Artemis Resources Limited — Capital/Financing Update 2017

Aug 9, 2017

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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

ASX / Media Announcement

10 August 2017

INITIAL TRIAL PIT METALLURGICAL TEST RESULTS -PURDY’S REWARD-

Highlights:

• Encouraging metallurgical test results from a bulk sample of gold mineralised conglomerates, collected by Novo Resources Corp (“Novo”), at Purdy’s Reward Gold Project located south of Karratha in Western Australia.

• Given the extremely coarse nature of gold found in conglomerates at the Karratha gold project, Novo collected a trial bulk sample from Purdy’s Reward to help establish sampling and assay protocols. Mineralised conglomerate was collected from a 2 x 2 x 0.5 metre pit. The sample was split into duplicate subsamples and was shipped to Nagrom Metallurgical Laboratory (“Nagrom”) in Perth, WA.

• The calculated head grade of subsample #1 was 87.76 grams per tonne Au (Figure 1), and subsample #2 was 46.14 grams per tonne Au.

Directors:

David Lenigas, Artemis’s Executive Chairman, commented;

Executive Chairman David Lenigas

Executive Directors Ed Mead Alex Duncan-Kemp

Company Secretary: Guy Robertson

Corporate Information ASX Code: ARV

“We are pleased and highly encouraged by these first metallurgical test results received from Novo on the Purdy’s Reward gold bearing conglomerates.”

Artemis Resources Limited (“ Artemis ” or “ the Company ”) ( ASX: ARV ) is pleased to report that the Company has now had an opportunity to review and assess the core data supplied by Novo Resources Corp (“Novo”) from analytical test results conducted - by Nagrom, from a bulk sample of gold bearing conglomerates collected from a trench at the Purdy's Reward Gold Project (Figure 2 and 3). Purdy’s Reward is covered by an earn-in/joint venture Memorandum of Agreement (“MOA”) between Artemis and Novo and part of Novo’s greater Karratha gold project. As previously announced on 13 July 2017, this sample originates from the uppermost horizon of an 11-meter thick sequence of mineralised conglomerate beds. Purdy's Reward is part of an 8 km trend that has recently been identified as highly prospective for conglomerate-hosted gold mineralisation considered analogous to the Witwatersrand in South Africa.

Novo have reported that; “Given the extremely coarse nature of gold found in conglomerates at the Karratha gold project, Novo collected a trial bulk sample from the Purdy’s Reward prospect to help establish sampling and assay protocols. Mineralized conglomerate was collected from a 2x2 meter exposure of bedrock at the bottom of a half-meter deep trench. The sample was split into duplicate subsamples and was shipped to Nagrom Metallurgical Laboratory (“Nagrom”) in Perth, WA.

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Figure 1: Gold Recovered from subsample #1 by Nagrom from Purdy’s Reward: (Combined coarse gold and panning concentrates)

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Figure 2: New Conglomerate Package identified at Purdy’s Reward (E47/1745) with gold nugget locations as reported on 7th August 2017 by Artemis, and location of the Metallurgical test pit site:

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Processing Methodology (Also refer Novo release attached):

• Each sample was crushed to -6 cm (P100) and dry screened at 2mm. The coarse fractions were fed through a Steinert XSS T sorting machine that utilizes X-Ray imaging and an induction coil (metal detector) to identify and separate particles of rock containing coarse metallic gold particles. The -2mm fractions were assayed by screen fire assay. The concentrate from this process is referred to as “ Sorted Concentrate” . Rock fragments without identifiable coarse gold particles constitute the “ Sorted Tailings .”

• The Sorted Concentrate was crushed to -2 mm (P100) and coarse gold nuggets (“ Coarse Gold ”) were recovered by hand during crushing. A subsample of the crushed Sorted Concentrate was taken and assayed by screen fire assay. Remaining crushed Sorted Concentrate was then hand

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• panned generating a gold concentrate (“ Fine Gold Concentrate ”), middling and tailing. The Coarse Gold and Fine Gold Concentrate were combined and acid washed (Figure 4), and its gold content was determined using specific gravity methodology. The hand panned middling and tailings were analysed by screen fire assay.

