Artemis Resources Limited — Capital/Financing Update 2018

Mar 5, 2018

ASX / Media Announcement 6 March 2018

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Artemis Resources Limited ARBN: 80 107 051 749

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

HIGH-GRADE NICKEL/COPPER/COBALT DRILLING &

RADIO HILL PLANT START-UP PLANS - Karratha, Western Australia-

Highlights:

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

• RC drilling at the top of the Radio Hill ore body has been completed.

• A total of 80 holes were drilled for 7,052 metres, within 400 metres of the Radio Hill processing plant.

• First assay results have arrived, with key intercepts to date including:

• ➢ 15m @ 2.05% Ni, 1.94% Cu, 0.09% Co from 27m (ARH066)

• ➢ 7m @ 1.9% Ni, 1.07% Cu, 0.08% Co from 18m (ARH015)

• ➢ 8m @ 1.14% Ni, 0.96% Cu, 0.06% Co from 75m (ARH007)

  • within 17m @ 0.81% Ni, 0.83% Cu, 0.04% Co from 67m (ARH007)

• ➢ 3m @ 1.24% Ni, 2.42% Cu, 0.07% Co from 123m (ARH019)

  • within 26m @ 0.57% Ni, 0.92% Cu, 0.03% Co from 106m

Directors:

• ➢ 2m @2.93% Ni, 2.90% Cu, 0.12% Co from 19m (ARH020)

• Resource estimation targeted for the end of March 2018.

Executive Chairman David Lenigas

Executive Directors Edward Mead Alex Duncan-Kemp

Non-Executive Director: Sheikh Maktoum Hasher al Maktoum

Company Secretary: Guy Robertson

Corporate Information ASX Code: ARV

• ➢ Open Pit designs targeted for the end of April 2018.

• ➢ Mining commencement targeted for June 2018.

• Silica Hills Gold Project drilling has commenced

• Whundo Copper/Zinc Mine drilling underway to expand current Mineral Resources. Resource estimate targeted for May 2018.

David Lenigas, Artemis’s Executive Chairman, commented;

“These are excellent shallow Ni/Cu/Co sulphide drilling grades from the unmined top of the Radio Hill ore body. Although our Radio Hill plant re-start strategy is initially aimed at gold production, open pit production from Radio Hill will be an important part of our short-term scheduling. We are aiming to have the Radio Hill open pit resourced, designed and ready for mining well in advance of mill re-commissioning around the middle of this year. The Radio Hill metallurgy is well understood, and the concentrates are a known product for the overseas smelters and Artemis believes that re-opening the Radio Hill mine is a sound low-risk start-up strategy, especially considering plant processing costs are currently estimated to be $32 - $42/t for sulphide base metals ores ($20/t - $22/t for gold ores) and today’s commodity prices of AUD 17,344[1] per tonne for nickel, AUD 8,876[1] per tonne for copper and AUD 101,910[1] per tonne for cobalt.

Artemis is working with AMC Consultants to have the Resources of all of its major assets classified and reported in accordance with the JORC Code (2012), and to prioritise Scoping Studies which include mine scheduling on its Radio Hill Ni/Cu/Co, Whundo Cu/Zn, and Weeriana Au Projects, and Scoping Studies on Carlow Castle Co/Cu/Au.”

1 AUD metal values calculated from LME cash bid price (5 March 2018), US$ v AUD exchange rate of 1.29

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Artemis Resources Limited (‘ Artemis ’ or ‘ the Company ’) ( ASX: ARV ) is pleased to provide an update on its start-up strategy for its Radio Hill operations and on its drilling programmes at Radio Hill (Nickel/Copper/Cobalt), Ruth Well (Nickel/Copper/Cobalt), Silica Hills (Gold), Weeriana (Gold) and Whundo (Copper/Zinc) Projects all located within 35 km from Artemis’ Radio Hill base metals and gold processing plant.

Radio Hill Processing Plant Refurbishment and Upgrade Update:

Plant refurbishment and upgrades of the Radio Hill processing plant, located 25 km south of Karratha, are progressing as planned and are on schedule to be operational by the end of June 2018.

Artemis’ metallurgical consultants have estimated a processing cost of approximately $20/t - $22/t for gold ores and approximately $32t - $42/t for sulphide base metals ores.

Artemis is undertaking Scoping Studies on all of its major projects in the Karratha area, prioritising each project for potential plant feed based on each project’s economic merits.

The current thinking is to commence production on a gold-only strategy for the first few months, sourcing plant feed from either 47 Patch conglomerates and/or Silica Hills and Weeriana, to commission the new Gekko gold recovery circuit. Open pit sulphide base metals feed from Radio Hill (Ni/Cu/Co), Ruth Well (Ni/Cu/Co), Whundo (Cu/Zn) and Carlow Castle (Co/Cu/Au) will form the basis of a longer-term production strategy.

