Artemis Resources Limited — Capital/Financing Update 2021

Dec 20, 2021

21 December 2021

ASX Announcement

==> picture [138 x 52] intentionally omitted <==

Additonal High-Grade Gold and Copper Intercepts from the Carlow East Zone

Highlights

High-grade East Zone intercepts occur at depth and continue to define the mineralised shoots down-dip and outside the 2021 optimised pit shell.

Third batch of results from our 52 hole, ~14,000m RC drill programme has intersected multiple high-grade zones with the better intersections being:

• 20.0m @ 2.06g/t Au, 0.40% Cu, 0.254% Co, from 258m; Hole ARC359

• Including 3.0m@ 8.78g/t Au, 1.18% Cu, 1.140% Co, from 258m

• 3.0m @ 21.91 g/t Au, 0.80 % Cu, 0.01 % Co, from 246m; Hole ARC355

• Including 1.0m @ 53.1g/t Au, 1.27% Cu 0.01% Co, from 246m

• 11.0m @ 1.69 g/t Au, 0.49 % Cu, 0.256 % Co, from 246m; Hole ARC357

• Including 2.0m @ 6.68g/t Au, 0.75% Cu, 0.916% Co, from 246m

• 6.0m @ 4.61 g/t Au, 0.44 % Cu, 0.02 % Co, from 294m; Hole ARC356

• Including 2.0m @ 5.75g/t Au, 0.42% Cu, 0.015% Co, from 296m

• 2.0m @ 11.93 g/t Au, 0.67 % Cu, 0.02 % Co, from 199m; Hole ARC356

• 1.0m @ 25.10 g/t Au, 0.43 % Cu, 0.01 % Co, from 245.00 m; Hole ARC358

Resource development and exploration drilling can now be planned with a higher level of confidence.

A further 3 holes are still pending assays with additional drill planning in progress to follow up these outstanding gold and copper results.

==> picture [493 x 52] intentionally omitted <==

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au

Page 1 of 18

Artemis Resources Limited (“Artemis” or “the Company”) (ASX:ARV, Frankfurt: ATY, US OTCQB: ARTTF) is pleased to provide an update on assay results from the recent RC drilling programme targeting the East and Quod Est Zones at its 100%-owned Carlow Gold and Copper Project in the west Pilbara region of Western Australia.

Alastair Clayton, Executive Director commented : “Once again Steve Boda, Artemis General Manager and his team have, delivered outstanding results from the Carlow Project.

Through diligent analysis we can now target and intercept very high-grade shoots as well as thick zones of gold and copper with a high degree of certainty.

As demonstrated by the outstanding gold and copper intercepts presented to shareholders over the last five weeks the exploration scope and potential continues to grow across the Carlow group of deposits and regionally at the new Chapman discovery.

We will be accelerating our Carlow exploration efforts in the New Year with our aim of delivering a new resource statement in H1 of 2022.”

Eastern Zone

These recent results have shown that the potential of the eastern zone lies in depth extensions while further discoveries of offset high-grade shoots to the south of the main East Zone will widen the mineralised area at depth.

Figure 1 shows the location of the collars for the program along with sections lines for the crosssections presented in this document.

==> picture [490 x 249] intentionally omitted <==

Figure 1: Section lines and collar locations of holes for the East Zone as referenced in this document. Refer to section lines for diagrams.

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au

Page 2 of 18

Reinterpretation of the Carlow deposit suggests that high-grade steeply-plunging shoots occur in the East Zone, which in turn potentially identifies the East Zone as the feeder to the Carlow system. This interpretation has enabled ARV to plan drill targets with accuracy, with the majority of the targets intersecting mineralisation, and returning excellent results.

Table 1: Significant results for drilling in the East Zone of the Carlow Main Area. These results are cut at >1.0g/t Au. Table 2 contains results for >0.5g/t Au, 2m included waste.