• The Sorted Tailings were crushed to -2 mm (P100) and passed over a wet concentrating table to produce a concentrate, middlings and tailings. The gold content of the wet table concentrate and middlings was determined by screen fire assay and the gold content of the wet table tailings was determined by LeachWell cyanide leach analysis. Results from the wet table concentrate and tailings were mathematically recombined to generate a calculated head grade of the Sorted Tailings .

• Results are presented in Table 1 (Novo release below). The calculated head grade of subsample #1 is 87.76 gpt Au, and subsample #2 is 46.14 gpt Au. The weighted average grade of these two subsamples is 67.08 gpt Au.

The Novo Resources Corp New Release (in full) as released on 8 August 2017:

“NOVO ANNOUNCES FIRST BULK SAMPLE RESULTS FROM ITS KARRATHA GOLD PROJECT, WESTERN AUSTRALIA

VANCOUVER, BC, August 8, 2017 – Novo Resources Corp. (TSX-V: NVO; OTCQX: NSRPF) (“Novo” or the “Company”) is pleased to announce analytical test results from a bulk sample of gold-bearing conglomerate collected from a trench at the Purdy's Reward prospect, which is covered by an earn-in/joint venture memorandum of agreement between Novo and Artemis Resources Limited (see details below) and part of Novo’s greater Karratha gold project. As discussed in Novo’s news release dated July 12, 2017, this sample originates from the uppermost horizon of an 11-meter thick sequence of mineralized conglomerate beds. Purdy's Reward is part of an 8 km trend that has recently been identified as highly prospective for conglomerate-hosted gold mineralization considered analogous to the Witwatersrand in South Africa.

Analytical Testwork

Given the extremely coarse nature of gold found in conglomerates at the Karratha gold project, Novo collected a trial bulk sample from the Purdy’s Reward prospect to help establish sampling and assay protocols. Mineralized conglomerate was collected from a 2x2 meter exposure of bedrock at the bottom of a half-meter deep trench. The sample was split into duplicate subsamples and was shipped to Nagrom Metallurgical Laboratory (“Nagrom”) in Perth, WA.

Methodology:

• Each sample was crushed to -6 cm (P100) and dry screened at 2mm. The coarse fractions were fed through a Steinert XSS T sorting machine (Figures 1 and 2) that utilizes X-Ray imaging and an induction coil (metal detector) to identify and separate particles of rock containing coarse metallic gold particles. The -2mm fractions were assayed by screen fire assay. The concentrate from this process is referred to as “Sorted Concentrate” (Figure 3). Rock fragments without identifiable coarse gold particles constitute the “Sorted Tailings.”

• The Sorted Concentrate was crushed to -2 mm (P100) and coarse gold nuggets (“Coarse Gold”) were recovered by hand during crushing. A subsample of the crushed Sorted Concentrate was taken and assayed by screen fire assay. Remaining crushed Sorted Concentrate was then hand panned generating a gold concentrate (“Fine Gold Concentrate”), middling and tailing. The Coarse Gold and Fine Gold Concentrate were combined and acid washed (Figure 4), and its gold content was determined using specific gravity methodology. The hand panned middling and tailings were analysed by screen fire assay.

• The Sorted Tailings were crushed to -2 mm (P100) and passed over a wet concentrating table to produce a concentrate, middlings and tailings. The gold content of the wet table concentrate and

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middlings was determined by screen fire assay and the gold content of the wet table tailings was determined by LeachWell cyanide leach analysis. Results from the wet table concentrate and tailings were mathematically recombined to generate a calculated head grade of the Sorted Tailings.

• Results are presented in Table 1. The calculated head grade of subsample #1 is 87.76 gpt Au, and subsample #2 is 46.14 gpt Au. The weighted average grade of these two subsamples is 67.08 gpt Au.

Table 1 – Bulk Subsample Analytical Results:

Subsample ID	Subsample Dry Weight (kg)	Sorted Concentrate Weight as % of Total Weight	Calculated Head Grade of Subsample (Au gpt)	% Contribution of Gold in the Sorted Concentrate to the Calculated Head Grade of the Subsample	% Contribution of Gold in the Sorted Tailings to the Calculated Head Grade of the Subsample
#1	272.8	2.15%	87.76	83.12%	12.53%
#2	269.5	1.82%	46.14	81.99%	15.63%

Interpretation:

Results from this testwork are encouraging at several levels.