Radio Hill (Nickel/Copper/Cobalt):

Figure 1: Location of the RC drilling programme at Radio Hill mine site.

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

RC Drilling – New Open Pit Area
&
Site of 1985 AGIP metallurgical Test Pit
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Artemis has completed an 80-hole RC drilling programme[2] at Radio Hill (totalling 7,052 m), designed to delineate the nickel/copper/cobalt mineralisation in the top 70 m of the Radio Hill orebody. Drilling results have arrived from the the lab and results to date are shown in Table 1. Hole locations are shown in Table 2.

The Radio Hill orebody comes to surface near the metallurgical Test Pit area (shown to the right of the RED circle in Figure 1), originally excavated by AGIP in 1985. This Test Pit was originally mined to evaluate the metallurgical characteristics of the Radio Hill Ni/Cu/Co sulphide ores to provide data for the design of the original milling circuit and on-site smelter complex which has been removed.

Partial drill hole results have started to arrive, with the best intercepts (>0.5% Ni) to date highlighted in Table 1. Hole coordinates of these drill holes are shown in Table 2.

Best intercepts received to date include:

• ➢ 15m @ 2.05% Ni, 1.94% Cu, 0.09% Co from 27m (ARH066)

• ➢ 7m @ 1.9% Ni, 1.07% Cu, 0.08% Co from 18m (ARH015)

• ➢ 8m @ 1.14% Ni, 0.96% Cu, 0.06% Co from 75m (ARH007) ▪ within 17m @ 0.81% Ni, 0.83% Cu, 0.04% Co from 67m (ARH007)

• ➢ 3m @ 1.24% Ni, 2.42% Cu, 0.07% Co from 123m (ARH019) ▪ within 26m @ 0.57% Ni, 0.92% Cu, 0.03% Co from 106m

• ➢ 2m @2.93% Ni, 2.90% Cu, 0.12% Co from 19m (ARH020)

(Note: the intercepts are not truth width and are based on 1 metre samples. Refer to Table 2).

Figure 2: Location of the RC drilling programme at Radio Hill mine site.

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All drilling results should be available this month. Artemis is working with AMC Consultants (AMC) to prepare an upgraded Mineral Resource estimate, that can be classified and reported in compliance with the JORC Code (2012). This work is being targeted for completion by the end of April 2018.

2 Artemis Resources Limited ASX announcement dated 29 December 2017– Open Pit Primary Sulphides Drilling at Radio Hill Mine

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Current Mineral Resources at Radio Hill, classified and reported in compliance with the JORC Code (2004) total 4,020,000 tonnes at an average grade of 0.51% Ni and 0.88% Cu (note: no cobalt grades are included in this Mineral Resource).[3]

Note: In accordance with ASX Listing Rule 5.23.2, Artemis confirms that it is not aware of any new information or data that materially affects the information included in the 16 December 2016 market announcement, and that for the Mineral Resources all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed.

Artemis plans to undertake pit optimisation and scheduling following the updated Mineral Resource by the end of April, with a target to commence open pit mining in June 2018.

Table 1: Intercepts (nickel >0.5%) from Radio Hill RC drilling program (Q1 2018). These are the results Artemis have received to date from samples that were prioritised through the assay Laboratory and selected by the use of a handheld XRF. Further assays are pending for these drill holes and the drill program.

Hole ID		From (m)	To (m)	Interval (m)	Ni (%)	Cu (%)	Co (%)
ARH001				NSI
ARH002		102	114	12	0.58	0.90	0.03
	Incl	103	106	3	0.91	0.78	0.05
ARH003				NSI
ARH004		50	75	25	0.71	0.89	0.03
	incl	51	53	2	1.28	0.93	0.06
	incl	63	66	3	0.97	0.93	0.04
ARH005				NSI
ARH006				NSI
ARH007		67	84	17	0.81	0.83	0.04
	Incl	75	83	8	1.14	0.96	0.06
ARH008		104	112	8	0.49	0.68	0.03
ARH009				NSI
ARH010				NSI
ARH011				NSI
ARH012				NSI
ARH013				NR
ARH014				NR
ARH015		18	25	7	1.90	1.07	0.08
	Incl	21	22	1	4.26	0.57	0.17
ARH016		42	58	16	0.57	0.79	0.02
	Incl	46	47	1	1.05	0.76	0.05
ARH017				NSI
ARH018				NSI
ARH019		106	132	26	0.57	0.92	0.03
	Incl	123	126	3	1.24	2.42	0.07
ARH020		19	21	2	2.92	2.90	0.12
ARH021				NR
ARH022				NR
ARH023		113	121	8	0.54	0.77	0.03
ARH024				NR