					DH Width
	HoleID		From(m) To(m)		(m)	Au(g/t)	Cu(%)	Co(%)
	ARC349		73	75	2	1.83	0.44	0.020
	ARC349		132	133	1	1.23	0.47	0.007
	ARC349		139	142	3	2.78	0.54	0.032
	ARC349	including	140	141	1	7.17	1.13	0.045
	ARC349		160	161	1	1.18	0.17	0.016
	ARC349		228	231	3	1.57	1.70	0.008
	ARC350		15	16	1	1.82	0.14	0.020
	ARC350		42	43	1	3.15	0.78	0.110
	ARC350		47	52	5	3.51	1.39	0.173
	ARC350	including	47	48	1	10.90	3.59	0.012
	ARC350	including	50	51	1	4.31	1.07	0.614
	ARC350		78	79	1	1.98	2.88	0.021
	ARC350		171	172	1	1.16	0.96	0.100
	ARC351		42	48	6	1.38	0.62	0.100
	ARC352		249	250	1	1.63	4.27	0.014
	ARC353		68	70	2	4.87	0.01	0.006
	ARC353		122	124	2	1.49	0.07	0.005
	ARC353		314	315	1	1.20	1.36	0.302
	ARC354		298	299	1	3.89	1.38	**0.582 **
	ARC355		211	212	1	3.54	0.40	0.006
	ARC355		215	218	3	1.45	0.59	0.011
	ARC355		237	238	1	1.33	2.01	0.008
	ARC355		246	249	3	21.91	0.80	0.009
	ARC355	including	246	248	2	31.63	1.10	0.011
	(ARC355	including	246	247	1	53.10	1.27	0.010)
	ARC355		283	288	5	1.31	0.18	0.121
	ARC356		199	201	2	11.93	0.67	0.025
	ARC356		231	232	1	6.23	1.05	0.010
	ARC356		254	255	1	1.24	0.47	0.009
	ARC356		294	300	6	4.61	0.44	0.019
	ARC356	including	294	295	1	3.33	0.12	0.013
	ARC356	including	296	298	2	5.75	0.42	0.015
	ARC356	including	299	300	1	7.22	1.05	0.040
	ARC357		185	186	1	1.12	0.03	0.005
	ARC357		246	257	11	1.69	0.49	0.256
	ARC357	including	246	248	2	6.68	0.75	0.916
	ARC357		294	295	1	1.21	1.38	0.011
	ARC357		315	316	1	1.10	0.03	0.004

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au

Page 3 of 18

	HoleID From(m) To(m) DH Width (m) Au(g/t) Cu(%) Co(%)
	ARC358 245 246 1 25.10 0.43 0.009 ARC358 262 267 5 1.71 0.46 0.069 ARC358 including 266 267 1 3.77 0.57 0.016
	ARC359 258 278 20 2.06 0.40 0.254 ARC359 including 258 261 3 8.78 1.18 1.140 ARC359 including 267 274 7 1.16 0.38 0.128
	ARC361 274 276 2 1.31 6.00 0.014 ARC361 330 331 1 2.33 0.36 0.050 ARC361 351 357 6 1.01 1.81 0.027
	ARC362 198 199 1 1.42 0.54 0.018 ARC362 224 225 1 4.85 4.72 0.059

Most of these results extend existing mineralised trends downward in the East Zone, such as the results for ARC355 Section 507360mE (Figure 2). These results extend the current mineralised envelops 80 metres below the 2021 optimised pit outline.

Other holes such as ARC356, (Section 507400mE; Figure 3) intersected another zone of high-grade of 6m @ 4.61 g/t Au, 0.44 % Cu, 0.02 % Co, from 294m that effectively extends the current mineralised envelope 60 metres below the 2021 optimisation pit.

==> picture [493 x 55] intentionally omitted <==

==> picture [490 x 249] intentionally omitted <==

Figure 2: Hole ARC355 Section 507360 showing a series of mineralised intervals down along the drill trace, well below the 2021 optimised pit outline. This remains open at depth. The line traces highlight the low grade halo with orange outlining the >0.25g/t Au trace and green outlining >0.25% Cu as defined by implicit modelling.

==> picture [493 x 43] intentionally omitted <==

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au Page 4 of 18

==> picture [490 x 249] intentionally omitted <==

Figure 3: Hole ARC356 Section 507400mE showing significant intersections well below the 2021 optimised pit outline, with mineralisation open at depth. This section of the East Zone is near the Crosscut Zone, as shown by the significant intersection in hole ARC344. The line traces highlight the low grade halo with orange outlining the >0.25g/t Au trace and green outlining >0.25% Cu as defined by implicit modelling.

A thick interval of 20m @ 2.06g/t Au, 0.40% Cu, 0.254% Co from 258m is particularly interesting not just for the Au and Cu, but significant Co values as well (Figure 4).

