Artemis Resources Limited

ASX / MEDIA ANNOUNCEMENT

17 October 2018

ASX : ARV FRANKFURT : ATY US OTC : ARTTF

BASE, BATTERY AND PRECIOUS METALS

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:

Edward Mead – Executive Director E: [email protected]

Wayne Bramwell – Chief Executive Officer E: [email protected]

David Tasker – Media Advisor E: [email protected] P : +61 433 112 936

Or visit the Artemis Website or follow us on Twitter

Suite 1, 11 Ventnor Ave West Perth WA Australia, 6005

P : +61 8 6319 0000 E : [email protected] www.artemisresources.com.au Twitter - @Artemis_ARV

AMENDED: SIGNIFICANT UPGRADE TO COPPER AND ZINC RESOURCES AT WHUNDO MINE

Indicated tonnage now 2.6Mt @ 1.14% Cu and 1.14% Zn for 30,266 t contained Copper and 30,289 t contained Zinc

Artemis Resources Limited (“Artemis” or “the Company”) (ASX:ARV, Frankfurt:ATY, US OTC:ARTTF) is pleased to announce a significant improvement in this latest JORC 2012 resource estimate for the company’s 100% owned Whundo Copper Mine in the West Pilbara region of Western Australia. The October 2018 resource estimate is classified to JORC 2012 compliant Indicated category.

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Figure 1: Whundo Mine Deposits, 7km from Radio Hill Processing Plant.

Artemis’ Chief Executive Officer Wayne Bramwell commented:

“This resource upgrade has seen a circa 30% uplift in the Whundo sulphide resource to 2.2Mt and contained copper and zinc metal tonnes has grown significantly to ≈60,000t combined. The shallow oxide resource is entirely new.

Whundo was shut down in 2008 due to low copper and zinc prices. It is a valuable asset, considering it is an approved Mining Lease and is so close to our Radio Hill processing plant. The oxide grade of 1.75% Cu is tantalizing and with this zone extending from near surface to ≈40m below surface, Artemis is evaluating the integration of SX-EW processing at Radio Hill.

In addition, the larger sulfide zone could provide an additional blending source that could supplement Carlow Castle ore and further enhance copper grade to the Radio Hill Operations.”

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WHUNDO COPPER PROJECT RESOURCE SUMMARY

The Whundo Copper Project is in the West Pilbara region of Western Australia, ~50 km by road south of Karratha ( Figure 2 ). Access is along the Karratha / Tom Price sealed road, and then mine access tracks. Whundo is on a fully approved mining lease and is located only about 7km from Artemis’ 100% owned Radio Hill Processing Plant. Whundo was the last ore to be processed through the Radio Hill sulphide plant when the mine and plant were placed in to care and maintenance in 2008 due to low copper prices.

Artemis recently completed RC drilling of the Whundo Copper deposit, aiming to verify older non-JORC compliant drilling and to increase the drill data available in the upper levels of the mineralisation. Previous drilling comprised 870 drill holes of percussion and diamond drilling for a total of approximately 52,586 metres. Artemis Resources have drilled another 64 Reverse Circulation (“RC”) drill holes and 7 diamond drill holes for an additional 5,490 metres in 2018.

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Figure 2: Whundo Copper Project Location Map.

The Whundo deposit occurs in two zones, Whundo and Whundo West, hosted within a single stratigraphic horizon as a series of NW-NNW plunging shoots, which may be traced on surface over 500m as discontinuous goethitehematite gossans. The mineralised shoots typically vary from 1m to 5m thick but may thicken to 20m in fold hinge zones. The shoots plunge to the NW at 35-40[o] with a down plunge extent of up to 150m.

The Artemis drilling results have been merged with the older data. Al Maynard and Associates (AM&A) undertook resource modelling and estimation incorporating both data sets. Fox Resources partially mined both the oxide and fresh zones of the deposit during 2005 – 2008. Previously mined material is excluded from the resource estimate.

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AM&A modelled the Whundo/West Whundo deposit, with Minemap software, utilising all available RC and diamond drilling. The grade interpolation method was inverse distance squared (ID2), constrained by mineralisation wireframes derived from drill hole assay intersections.