3 Artemis Resources Limited ASX announcement dated 16 December 2016– To Purchase Fully Permitted Radio Hill Plant and Resources

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Hole ID		From (m)	To (m)	Interval (m)	Ni (%)	Cu (%)	Co (%)
ARH025				NSI
ARH026				NR
ARH027				NR
ARH028				NR
ARH029		33	50	17	0.54	0.93	0.03
ARH030				NR
ARH031				NR
ARH032				NR
ARH033				NR
ARH034				NR
ARH035		50	83	33	0.64	0.81	0.03
	Incl	60	68	8	0.93	0.91	0.05
ARH036		76	83.5	7.5	0.78	0.85	0.05
		80	82	2	1.32	0.55	0.07
ARH037		103	114	11	0.51	0.90	0.03
ARH038		120	138	18	0.59	0.99	0.03
	RESULTS FOR ARH039 TO ARH050 NR (NOT RECEIVED)
ARH051				NSI
ARH052				NSI
ARH053				NR
ARH054				NSI
ARH055				NSI
ARH056				NR
ARH057				NSI
ARH058				NSI
		RESULTSFOR ARH059TOARH065NR
ARH066		27	42	15	2.05	1.94	0.09
	Incl	27	30	3	3.37	2.05	0.14
	Incl	32	34	2	2.53	1.35	0.11
	Incl	37	42	5	2.46	2.26	0.10
ARH067		61	75	14	0.82	1.18	0.04
ARH067		80	86	6	0.58	1.06	0.02
ARH068		58	67	9	0.79	1.63	0.03
ARH068		72	77	5	0.61	1.62	0.02
ARH069		31	41	10	0.49	0.94	0.02
ARH069		51	75	24	0.59	1.07	0.02
	Incl	60	63	3	0.95	1.63	0.03
ARH070		29	40	11	0.54	0.90	0.02
ARH071				NR
ARH072		34	38	4	0.64	0.99	0.02
ARH073		10	12	2	0.59	0.36	0.04
ARH073		16	18	2	0.65	0.94	0.03
		RESULTS FOR ARH074 TO ARH078 NR
ARH079		31	33	2	0.54	1.08	0.03
ARH080				NR

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Ruth Well (Ni/Cu/Co) Project:

Ruth Well is located only 12 km north of the Radio Hill plant site, and contains excellent shallow nickel/copper/cobalt drilling grades. Best intercepts, as announced on 30 January 2018[4] , include:

• 11 metres @ 4.3% nickel, 1.5% copper, 0.13% cobalt, from 55m (RWRC218) ➢ including 3 metres @ 13.1% nickel, 1.0% copper, 0.35% cobalt from 59m

• 3 metres @ 6.0% nickel, 1.2% copper, 0.18% cobalt from 69m (RWRC230)

• ➢ including 1 metre @ 13.8% nickel, 1.7% copper, 0.41% cobalt, from 70m

• 4 metres @ 5.4% nickel, 3.0% copper, 0.17% cobalt from 79m (RWRC220)

• ➢ including 1 metre @ 15.9% nickel, 6.7% copper, 0.49% cobalt from 81m

A detailed Sub Audio Magnetics (SAM) programme is currently being carried out by GAP Geophysics at Ruth Well. RC drilling is scheduled to commence before the end of March 2018 with the aim of expanding the strike and depth of the known mineralisation. Artemis is targeting to have a Mineral Resource reported and classified in compliance with the JORC Code (2012) completed by the end of April 2018, so that Ruth Well can be incorporated in to a Nickel/Copper/Cobalt production strategy in conjunction with the Radio Hill open pit.

Conglomerate Gold Projects:

Artemis is preparing to conduct an initial 4,500-tonne bulk sample from its 47 Patch gold-bearing conglomerates at the Radio Hill plant site[5] , using a contract crusher to crush everything to minus 5 mm and processing all the material through a temporary gold gravity plant. The key to this initial bulk sampling programme is to accurately determine the overall gold grade of the conglomerates from the 47 Patch bulk sample. The results of this initial trial will establish the parameters for further mining of the gold-bearing conglomerates as potentially the first plant feed for the upgraded Radio Hill plant in June.

Weeriana Gold Project:

Weeriana is on a granted Mining Lease and has a current Inferred Mineral Resource classified and reported in compliance with the JORC Code (2012) of 1 Mt at 2.2 g/t Au for total contained metal of 70,000 ounces of Au[6] . The current resource outcrops at surface and remains open at depth and along strike.

