Artemis Resources Limited — Capital/Financing Update 2018

Nov 4, 2018

ASX / MEDIA ANNOUNCEMENT

5 November 2018

THREE NEW GOLD DISCOVERIES

IN THE WEST PILBARA

ASX : ARV FRANKFURT : ATY US OTC : ARTTF

GOLD, COBALT AND COPPER IN THE WEST PILBARA

11.4 g/t gold rock chip from Patterson’s Hut (4.5km long anomaly)

Artemis Resources Limited (“Artemis” or “the Company”) (ASX:ARV, Frankfurt : ATY, US OTC : ARTTF) is pleased to announce that the first regional scale compilation of geochemical data in this region has identified three (3) new discoveries within 30 km of Artemis’s Radio Hill processing plant.

HIGHLIGHTS

ARTEMIS RESOURCES LIMITED IS AN AUSTRALIAN MINERAL DEVELOPER ADVANCING ITS WEST PILBARA BASE, BATTERY AND PRECIOUS METALS ASSETS TOWARDS PRODUCTION.

ARTEMIS HAS CONSOLIDATED A MAJOR LAND HOLDING IN THE WEST PILBARA AND IS THE 100% OWNER OF THE RADIO HILL OPERATIONS AND PROCESSING INFRASTRUCTURE, STRATEGICALLY LOCATED 30 KM FROM THE CITY OF KARRATHA, THE POWERHOUSE OF THE PILBARA.

WANT TO KNOW MORE ABOUT ARTEMIS?

Please Contact:

Wayne Bramwell – Chief Executive Officer E: wayne.bramwell@artemisresources.com.au

GOLD – three new, large gold geochemical targets discovered:

• Patterson’s Hut - rock chip samples in veins and gossanous chert up to 11.4 g/t gold across a 4.5 km long surface soil anomaly

• Ruth Well North – rock chip samples up to 5.04 g/t gold across a 14 km long surface anomaly

• Pipeline – soil geochemistry anomaly in association with numerous nuggets in shear zones across two 1.0 km long trends.

In addition, the Company has identified new extensions at the existing gold targets:

• Silica Hills – new 1.5 km long gold in soil anomaly

• Nickol River – strong gold geochemistry suggests additional primary targets may exist.

Edward Mead – Executive Director

E: Ed.Mead@artemisresources.com.au

David Tasker – Media Advisor E: dtasker@chapteroneadvisors.com.au

Or visit the Artemis Website or follow us on Twitter.

Artemis Resources Limited

Suite 1, 11 Ventnor Ave, West Perth WA, Australia, 6005 P : +61 8 6319 0000

Artemis’ Executive Director Ed Mead commented:

“Karratha until recently has remained relatively unexplored for its gold potential. This area wide geochemical and rock chip survey indicates substantial gold prospectivity exists within Artemis’ extensive tenement package, all within a short trucking distance of our Radio Hill processing plant. The use of ionic geochemical analysis techniques in conjunction with traditional geochemical sampling has helped Artemis identify numerous new targets and projects such as Carlow Castle and Purdy’s Reward.”

E : info@artemisresources.com.au www.artemisresources.com.au Twitter - @Artemis_ARV

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REGIONAL GEOCHEMICAL PROGRAMME DEFINES 3 ENTIRELY NEW GOLD TARGETS

Artemis has undertaken a broad regional soil geochemistry sampling programme across the consolidated Artemis tenure on 400 metre spaced lines aligned north-south. Samples were taken 100m apart along these lines and a major multi-element suite of analyses were then conducted. A total of 12,247 samples have been collected.

Gold geochemistry responds strongly at Carlow Castle, Nickol River, Silica Hills, Pattersons Hut, Ruth Well North and Pipeline with the latter three areas being new discoveries.

All data presented in Figure 1 below has been domained based on the GSWA 1:100,000 geological mapping, then ratio-ed using the 25[th] Percentile of the data. Data was contoured using Surfer software using Inverse distance squared (ID2) and the search ellipse long axis orientated to 80[o] east of north, contouring/plotting colours are then based on the 99[th] , 97.5[th] , 95[th] , 90[th] and 75[th] percentiles of the ratio-ed values.