• The Steinert XSS T sorting machine proved highly efficient at sorting out coarse gold-bearing rock particles. Although the Sorted Concentrate represents only 2% of the overall sample weight, it contains about 82.6% of gold. Because this machine proved practical and efficient, Novo sees it as a means of assisting determination of grade of this very unusual mineralization. Given this machine can operate at about 48 tonnes per hour, Novo also considers it potentially viable for future processing applications.

• Although the vast majority of gold resides in the coarse fraction, a significant fine-grained gold component is evident. Although more work is needed to further quantify this fine-grained gold component and its distribution, it may prove meaningful when it comes time to demonstrate continuity and grade of this very unusual deposit.

• Novo considers the calculated head grade of subsamples #1 and #2, 87.76 and 46.14 gpt Au respectively, very encouraging. The weighted average grade of these two subsamples, 67.08 gpt Au, which equates to 2.16 oz per tonne.

With this data in hand, Novo plans to work with Nagrom over the next few weeks to generate a refined protocol for sampling and analysing conglomerate-hosted gold mineralization at the Karratha gold project. Novo and Artemis plan to undertake full-scale, systematic trench bulk sampling along the strike of the conglomerate package at Purdy’s Reward, beginning in a few weeks. Plans are also being made to test the use of large diameter reverse circulation drilling on down-dip projections of these conglomerates. Novo has been in discussions with a drill contractor with capabilities of drilling 17.5” (44.5 cm) diameter holes and is preparing necessary permitting to undertake a pilot program of around 30 shallow, 20-50 meter-deep holes.

“We are very pleased with results from our initial bulk sampling exercise,” commented Dr. Quinton Hennigh, Chairman, President, and Director of Novo Resources Corp. “Not only was the grade of this bulk sample encouraging, the Steinert XSS T sorting machine proved highly efficient at picking rock with coarse gold particles. We see value in its use for helping determine grade of this very unusual mineralization as well as potential use for future commercial applications. We look forward to working with Nagrom over the next few weeks to develop sampling and analytic protocols applicable to our upcoming trenching and drilling program. Novo has developed extensive experience testing unconventional conglomerate gold deposits at our Beatons Creek project. Traditional exploration and analytic techniques are not well suited to this style of gold deposit. We look forward to exploiting our many years’ experience at Beatons Creek to our and Artemis’ benefit at Karratha. While these initial results are encouraging, a systematic and careful work program drawing on our experience is required.”

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Purdy's Reward is part of Novo’s greater Karratha gold project located in the West Pilbara, Western Australia. The Purdy’s Reward tenement is situated on lands that are subject to a binding earn-in/joint venture memorandum of agreement (subject to the execution, by August 23, 2017, of definitive agreements and the satisfaction of certain industry standard conditions) with Artemis Resources Ltd, an ASX-listed mining company (please refer to Novo’s news release dated May 26 for further details). Novo delivered draft long-form definitive agreements to Artemis several weeks ago and is currently working with Artemis to close out the documents. Novo and Artemis are each entitled to 50% of rights to conglomerate and paleoplacer gold on ground the subject of the Novo-Artemis deal, with Artemis having 100% of all other minerals (including all minerals in JORC reserves and resources announced by Artemis as at May 18, 2017).

Novo recently completed consolidation of the adjacent Comet Well project (please see the Company’s news release dated August 3, 2017). The Comet Well project covers 54.5 square km, the Novo-Artemis earnin/joint venture covers 1,536 square km, and Novo has staked a 100% interest in 7,638 square km.

Dr. Quinton Hennigh, a qualified person as defined by National Instrument 43-101 and the Company’s Chairman, President and a director, has approved the technical contents of this news release.

About Novo Resources Corp.

Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia and built up a significant land package covering approximately 10,000 km[2] . Novo also controls a 100% interest in approximately 2 sq km covering much of the Tuscarora Au-Ag vein district, Nevada. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.

On Behalf of the Board of Directors,

Novo Resources Corp.

