Artemis Resources Limited — Capital/Financing Update 2021

Apr 22, 2021

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23 April 2021

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ASX Announcement

Carlow Castle Q1 2021 Drilling Results - New High-Grade Shoots Discovered: ARC282 returns 5m @ 24.32g/t Au, 3.39% Cu and 0.24% Co from 166m, below the Western Main Zone Resource.

Highlights

• Last assay results received from the Q1 2021 RC drilling campaign which completed on 10 March 2021. Results from the final 28 holes (ARC281 to ARC309) have identified new high grade shoots at Carlow Castle Main Zone and the recently discovered Cross-Cut Zone, substantially increasing the size and potential of the overall Gold-Copper-Cobalt mineralisation at Carlow Castle.

• ARC282; West end of Main Zone, new high-grade shoot identified with outstanding Au - Cu grades exceeding expectations and further growing the resource at depth

• 5m @ 24.32g/t Au, 3.39% Cu, 0.24% Co from 166m, including; 3m @ 39.38g/t Au, 5.27% Cu, 0.38% Co from 166m

• ARC291; Cross-Cut Zone, outstanding Au - Cu grades, further defining this zone

• 7m @ 3.55g/t Au, 1.66% Cu, 0.02% Co from 119m, including; 1m @ 18.25g/t Au, 7.15% Cu, 0.03% Co from 125m

• ARC289; Cross-Cut Zone, significant Cu grades and width

• 23m @ 0.56g/t Au, 1.46% Cu, 0.10% Co from 103m, including;

• 3m @ 1.83g/t Au, 2.48% Cu, 0.38% Co from 103m; and

• 16m @ 0.45g/t Au, 1.60% Cu, 0.06% Co from 110m

• ARC292; Cross-Cut Zone, extensive Cu halo zone

• 56m @ 0.28g/t Au, 0.64% Cu, 0.11% Co from 88m, including;

• 12m @ 0.56g/t Au, 1.65% Cu, 0.24% Co from 88m; and

  • 4m @ 0.57g/t Au, 0.65% Cu, 0.31% Co from 128m; and

3m @ 1.82g/t Au, 3.19% Cu, 0.47% Co from 141m

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• ARC301; Quod Est – Cross-Cut, good Au – Cu grades on a new structure

• 3m @ 1.63g/t Au, 2.05% Cu, 0.01% Co from 25m, and; 7m @ 2.60g/t Au, 1.89% Cu, 0.05% Co from 49m, including; 1m @ 11.65g/t Au, 6.12% Cu, 0.09% Co from 53m

• The Carlow Castle 10,853m Q1 2021 RC drill campaign important assay results are summarised with Table 1 for the full 55 hole program. The results for this release has progressed Carlow Castle in several key areas:

• ARC282 extends the Main (West) Zone at depth confirming mineral continuity. The Main (West) Zone has previously only been drilled to a depth of ~120m

• Infill and step-out holes in the Quod Est Zone continue to expand this highgrade mineralized shoot

• Cross-Cut Zone has substantially increased in strike length, returning significant gold, copper and cobalt results which includes some broader halo alteration zones

• The results of the Q1 2021 drilling program will be incorporated into the new mineral resource estimation that has commenced with CSA Global.

• The Company has scheduled a Q2 2021 campaign to commence immediately, including some 1,500m of diamond drilling and 10,000m of RC drilling.

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Artemis Resources Limited (“Artemis” or “the Company”) (ASX:ARV, Frankfurt: ATY, US OTCQB: ARTTF) is pleased to provide an update on drill programs completed at its 100%owned Carlow Castle Gold and Copper Project in the west Pilbara region of Western Australia.

Boyd Timler, Executive Director commented : “The results received from the Q1 2021 drill program have validated our growing understanding of Carlow Castle. Holes targeting specific high-grade shoots returned some outstanding results, and have provided us with a better understanding of the mineralised alteration halo encompassing the high-grade shoots. Wide spaced drilling in the new Cross Cut Zone continues to surprise us with highgrade Au-Cu-Co intersects on multiple structures that are still not fully understood and open at depth and along strike. The Q4 2020 and Q1 2021 drilling campaigns have added 128 new drill holes to the Carlow Castle database, with a new mineral resource estimation underway The Company is increasingly confident on delivering on our target of Project One Million.”