CL ASSIFICATION

AM&A has classified the entire resource as an Indicated Resource, using a resource cut off of Cu% + Zn% x (Zn metal price/Cu metal price) >=0.5%. This is in effect a copper equivalent where a copper metal price of USD$6,058/tonne and a zinc metal price of USD$2,457/tonne was applied. The resource is tabulated by material type ( Table 1 ).

The material type oxide is blocks above the transition surface base digital terrain model (DTM) and fresh material is below the transition surface base DTM.

Table 1: 2012 JORC Estimate for the Whundo Cu-Zn Project (October 2018 - Indicated Resources)

Material Type	Tonnage (tonnes x	Copper Grade (Cu %)	Zinc Grade (Zn %)	Copper Metal (tonnes Cu)	Zinc Metal (tonnes Zn)
Oxide	390	1.75	0.47	6,810	1,839
Fresh	2,260	1.04	1.26	23,456	28,450
Total	2,649	1.14	1.14	30,266	30,289

The JORC Code, 2012, Table 1 Sections 1, 2 and 3 are appended at the end of this announcement.

The October 2018 resource shows an increase in both oxide and fresh material types as compared to the Fox Resources 2012 resources (refer 4 April 2012, – “Fox Resources Exploration Update”, Public announcement ASX - www.asx.com.au/asxpdf/20120404/pdf/425fyyslg7ldy1.pdf )

DRILLING INFORMING THE WHUNDO PROJECT RESOURCE ESTIMATE

Drilling data used to inform the resource estimate is summarised in Table 2 , this only includes RC and diamond drill holes. The database includes drilling carried out by a number of previous operators stretching back to the 1960’s. Historical data has been sourced from an industry standard digital database (Fox Resources) and original hardcopy data. Recent drill data is derived from the Artemis database.

Table 2: Summary list of drill holes used in the resource estimate

Series Count Hole Type *	Series Count Hole Type *	Depth(m) Year
DRILLING BY PREVIOUS OPERATORS
PWD1 PWD6 7	DDH	1,418.13
RS5 RS10 5	DDH	404.86
WG1 WG15 13	DDH	2,287.87
69WD1 69WD6 6	DDH	776.35 1969
70WD1 70WD11 11	DDH	1,182.33 1970
74WRC1 74WRC35 35	RC	1,468.47 1974
75WRC1 75WRC55 55	RC	1,922.66 1975
89NWRC1 89NWRC6 6	RC	468.00 1989
W94D1 W94D2 2	DDH	90.60 1994

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Series Count Hole Type *	Series Count Hole Type *	Depth(m) Year
DRILLING BY PREVIOUS OPERATORS
98WDRC001 98WDRC013 13	RC	880.00 1998
WHRC001 WHRC356 349	RC	25,660.00 2004
WHRCD178 WHRCD236 17	RC and RC	1,699.70 2004
WHMET1 1	DDH	44.00 2004
WHDD001 WHDD029 27	DDH	2,079.80 2005
AURCD001 1	RCDDH	264.00 2006
AURC006 AURC011 3	RC	762.00 2006
WHGC001 WHGC045 45	RC	2,238.00 2006
WHGD001 1		51.40 2006
BEDD001 1	DDH	340.10 2006
SUBTOTAL 598		44,038.27
ARTEMIS DRILLING
AWRC001 AWRC056 56 RC		3,528.00 2018
AWRC089 AWRC096 8 RC		1,230.00 2018
18WHAD001 18WHAD007 7 DDH		732.00 2018
SUBTOTAL 598		5,490
TOTAL 669		49,528.27

The Artemis drilling had two purposes, one to infill less well drilled areas and the other to verify some of the older drilling to increase confidence in the original data that had been merged with the Artemis data. Figure 3 below depicts the relationship between some of the Artemis drilling and some of the original drilling. It can be readily seen that the correlation between the two phases of drilling is satisfactory.

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Figure 3: Artemis drilling (AWRC prefix) and prior original drilling colour coded for Cu% + 0.5 x Zn%

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RESOURCE MODEL

The resource was modelled by wireframing the mineralisation to reflect the geometry of the individual shoots. The boundary was based on a combination of Cu and Zn assays where the boundary value metal %, was Cu%+Zn%*(2457/6058) >0.5.

This method of boundary definition was selected due to the correlation between Cu and Zn and the potential for them to be recovered through a proposed flotation circuit at Radio Hill. Some internal dilution was included to facilitate improved continuity with other adjacent drill intersections. Internal dilution was not included if the result was to reduce the total intersection below 0.5%.