“Quinton Hennigh”

Quinton Hennigh Chairman and President

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the statements as to planned exploration activities and the Company’s expectation that it will acquire the right to earn an interest in the Purdy's Reward prospect. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource industry as well as Novo having sufficient cash to fund the planned drilling and other activities, and the satisfaction or waiver of the conditions precedent of the earn-in/joint venture memorandum of agreement between Novo and Artemis Resources Limited relating to the Purdy's Reward prospect.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.”

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(Figure 1: Steinert XSS T sorting machine.)

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(Figure 2: Discharge shoots of Steinert XSS T sorting machine. The shoot on the left collected rock particles with no detectable coarse gold, “Sorted Tailings,” and the shoot on the right collected rock particles containing coarse gold particles, “Sorted Concentrate.”)

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(Figure 3: Sorted Concentrate immediately following separation.)

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(Figure 4: Coarse Gold Concentrate after acid wash. Subsample #1 on the left, and Subsample #2 on the right.)

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Purdy’s Reward Tenement Tenure:

Purdy’s Reward sits within a granted Exploration Licence (E47/1745) which covers an area of 29km[2] and sits approximately 16km east of Artemis’s fully permitted Radio Hill processing plant and associated infrastructure. This exploration licence has heritage survey clearance and valid Programmes of Works with the DMIRS.

Artemis announced it had signed a binding Memorandum of Agreement with Canadian listed gold explorer Novo Resources Corp. (“Novo”). Pursuant to the terms of the Agreement, Novo will spend A$2m over a 2-year period on any tenements within 100km of Karratha (excluding Mt Oscar) that are subject to an interest held by Artemis (or its subsidiaries) in order to earn a 50% interest in the conglomerate and paleo placer style gold mineralisation on those tenements. All conditions precedent for the MOA must be satisfied by 23 August 2017, including the requirement for Artemis to obtain affected third party consents on certain tenements.

Figure 3: Artemis Resources Projects in Karratha Area.

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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

COMPETENT PERSONS STATEMENT

The information in this document that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Allan Younger, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Younger is a consultant to the Company, and is employed by Indigo Geochemistry Pty Ltd. Mr Younger has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 Younger consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to metallurgy and metallurgical test work has been reviewed by Mr Noel O’Brien, FAusIMM, MBA, B. Met Eng. Mr O’Brien is not an employee of the company, but is employed as a contract consultant. Mr O’Brien is a Fellow of the Australasian Institute of Mining and Metallurgy, and he has sufficient experience with the style of processing response and type of deposit under consideration, and to the activities undertaken, to qualify as a competent person as defined in the 2012 edition of the “Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves” (The JORC Code). Mr O’Brien consents to the inclusion in this report of the contained technical information in the form and context as it appears.

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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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg cut channels,	•	A random site adjacent to an area of
techniques		random chips, or specific specialised industry		known coarse gold in hard rock was
		standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as	•	selected for a bulk pit. The bulk sample was collected from a 2m x 2m bulk sample pit at 0.5m
		limiting the broad meaning of sampling.		depth.
	•	Include reference to measures taken to ensure	•	Bulk sample processes as
		sample representivity and the appropriate		discussed in Nagrom report.
		calibration of any measurement tools or systems
		used.
	•	Aspects of the determination of mineralisation
		that are Material to the Public Report.
	•	In cases where ‘industry standard’ work has
		been done this would be relatively simple (eg
		‘reverse circulation drilling was used to obtain 1
		m samples from which 3 kg was pulverised to
		produce a 30 g charge for fire assay’). In other
		cases more explanation may be required, such
		as where there is coarse gold that has inherent
		sampling problems. Unusual commodities or
		mineralisation types (eg submarine nodules)
		may warrant disclosure of detailed information.
Drilling	•	Drill type (eg core, reverse circulation, open-hole	•	Not relevant, not drilling data
techniques		hammer, rotary air blast, auger, Bangka, sonic,
		etc) and details (eg core diameter, triple or
		standard tube, depth of diamond tails, face-
		sampling bit or other type, whether core is
		_oriented and if so, by what method, etc). _
Drill sample	•	Method of recording and assessing core and	•	Not drilling data, total sample
recovery		chip sample recoveries and results assessed.		collected from bulk sample pit.
	•	Measures taken to maximise sample recovery
		and ensure representative nature of the
		samples.
	•	Whether a relationship exists between sample
		recovery and grade and whether sample bias
		may have occurred due to preferential loss/gain
		of fine/coarse material.
Logging	•	Whether core and chip samples have been	•	Not drilling data or samples,
		geologically and geotechnically logged to a level		material logged by geologist on site.
		of detail to support appropriate Mineral
		Resource estimation, mining studies and
		metallurgical studies.
	•	Whether logging is qualitative or quantitative in
		nature. Core (or costean, channel, etc)
		photography.
	•	The total length and percentage of the relevant
		intersections logged.
Sub-	•	If core, whether cut or sawn and whether	•	The random sampling of the target
sampling		quarter, half or all core taken.		rock unit is considered a preliminary
techniques	•	If non-core, whether riffled, tube sampled, rotary		representation of the mineralisation
and sample		split, etc and whether sampled wet or dry.		contained within the identified
preparation	•	For all sample types, the nature, quality and		zones.
		appropriateness of the sample preparation	•	Standard or QA/QC samples were
		technique.		not added to the bulk sample.
	•	Quality control procedures adopted for all sub-

