Artemis Resources Limited — Capital/Financing Update 2017

Mar 29, 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

ASX / Media Announcement

30 March 2017

COPPER PRODUCTION TO START IN APRIL -WHUNDO COPPER MINEKARRATHA, WESTERN AUSTRALIA.

• Copper production to commence from Whundo Copper Mine next week.

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

Non-Executive Directors George Frangeskides Campbell Baird

Company Secretary: Guy Robertson

Corporate Information ASX Code: ARV

• ~$100,000/month net cash flow to Artemis.

• Contract signed to initially sell 50,000 tonnes @ 1.5% copper, of stockpiled oxide ore at Whundo Mine gate.

• Blackrock Metals’ to truck and process the oxide ore at the Whim Creek SX-EW operations, at a rate of ~16,000 tonnes per month.

• Blackrock Metals to pay all costs.

• Significant upside to initial sales tonnages.

• An extensive oxide drilling programme is planned for the Whundo open pits to significantly increase oxide inventory with the view to ultimately re-opening the Whundo Mine as a copper oxide mine before the end of the year.

David Lenigas, Artemis’s Chairman, commented;

“Artemis is not only planning to commence gold production from its Nickol River next week but this deal also gets us in to profitable copper production very quickly. We also see tremendous scope to rapidly expand this deal with Blackrock in the coming months.”

“With unmined copper oxide drilling intercepts such as 25m grading 2.20% Cu (WHGC031 from 1m), 23m grading 2.9% Cu (WHGC036 from 1m) and 9m grading 3.60% Cu[1] (WHGC029 from 2m) in the south side of the existing Whundo pit, we also plan to kick-on and quickly start drilling again with a view of re-opening the Whundo Copper Mine this year as a copper oxide producer. POW’s have been lodged with the DMP and drilling will start immediately we get their thumbs-up!”

Artemis Resources Limited (“ Artemis ” or “ the Company ”) ( ASX: ARVDA ) is pleased to announce that it has successfully negotiated a copper supply deal with Blackrock Metals Pty Ltd (“Blackrock”) , the operators of the Whim Creek copper heap leach and SX-EW recovery operations. Blackrock will buy an initial 50,000 tonnes of copper oxide ore @ 1.5%, located in surface stockpile SP1 and SP2, from the Whundo Copper Mine (“Whundo”). Whundo is located about 30km south of Karratha in Western Australia (Figure 1) and about 12km from the Radio Hill Mine and Sulphide treatment plant. First deliveries are expected to start in early April 2017.

Artemis has arranged for Blackrock to purchase an initial 50,000 tonnes of existing copper oxide ore from Fox Radio Hill Pty Ltd (“Fox Radio Hill”), the owners of the Whundo Mine. The ore will be purchased from the mine’s stockpiles and trucked about 160 km to Whim Creek.

1 As per Fox Resources Limited ASX announcement dated 8th December 2006

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Whundo is one of the Fox Radio Hill assets that is being purchased by Artemis from Fox Resources Limited (Refer to Artemis announcement 2 March 2017), and any revenue received by Fox will be deducted from the $2 million cash payment owed by Artemis to Fox Resources under the terms of the previously announced Artemis/Fox transaction.

Blackrock plans to take delivery of this ore starting in early April and will be responsible for the payment of all applicable royalties, loading, transportation, processing and sales costs of the copper. Artemis will receive a net price of $6 per tonnes at the mine gate for the copper ore located on surface stockpiles SP1 and SP2.

Pricing of additional copper oxide ore sales to Blackrock Metals will be negotiated based on grade and potential heap leach recoveries and costs associated with delivery to stockpile trucking point. The next oxide stockpiles for potential sale are 30,000 tonnes grading 3.9% Cu (Fox Resources mine records).

Figure 1: One of the stockpiles of Copper Oxide ore at Whundo containing +50,000 tonnes grading 1.5% Cu.

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Historically the Whundo Copper Mine only focused on the mining of copper sulphides. Near surface oxides (surface to 25m-30m depth) were not processed at Radio Hill as they were not suitable as plant feed.

All oxide ores overlying the sulphide mineralisation at Whundo were either mined and stockpiled at surface or remained unmined within the open pit. This oxide material is now readily available for a new aggressive push in to a copper oxide mining and processing strategy.

A Programme of Works (“POW”) has been submitted to the DMP for an extensive drilling campaign at both the Whundo and Whundo West pits to expand the open pit oxide resource, and drilling is expected to commence shortly after the approval of the POW.

Initial assessments of the Whundo mine data base show potential to link the two pits in the oxide and supergene zones which occur from surface to depths of about 25m-30m from surface.

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Figure 1: Artemis Resources and Fox Resources Combined Projects.

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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 West Pilbara (gold, base metals, platinum and platinum group elements) and Mt Clement-Paulsens (gold) project (Figure 1) in Western Australia. On 2 March 2017, Artemis announced the signing of a revised binding conditional agreement (“Agreement”) with Fox Resources Limited (“Fox”) to buy their fully permitted AGIP 425,000tpa Radio Hill nickel and copper operations, processing plant and associated mining and exploration tenements with significant existing JORC 2004 and 2012 compliant resources of Nickel, Copper and Zinc situated within a 15 km radius of the Radio Hill plant, for a total consideration of $2 million and 20 million Artemis shares. The Radio Hill Plant is located 35 km south of Karratha in the Pilbara Region of Western Australia.

CONTACTS

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

Investors / Shareholders Media Edward Mead David Tasker Executive Director Professional Public Relations Telephone: +61 407 445 351 Telephone: +61 433 112 936 Email: Ed.mead@artemisresources.com.au Email: David.tasker@ppr.com.au

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COMPETENT PERSONS STATEMENT

The information in this document that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Edward Mead, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Mead is a Director of Artemis Resources Limited and is a consultant to the Company, and is employed by Doraleda Pty Ltd. Mr Mead 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 Mead consents to the inclusion in the report of the matters based on his information in the form and context in which 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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