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Summary of Drilling at Carlow Castle

The Q1 2021 drilling campaign at Carlow Castle completed 10,853m of RC drilling with 55 holes. All results for the program have now been returned. The recent significant results are from holes located on Figure 1, with Table 1 highlighting the significant intercepts from these 55 RC holes.

Figure 1 shows the collar location of the holes documented in this report.

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Figure 1: Carlow Castle current drilling programme map showing current reverse circulation (RC) hole locations for ARC282, in the Western area and ARC289, ARC291, ARC292 within the Cross Cut 1 zone with ARC301 east of Quod Est.

Holes ARC289, ARC291 and ARC292 were targeting mineralized shoots in the Cross-Cut 1 Zone, with ARC301 targeting a zone subparallel to Quod Est mineralisation.

The Cross-Cut results are very significant as they indicate the area potentially contains significant amounts of mineralisation. The intersection in ARC301 indicates the potential for adjacent and blind zones of mineralisation.

ARC282 was drilled from the north side of the western Main Zone. The shallower assay results have extended new sub-parallel mineralised shoots further north than previously seen. This hole has also confirmed structure and grade continuity some 50m deeper than previously drilled on this section.

The results shown here, plus the remaining results will be added to the Q4 2020 drilling campaign (11,113m of drilling in 73 holes), significantly expanding the Carlow Castle drill hole database. Once consolidated, consultants CSA Global will complete an updated structural model for the Carlow Castle deposit and a new resource estimation in Q2 2021.

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Artemis Resources has just released a Q1 2021 Investor Presentation. The sectional data of these recent drilling results displayed above dovetail into the Investor Presentation slides to best explain the Carlow Castle story.

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Figure 2: Cross-section view of the Carlow Castle Main Western Zone on section 506,700mE. Hole ARC282 has extended the high-grade shoots down dip further to the north and a further +50m down dip.

Quod Est Zone

The high-grade results located at the Quod Est zone represents mineralisation that may occur along the contact between the basalt host and that of the competent gabbro intrusive. Interpretation through sectional views show that there is a high-grade trending shoot that plunges steeply to the south to south-south east, with an overall dip to the east.

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Repetitions of these shoots are likely as en echelon arrays, with another high-grade zone

intersected at depth by hole ARC300, as shown in Figure 4 .

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Figure 3: Quod Est Section looking north showing the extension of mineralisation downdip by an additional 60m. A separate zone of high grade was also intersected, indicating that a separate en echelon shoot system is developing to the west, plunging below the upper system.

Further drilling is planned to extend this mineralisation down plunge and on strike.

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Figure 4: Continuation of the same mineralised envelope 40m to the north from Figure 4. Hole ARC299 extends this shoot an additional 60m downdip from hole ARC031.

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Cross-Cut Zone

The recently discovered Cross-Cut continues to grow in size and recent results have improved our understanding of this zone.

The most recent update suggests there is mineralisation that may occur along the contact between the gabbro and basalt hosts, similar to that of Quod Est.

Plotting the Au x Downhole widths as shown in Figure 5 suggests a trend that mimics the outline of the interpreted gabbro intrusive, however there are significant intersections occurring further to the east of this contact. These can be attributed to a series of fault structures, which may represent some leakage along the lineaments, since the mineralisation is not as persistent along these features, as they seem to be along the contact margin.

The next phase of drilling will include a diamond hole to twin Hole ARC292 to improve the understanding of this zone in order to allow better targeting of these mineralised structures.

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Figure 5: Plan view of the Cross-Cut Zone showing the position of the contact between the basalt and gabbro body and the inferred location of the mineralisation zone, as illustrated by the hatched area. The highest grade as displayed by the Au x Downhole widths appear to be strongest within the hatched area. A weaker trend is noted to the east and maybe coincident with northwest structures. This work is on-going.