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		sampling stages to maximise representivity of
		samples.
	•	Measures taken to ensure that the sampling is
		representative of the in situ material collected,
		including for instance results for field
		duplicate/second-half sampling.
	•	Whether sample sizes are appropriate to the
		grain size of the material being sampled.
Quality of	•	The nature, quality and appropriateness of the	•	The metallurgical techniques
assay data		assaying and laboratory procedures used and		applied were aimed at recovering
and		whether the technique is considered partial or		coarse physical gold by sorting and
laboratory		total.		gravity means. The analytical
tests	•	For geophysical tools, spectrometers, handheld		techniques using screen fire assay
		XRF instruments, etc, the parameters used in		and Leachwell cyanide assay are
		determining the analysis including instrument		considered appropriate by the
		make and model, reading times, calibrations		metallurgical consultants for the
		factors applied and their derivation, etc.		coarse grained mineralisation
	•	Nature of quality control procedures adopted (eg		encountered at Purdy’s Reward.
		standards, blanks, duplicates, external
		laboratory checks) and whether acceptable
		levels of accuracy (ie lack of bias) and precision
		have been established.
Verification	•	The verification of significant intersections by	•	Verification of sample site was
of sampling		either independent or alternative company		conducted by the Novo personnel.
and assaying		personnel.
	•	The use of twinned holes.
	•	Documentation of primary data, data entry
		procedures, data verification, data storage
		(physical and electronic) protocols.
	•	Discuss any adjustment to assay data.
Location of	•	Accuracy and quality of surveys used to locate	•	A Garmin GPSMap62 hand-held
data points		drill holes (collar and down-hole surveys),		GPS is used to define the location of
		trenches, mine workings and other locations		the sample location. This is viewed
		used in Mineral Resource estimation.		as appropriate at this stage.
	•	Specification of the grid system used.	•	Grid system used for Novo
	•	Quality and adequacy of topographic control.		Resources Corp sampling is MGA
				94 (Zone 50)
			•	Topographic control is currently also
				obtained through the Garmin
				GPSMap62. This is considered
				accurate to within 10m.
Data spacing	•	Data spacing for reporting of Exploration	•	Single bulk sample only, not for
and		Results.		resource estimation.
distribution	•	Whether the data spacing and distribution is
		sufficient to establish the degree of geological
		and grade continuity appropriate for the Mineral
		Resource and Ore Reserve estimation
		procedure(s) and classifications applied.
	•	Whether sample compositing has been applied.
Orientation	•	Whether the orientation of sampling achieves	•	Bulk sample so sample orientation
of data in		unbiased sampling of possible structures and		not relevant and drilling data not
relation to		the extent to which this is known, considering		relevant.
geological		the deposit type.
structure	•	If the relationship between the drilling orientation
		and the orientation of key mineralised structures
		is considered to have introduced a sampling
		bias, this should be assessed and reported if
		material.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sample	•	The measures taken to ensure sample security.	•	Not applicable.
security
Audits or	•	The results of any audits or reviews of sampling	•	No audit of sample data has been
reviews		techniques and data.		completed to date.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral	•	Type, reference name/number, location and	•	E47/1745 – 100% held by
tenement and		ownership including agreements or material		Armada Mining Pty Ltd, a 100%
land tenure		issues with third parties such as joint ventures,		owned subsidiary of Artemis
status		partnerships, overriding royalties, native title		Resources Ltd.
		interests, historical sites, wilderness or national	•	The tenement is in good
		park and environmental settings.		standing.
	•	The security of the tenure held at the time of
		reporting along with any known impediments to
		obtaining a licence to operate in the area.
Exploration	•	Acknowledgment and appraisal of exploration	•	Regional exploration in the area
done by other		by other parties.		was completed by Westfield
parties				Minerals NL during 1971,
				targeting nickel and copper. This
				work included soil sampling,
				reverse circulation and diamond
				drilling, and magnetic and IP
				surveying.
Geology	•	Deposit type, geological setting and style of	•	Gold mineralisation has been
		mineralisation.		identified as being associated
				with mafic lithologies within
				E47/1745.
			•	As exploration is at an early
				stage, further work is required to
				determine the geological setting
				and provenance of the gold
				mineralization.
			•	Mineralisation occurs as coarse,
				flat, and rounded nugget gold
				within mafic lithologies.
Drill hole	•	A summary of all information material to the	•	Drill data not considered and not
Information		understanding of the exploration results		relevant to sampling.
		including a tabulation of the following
		information for all Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation
		above sea level in metres) of the drill hole
		collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
	•	If the exclusion of this information is justified on
		the basis that the information is not Material and
		this exclusion does not detract from the
		understanding of the report, the Competent