The Cu and Zn grades were estimated separately using ID2 with the search ellipse reflecting the interpreted geology.

Figure 4: below is a 3D perspective view of the total block model, including material types denoted as oxide and fresh. The interface between these material types, the transition surface base, is generally about 35m to 45m below natural surface.

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Figure 4: Whundo Project block model, colour coded for Cu% grade, with drill hole traces and the as mined pits/topography DTM

The cross section on 492500E ( Figure 5 ) through the Whundo mineralisation shows the relationship between high grade remnant mineralisation in the Whundo pit wall and as yet unmined mineralisation to the west of slightly lower grade than once existed inside the pit. Blocks and drill holes are colour coded for Cu%.

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Figure 5: Whundo Cross section (492500E - looking west)

For further information on this announcement 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

COMPETENT PERSONS STATEMENT

The information in this announcement that relates to the Whundo Project Resource is based on the Whundo Project Resource Report written by Mr Philip A Jones, who is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Jones is a consultant working for Al Maynard & Associates (AM&A) who were engaged by Artemis Resources to prepare the report and undertake the resource estimation for the Whundo Project for the period ending 30 September 2018. Mr Jones 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 Jones consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

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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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JORC Code, 2012 Edition – Table 1 (extracted from AM&A report)

Section 1 Sampling Techniques and Data THIS SECTION REFERS TO THE ARTEMIS 2018 RC DRILLING PROGRAM ONLY