==> picture [490 x 249] intentionally omitted <==

Figure 4: Hole ARC359 Section 507540mE highlighting the thick mineralised intersection outside of the 2021 optimised pit outline. This mineralised trend remains open down dip. The line traces highlight the low grade halo with orange outlining the >0.25g/t Au trace and green outlining >0.25% Cu as defined by implicit modelling.

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au

Page 5 of 18

Continuation of the mineralised trend can be seen in Figures 5 and 6, with significant values extending below the optimised 2021 pit. These mineralised trends remain open at depth.

==> picture [490 x 250] intentionally omitted <==

Figure 5: Hole ARC357 Section 507570mE showing the wide interval of mineralisation below the 2021 optimised pit. The line traces highlight the low grade halo with orange outlining the >0.25g/t Au trace and green outlining >0.25% Cu as defined by implicit modelling.

==> picture [493 x 55] intentionally omitted <==

==> picture [490 x 249] intentionally omitted <==

Figure 6: Hole ARC358 Section 507600mE showing the continuation of the mineralisation at depth and well below the 2021 optimised pit outline. The line traces highlight the low grade halo with orange outlining the >0.25g/t Au trace and green outlining >0.25% Cu as defined by implicit modelling.

==> picture [507 x 37] intentionally omitted <==

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au

Page 6 of 18

The new interpretation along with the drilling traces can be seen in Figure 7. The recent program has added significant geological and analytical information that can be used in the next phase of drilling.

==> picture [490 x 250] intentionally omitted <==

Figure 7: Oblique view of the Carlow System looking northeast, displaying its typical vein splay. New shoot developments occur on the western side of the East Zone pit. Further drilling is required to extend these systems along strike and down dip. Grid scale is approximately 300m.

Mineralisation on the East Zone is enveloped by a low-grade Cu-Au halo which is likely a result of fracturing of the host rock during high-grade shoot development. Grades of this halo are typically >0.25g/t Au and >0.25% Cu, but seem to be more confined than that of the West Zone. These can be seen in the sections.

Modelling of this halo is in progress.

Competent Persons Statement

The information in this announcement that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Mr. Steve Boda, who is a Member of the Australasian Institute Geoscientists. Mr. Boda is an employee of Artemis Resources Limited. Mr. Boda 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. Boda consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

About Artemis Resources

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au Page 7 of 18

Artemis Resources (ASX: ARV; FRA: ATY; US: ARTTF) is a Perth-based exploration and development company, led by an experienced team that has a singular focus on delivering shareholder value from its Pilbara gold projects – the Greater Carlow Gold Project in the West Pilbara and the Paterson Central exploration project in the East Pilbara.

For more information, please visit www.artemisresources.com.au

This announcement was approved for release by the Board.

For further information contact:

Alastair Clayton

Executive Director

alastair.clayton@artemisresources.com.au

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au Page 8 of 18

Table 2: Hole Statistics

							Total
		Easting	Northing			Azim	Depth
HoleID	Type	GDA94	GDA94	RL(m)	Dip	Mag	(m)
ARC349	RC	506718.57	7698839.34	37.5	-59.9	178.7	276
ARC350	RC	506738.09	7698815.83	36.9	-59.4	181.1	306
ARC351	RC	507141.48	7698578.31	32.3	-59.4	3.3	120
ARC352	RC	507220.15	7698445.77	32.2	-64.2	2.0	300
ARC353	RC	507301.16	7698427.29	31.6	-62.1	0.8	336
ARC354	RC	507329.84	7698424.89	31.4	-68.8	359.1	312
ARC355	RC	507359.49	7698399.61	31.2	-60.5	1.6	324
ARC356	RC	507399.42	7698422.96	31.2	-59.5	0.8	318
ARC357	RC	507568.49	7698404.99	31.2	-60.3	359.4	336
ARC358	RC	507598.08	7698440.63	30.8	-68.9	1.9	276
ARC359	RC	507537.55	7698414.06	31.2	-60.7	359.8	312
ARC360	RC	507261.97	7698448.89	31.9	-60.7	357.9	270

Table 3: Significant Intersections for the East Zone. Results are >0.5g/t Au 2m internal dilution.