Best drill intersections to date include:

• 16 metres @ 15.35 g/t Au from 15 metres (WRC116)

• 9 metres @ 21.5 g/t Au from 87 metres (WRC140)

• 45 metres @ 3.1 g/t Au from 28 metres (WRC133)

• 19 metres @ 4.05 g/t Au from 1 metres (WRC36)

An RC drilling programme is planned for Weeriana in April 2018 to infill drill the deposit and test for extensions of the mineralisation along strike and down dip.

4 Artemis Resources Limited ASX announcement dated 30 January 2018 - High grade Nickel/Copper/Cobalt Project Licence Granted

5 Artemis Resources Limited ASX announcement dated 26 February 2018 - 4,500t Processing Approvals Granted for Conglomerate Gold

6 Artemis Resources Limited ASX announcement dated 9 January 2017 – Artemis commences work at Weeriana Gold Project designed to increase resources from 70,000 ounces

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Artemis are working with AMC to optimise the current Mineral Resource and run a Scoping Study and a preliminary open pit mining schedule. Artemis is targeting an updated Mineral Resource before the end of June 2018.

Note: In accordance with ASX Listing Rule 5.23.2, Artemis confirms that it is not aware of any new information or data that materially affects the information included in the 9 January 2017 announcement referred to above, and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in that announcement continue to apply and have not materially changed.

Silica Hills Gold Project:

Artemis have completed 72 x 12-metre-deep RAB holes at Silica Hills to delineate early feed tonnage for the Radio Hill plant. A further ~200 RAB holes are planned during March. Results will be reported when they become available.

A detailed SAM programme has been carried out at Silica Hills and the final interpretation from this programme is due to be submitted by the GAP Geophysics before the end of March 2018.

Carlow Castle Co/Cu/Au Project:

AMC is currently conducting optimisation studies of Carlow Castle’s new Indicated and Inferred Resources of 2.3 Mt @ 1.3 g/t Au, 0.11% Co, 0.5% Cu & 1.6 g/t Ag (at 0.05% Co cut- off grade) within a global resource of 4.5 Mt @ 0.9g/t Au, 0.07% Co, 0.4% Cu & 1.3 g/t Ag.[7] As part of this optimisation work, AMC are assisting with open pit designs and mining schedules. Diamond drilling will commence in March for further detailed geotechnical studies and metallurgical recovery test work. On completion of these studies, work will commence to convert the Carlow Castle tenements from Exploration Licences to Mining Leases and RC drilling will continue.

Note: In accordance with ASX Listing Rule 5.23.2, Artemis confirms that it is not aware of any new information or data that materially affects the information included in the 31 January 2018 announcement referred to above, and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in that announcement continue to apply and have not materially changed.

Whundo Copper/Zinc Mine:

A major technical review is underway with AMC on the Whundo Cu/Zn mine, to re-estimate a new Mineral Resource that will be classified and reported in compliance with the JORC Code (2012). To add to the success of the RC drilling completed in 2017[8] , an RC drilling programme is now underway to increase the Mineral Resources. The updated Mineral Resource is targeted for May 2018. Pit optimisation and mine scheduling studies have commenced with AMC.

The current JORC 2004 resources are reported as 1,687,000 tonnes grading 1.1% Cu and 0.94% Zn.[9]

Note: In accordance with Listing Rule 5.23.2, Artemis confirms that it is not aware of any new information or data that materially affects the information included in the 2 May 2017 and 16 December 2016 announcements referred to above, and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the 16 December 2016 announcement continue to apply and have not materially changed.

7 Artemis Resources Limited ASX announcement date 31 January 2018 - 4.5 Mt of Cobalt/Copper/Gold JORC Resources at Carlow Castle

8 Artemis Resources Limited ASX announcement dated 2 May 2017 - High Grade Copper Confirmed from Drilling at Whundo Karratha

9 Artemis Resources Limited ASX announcement dated 16 December 2016 – Artemis to Purchase Fully Permitted Radio Hill Plant and Resources

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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

Media Advisor / Chapter One Advisors

David Tasker Telephone: +61 433 112 936 Email: dtasker@chapteroneadvisors.com.au

Figure 3: Artemis’s Tenements in the Karratha Area

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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 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 Mead consents to the inclusion in the report 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 a resources exploration and development company with a focus on its prospective Karratha (gold, cobalt, base metals, platinum group elements and iron ore) and the Mt Clement Paulsens (gold) project in Western Australia.

Artemis owns the ~500,000 tpa Radio Hill nickel, copper and cobalt mine and processing plant located 25km south of Karratha. JORC 2004 compliant resources of gold, nickel, copper, PGEs and zinc, all situated within a 40 km radius of the Radio Hill plant and on 1,838 km[2] form the newly consolidated assets of Artemis Resources.