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
*Sampling*	•	Nature and quality of	•	Reverse Circulation (RC) drilling was carried out on the Whundo
*techniques*		sampling (e.g. cut channels,		Project. This drilling was designed to obtain drill chip samples from
		random chips, or specific		one metre intervals, from which a 2-4 kilogram sub-sample was
		specialised industry standard		collected for laboratory multi-element analysis including:
		measurement tools		Ag,Al,As,Ba,Be,Bi,Ca,Cd,Co,Cr,Cu,Fe,Ga,K,La,Mg,Mn,Mo,Na,Ni,P,Pb
		appropriate to the minerals		,S,Sb,Sc,SrTh,Ti,Tl,U,V,W,Zn.
		under investigation, such as	•	All samples were analyzed using a portable XRF instrument
		down hole gamma sondes, or		(Innovex). Initial methodology trialing the units has been to make
		handheld XRF instruments,		a single randomly placed measurement on the drill sample bag.
		etc). These examples should		Optimum sampling time appears to be 90 seconds per
		not be taken as limiting the		measurement.
		broad meaning of sampling.	•	Mineralised zones were identified visually during field logging, and
	•	Include reference to measures		sample intervals selected by the supervising geologist.
		taken to ensure sample	•	Samples from each metre were collected through a rig-mounted
		representivity and the		cyclone and split using a rig-mounted static cone splitter.
		appropriate calibration of any	•	Field duplicates were taken and submitted for analysis.
		measurement tools or	•	Substantial historic drilling has been completed in the vicinity of
		systems used.		the drilling completed by Artemis. The most significant work was
	•	Aspects of the determination		completed by Whim Creek
	•	of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been		Consolidated s in the early mid 1970’s and by Fox Resources 2004- 2007. Compilation of this data has been completed based on Annual Exploration Reports available through WAMEX. Although
		done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire		limited information is available regarding procedures implemented during this period, work completed by Artemis to date has validated much of this historic data. It is considered that the historic work was completed professionally, and that certain assumptions can reasonably be based on results reported throughout this period.
		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 (e.g.
		submarine nodules) may
		warrant disclosure of detailed
		information.
*Drilling*	•	Drill type (e.g. core, reverse	•	Reverse Circulation drilling at Whundo was completed by a truck-
*techniques*		circulation, open-hole		mounted Schramm 685 RC drilling rig using a 5¼ inch diameter face
		hammer, rotary air blast,		sampling hammer.
		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	•	Sample recoveries are recorded by the geologist in the field
*recovery*		assessing core and chip		during logging and sampling.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		sample recoveries and results	•	If poor sample recovery is encountered during drilling, the
		assessed.		supervising geologist and driller endeavor to rectify the problem
	•	Measures taken to maximise		to ensure maximum sample recovery.
		sample recovery and ensure representative nature of the samples.	• •	Visual assessments are made for recovery, moisture, and possible contamination. A cyclone and static cone splitter were used to ensure representative sampling and were routinely inspected and
	•	Whether a relationship exists		cleaned.
		between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• •	Sample recoveries during drilling completed by Artemis were high, and all samples were dry. Insufficient data exists at present to determine whether a relationship exists between grade and recovery. This will be assessed once a statistically representative amount of data is
				available.
*Logging*	•	Whether core and chip	•	All drill chip samples are geologically logged at 1m intervals from
		samples have been		surface to the bottom of each drill hole. It is considered that
		geologically and		geological logging is completed at an adequate level to allow
		geotechnically logged to a		appropriate future Mineral Resource estimation.
		level of detail to support	•	Geological logging is considered semi-quantitative due to the
		appropriate Mineral Resource		limited geological information available from the Reverse
		estimation, mining studies		Circulation method of drilling.
		and metallurgical studies.	•	All RC drill holes completed by Artemis during the current program
	•	Whether logging is		have been logged in full.
		qualitative or quantitative in	•	All diamond core is lithologically logged and sample intervals
		nature. Core (or costean,		defined by mineralisation.
		channel, etc) photography.
	•	The total length and
		percentage of the relevant
		intersections logged.
*Sub-sampling*	•	If core, whether cut or sawn	•	The RC drilling rig was equipped with a rig-mounted cyclone and
*techniques and*		and whether quarter, half or		static cone splitter, which provided one bulk sample of
*sample* *preparation*	•	all core taken. If non-core, whether riffled,		approximately 20-30 kilograms, and a representative sub-sample of approximately 2-4 kilograms for every metre drilled.
		tube sampled, rotary split, etc	•	The sample size of 2-4 kilograms is appropriate and representative
		and whether sampled wet or		of the grain size and mineralisation style of the deposit.
		dry.	•	The majority of samples were dry. Where wet sample was
	•	For all sample types, the		encountered, the cleanliness of the cyclone and splitter were
		nature, quality and		closely monitored by the supervising geologist and maintained to a
		appropriateness of the		satisfactory level to avoid contamination and ensure representative
		sample preparation		samples were being collected.
		technique.	•	Diamond core is cut in half with an Almondite automated core
	•	Quality control procedures		cutting machine using cradles.
		adopted for all sub-sampling	•	Duplicate samples were collected and submitted for analysis.
		stages to maximise		Reference standards inserted during drilling.
		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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		sampled.
*Quality of assay*	•	The nature, quality and	•	ALS (Perth) were used for all analysis of drill samples submitted by
*data and*		appropriateness of the		Artemis. The laboratory techniques below are for all samples
*laboratory tests*		assaying and laboratory		submitted to ALS and are considered appropriate for the style of
		procedures used and whether		mineralisation defined within the Whundo Project area:
		the technique is considered		• Samples above 3Kg riffle split.
		partial or total.		• Pulverise to 95% passing 75 microns
	•	For geophysical tools,		• 50-gram Fire Assay (Au-AA26) with ICP finish - Au.
		spectrometers, handheld XRF		• 4 Acid Digest ICP-AES Finish (ME-ICP61) – Ag, Al, As, Ba, Be,
		instruments, etc, the		Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb,
		parameters used in		S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn.
		determining the analysis		• Ore Grade 4 Acid Digest ICP-AES Finish (ME-OG62)
		including instrument make	•	Standards were used for external laboratory checks by Artemis.
		and model, reading times,	•	Duplicates were used for external laboratory checks by Artemis.
		calibrations factors applied	•	Portable XRF (pXRF) analysis was completed using Innovex Delta
		and their derivation, etc.		unit. XRF analysis was completed on the single metre sample bulk
	•	Nature of quality control		drill ample retained on site. Further statistical analysis will be
		procedures adopted (e.g.		completed to better determine the accuracy and precision of the
		standards, blanks, duplicates,		pXRF unit based on laboratory assay results.
		external laboratory checks)	•	Portable XRF results are considered semi-quantitative and act as a
		and whether acceptable		guide to mineralised zones and sampling.
		levels of accuracy (i.e. lack of
		bias) and precision have been
		established.
*Verification of*	•	The verification of significant	•	At least two company personnel verify all significant results.
*sampling and*		intersections by either	•	All geological logging and sampling information is completed firstly
*assaying*		independent or alternative		on to paper logs before being transferred to Microsoft Excel
		company personnel.		spreadsheets. Physical logs and sampling data are returned to the
	•	The use of twinned holes.		Hastings head office for scanning and storage.
	•	Documentation of primary	•	No adjustments of assay data are considered necessary.
		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	•	A Garmin GPSMap62 hand-held GPS was used to define the location
*points*		surveys used to locate drill		of the drill hole collars. Standard practice is for the GPS to be left at
		holes (collar and down-hole		the site of the collar for a period of 5 minutes to obtain a steady
		surveys), trenches, mine		reading. Collar locations are accurate to within 5m. Collars are
		workings and other locations		surveyed with a DGPS.
		used in Mineral Resource	•	Downhole surveys were captured at 30 metre intervals for the drill
		estimation.		holes completed by Artemis.
	•	Specification of the grid	•	The grid system used for all Artemis drilling is GDA94 (MGA 94 Zone
		system used.		50)
	•	Quality and adequacy of	•	Topographic control is obtained from surface profiles created by
		topographic control.		drill hole collar data.
*Data spacing*	•	Data spacing for reporting of	•	Current drill hole spacing is variable and dependent on specific
*and distribution*		Exploration Results.		geological, and geophysical targets, and access requirements for
	•	Whether the data spacing		each drill hole.
		and distribution is sufficient	•	No sample compositing has been used for drilling completed by
		to establish the degree of		Artemis. All results reported are the result of 1 metre downhole
		geological and grade		sample intervals.
		continuity appropriate for the
		Mineral Resource and Ore