NSI = No Significant Intersections

		From	To
HoleID		(m)	(m)	DH Width(m)	Au(g/t)	Cu(%)	Co(%)
ARC349		73	75	2	1.83	0.44	0.020
ARC349		99	102	3	0.87	1.17	0.332
ARC349		132	133	1	1.23	0.47	0.007
ARC349		139	142	3	2.78	0.54	0.032
ARC349	including	140	141	1	7.17	1.13	0.045
ARC349		160	161	1	1.18	0.17	0.016
ARC349		168	169	1	0.55	0.13	0.015
ARC349		171	172	1	0.97	0.28	0.343
ARC349		191	192	1	0.56	0.17	0.091
ARC349		214	215	1	0.60	0.42	0.044
ARC349		228	231	3	1.57	1.70	0.008
ARC350		11	12	1	0.59	0.12	0.024
ARC350		15	16	1	1.82	0.14	0.020
ARC350		20	21	1	0.53	0.28	0.045
ARC350		42	43	1	3.15	0.78	0.110
ARC350		47	52	5	3.51	1.39	0.173
ARC350	including	47	48	1	10.90	3.59	0.012
ARC350	including	50	51	1	4.31	1.07	0.614
ARC350		78	79	1	1.98	2.88	0.021
ARC350		82	83	1	0.59	0.49	0.011
ARC350		171	172	1	1.16	0.96	0.100
ARC350		304	305	1	0.94	0.10	0.003
ARC351		42	48	6	1.38	0.62	0.100
ARC352		173	174	1	0.74	3.47	0.005
ARC352		249	250	1	1.63	4.27	0.014
ARC352		258	259	1	0.85	0.21	0.015
ARC352		261	262	1	0.60	0.16	0.163
ARC352		265	269	4	0.69	0.51	0.125

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au

Page 9 of 18

		From	To
HoleID		(m)	(m)	DH Width(m)	Au(g/t)	Cu(%)	Co(%)
ARC352		273	274	1	0.69	0.17	0.205
ARC353		68	70	2	4.87	0.01	0.006
ARC353		122	124	2	1.49	0.07	0.005
ARC353		219	220	1	0.70	1.84	0.022
ARC353		239	240	1	0.50	1.53	0.003
ARC353		247	248	1	0.53	0.05	0.393
ARC353		254	255	1	0.65	0.16	0.116
ARC353		256	257	1	0.60	0.16	0.120
ARC353		314	315	1	1.20	1.36	0.302
ARC354		200	204	4	0.88	0.30	0.004
ARC354		298	299	1	3.89	1.38	0.582
ARC354		310	311	1	0.62	0.07	0.006
ARC355		211	212	1	3.54	0.40	0.006
ARC355		215	218	3	1.45	0.59	0.011
ARC355		237	238	1	1.33	2.01	0.008
ARC355		246	249	3	21.91	0.80	0.009
ARC355	including	246	248	2	31.63	1.10	0.011
ARC355		262	263	1	0.88	1.65	0.013
ARC355		283	288	5	1.31	0.18	0.121
ARC355		299	300	1	0.54	0.91	0.053
ARC355		306	307	1	0.97	0.23	0.745
ARC355		316	318	2	0.87	0.36	0.055
ARC356		195	196	1	0.81	1.15	0.016
ARC356		199	201	2	11.93	0.67	0.025
ARC356		231	232	1	6.23	1.05	0.010
ARC356		254	255	1	1.24	0.47	0.009
ARC356		286	288	2	0.74	0.36	0.038
ARC356		294	300	6	4.61	0.44	0.019
ARC356	including	294	295	1	3.33	0.12	0.013
ARC356	including	296	298	2	5.75	0.42	0.015
ARC356	including	299	300	1	7.22	1.05	0.040
ARC357		185	186	1	1.12	0.03	0.005
ARC357		210	211	1	0.80	0.52	0.009
ARC357		246	257	11	1.69	0.49	0.256
ARC357	including	246	248	2	6.68	0.75	0.916
ARC357		294	295	1	1.21	1.38	0.011
ARC357		315	316	1	1.10	0.03	0.004
ARC358		245	246	1	25.10	0.43	0.009
ARC358		255	259	4	0.77	0.17	0.021
ARC358		262	267	5	1.71	0.46	0.069
ARC358	including	266	267	1	3.77	0.57	0.016
ARC359		258	278	20	2.06	0.40	0.254
ARC359	including	258	261	3	8.78	1.18	1.140
ARC359	including	267	274	7	1.16	0.38	0.128
ARC360		220	225	5	0.59	0.23	0.101
ARC360		230	231	1	0.82	0.06	0.115
ARC361		274	276	2	1.31	6.00	0.014