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COMPETENT PERSONS STATEMENT:

The information in this announcement that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Allan Younger, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Younger is an employee of Artemis Resources Limited. Mr Younger has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Younger consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

About Artemis Resources

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

Boyd Timler Executive Director boyd.timler@artemisresources.com.au

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Table 1: Recent Carlow Castle Q1 2021 drilling assay results; averaged over significant drill intercept intervals based on 1m assay samples, intersections defined by either >0.5g/t Au or >0.5%Cu, max 3m internal dilution. NSI = no significant intercept. New results highlighted on yellow.

Hole_ID	Comments	m From	m To	m	Au g/t	Cu %	Co %	Zn %
ARC255		2	4	2	0.76	1.42	0.03
ARC255		18	19	1	0.9	0.89	0.1
ARC255		49	50	1	0.94	1.83	0.14
ARC255		57	58	1	0.68	1.96	0.12
ARC255		64	66	2	0.89	2.18	0.18
ARC255		86	87	1	6.11	4.24	0.47
ARC255		109	115	6	2.98	2.32	0.27
ARC255	incl	112	115	3	4.23	2.56	0.43
ARC255		120	122	2	0.55	2.01	0.14
ARC255		133	136	3	1.44	1.71	0.05
ARC255		140	143	3	0.9	2.09	0.29
ARC256		125	130	5	2.42	1.37	0.2
ARC257		3	8	5	0.03	0.03	0.17
ARC257		41	47	6	0.49	1.56	0.12
ARC258	NSI
ARC259		171	172	1	0.88	0.03	0.01
ARC260		83	84	1	0.65	0.005	0.001
ARC261		66	67	1	0.62	0.006	0.001
ARC262		191	192	1	2.65	0.01	0.001
ARC263		248	252	4	1.49	0.66	0.07
ARC264	NSI
ARC265		144	147	3	6.83	0.81	0.2
ARC265	including	145	146	1	19.55	2.06	0.56
ARC265		205	208	3	4.18	1.15	0.25
ARC265		244	248	4	2.05	0.42	0.03
ARC265		273	274	1	1.11	0.77	0.05
ARC266		166	170	4	1.48	0.34	0.05
ARC267		146	147	1	1.84	1.06	0.02
ARC267		158	159	1	0.64	0.7	0.01
ARC267		175	176	1	2.39	0.21	0.04
ARC267		180	182	2	3.06	2.48	0.1
ARC267		218	225	7	0.85	0.3	0.05
ARC268		70	72	2	0.02	0.03	0.004	2.06
ARC269	NSI
ARC270	NSI
ARC271		153	154	1	0.6	0.7	0.003
ARC271		158	161	3	0.6	0.6	0.003
ARC271		192	193	1	0.58	1.93	0.007
ARC271		250	251	1	0.71	1.73	0.09
ARC271		258	259	1	6.83	0.09	0.009
ARC272		239	248	9	0.37	0.95	0.006
ARC272		267	270	3	13.3	0.77	0.31
ARC272	Including	269	270	1	38.4	2.05	0.63
ARC273		218	219	1	5.23	2.54	0.008
ARC273		228	229	1	0.51	0.63	0.005
ARC273		263	264	1	0.54	0.527	0.01
ARC274		77	78	1	2.58	0.65	0.26
ARC274		138	140	2	1.01	1.53	0.02
ARC275	NSI
ARC276		126	127	3	2.82	0.16	0.003
ARC276	Including	126	127	1	6.58	0.03	0.004
ARC276		201	219	18	3.46	0.66	0.33
ARC276	Including	201	203	2	13.95	1.32	1.59
ARC276	And	209	210	1	14.95	1.28	0.66
ARC276		223	226	3	0.53	0.43	0.1
ARC277		123	137	14	7.03	2.61	0.28