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		Reserve estimation
		procedure(s) and
		classifications applied.
	•	Whether sample compositing
		has been applied.
*Orientation of*	•	Whether the orientation of	•	Drill holes were located in order to intersect the target at an angle
*data in relation*		sampling achieves unbiased		perpendicular to strike direction. As the target structures were
*to geological*		sampling of possible		steep to moderately dipping, all Artemis drill holes were angled at -
*structure*		structures and the extent to		60 degrees.
		which this is known,
		considering the deposit type.
	•	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	•	The chain of custody is managed by the supervising geologist who
		sample security.		places calico sample bags in polyweave sacks. Up to 5 calico sample
				bags are placed in each sack. Sacks from individual holes were
				placed into bulk bags, each bulk bagislabelled with:
				`o` Artemis Resources Ltd
				`o` Address of laboratory
				`o` Sample range
			•	Samples were delivered by Artemis personnel to the transport
				company in Karratha on pallets.
			•	The transport company then delivers the samples directly to the
				laboratory.
*Audits or reviews*	•	The results of any audits or	•	Data is validated upon up-loading into the master database. Any
		reviews of sampling		validation issues identified are investigated prior to reporting of
		techniques and data.		results.

Section 2 Reporting of Exploration Results, THIS SECTION REFERS TO THE ARTEMIS 2018 RC DRILLING PROGRAM ONLY