Artemis has signed Definitive Agreements with Novo Resources Corp. (‘Novo’), and pursuant to the Definitive Agreements, Novo has satisfied its expenditure commitment, and earned in to 50% of gold (and other minerals necessarily mined with gold) in conglomerate and/or paleoplacer style mineralisation 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) Mineral Resources and Reserves reported in compliance with the JORC Code (2012), or (ii) gold which is not within conglomerate and/or paleoplacer style mineralisation or (iii) minerals other than gold. Artemis’ Mt Oscar tenement is excluded from the Definitive Agreements.

The Definitive Agreements cover 38 tenements/tenement applications that are 100% owned by Artemis. Pursuant to Novo’s successful earn-in, three 50:50 joint ventures have been formed between Novo’s subsidiary, Karratha Gold Pty Ltd (‘Karratha Gold’) and three subsidiaries of Artemis (KML No 2 Pty Ltd, Fox Radio Hill Pty Ltd, and Armada Mining Pty Ltd). The joint ventures are managed as one by Karratha Gold. Artemis and Novo will contribute 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 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.

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

Table 2: Radio Hill Reverse Circulation Collar Locations.

Hole ID	MGA East	MGA North	RL(m)	Depth(m)	Dip	Azimuth
ARH001	486447	7679791	71.41	80	-60	305.8
ARH002	486514	7679746	72.22	132	-60	302.4
ARH003	486424	7679754	71.09	80	-60	304.1
ARH004	486458	7679737	71.59	120	-60	307
ARH005	486493	7679715	71.93	103	-60	304.4
ARH006	486401	7679728	70.42	78	-60	302.4
ARH007	486436	7679703	71.10	84	-60	306.4
ARH008	486467	7679683	71.37	123	-60	303.1
ARH009	486377	7679694	70.78	78	-60	304.5
ARH010	486444	7679649	71.16	63	-60	303.1
ARH011	486516	7679824	70.72	120	-60	311.6
ARH012	486550	7679798	71.22	132	-60	297.6
ARH013	486411	7679670	70.68	120	-60	305.5
ARH014	486436	7679779	71.24	78	-60	306.1
ARH015	486451	7679767	71.53	95	-60	305.5
ARH016	486468	7679756	71.70	120	-60	306.3
ARH017	486486	7679742	71.77	130	-60	308.3
ARH018	486501	7679731	72.22	130	-60	304
ARH019	486518	7679718	72.20	144	-60	311.2
ARH020	486466	7679780	71.66	100	-60	304.2
ARH021	486481	7679769	71.76	120	-60	305
ARH022	486497	7679756	72.01	130	-60	305.5
ARH023	486532	7679736	72.25	144	-60	307.6
ARH024	486478	7679872	70.32	80	-60	306.1
ARH025	486495	7679859	70.31	100	-60	303.2
ARH026	486512	7679846	70.29	96	-60	307.1
ARH027	486467	7679854	70.62	140	-60	304.5
ARH028	486573	7679802	71.32	100	-60	306.8
ARH029	486535	7679808	71.05	96	-60	307.9
ARH030	486529	7679836	70.49	102	-60	306.4
ARH031	486546	7679823	70.65	102	-60	306.4
ARH032	486559	7679810	71.01	96	-60	306.3
ARH033	486415	7679746	70.80	102	-60	307.1
ARH034	486432	7679735	71.08	120	-60	304.9
ARH035	486448	7679722	71.49	84	-60	306.9
ARH036	486462	7679711	71.75	132	-60	303.8
ARH037	486479	7679699	71.92	138	-60	304.9
ARH038	486497	7679687	71.96	142	-60	338.5
ARH039	486509	7679704	72.04	102	-60	305.8
ARH040	486441	7679748	71.25	114	-60	305.3
ARH041	486475	7679727	71.98	90	-60	306.9
ARH042	486418	7679717	70.67	83	-60	306.3
ARH043	486450	7679692	71.40	72	-60	300.6
ARH044	486392	7679713	70.69	204	-60	308.3
ARH045	486409	7679701	70.57	120	-60	305.5
ARH046	486424	7679690	70.82	77	-60	305.5
ARH047	486442	7679680	71.05	94	-60	302.8

