certainly differ materially from those expressed or implied. Artemis has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. To the maximum extent permitted by applicable laws, Artemis makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this report and (2) without prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this report.

Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company’s securities.

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