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
*Mineral tenement*	•	Type, reference	•	RC drilling by Artemis was carried out on M47/007 – 100%
*and land tenure*		name/number, location and		owned by Artemis Resources Ltd. This tenement forms a part
*status*		ownership including		of a broader tenement package that comprises the West
		agreements or material		Pilbara Project.
		issues with third parties	•	This tenement is in good standing and no known impediments
		such as joint ventures,		exist (see map provided in this report for location).
		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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		along with any known
		impediments to obtaining a
		licence to operate in the
		area.
*Exploration done*	•	Acknowledgment and	•	The most significant work to have been completed
*by other parties*		appraisal of exploration by		historically in the Whundo area, was by Westfield Minerals
		other parties.		NL, later Whim Creek Consolidated NL.
			•	Work completed by Westfield/Whim Creek consisted of
				geological mapping, geophysical surveying, geochemical
				sampling and diamond and RAB drilling and sampling.
			•	This outlined several high-grade shoots including the one
				mined in the Whundo pit in 1976. An estimated 6,746t of
				27.4% Cu ore was produced.
			•	Whim Creek continued involvement with the project area
				after becoming Dominion Metals until 1995 when the
				tenements were sold to Straits Resources Ltd.
			•	Dominion had completed drilling and resource estimation on
				Whundo and pit plans were completed but not
				implemented.
			•	Straits completed drilling along strike to expand resources
				and did not identify additional oxide resources to warrant
				development and shipping to Whim Creek.
			•	Fox Resources Ltd obtained control of the tenements
				from Straits in 2003 and subsequently undertook an
				extensive drilling program on the West Whundo deposit
				outlining a combined Oxide/Supergene/Primary
			•	Inferred Resource of 625,000 t @ 1.56% Cu and 1.6%
				Zn and subsequently defined reserves and undertook mining
				activities in 2006-7.
*Geology*	•	Deposit type, geological	•	The Whundo project is a partially dismembered single
		setting and style of		horizon VMS deposit which plunges at 40oto the northwest
		mineralisation.		extending to 15 m down plunge.
			•	Mineralisation in Whundo consists of 2 main units; fine to
				medium grained pyrite, sphalerite and chalcopyrite;
				massive pyrite and pyrrhotite with minor sphalerite and
				chalcopyrite. West Whundo has 2 main units well: layered
				pyrite, sphalerite and chalcopyrite with disseminated
				magnetite overlain by massive pyrrhotite and pyrite.
			•	Sulphide mineralisation consists mainly of chalcopyrite,
				chalcocite, sphalerite, pyrrhotite and pyrite
*Drill hole*	•	A summary of all	•	Collar information for all drill holes reported is provided in the
*Information*		information material to the		body of this report.
		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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		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	•	All intervals reported are composed of 1 metre down hole
*methods*		Results, weighting		intervals for Reverse Circulation drilling, and lithologically
		averaging techniques,		intervals are used for Diamond core and are therefore length
		maximum and/or minimum		weighted.
		grade truncations (e.g.	•	No upper or lower cut-off grades have been used in reporting
		cutting of high grades) and		results.
		cut-off grades are usually	•	No metal equivalent calculations are used in this report.
		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	•	True widths of mineralisation have not been calculated for
*between*		particularly important in the		this report, and as such all intersections reported are down-
*mineralisation* *widths and* *intercept lengths*	•	reporting of Exploration Results. If the geometry of the	•	hole thicknesses and compensated for in 3D for the resource modelling. Due to the moderately to steeply dipping nature of the
		mineralisation with respect		mineralised zones, it is expected that true thicknesses will be
		to the drill hole angle is		less than the reported down-hole thicknesses.
		known, its 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 (e.g. ‘down hole
		length, true width not
		known’).
*Diagrams*	•	Appropriate maps and	•	Appropriate maps and sections are available in the body of
		sections (with scales) and		this report.
		tabulations of intercepts
		should be included for any
		significant discovery being
		reported These should
		include, but not be limited
		to a plan view of drill hole

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		collar locations and
		appropriate sectional views.
*Balanced reporting*	•	Where comprehensive	•	Reporting of results in this report is considered balanced.
		reporting of all Exploration
		Results is not practicable,
		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	•	There is no other relevant data to report on.
*exploration data*		meaningful and material,
		should be reported including
		(but not 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	•	The results at the Whundo project warrant a Whittle© mining
		planned further work (e.g.		study as part of a Pre-Feasibility study for mining the deposit.
		tests for lateral extensions,
		depth 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.