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ARH048	486460	7679671	71.45	65	-60	305.9
ARH049	486428	7679660	70.85	100	-50	301.8
ARH050	486404	7679671	70.63	25	-50	296.3
ARH051	486509	7679876	70.55	48	-60	305.4
ARH052	486523	7679866	70.24	48	-60	304.8
ARH053	486541	7679858	70.42	48	-60	303.4
ARH054	486557	7679846	70.28	48	-60	305.5
ARH055	486573	7679836	70.19	48	-60	310.2
ARH056	486505	7679837	70.26	60	-60	304.5
ARH057	486397	7679994	70.24	102	-90	0
ARH058	486404	7679975	70.33	192	-90	0
ARH059	486408	7679940	70.21	103	-90	0
ARH060	486457	7679787	71.70	25	-90	0
ARH061	486451	7679779	71.49	25	-90	0
ARH062	486447	7679771	71.51	48	-90	0
ARH063	486446	7679792	71.48	24	-90	0
ARH064	486443	7679783	71.60	24	-90	0
ARH065	486439	7679776	71.29	30	-90	0
ARH066	486452	7679812	70.88	78	-50	114.7
ARH067	486457	7679821	70.90	96	-50	115
ARH068	486463	7679831	70.58	90	-50	122.5
ARH069	486470	7679836	70.49	90	-50	124.1
ARH070	486522	7679818	70.63	48	-90	0
ARH071	486530	7679812	70.84	24	-90	0
ARH072	486500	7679836	70.19	60	-50	211.7
ARH073	486498	7679839	70.15	30	-90	0
ARH074	486492	7679842	70.08	60	-50	206.5
ARH075	486488	7679846	70.25	30	-90	0
ARH076	486524	7679829	70.53	25	-90	0
ARH077	486516	7679834	70.37	25	-90	0
ARH078	486508	7679839	70.27	36	-90	0
ARH079	486519	7679825	70.52	25	-90	0
ARH080	486467	7679774	71.71	80	-60	32.8

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

This Table applies to Exploration Results reported in this news release for Radio Hill RC drilling. (Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling techniques	•	Nature and quality of sampling (eg cut	•	Reverse Circulation (RC) drilling was
		channels, random chips, or specific		carried out on the Radio Hill Ni-Cu
		specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples		Project. This drilling was designed to obtain drill chip samples from one metre intervals, from which a 2-4 kilogram sub-sample was collected
		should not be taken as limiting the broad		for laboratory multi-element analysis
		meaning of sampling.		including: Ni, Cu, Co
	•	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	•	All samples were analysed using a portable XRF instrument (Innovex). Initial methodology has been to

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
	•	Aspects of the determination of		make a single randomly placed
		mineralisation that are Material to the		measurement on the drill sample
	•	Public Report. In cases where ‘industry standard’ work		bag. For more intensive evaluation a minimum of 4 measurements at
		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		regular intervals around the sample bag will be required. Optimum sampling time appears to be 90
		30 g charge for fire assay’). In other		seconds per measurement. The
		cases more explanation may be		results from this were used to
		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	•	prioritised samples through the assay laboratory. Mineralised zones were identified visually during field logging, and
		detailed information.		sample intervals selected by the
				supervising geologist.
			•	Samples from each metre were
				collected through a rig-mounted
				cyclone and split using a rig-
				mounted static cone splitter.
			•	To ensure representivity, field
				duplicates were taken and submitted
				for analysis.
Drilling techniques	•	Drill type (eg core, reverse circulation,	•	Reverse Circulation drilling at Radio
		open-hole hammer, rotary air blast,		Hill was completed by a truck-
		auger, Bangka, sonic, etc.) and details		mounted Schramm 685 RC drilling
		(eg core diameter, triple or standard		rig using a 5¼ inch diameter face
		tube, depth of diamond tails, face-		sampling hammer.
		sampling bit or other type, whether core
		is oriented and if so, by what method,
		_etc.). _
Drill sample recovery	•	Method of recording and assessing core	•	Sample recoveries are recorded by
		and chip sample recoveries and results		the geologist in the field during
		assessed.		logging and sampling.
	•	Measures taken to maximise sample	•	Measures taken to maximise sample
		recovery and ensure representative		recovery include SOPs to keep holes
		nature of the samples.		dry and pressurised and to minimise
	•	Whether a relationship exists between		dust loss.
		sample recovery and grade and whether	•	Visual assessments are made for
		sample bias may have occurred due to		recovery, moisture, and possible
		preferential loss/gain of fine/coarse		contamination.
		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 samples have	•	All drill chip samples are geologically
		been geologically and geotechnically		logged at 1m intervals from surface
		logged to a level of detail to support		to the bottom of each drillhole. It is
		appropriate Mineral Resource estimation,		considered that geological logging is
		mining studies and metallurgical studies.		completed at an adequate level to
	•	Whether logging is qualitative or		allow appropriate future Mineral
		quantitative in nature. Core (or costean,		Resource estimation.
		channel, etc.) photography.	•	Geological logging is considered
	•	The total length and percentage of the		semi-quantitative due to the limited
		relevant intersections logged.		geological information available from