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au Page 10 of 18

	From	To
HoleID	(m)	(m)	DH Width(m)	Au(g/t)	Cu(%)	Co(%)
ARC361	330	331	1	2.33	0.36	0.050
ARC361	351	357	6	1.01	1.81	0.027
ARC362	2	3	1	0.50	0.33	0.016
ARC362	198	199	1	1.42	0.54	0.018
ARC362	224	225	1	4.85	4.72	0.059

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au

Page 11 of 18

JORC Code, 2012 Edition – Table 1

SECTION 1 SAMPLING TECHNIQUES AND DATA

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

Criteria				Commentary
Sampling		• Nature and quality of sampling	•	Reverse circulation drilling was used to obtain both 2m
techniques		(eg cut channels, random		composite and one metre samples, using a 5 ¼” face
		chips, or specific specialised		sampling hammer.
		industry standard measurement	•	Samples were collected on a 2m composite basis to a
		tools appropriate to the		prescribed depth predetermined by previous drilling,
		minerals under investigation,		wireframing and assay data. Once the predetermined depth
		such as down hole gamma		is achieved, the sampling reverts to one metre sample
		sondes, or handheld XRF		through the orezone to EOH.
		instruments, etc). These	•	After composite sample results received, all samples that
		examples should not be taken		return a value of >0.1g/t Au will result in the resplitting of the
		as limiting the broad meaning		one metre bulk bags at site using a 75:25 jones riffle splitter.
		of sampling.		These one metre samples are then submitted for analysis.
		• Include reference to measures	•	All samples are pulverized to produce a 50g charge for fire
		taken to ensure sample		assay.
		representivity and the appropriate calibration of any	•	RC was currently being used to drill out the geological sequences and identify zones of mineralisation that may or
		measurement tools or systems		may not be used in any Mineral Resource estimations,
		used.		mining studies or metallurgical testwork.
		• Aspects of the determination of	•	Duplicate samples were collected at the rig from a static
		mineralisation that are Material		cone splitter, with the primary and duplicate bag both
		to the Public Report.		simultaneously collected from separate chutes.
	•	In cases where ‘industry standard’ work has been done	•	The cyclone was cleared between rod changes to minimise contamination.
		this would be relatively simple
		(eg ‘reverse circulation drilling
		was used to obtain 1 m samples
		from which 3 kg was pulverised
		to produce a 30 g charge for fire
		assay’). In other cases more
		explanation may be required,
		such as where there is coarse
		gold that has inherent sampling
		problems. Unusual commodities
		or mineralisation types (eg
		submarine nodules) may warrant
		disclosure of detailed
		information.
Drilling	•	Drill type (eg core, reverse	•	Reverse Circulation drilling completed by Topdrill.
techniques		circulation, open-hole hammer,	•	Drilling was completed using a truck mounted T685 Schramm
		rotary air blast, auger, Bangka,		rig mounted on 8x8 trucks
		sonic, etc) and details (eg core	•	This can produce 1000psi/2700CFM with an axillary booster
		diameter, triple or standard tube,		which is capable of achieving dry samples at depths of around
		depth of diamond tails, face-		300m.
		sampling bit or other type,
		whether core is oriented and if
		so, by what method, etc).
Drill sample	•	Method of recording and	•	Recoveries are recorded on logging sheets along with
recovery		assessing core and chip sample		encounters with water and whether the samples are dry, moist
		recoveries and results assessed.		or wet.
	•	Measures taken to maximise	•	Drilling recoveries for Reverse Circulation drilling were >80%
		sample recovery and ensure		with some exceptions that maybe caused by loss of return
		representative nature of the		through faults or encounters with water.
		samples.	•	>90% of samples returned dry.
	•	Whether a relationship exists	•	Statistical analysis shows that no bias of grade exists due to
		between sample recovery and		recoveries
		grade and whether sample bias
		may have occurred due to
		preferential loss/gain of
		fine/coarse material.