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Hole_ID	Comments	m From	m To	m	Au g/t	Cu %	Co %	Zn %
ARC277	Including	129	132	3	25.8	5.25	0.46
ARC277	Including	129	130	1	66.8	6.52	0.53
ARC278		84	85	1	1.31	0.38	0.01
ARC279		173	174	1	0.61	0.15	0.06
ARC280		13	15	2	1.01	0.12	0.03
ARC280		38	39	1	1.78	0.2	0.02
ARC280		72	75	3	2.13	0.19	0.06
ARC280		96	102	6	2.97	0.55	0.04
ARC280	Including	98	99	1	11.5	0.65	0.01
ARC280		113	115	2	0.94	0.19	0.04
ARC280		184	185	1	1.3	0.19	0.44
ARC280		189	190	1	1.45	0.31	0.1
ARC280		203	205	2	1.52	0.52	0.14
ARC280		230	232	2	1.98	0.23	0.48
ARC281		22	24	2	1.64	0.12	0.03
ARC281		210	211	1	1.87	0.35	0.03
ARC282		53	54	1	1.07	0.1	0.01
ARC282		112	114	2	1.72	2.66	0.04
ARC282		138	141	3	0.56	0.35	0.02
ARC282		145	146	1	3.01	0.75	0.33
ARC282		157	158	1	1.11	0.16	0.05
ARC282		166	171	5	24.32	3.39	0.24
ARC282	Incl	166	169	3	39.38	5.27	0.38
ARC283		24	29	5				1.8
ARC284	NSI
ARC285	NSI
ARC286	NSI
ARC287	NSI
ARC288		99	102	3	0.05	0.03	0.11
ARC288		139	141	2	0.18	1.01	0.2
ARC289		103	106	3	1.83	2.48	0.38
ARC289		110	126	16	0.45	1.6	0.06
ARC290	NSI
ARC291		87	89	2	0.35	0.85	0.01
ARC291		90	91	1	2.92	0.09	0
ARC291		105	107	2	0.95	0.24	0.02
ARC291		111	114	3	2.57	0.23	0.02
ARC291		119	126	7	3.55	1.66	0.02
ARC291	including	125	126	1	18.25	7.15	0.03
ARC243 Extension		194	195	1	1.67	0.01	0
ARC292		88	100	12	0.56	1.65	0.24
ARC292		128	132	4	0.57	0.65	0.31
ARC292		141	144	3	1.82	3.19	0.47
ARC293		131	133	2	0.61	1.07	0.03
ARC294		115	116	1	0.63	0.25	0.09
ARC294		150	151	1	1.32	2.38	0.07
ARC294		155	156	1	1.11	0.19	0.12
ARC295		9	10	1	0.64	0.03	0.01
ARC296	NSI
ARC297		170	171	1	7.12	0.71	0.03
ARC298		107	113	6	1.67	1.18	0.05
ARC299		147	151	4	3.16	0.38	0.63
ARC300		121	130	9	1.28	0.42	0.22
ARC300		172	178	6	1.37	0.15	0.4
ARC301		25	28	3	1.63	2.05	0.01
ARC301		49	56	7	2.6	1.89	0.05
ARC301	Including	535	54	1	11.65	6.12	0.09
ARC302	NSI
ARC303	NSI
ARC304		164	164	1	0.48	1.22	0.01
ARC305	NSI
ARC306		61	74	13				0.76

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	Hole_ID	Comments	m From	m To	m	Au g/t	Cu %	Co %	Zn %
	ARC307		29	30	1	0.26	1.36	0.01
	ARC307		46	47	1	5.06	4.37	0.01
	ARC308	NSI
	ARC309		9	11	2	1.66	3.2	0.03
	ARC309		94	96	2	0.64	0.03	0

Table 2: Carlow Castle drill collar information.