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				the Reverse Circulation method of
				drilling.
			•	All RC drillholes completed by
				Artemis during the current program
				have been logged in full.
Sub-sampling technique	•	If core, whether cut or sawn and whether	•	A cyclone and static cone splitter
and sample preparation		quarter, half or all core taken.		were used to ensure representative
	•	If non-core, whether riffled, tube		sampling, and were routinely
		sampled, rotary split, etc. and whether		inspected and cleaned.
		sampled wet or dry.	•	The RC drilling rig was equipped with
	•	For all sample types, the nature, quality		a rig-mounted cyclone and static
		and appropriateness of the sample		cone splitter, which provided one
		preparation technique.		bulk sample of approximately 20-30
	•	Quality control procedures adopted for all		kilograms, and a representative sub-
		sub-sampling stages to maximise		sample of approximately 2-4
		representivity of samples.		kilograms for every metre drilled.
	•	Measures taken to ensure that the	•	The sample size of 2-4 kilograms is
		sampling is representative of the in situ		considered to be appropriate and
		material collected, including for instance		representative of the grain size and
		results for field duplicate/second-half		mineralisation style of the deposit.
		sampling.	•	The majority of samples were dry.
	•	Whether sample sizes are appropriate to		Where wet sample was
		the grain size of the material being		encountered, the cleanliness of the
		sampled.		cyclone and splitter were closely
				monitored by the supervising
				geologist, and maintained to a
				satisfactory level to avoid
				contamination and ensure
				representative samples were being
				collected.
			•	Duplicate samples were collected
				and submitted for analysis.
				Reference standards inserted during
				drilling.
Quality of assay data an	•	The nature, quality and appropriateness	•	ALS (Perth) were used for all
laboratory tests		of the assaying and laboratory		analysis of drill samples submitted
		procedures used and whether the		by Artemis. The laboratory
		technique is considered partial or total.		techniques below are for all samples
	•	For geophysical tools, spectrometers,		submitted to ALS and are considered
		handheld XRF instruments, etc., the		appropriate for the style of
		parameters used in determining the		mineralisation defined within the
		analysis including instrument make and		Radio Hill Project area:
		model, reading times, calibrations factors		• Samples above 3Kg riffle split.
		applied and their derivation, etc.		• Pulverise to 95% passing 75
	•	Nature of quality control procedures		microns
		adopted (eg standards, blanks,		• 50-gram Fire Assay (Au-AA26)
		duplicates, external laboratory checks)		with ICP finish - Au.
		and whether acceptable levels of		• 4 Acid Digest ICP-AES Finish
		accuracy (ie lack of bias) and precision have been established.		(ME-ICP61) –Cu, Ni, Co. • Ore Grade 4 Acid Digest ICP-
				AES Finish (ME-OG62)
			•	Standards were used for external
				laboratory checks by Artemis.
			•	Duplicates were used for external
				laboratory checks by Artemis.
			•	Portable XRF (pXRF) analysis was
				completed usingInnovex units. XRF

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				analysis was completed on the
				single metre sample bulk drill ample
				retained on site. Further statistical
				analysis will be completed to better
				determine the accuracy and
				precision of the pXRF unit based on
				laboratory assay results.
			•	Portable XRF results are considered
				semi-quantitative and act as a guide
				to mineralised zones and sampling.
Verification of sampling	•	The verification of significant	•	At least two company personnel
and assaying		intersections by either independent or		verify all significant results.
		alternative company personnel.	•	All geological logging and sampling
	•	The use of twinned holes.		information is completed firstly on to
	•	Documentation of primary data, data		paper logs before being transferred
		entry procedures, data verification, data		to Microsoft Excel spreadsheets.
		storage (physical and electronic)		Physical logs and sampling data are
		protocols.		returned to the head office for
	•	Discuss any adjustment to assay data.		scanning and storage.
			•	No adjustments of assay data are
				considered necessary.
Location of data points	•	Accuracy and quality of surveys used to	•	A Garmin GPSMap62 hand-held
		locate drill holes (collar and down-hole		GPS was used to define the location
		surveys), trenches, mine workings and		of the drillhole collars. Standard
		other locations used in Mineral Resource		practice is for the GPS to be left at
		estimation.		the site of the collar for a period of 5
	•	Specification of the grid system used.		minutes to obtain a steady reading.
	•	Quality and adequacy of topographic		Collar locations are surveyed with a
		control.		DGPS.
			•	Downhole surveys were captured at
				30 metre intervals for the drillholes
				completed by Artemis.
			•	The grid system used for all Artemis
				drilling is GDA94 (MGA 94 Zone 50)
			•	Topographic control is obtained from
				surface profiles created by drillhole
				collar data.
Data spacing and	•	Data spacing for reporting of Exploration	•	Current drillhole spacing is variable
distribution		Results.		and dependent on specific
	•	Whether the data spacing and		geological, and geophysical targets,
		distribution is sufficient to establish the		and access requirements for each
		degree of geological and grade continuity		drillhole.
		appropriate for the Mineral Resource and	•	No sample compositing has been
		Ore Reserve estimation procedure(s)		used for drilling completed by
		and classifications applied.		Artemis. All results reported are the
	•	Whether sample compositing has been		result of 1 metre downhole sample
		applied.		intervals.
Orientation of data in	•	Whether the orientation of sampling	•	Drillholes were located in order to
relation to geological		achieves unbiased sampling of possible		intersect the target at an angle
structure		structures and the extent to which this is		perpendicular to strike direction. As
		known, considering the deposit type.		the target structures were
	•	If the relationship between the drilling		considered to be steep to moderately
		orientation and the orientation of key		dipping and moderately plunging,
		mineralised structures is considered to		most Artemis drillholes were angled
		have introduced a sampling bias, this		at -55 or -60 degrees.
		should be assessed and reported if
		material.
Sample security	•	The measures taken to ensure sample	•	The chain of custodyis managed by