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au

Page 12 of 18

Criteria				Commentary
Logging	•	Whether core and chip samples	•	RC samples were collected from the static cone splitter as two
		have been geologically and		samples, one bulk sample and one primary (analytical)
		geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	• •	sample. The bulk samples are one metre splits. These bags are then placed in neat rows of 50 bags each clear of the rig for safety reasons.
	• •	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections	• • •	A field technician mixes the bag by hand before taking a sample using a sieve and sieves the sample to remove fines. The sieved sample is then transferred to a wet sieve in a bucket of water, and the sample is sieved further until rock fragments are clearly visible. These rock fragments are then logged by the site geologist,
		logged.		taking note of colour, grainsize, rock type, alteration if any, mineralisation if any, veining if any, structural information if
				notable and any other relevant information.
			•	This information is then written down on pre-printed logging
				sheets, using codes to describe the attributes of the geology.
			•	A representative sample is transferred to pre-labelled chip
				trays into the corresponding depth from where the sample
				was drilled from.
			•	The remainder of the sample from the sieve is then
				transferred into a core tray that has been marked up by depths
				at metre intervals.
			•	An identification sheet noting the hole number and from-to
				depths that correspond to each tray is then written up and
				placed above the tray and a photograph is taken of the chips.
			•	The hole is logged in its entirety, hence 100%
			•	The geological data would be suitable for inclusion in a
				Mineral Resource Estimation(MRE)
Sub-sampling	•	If core, whether cut or sawn and	•	RC samples were collected on the drill rig using a cone
techniques and		whether quarter, half or all core		splitter. If any mineralised samples were collected wet these
sample		taken.		were noted in the drill logs and database.
preparation	•	If non-core, whether riffled, tube	•	The RC drilling rig is equipped with a rig-mounted cyclone and
		sampled, rotary split, etc and		static cone splitter, which provided one bulk sample of
		whether sampled wet or dry.		approximately 20-30 kilograms, and a sub-sample of
	•	For all sample types, the nature,		approximately 2-4 kilograms for every metre drilled.
		quality and appropriateness of	•	Field QC procedures involve the use of Certified Reference
		the sample preparation		Materials (CRM’s) as assay standards, along with duplicates
		technique.		and blank samples. The insertion rate of these was
	•	Quality control procedures		approximately 1:20.
		adopted for all sub-sampling	•	For RC drilling, field duplicates were taken on a routine basis
		stages to maximise		at approximately 1:20 ratio using the same sampling
		representivity of samples.		techniques (i.e. cone splitter) and inserted into the sample
	•	Measures taken to ensure that		run.
		the sampling is representative of	•	Primary and duplicates results have been compared.
		the in-situ material collected,	•	The sample sizes are appropriate, representative and are
		including for instance results for		considered more than adequate to ensure that there are no
		field duplicate/second-half		particle size effects relating to the grain size of the
		sampling.		mineralisation.
	•	Whether sample sizes are
		appropriate to the grain size of
		_the material being sampled. _
Quality of assay		• The nature, quality and	•	A certified laboratory, ALS Chemex (Perth) was used for all
data and		appropriateness of the		analysis of drill samples submitted. The laboratory
laboratory tests		assaying and laboratory		techniques below are for all samples submitted to ALS and
		procedures used and whether		are considered appropriate for the style of mineralisation
		the technique is considered		defined within the Carlow Castle Project area
		partial or total.	•	The sample preparation followed industry best practice. Fire
		• For geophysical tools,		assay samples were dried, coarse crushing to ~10mm, split
		spectrometers, handheld XRF		to 300g subsample, followed by pulverisation in an LM5 or
		instruments, etc, the		equivalent pulverising mill to a grind size of 85% passing 75
		parameters used in determining		micron.
		the analysis including	•	This fraction was split again down to a 50g charge for fire
		instrument make and model, reading times, calibrations	•	assay 50-gram Fire Assay (Au-AA26)with ICP finish for Au.