Section 3 Estimation and Reporting of Mineral Resources

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
*Database integrity*	•	Measures taken to ensure	•	Data used as received but checked for Hole ID and sample
		that data has not been		interval errors by MineMap © software. Some RC sample
		corrupted by, for example,		assays in database were checked against laboratory spread
		transcription or keying		sheets and no errors were found.
		errors, between its initial
		collection and its use for
		Mineral Resource
		estimation purposes.
	•	Data validation procedures
		used.
*Site visits*	•	Comment on any site visits	•	Two representatives from AM&A (A. Maynard & P. Jones) have
		undertaken by the		visited the site recently.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		Competent Person and the
		outcome of those visits.
	•	If no site visits have been
		undertaken indicate why
		this is the case.
*Geological*	•	Confidence in (or	•	The geological interpretation is based on a relatively dense
*interpretation*		conversely, the uncertainty		grid of drill holes and experience gained by previous workers
		of ) the geological		during underground mining so the geological interpretation is
		interpretation of the		considered to be reliable.
		mineral deposit.	•	There are no other reasonable geological interpretations
	•	Nature of the data used		based on the available data and information.
		and of any assumptions	•	The resource model was confined by wireframes based on the
		made.		geological interpretation.
	•	The effect, if any, of	•	The mineralisation is controlled by the geology.
		alternative interpretations
		on Mineral Resource
		estimation.
	•	The use of geology in
		guiding and controlling
		Mineral Resource
		estimation.
	•	The factors affecting
		continuity both of grade
		_andgeology. _
*Dimensions*	•	The extent and variability of	•	The mineralisation is not properly closed off down dip.
		the Mineral Resource
		expressed as length (along
		strike or otherwise), plan
		width, and depth below
		surface to the upper and
		lower limits of the Mineral
		Resource.
*Estimation and*	•	The nature and	•	The resource modelling was done with MineMap © software
*modelling*		appropriateness of the		by interpolating grades into a digital block model using an
*techniques*		estimation technique(s)		Inverse Distance Squared (ID2) algorithm confined by wire
		applied and key		framing of the (Cu% + 0.5*Zn%) mineralised zones with 50m
		assumptions, including		search radii along and across strike and 10m vertically up and
		treatment of extreme grade		down dip.
		values, domaining,	•	AM&A considers that these modelling parameters are
		interpolation parameters		appropriate for an Indicated resource of the type and style of
		and maximum distance of		mineralisation being modelled.
		extrapolation from data
		points. If a computer
		assisted estimation method
		was chosen include a
		description of computer
		software and parameters
		used.
	•	The availability of check
		estimates, previous
		estimates and/or mine
		production records and
		whether the Mineral
		Resource estimate takes
		appropriate account of such
		data.
	•	The assumptions made
		regarding recovery of by-
		products.
	•	Estimation of deleterious
		elements or other non-
		grade variables of economic
		significance (eg sulphur for
		_acid mine drainage _

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		characterisation).
	•	In the case of block model
		interpolation, the block size
		in relation to the average
		sample spacing and the
		search employed.
	•	Any assumptions behind
		modelling of selective
		mining units.
	•	Any assumptions about
		correlation between
		variables.
	•	Description of how the
		geological interpretation
		was used to control the
		resource estimates.
	•	Discussion of basis for using
		or not using grade cutting
		or capping.
	•	The process of validation,
		the checking process used,
		the comparison of model
		data to drill hole data, and
		use of reconciliation data if
		available.
*Moisture*	•	Whether the tonnages are	•	All tonnes and grades are on a dry basis.
		estimated on a dry basis or	•	The bulk densities are determined from down-hole density
		with natural moisture, and		logging.
		the method of
		determination of the
		moisture content.
*Cut-off parameters*	•	The basis of the adopted	•	The resource modelling was confined by wire framing of the
		cut-off grade(s) or quality		(Cu% + 0.5*Zn%) >0.5% mineralised zones.
		parameters applied.	•	The ratio of the combined Cu and Zn grades >0.5% was used to
				determine modelling limits since this is an approximation of
				the economic lower cut-off for open pit mining. This 0.5%
				grade also produces a robust continuous wireframe.
*Mining factors or*	•	Assumptions made	•	No mining factors were considered for the resource estimate
*assumptions*		regarding possible mining		although it was assumed that it is most likely that the deposit
		methods, minimum mining		will eventually be mined using the open pit mining method.
		dimensions and internal (or,
		if applicable, external)
		mining dilution. It is always
		necessary as part of the
		process of determining
		reasonable prospects for
		eventual economic
		extraction to consider
		potential mining methods,
		but the assumptions made
		regarding mining methods
		and parameters when
		estimating Mineral
		Resources may not always
		be rigorous. Where this is
		the case, this should be
		reported with an
		explanation of the basis of
		the mining assumptions
		made.
*Metallurgical*	•	The basis for assumptions	•	The Whundo Oxide ore has been successfully recovered
*factors or*		or predictions regarding		previously and saleable concentrates produced.
*assumptions*		metallurgical amenability.	•	It is expected that the nearby Radio Hill plant could
		It is always necessary as