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		Person should clearly explain why this is the
		case.
Data	•	In reporting Exploration Results, weighting	•	No upper or lower cut-off grade
aggregation		averaging techniques, maximum and/or		was applied.
methods		minimum grade truncations (eg cutting of high	•	No metal equivalents are used
		grades) and cut-off grades are usually Material		for reporting.
		and should be stated.
	•	Where aggregate intercepts incorporate short
		lengths of high grade results and longer lengths
		of low grade results, the procedure used for
		such aggregation should be stated and some
		typical examples of such aggregations should
		be shown in detail.
	•	The assumptions used for any reporting of
		metal equivalent values should be clearly
		stated.
Relationship	•	These relationships are particularly important in	•	Not relevant.
between		the reporting of Exploration Results.
mineralisation	•	If the geometry of the mineralisation with
widths and		respect to the drill hole angle is known, its
intercept lengths		nature should be reported.
	•	If it is not known and only the down hole lengths
		are reported, there should be a clear statement
		to this effect (eg ‘down hole length, true width
		_not known’). _
Diagrams	•	Appropriate maps and sections (with scales)	•	Appropriate maps are available
		and tabulations of intercepts should be included		in the body of this
		for any significant discovery being reported		announcement.
		These should include, but not be limited to a
		plan view of drill hole collar locations and
		appropriate sectional views.
Balanced	•	Where comprehensive reporting of all	•	Reporting of results in this report
reporting		Exploration Results is not practicable,		is considered balanced.
		representative reporting of both low and high
		grades and/or widths should be practiced to
		avoid misleading reporting of Exploration
		Results.
Other	•	Other exploration data, if meaningful and	•	No other significant exploration
substantive		material, should be reported including (but not		work has been completed by
exploration data		limited to): geological observations; geophysical		Artemis to date.
		survey results; geochemical survey results; bulk
		samples – size and method of treatment;
		metallurgical test results; bulk density,
		groundwater, geotechnical and rock
		characteristics; potential deleterious or
		contaminating substances.
Further work	•	The nature and scale of planned further work	•	Artemis plans to advance
		(eg tests for lateral extensions, depth		exploration at Purdy’s Reward
		extensions or large-scale step-out drilling).		through a geochemical sampling
	•	Diagrams clearly highlighting the areas of		programme, mapping,
		possible extensions, including the main		geophysical surveying, and
		geological interpretations and future drilling		drilling.
		areas, provided this information is not
		commercially sensitive.

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