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au

Page 13 of 18

Criteria				Commentary
		factors applied and their	•	All samples were dried, crushed, pulverised and split to
		derivation, etc.		produce a sub-sample of 50g which is digested and refluxed
	•	Nature of quality control		with hydrofluoric, nitric, hydrochloric and perchloric acid (4
		procedures adopted (eg		acid digest).
		standards, blanks, duplicates, external laboratory checks) and	•	This digest is considered a total dissolution for most minerals
		whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	•	Analytical analysis is performed using 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.
			•	Additional Ore Grade ICP-AES Finish (ME-OG62) for Cu
				reporting out of range.
			•	Standards are matrix matched by using previous pulps from
				drilling programs and homogenised using certified
				laboratories.
			•	Standards were analysed by round robins to determine
				grade.
			•	Standards were routinely inserted into the sample run at
				1:20.
			•	Laboratory standards and blank samples were inserted at
				regular intervals and some duplicate samples were taken for
				QC checks.
Verification of		• The verification of significant	•	Sampling was undertaken by field assistants supervised by
sampling and assaying		intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data	• •	experienced geologists from Artemis Resources. Significant intercepts were checked by senior personnel who confirmed them as prospective for gold mineralisation. No twin holes using RC was completed in this program. Electronic data capture on excel spreadsheets which are then
		verification, data storage		uploaded as .csv files and routinely sent to certified database
		(physical and electronic)		management provider.
		protocols. • Discuss any adjustment to assay data.	• •	Routine QC checks performed by Artemis senior personnel and by database management consultant. PDF laboratory certificates are stored on the server and are
				checked bythe Exploration Manager.
Location of		• Accuracy and quality of surveys	•	A Garmin GPSMap62 hand-held GPS was used to define the
data points		used to locate drill holes (collar		location of the initial drill hole collars. Standard practice is for
		and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.		the GPS to be left at the site of the collar for a period of 5 minutes to obtain a steady reading. Collar locations are considered to be accurate to within 5m.
		• Specification of the grid system	•	A high-quality downhole north-seeking multi-shot or
		used.		continuous survey gyro-camera was used to determine the
		• Quality and adequacy of		dip and azimuth of the hole at 30m intervals down the hole
		topographic control.	•	The topographic surface was calculated from the onsite mine
				survey pickups and subsequently verified by RTK GNSS
				collar surveys.
			•	Zone 50 (GDA 94).
			•	Surface collar coordinates are surveyed via RTK GNSS with
				1cm accuracy by a professional surveying contractor.
Data spacing		• Data spacing for reporting of	•	In certain areas, current drill hole spacing is variable and
and distribution		Exploration Results.		dependent on specific geological, and geochemical targets.
		• Whether the data spacing and	•	A nominal 40x20m drill spacing is considered adequate to
		distribution is sufficient to		establish the degree of geological and grade continuity
		establish the degree of		appropriate for JORC (2012) classifications applied.
		geological and grade continuity	•	Sample compositing has only been applied within the
		appropriate for the Mineral		hangingwall to mineralised zones. All results reported within
		Resource and Ore Reserve		mineralised zones are the result of one metre downhole
		estimation procedure(s) and		sample intervals.
		classifications applied.

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au

Page 14 of 18

Criteria				Commentary
		• Whether sample compositing
		has been applied.
Orientation of data in		• Whether the orientation of	•	Drill holes were designed to be perpendicular to the strike of
relation to geological		sampling achieves unbiased		known mineralisation. Due to the structural and geological
structure		sampling of possible structures		complexity of the area, mineralisation of unknown orientation
		and the extent to which this is		can be intersected.
		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
		sample security.		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	•	Data is validated upon up-loading into the master database.
		reviews of sampling techniques		Any validation issues identified are investigated prior to
		and data.		reporting of results.

SECTION 2 REPORTING OF EXPLORATION RESULTS

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

Criteria	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material 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. •Drilling by Artemis was carried out on E47/1797 – 100% owned by Artemis Resources Ltd. This tenement forms a part of a broader tenement package that comprises the West Pilbara Project. •This tenement is in good standing.
Exploration done other parties	by • Acknowledgment and appraisal of exploration by otherparties. • The most significant work to have been completed historically in the Carlow Castle area was completed by Open Pit Mining Limited between 1985 and 1987, and subsequentlyLegend MiningNL