The specific purpose of this processing was to highlight the anomalous samples and to minimise the lithological effects/contents of the differing underlying geological sequences.

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----- Start of picture text -----

Radio Hill
Process Plant
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Figure 1: Targets Identified or Highlighted by Regional Gold Geochemistry.

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Figure 2: Soil Sampling Location and areas with Au related targets identified.

REGIONAL GOLD ENDOWMENT

Apart from the current high-profile conglomerate related gold occurrences at Purdy’s Reward – Comet Well, the West Pilbara has a long history of small-scale gold production predominantly from quartz vein related systems. Artemis noted the presence of shear zone hosted gold at Nickol River feeding the alluvial/eluvial systems in the area and the axial plane quartz-gold-arsenopyrite mineralisation at the Weerianna Au Project.

After consideration of this information with the multiple other known gold sources within the greenstones, geochemical exploration was initiated in the Carlow Castle area.

Based on the Carlow Castle success, sampling was subsequently expanded to cover virtually all Artemis’ tenure ( Figure 2 ).

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All the main areas identified in the geochemistry show multi-element responses as summarized below:

Carlow Castle - Au, Ag, Co, Cu, Ni, Hg, Mo, Se, Te, Pd, Zn Patterson’s Hut - Au, Ag, As, Mo, Ni, Sb, Se, Te, W Ruth Well North - Au, Ag, Hg, Mo, Sb, W Pipeline - Au, Ag, As, Co, Mo, Se, Tl Silica Hills - Au, Ag, Bi, Mo, Sb Nickol River - Au, Ag, Hg, Mo, Se, Tl

Gold geochemistry responds strongly at Carlow Castle, Nickol River, Silica Hills, Pattersons Hut, Ruth Well North and Pipeline with the latter three areas previously unknown.

Patterson’s Hut Au Prospect

Patterson’s Hut is an entirely new area of gold in soil anomalism (to 68ppb Au) and mineralization. The soil geochemistry shows a continuous anomaly >95[th] percentile over 4.5km long with an additional 1.7km to the west after a small break ( Figure 1 ).

Geological mapping ( Figure 3 ) shows the area to be within a wide zone of sheared talcose and cherty schists with multiple strike parallel quartz veins, with rock chip sampling returning values up to 11.4 g/t Au. A discontinuous traverse of 20 rock chip samples over a width of 250m showed 9 samples with responses >1g/t Au to a maximum of 9.89 g/t Au.

Most samples were from quartz veins, but 3 samples were within gossanous chert, cherty gossan or chert with gossanous lenses which contained 1.41g/t, 1.32g/t and 2.41 g/t Au respectively (Appendix A). Interestingly many samples show a silver to gold ratio >10:1 possibly indicative of sulphide mineralisation.

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Figure 3: Patterson’s Hut Central Target with Gold in Soil and Rock Chip Values over 4.5km strike

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Ruth Well North Au Prospect

Located to the north of the Ruth Well Ni-Cu mineralisation ( Figure 1 ), a discontinuous gold in soil anomaly to a maximum 146ppb Au is traceable for 14 km , apparently relating to a prominent chert ridge and outcrop. To date geological mapping and sampling has had limited success with one sample of a silicified laminated sediment containing 5.04g/t Au, the only sample of significance ( Appendix A ).

Historic Rotary Air blast (RAB) drilling 5.5km to the east of the main area along the siliceous laminated chert horizon ( Figure 4 ) contained 1 sample of 0.5g/t Au over 1m.

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Figure 4: Ruth Well North Central Target with Gold in Soil Values and Significant Rock Chips

Pipeline

Located to the south east of Radio Hill ( Figure 1) , soil geochemistry and metal detected nuggets with a Minelab GPZ 7000 defined 2 parallel trends approximately 1km apart, which are coincident with aeromagnetic trends ( Figure 5) . The aeromagnetic trends are interpreted to represent shear zones along the southern contact of the small Yannery Granite intrusion.

Outcrop in the area is subdued with metal detected nuggets being small angular fragments near quartz vein outcrops or scree, and are interpreted to represent the shear zones.