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		part of the process of		successfully recover the fresh sulphide copper and zinc
		determining reasonable		mineralisation as saleable concentrates.
		prospects for eventual
		economic extraction to
		consider potential
		metallurgical methods, but
		the assumptions regarding
		metallurgical treatment
		processes and parameters
		made when reporting
		Mineral Resources may not
		always be rigorous. Where
		this is the case, this should
		be reported with an
		explanation of the basis of
		the metallurgical
		assumptions made.
*Environmen-tal*	•	Assumptions made	•	No environmental factors were considered however the
*factors or*		regarding possible waste		tenement has sufficient suitable area to accommodate a small
*assumptions*		and process residue		mining and processing operation including provision for waste
		disposal options. It is		disposal.
		always necessary as part of	•	There are no obvious, especially environmentally sensitive,
		the process of determining		areas in the vicinity of the deposit although the usual impact
		reasonable prospects for		studies and government environmental laws and regulations
		eventual economic		will need to be complied with.
		extraction to consider the
		potential environmental
		impacts of the mining and
		processing operation. While
		at this stage the
		determination of potential
		environmental impacts,
		particularly for a
		greenfields project, may not
		always be well advanced,
		the status of early
		consideration of these
		potential environmental
		impacts should be reported.
		Where these aspects have
		not been considered this
		should be reported with an
		explanation of the
		environmental assumptions
		made.
*Bulk density*	•	Whether assumed or	•	Bulk densities obtained from down-hole logging of 30 RC and 7
		determined. If assumed, the		diamond drill holes in the Artemis 2018 drilling program were
		basis for the assumptions. If		modelled using the same parameters used to model the
		determined, the method		grades. A default bulk density of 3.1 was used in the cells
		used, whether wet or dry,		beyond the search radii.
		the frequency of the
		measurements, the nature,
		size and representativeness
		of the samples.
	•	The bulk density for bulk
		material must have been
		measured by methods that
		adequately account for void
		spaces (vugs, porosity, etc),
		moisture and differences
		between rock and
		alteration zones within the
		deposit.
	•	Discuss assumptions for
		bulk density estimates used

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		in the evaluation process of
		the different materials.
*Classification*	•	The basis for the	•	The resource was classified by AM&A as Indicated based on
		classification of the Mineral		the spacing of the drilling and quality of the data used in the
		Resources into varying		estimation.
		confidence categories.	•	AM&A believes that this classification to be appropriate.
	•	Whether appropriate
		account has been taken of
		all relevant factors (ie
		relative confidence in
		tonnage/grade estimations,
		reliability of input data,
		confidence in continuity of
		geology and metal values,
		quality, quantity and
		distribution of the data).
	•	Whether the result
		appropriately reflects the
		Competent Person’s view of
		the deposit.
*Audits or reviews*	•	The results of any audits or	•	No audits or reviews of the Mineral Resource Estimates have
		reviews of Mineral		been made. Alternate models were generated by AM&A using
		Resource estimates.		Inverse Distance Cubed and different search radii and these
				confirmed the reported results.
*Discussion of*	•	Where appropriate a	•	The drill hole spacing is adequate to provide sufficient
*relative accuracy/*		statement of the relative		confidence in the resource estimate at the reported resource
*confidence*		accuracy and confidence		category. The quality of the data used for the modelling is
		level in the Mineral		considered to be reasonable for the reported resource
		Resource estimate using an		estimate.
		approach or procedure	•	All quoted estimates are global for the deposit.
		deemed appropriate by the	•	Previous open pit mine production has been properly
		Competent Person. For		accounted for in the resource model.
		example, the application of
		statistical or geostatistical
		procedures to quantify the
		relative accuracy of the
		resource within stated
		confidence limits, or, if such
		an approach is not deemed
		appropriate, a qualitative
		discussion of the factors
		that could affect the
		relative accuracy and
		confidence of the estimate.
	•	The statement should
		specify whether it relates to
		global or local estimates,
		and, if local, state the
		relevant tonnages, which
		should be relevant to
		technical and economic
		evaluation. Documentation
		should include assumptions
		made and the procedures
		used.
	•	These statements of
		relative accuracy and
		confidence of the estimate
		should be compared with
		production data, where
		available.

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AI assistant

Artemis Resources Limited Capital/Financing Update 2018

10429_rns_2018-10-16_8ddc5ce2-4bf9-4003-9527-374cc745b15a.pdf

17 October 2018

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