Hole Id	Type	Z50MGA East	Z50MGA North	RL (m)	Depth (m)	Dip	Azimuth
ARC001	RC	506929.95	7698920.09	40.28	72	-60	270
ARC002	RC	506959.14	7698916.27	39.75	90	-60	270
ARC003	RC	506909.93	7698896.80	39.14	54	-60	270
ARC004	RC	506925.68	7698896.50	39.24	78	-60	270
ARC005	RC	506888.51	7698919.80	40.25	60	-60	90
ARC006	RC	506947.24	7698894.26	39.03	90	-60	270
ARC007	RC	506911.18	7698937.79	41.59	48	-60	270
ARC008	RC	506933.10	7698937.94	41.14	78	-60	270
ARC009	RC	506904.79	7698960.57	42.71	48	-60	270
ARC010	RC	506922.98	7698961.93	42.84	78	-60	270
ARC011	RC	506917.24	7698917.58	40.60	48	-60	270
ARC012	RC	506902.24	7698878.73	38.33	48	-60	270
ARC013	RC	506922.61	7698879.32	38.36	72	-60	270
ARC014	RC	506944.97	7698880.09	38.84	90	-60	270
ARC015	RC	506899.23	7698837.97	38.58	48	-60	270
ARC016	RC	506919.31	7698838.32	41.38	78	-60	270
ARC017	RC	506869.79	7698799.07	36.64	48	-60	270
ARC018	RC	506887.95	7698799.83	37.70	48	-60	270
ARC019	RC	506906.80	7698800.96	39.10	60	-60	270
ARC020	RC	506927.68	7698801.91	41.30	90	-60	270
ARC021	RC	506868.38	7698761.99	35.54	48	-60	270
ARC022	RC	506887.74	7698761.44	36.24	48	-60	270
ARC023	RC	506907.53	7698760.64	37.49	78	-60	270
ARC024	RC	506579.85	7698699.77	34.80	60	-60	180
ARC025	RC	506619.19	7698698.13	34.79	66	-60	180
ARC026	RC	506659.40	7698699.29	34.97	60	-60	180
ARC027	RC	506699.06	7698699.67	34.80	60	-60	180
ARC028	RC	506742.04	7698701.18	34.55	60	-60	180
ARC029	RC	506944.14	7698957.64	42.43	84	-60	270
ARC030	RC	506952.30	7698938.33	40.81	90	-60	270
ARC031	RC	506973.27	7698916.87	39.68	102	-60	270
ARC032	RC	506969.77	7698896.34	39.26	108	-60	270
ARC033	RC	506895.77	7698937.59	41.27	23	-60	90
ARC033a	RC	506893.23	7698937.48	41.35	90	-60	90
ARC034	RC	506973.31	7698940.16	40.47	137	-60	270
ARC036	RC	506579.18	7698677.42	34.66	60	-60	180
ARC037	RC	506579.80	7698718.95	35.06	84	-60	180
ARC038	RC	506579.56	7698740.73	35.44	120	-60	180
ARC039	RC	506777.66	7698676.15	34.67	60	-60	180
ARC040	RC	506778.78	7698700.75	34.92	84	-60	180
ARC041	RC	506779.34	7698720.74	35.06	120	-60	180
ARC042	RC	506780.18	7698740.84	35.26	150	-60	180
ARC043	RC	506897.41	7698636.05	33.75	60	-60	180
ARC044	RC	506898.75	7698660.97	34.02	84	-60	180
ARC045	RC	506899.47	7698682.47	34.15	126	-60	180
ARC046	RC	506900.75	7698701.73	34.15	162	-60	180
ARC047	RC	507477.90	7698581.08	29.79	60	-60	180
ARC048	RC	507478.81	7698623.51	30.78	114	-60	180
ARC049	RC	507478.89	7698663.21	30.84	144	-60	180
ARC050	RC	507321.28	7698921.04	35.26	120	-60	0
ARC051	RC	507237.30	7699007.97	37.79	136	-60	0
ARC052	RC	507119.90	7698982.04	38.80	162	-60	0
ARC053	RC	507120.27	7699027.22	41.43	126	-60	0
ARC054	RC	507239.93	7698930.55	36.32	102	-60	0
ARC055	RC	506536.05	7698688.90	34.65	78	-60	180