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Figure 5: Pipeline Target with Gold in Soil Values and Nugget locations on RTPFVD Aeromagnetic Imagery

Silica Hills Au Prospect

This area is well known locally for producing coarse nuggety gold from quartz veins ( Figure 1 ). The soil anomaly shows a zone 1.5km long (>95[th] percentile) with a maximum value of 370ppb Au with probable extensions to the northeast and southwest. The anomalous element suite of Mo and Bi is suggestive of intrusive relationships.

Initial reverse circulation and rotary air blast drilling have been negative so the source of the anomalism is yet to be identified.

Nickol River

The gold geochemistry is surprisingly strong over the Nickol River alluvial area (Figure 1) . This will be in part due to the extensive disturbance which has occurred in the area, but the geochemistry also suggests the known shear zones hosting primary mineralisation in the Samantha, Tozers and Boiler zones may be replicated elsewhere.

Historical drilling has been limited and only gold has been analysed from this drilling, hence making judgements about repetition or other mineralisation styles impossible until further assessment is undertaken.

Please refer to Appendix A for all significant rock chip sample results.

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LOOKING FORWARD

Some infill sampling has been completed across the regional tenure and assays are pending. The Company is ranking and prioritising targets now with plans for first pass air-core drilling being developed following receipt of POW and heritage approvals.

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

Edward Mead Executive Director Telephone: +61 407 445 351 Wayne Bramwell Chief Executive Officer Telephone: +61 417 953 073 David Tasker Advisor – Chapter One Telephone : +61 433 112 936

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COMPETENT PERSONS STATEMENT

The information in this announcement 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. Mr Younger has sufficient experience that 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 announcement of the matters based on his information in the form and context in which it appears.

BACKGROUND INFORMATION ON ARTEMIS RESOURCES

Artemis Resources Limited is an exploration and development company focussed on its large (≈2,400 km[2] ) and prospective base, battery and precious metals assets in the Pilbara region of Western Australia. Artemis owns 100% of the 500,000 tpa Radio Hill processing plant and infrastructure, located approximately 35 km south of the city of Karratha.

The Company is evaluating 2004 and 2012 JORC Code compliant resources of gold, nickel, copper-cobalt, PGE’s and zinc, all situated within a 40 km radius of the Radio Hill plant.

Artemis have signed Definitive Agreements with Novo Resources Corp. (“Novo”), which is listed on Canada’s TSX Venture Exchange (TSXV:NVO), and pursuant to the Definitive Agreements, Novo has satisfied its expenditure commitment, and earned 50% of gold (and other minerals necessarily mined with gold) in conglomerate and/or paleoplacer style mineralization in Artemis’ tenements within 100 km 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 Code 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 Definitive Agreements cover 36 tenements / tenement applications that are 100% owned by Artemis.

Pursuant to Novo’s successful earn-in, two 50:50 joint ventures have been formed between Novo’s subsidiary, Karratha Gold Pty Ltd (“Karratha Gold”) and two subsidiaries of Artemis (KML No 2 Pty Ltd and Fox Radio Hill Pty Ltd). The joint ventures are managed as one by Karratha Gold with Artemis and Novo contributing to further exploration and any mining of the Gold Rights on a 50:50 basis.

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 announcement. 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 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 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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Appendix A: Rock Chip Assays

Sample ID	Easting	Northing	Description	Au **ppm **	Ag **ppm **	As **ppm **	Cu **ppm **	Ni **ppm **	Pb **ppm **
Patterson's Hut
ARV025334	488027	7696026	QV; 0.5m thick, white, iron oxide stained	11.4	7.4	7	6	3	42
ARV025368	489121	7696666	QV; white, purple- red, grey, brecciated	9.89	139	2.5	38	2	1920
ARV025317	486407	7695762	QV; white, iron oxide stains, rare black blebs, old excavated hole in vein.	4.94	27.8	19	11	1	683
ARV025230	487021	7695845	QV; small 1m deep hole excavated in vein, white, bucky, 20m strike, 2m thick. No dip	4.59	65.8	9	27	7	1725
ARV025381	489085	7696827	QV; continuous from location 362, white, 50cm thick, sugary texture, minor brecciation	4.47	29.5	2.5	4	0.5	9
ARV025238	488515	7696530	Quartzite? andQV	4.38	15.9	16	291	9	153
ARV025301	486539	7696110	QV; 30cm thick striking 10m, banded, black- brown laminae	4.02	22.8	2.5	25	3	57
ARV025376	489123	7696735	QV blow; 2m thick, 10m radius, white, bucky, iron oxide stains	3.53	17.7	2.5	14	1	216
ARV025371	489143	7696624	QV; 30cm thick striking for 2m, brecciated, strong orange and purple iron oxide staining, sulfidic laminae	2.68	30.9	5	31	0.5	69
ARV025363	489118	7696703	QV; white- translucent, banded	2.47	29.4	2.5	28	1	112
ARV031913	489529	7696304	Chert; orange, banded, minor gossan lenses, strong iron oxide staining, brecciated inplaces	2.41	0.8	27	26	10	2
ARV025244	488705	7696693	QV; 50cm thick, strikes over 5m, white, brecciated, iron oxide staining, possible rare malachite.	2.23	6.2	2.5	183	3	354
ARV025377	489123	7696755	QV blow; 5m thick, 10m radius, orientated 002-182 with other QV blow outcrops.	1.83	46.1	5	41	0.5	1920