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au

Page 15 of 18

Criteria					Commentary
					between 1995 and 2008.
				•	Work completed by Open Pit consisted of geological mapping,
					geophysical surveying (IP), and RC drilling and sampling.
				•	Work completed by Legend Mining Ltd consisted of geological
					mapping and further RC drilling.
				•	Legend also completed an airborne AEM survey over the project area,
					with follow up ground-based FLTEM surveying. Re-processing of this
					data was completed by Artemis.
				•	Compilation and assessment of historic drilling and mapping data
					completed by both Open Pit and Legend has indicated that this data
					is compares well with data collected to date by Artemis. Validation and
					compilation of historic data is ongoing.
				•	All exploration and analysis techniques conducted by both Open Pit
					and Legend are considered to have been appropriate for the style of
					deposit.
Geology	•	Deposit type, geological		•	The Carlow Castle Co-Cu-Au prospect includes a number of
		setting and style	of		mineralised shear zones, located on the northern margin of the
		mineralisation.			Andover Intrusive Complex.
				•	Mineralisation is exposed in numerous workings at surface along
					quartz-rich shear zones. Both oxide and sulphide mineralisation are
					evident at surface associated with these shear zones.
				•	Sulphide mineralisation appears to consist of chalcopyrite, chalcocite,
					cobaltite, pyrrhotite and pyrite.
				•	The style of mineralisation suggests that Carlow had formed syn-
					deformation during dextral wrench faulting in a brittle regime, creating
					high-grade Au-Cu shoots defined as ‘flower’ structures, with a low-
					grade Cu halo forming in the more massive brittle hosts.
				•	Carlow is an Orogenic style Au deposit.
Drill hole Information	•	A summary of all		•	Drill hole information is contained within this release.
		information material to
		the understanding of the
		exploration results
		including a tabulation of
		the following information
		for all Material drill holes:
	•	easting and northing of
		the drill hole collar
	•	elevation or RL
		(Reduced Level –
		elevation above sea level
		in metres) of the drill hole
		collar
	•	dip and azimuth of the
		hole
	•	down hole length and
		interception depth
	•	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.

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au

Page 16 of 18

Criteria				Commentary
Data aggregation	•	In reporting Exploration	•	All intervals reported within mineralized zones are composed of 1
methods		Results, weighting		metre down hole intervals for Reverse Circulation drilling.
		averaging techniques,	•	Two metre composites are weight-averaged.
		maximum and/or	•	Aggregated intercepts do include reported lengths of higher-grade
		minimum grade		internal intercepts.
		truncations (eg cutting of high grades) and cut-off grades are usually	• •	No upper or lower cut-off grades have been used in reporting results. 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	•	The mineralisation in the Carlow Castle West Zone strikes generally
between		particularly important in		E-W and dips to the north at approximately -75 to -80 degrees. The
mineralisation		the reporting of		drill orientation in the West Zone was 180 -60 dip.
widths and intercept		Exploration Results.	•	The mineralisation in the Carlow Castle East Zone strikes generally
lengths	•	If the geometry of the		E-W and dips to the south at approximately -75 to -80 degrees. The
		mineralisation with		drill orientation in the East Zone was 000, -60.
		respect to the drill hole	•	Drilling is believed to be generally perpendicular to strike. Given the
		angle is known, its		angle of the drill holes and the interpreted dip of the host rocks and
		nature should be		mineralisation, reported intercepts approximate true width.
		reported.	•	True thicknesses are calculated from interpretation deriving from
	•	If it is not known and only		orientation of high-grade intervals, orientation of the main
		the down hole lengths		mineralised trend and its dip.
		are reported, there
		should be a clear
		statement to this effect
		(eg ‘down hole length,
		_true width not known’). _
Diagrams	•	Appropriate maps and	•	Appropriate plans are shown in the text.
		sections (with scales)
		and 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 collar
		locations and
		appropriate sectional
		views.
Balanced reporting	•	Where comprehensive	•	The significant results tabulated in the release are reported at a base
		reporting of all		grade of >0.5 g/t Au or >0.5% Cu. Internal dilution of up to two
		Exploration Results is		metres is included in an intersection.
		not practicable,
		representative reporting
		of both low and high
		grades and/or widths
		should be practiced to

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au Page 17 of 18

Criteria			Commentary
	avoid misleading
	reporting of Exploration
	Results.
Other substantive	• Other exploration data, if	•	Targeting for the RC drilling completed by Artemis was based on
exploration data	meaningful and material,		updated geological interpretation, using previous drill results and
	should be reported		from the 2021 block model information.
	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	•	Further work (RC and diamond drilling) is justified to locate
	planned further work (eg		extensions to mineralisation both at depth and along strike.
	tests for lateral
	extensions or 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. _

==> picture [49 x 17] intentionally omitted <==

ARTEMIS RESOURCES ASX:ARV FRA:ATY US:ARTTF www.artemisresources.com.au

Page 18 of 18