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		security.		the supervising geologist who 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 bag 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 on pallets.
			•	The transport company then
				delivers the samples directly to the
				laboratory.
Audits or reviews	•	The results of any audits or reviews of	•	Data is validated upon up-loading
		sampling techniques and data.		into the master database. Any
				validation issues identified are
				investigated prior to reporting of
				results.

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	•	RC drilling	by Artemis was carried out on
		tenement and land tenure status			and ownership including agreements or material issues with third parties such as joint ventures, partnerships,		M47/161 – 100% owned by Artemis Resources Ltd. This tenement forms a part of a broader tenement package that
					overriding royalties, native title interests,		comprises the West Pilbara Project.
					historical sites, wilderness or national	•	This tenement is in good standing and no
					park and environmental settings.		known impediments exist (see		map
				•	The security of the tenure held at the		provided in	this report for location).
					time of reporting along with any known
					impediments to obtaining a licence to
					operate in the area.
		Exploration		•	Acknowledgment and appraisal of	•	The most	significant work to have	been
		done by other parties			exploration by other parties.		completed Resources,	at Radio Hill is by who mined the deposit	Fox from
							2004-2008.
		Geology		•	Deposit type, geological setting and	•	The Radio	Hill project covers the historic
					style of mineralisation.		Radio Hill Ni-Cu orebody hosted within a
							layered mafic intrusive body.
						•	Sulphide	mineralisation predominantly
							consists of Pyrrhotite, Pentlandite		and
							Chalcopyrite.
		Drill hole		•	A summary of all information material to	•	Collar information for all drillholes reported
		Information			the understanding of the exploration		is provided	in the body of this report.
					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

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		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	•	In reporting Exploration Results,	•	All intervals reported are composed of 1
aggregation methods		weighting averaging techniques, maximum and/or minimum grade		metre down hole intervals length weighted.	and are therefore
		truncations (eg cutting of high grades)	•	No upper or lower cut-off grades have been
		and cut-off grades are usually Material		used in reporting results.
		and should be stated.	•	No metal equivalent calculations are used in
	•	Where aggregate intercepts incorporate		this report.
		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	•	True widths of mineralisation have not been
between mineralisation widths and intercept lengths	•	important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is	•	calculated for this report, intersections reported thicknesses. A better understanding	and as such all are down-hole of the deposit
		known, its nature should be reported.		geometry will be achieved on thorough
	•	If it is not known and only the down hole		interpretation of the data.	True thicknesses
		lengths are reported, there should be a		may be reported at a later date if warranted.
		clear statement to this effect (eg ‘down		Due to the moderately to steeply dipping
		hole length, true width not known’).		nature of the mineralised zones, it is
				expected that true thicknesses will be less
				than the reported down-hole thicknesses.
Diagrams	•	Appropriate maps and sections (with	•	Appropriate maps and sections are
		scales) and tabulations of intercepts		available in the body of this announcement.
		should be included 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	•	Where comprehensive reporting of all	•	Reporting of results in this	report is
reporting		Exploration Results is not practicable,		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	•	Targeting for the RC drilling completed by
substantive exploration data		and material, should be reported including (but not limited to): geological		Artemis was based on compilation of historic mining and exploration data.
		observations; geophysical survey
		results; geochemical survey results;
		bulk samples – size and method of
		treatment; metallurgical test results;
		bulk density, groundwater,geotechnical

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Criteria	**JORC Code explanation **	**JORC Code explanation **	Commentary	Commentary
		and rock characteristics; potential
		deleterious or contaminating
		substances.
Further work	•	The nature and scale of planned further	•	The results at the Radio Hill Ni-Cu project
		work (eg tests for lateral extensions,		warrant further drilling.
		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.

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