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Sample ID	Easting	Northing	Description	Au ppm	Ag **ppm **	As **ppm **	Cu **ppm **	Ni **ppm **	Pb **ppm **
ARV025318	486554	7695744	QV; excavated holes in QV and host rock. Vein is white, bucky, rare black sulfidic blebs,	1.75	17.9	2.5	19	0.5	1335
ARV025335	488024	7695030	Altered QV host rock; cream-olive green, strongly silicified, brecciated, pervasive chlorite alteration. Possible association of QV with dolerite	1.43	0.25	7	7	10	14
ARV025261	490935	7696970	Gossanous chert; Taken along contact with green schist	1.41	1.3	1605	79	71	67
ARV025373	489098	7696649	Folded QV; south limb at 068, northern limb at 030, white, 50cm thick, bucky, minor brecciation	1.35	12.9	2.5	24	1	153
ARV025346	489568	7696544	Cherty Gossan; black-purple,vugs	1.32	0.25	906	41	198	24
ARV025370	489117	7696782	QV; 50cm thick striking for 10m, white-translucent, brecciated, iron oxide. Possibly folded	1.07	6	2.5	6	2	13
ARV025293	486880	7695819	QV; brecciated, purple-orange staining,	0.87	9.6	7	155	22	60
ARV025312	486590	7695829	QV; 40cm thick striking 3m, bucky with iron oxide stains.	0.67	3.3	8	4	19	3
ARV025284	489015	7696516	Phyllite; QV host to north	0.59	0.25	104	21	50	94
ARV025367	489123	7696670	QV blow; 3m thick, 8m strike, white, bucky, sulfidic veinlets and iron oxide/orange staining	0.56	11.1	6	9	2	305
ARV025242	488630	7696493	QV; up to 2m thick, striking over 5m, white, bucky with iron oxide laminations	0.45	1.1	7	5	5	82

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Sample ID	Easting	Northing	Description	Au **ppm **	Ag **ppm **	As **ppm **	Cu **ppm **	Ni **ppm **	Pb **ppm **
Ruth Well
ARV011559	485077	7693590	Laminated sediment. Quite siliceous. Some small cavities indicating possible sulfides.	5.04	50.9	735	261	61	39
ARV031784	485142	7693595	Ferruginous chert outcrop. Sample has slight gossanous appearance.	0.54	1.5	659	60	291	23
ARV031760	485404	7693458	Siliceous. More like a flint than a chert. Big boulders, not in situ.	0.47	1.2	75	40	18	10

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JORC Code, 2012 Edition – Table 1

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 (e.g. cut channels,		•	The soil samples were uniformly collected from 15cm, with
techniques		random chips, or specific specialised industry			colour, moisture and general topography recorded.
		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 limiting the		•	Two forms of analysis were conducted for the soils, conventional analysis using the AuME-ST44 was applied to samples sieved to -2mm. The second method was Ionic
		broad meaning of sampling.			leach where soil samples are sieved to -4mm.
	•	Include reference to measures taken to ensure		•	The AuME-ST44 is an aqua regia digest with ICP-MS finish
		sample representivity and the appropriate			for multi-element analysis including: Au, Ag, Al, As, Ba, Be,
		calibration of any measurement tools or systems			Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P,
	• •	used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been			Pb, Pd, Pt, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn. Samples are pulverised to 95% passing 75 microns for maximum digestion.
		done this would be relatively simple (e.g. ‘reverse		•	Ionic LeachTMuses a cyanide leach in a buffered solution
		circulation drilling was used to obtain 1 m samples			digest with ICP-MS finish for ultra-low level detection levels
		from which 3 kg was pulverised to produce a 30 g			for elements including: Au, Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co,
		charge for fire assay’). In other cases, more			Cr, Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, Pd, Pt, S, Sb,
		explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant			Sc, Sr, Th, Ti, Tl, U, V, W, Zn, REE. Samples are unpulverized and the technique is known as a partial extraction approach.
		disclosure of detailed information.		•	Field duplicates were taken and submitted for analysis with
					the soil samples.
				•	Rock chip samples were pulverised to 95% passing 75
					microns, Au by 50-gram Fire Assay (Au-AA26) with ICP
					finish. Multi element analysis used 4 Acid Digest ICP-AES
					Finish (ME-ICP61) for: Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr,
					Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th,
					Ti, Tl, U, V, W, Zn.
				•	Rock chip samples from the Bel’s PGE area were analysed
					using the AuME-ST44 technique
Drilling	•	Drill type (e.g. core, reverse circulation, open-hole		•	Not drilling data
techniques		hammer, rotary air blast, auger, Bangka, sonic, etc)
		and details (e.g. 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 chip		•	Not drilling data.
recovery		sample recoveries and results assessed.
	•	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		•	Rock chip samples were logged.
		geologically and geotechnically logged to a level of
		detail to support appropriate Mineral Resource
		estimation, mining studies and metallurgical

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		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-sampling	•	If core, whether cut or sawn and whether quarter,	•	Not drilling data
techniques and		half or all core taken.	•	Duplicate samples were collected and submitted for
sample preparation	•	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.		analysis with Reference standards inserted during soil sampling.
	•	For all sample types, the nature, quality and	•	Reference samples were inserted with rock chip samples.
		appropriateness of the sample preparation
		technique.
	•	Quality control procedures adopted for all sub-
		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 assay	•	The nature, quality and appropriateness of the	•	ALS (Perth) were used for all analysis of samples submitted
data and		assaying and laboratory procedures used and		by Artemis. The laboratory techniques below are for all
laboratory tests		whether the technique is considered partial or		samples submitted to ALS and are considered appropriate
		total.		for the styles of mineralisation within the Karratha region:
	•	For geophysical tools, spectrometers, handheld XRF	•	The AuME-ST44 is an aqua regia digest with ICP-MS finish
		instruments, etc, the parameters used in		for multi-element analysis including: Au, Ag, Al, As, Ba, Be,
		determining the analysis including instrument		Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P,
		make and model, reading times, calibrations		Pb, Pd, Pt, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn. Samples are
		factors applied and their derivation, etc.		pulverised to 95% passing 75 microns for maximum
	•	Nature of quality control procedures adopted (e.g.		digestion.
		standards, blanks, duplicates, external laboratory	•	Ionic LeachTMuses a cyanide leach in a buffered solution
		checks) and whether acceptable levels of accuracy		digest with ICP-MS finish for ultra-low level detection levels
		(i.e. lack of bias) and precision have been		for elements including: Au, Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co,
		established.		Cr, Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, Pd, Pt, S, Sb,
				Sc, Sr, Th, Ti, Tl, U, V, W, Zn, REE. Samples are unpulverized
				and the technique is known as a partial extraction
				approach.
			•	Field duplicates were taken and submitted for analysis with
				the soil samples.
			•	Rock chip samples were pulverised to 95% passing 75
				microns for maximum digestion, Au by 50-gram Fire Assay
				(Au-AA26) with ICP finish. Multi element analysis used 4
				Acid Digest ICP-AES Finish (ME-ICP61) for: Ag, Al, As, Ba, Be,
				Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P,
				Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn.
			•	Rock chip samples from the Bel’s PGE area were analysed
				using the AuME-ST44 technique
			•	Standards were used for external laboratory checks by
				Artemis.
			•	Duplicates were used for external laboratory checks by
				Artemis.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Verification of	•	The verification of significant intersections by	•	At least two company personnel verify all significant results.
sampling and		either independent or alternative company
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 data	•	Accuracy and quality of surveys used to locate drill	•	A Garmin GXL12 hand-held GPS was used to define the
points		holes (collar and down-hole surveys), trenches,		location of the soil and rock chip samples.
		mine workings and other locations used in Mineral	•	The grid system used for all Artemis sampling is GDA94
		Resource estimation.		(MGA 94 Zone 50)
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic control.
Data spacing	•	Data spacing for reporting of Exploration Results.	•	Not drill data.
and 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 of	•	Whether the orientation of sampling achieves	•	Not drill data.
data in relation		unbiased sampling of possible structures and the	•	Geochemical sampling has been undertaken on a nominal
to geological structure		extent to which this is known, considering the deposit type.		400m x 100m spacing.
	•	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.
Sample security	•	The measures taken to ensure sample security.	•	The chain of custody is managed by the supervising
				geologist who places calico sample bags in polyweave sacks.
				Up to 10 calico sample bags are placed in each sack. Each
				sack is clearly labelled with:
				o Artemis Resources Ltd
				o Address of laboratory
				o Sample range
			•	Samples were delivered by Artemis personnel to the
				transport company in Karratha and shrink wrapped onto
				pallets.
			•	The transport company then delivers the samples directly
				to the laboratory.
Audits or reviews	•	The results of any audits or reviews of sampling	•	Data is validated upon up-loading into the master database.
		techniques and data.		Any validation issues identified are investigated prior to
				reporting of results.

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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 tenement	•	Type, reference name/number, location and	•	The regional soil sampling has been conducted across
and land tenure		ownership including agreements or material		virtually all Artemis and subsidiary’s tenements.
status		issues with third parties such as joint ventures,
		partnerships, overriding royalties, native title
		interests, historical sites, wilderness or national
		park and environmental settings.
	•	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 done	•	Acknowledgment and appraisal of exploration	•	Previous explorers in the region include but not limited
by other parties		by other parties.		to are Westfield Minerals, Consolidated Gold Areas,
				Open Pit Mining and Exploration, Legend Mining, Agip
				Exploration, Titan Resources and Fox Resources.
Geology	•	Deposit type, geological setting and style of	•	The soil sampling program was planned identifying any
		mineralisation.		unknown styles of mineralization in the West Pilbara.
Drill hole	•	A summary of all information material to the	•	Not drilling data.
Information		understanding of the exploration results
		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
		Person should clearly explain why this is the
		case.
Data aggregation	•	In reporting Exploration Results, weighting	•	Not drilling data.
methods		averaging techniques, maximum and/or
		minimum grade truncations (e.g. cutting of high
		grades) and cut-off grades are usually Material
		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	•	Not drilling data
between		in the reporting of Exploration Results.
mineralisation	•	If the geometry of the mineralisation with
		respect to the drill hole angle is known, its

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
widths and		nature should be reported.
intercept lengths	•	If it is not known and only the down hole
		lengths are reported, there should be a clear
		statement to this effect (e.g. ‘down hole length,
		true width not known’).
Diagrams	•	Appropriate maps and sections (with scales)	•	Appropriate maps and sections are available in the
		and tabulations of intercepts should be included		body of this announcement.
		for any significant discovery being reported
		These should include, but not be limited to a
		plan view of drill hole collar locations and
		appropriate sectional views.
Balanced reporting	•	Where comprehensive reporting of all	•	Reporting of results in this report is considered
		Exploration Results is not practicable,		balanced.
		representative reporting of both low and high
		grades and/or widths should be practiced to
		avoid misleading reporting of Exploration
		Results.
Other substantive	•	Other exploration data, if meaningful and	•	The regional soil exploration program was to establish
exploration data		material, should be reported including (but not		the baseline information.
		limited to): geological observations;
		geophysical 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	•	Follow-up of the numerous identified anomalous areas
		(e.g. tests for lateral extensions, depth		will continue.
		extensions or large-scale step-out drilling).
	•	Diagrams clearly highlighting the areas of
		possible extensions, including the main
		geological interpretations and future drilling
		areas, provided this information is not
		commercially sensitive.

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