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Hole Id	Type	Z50MGA East	Z50MGA North	RL (m)	Depth (m)	Dip	Azimuth
ARC056	RC	506537.23	7698708.54	34.91	90	-60	180
ARC057	RC	506538.58	7698729.57	35.07	120	-60	180
ARC058	RC	506619.04	7698677.50	34.60	60	-60	180
ARC059	RC	506619.96	7698720.27	34.95	120	-60	180
ARC060	RC	506659.80	7698720.78	35.00	84	-60	180
ARC061	RC	506660.86	7698740.46	35.30	126	-60	180
ARC062	RC	506700.16	7698720.64	35.02	84	-60	180
ARC063	RC	506700.76	7698738.61	35.31	120	-60	180
ARC064	RC	506741.50	7698676.08	34.75	60	-60	180
ARC065	RC	506742.69	7698719.49	35.01	102	-60	180
ARC066	RC	506743.53	7698738.36	35.25	126	-60	180
ARC067	RC	506817.45	7698682.40	34.68	84	-60	180
ARC068	RC	506818.23	7698698.12	34.79	120	-60	180
ARC069	RC	506819.53	7698717.79	35.00	24	-60	180
ARC069a	RC	506821.17	7698740.74	35.24	162	-59	180
ARC070	RC	506859.97	7698659.95	34.30	60	-60	180
ARC071	RC	506860.65	7698679.67	34.44	84	-60	180
ARC072	RC	506861.28	7698695.73	34.57	126	-60	180
ARC073	RC	506935.81	7698638.23	33.73	60	-60	180
ARC074	RC	506937.98	7698657.32	33.72	84	-60	180
ARC075	RC	506941.87	7698698.15	33.99	150	-60	180
ARC076	RC	507400.58	7698609.30	30.48	66	-60	180
ARC077	RC	507400.50	7698650.77	31.23	162	-60	180
ARC078	RC	506815.36	7698661.73	34.44	60	-60	180
ARC079	RC	507478.02	7698559.54	29.86	108	-60	0
ARC080	RC	507262.21	7698939.00	35.53	84	-60	270
ARC081	RC	506781.50	7698779.75	36.00	264	-60	180
ARC082	RC	506620.49	7698740.67	35.31	150	-60	180
ARC083	RC	506934.49	7698679.81	33.85	150	-60	180
ARC084	RC	506979.13	7698619.15	33.21	72	-60	180
ARC085	RC	506979.64	7698641.44	33.61	112	-60	180
ARC086	RC	506980.15	7698660.88	33.67	142	-60	180
ARC087	RC	506980.26	7698682.07	33.58	196	-60	180
ARC088	RC	507016.43	7698621.50	33.25	70	-60	180
ARC089	RC	507017.15	7698642.72	33.28	112	-60	180
ARC090	RC	507018.63	7698663.13	33.48	150	-60	180
ARC091	RC	507019.24	7698682.15	33.39	192	-60	180
ARC092	RC	507056.17	7698600.99	32.85	72	-60	180
ARC093	RC	507056.24	7698620.13	32.91	114	-60	180
ARC094	RC	507057.26	7698639.31	33.03	150	-60	180
ARC095	RC	507058.55	7698659.65	33.05	204	-60	180
ARC096	RC	507399.31	7698630.48	30.83	168	-60	180
ARC097	RC	507398.34	7698593.01	30.44	108	-60	180
ARC098	RC	507476.26	7698602.49	29.74	96	-60	180
ARC099	RC	506534.82	7698675.09	34.35	66	-60	180
ARC100	RC	506533.66	7698649.43	34.61	42	-60	180
ARC101	RC	506744.20	7698758.65	35.66	156	-60	180
18CCAD001	DDH	506701.45	7698757.33	35.65	151.9	-60	180
18CCAD002	DDH	506778.93	7698694.92	34.86	128.1	-60	180
18CCAD003	DDH	506698.19	7698680.96	34.86	119.7	-75	0
18CCAD004	DDH	506819.62	7698709.68	34.97	141	-60	180
18CCAD005	DDH	506863.16	7698712.42	34.65	123	-60	180
18CCAD006	DDH	506901.24	7698720.42	34.82	168.2	-60	180
18CCAD007	DDH	506857.87	7698633.28	33.98	117.3	-60	0
18CCAD008	DDH	506932.99	7698937.93	41.15	81.2	-60	270
18CCAD009	DDH	506942.27	7698937.24	41.00	79.5	-60	270
18CCAD010	DDH	507480.50	7698641.39	30.88	171	-60	180
18CCAD011	DDH	507476.27	7698549.65	30.03	100.4	-50	0
18CCAD012	DDH	506935.00	7698900.00	41.00	122.9	-60	270
ARC102	RC	507479.97	7698492.34	30.12	186	-60	360
ARC103	RC	507140.08	7698638.94	32.47	66	-60	360
ARC104	RC	507138.77	7698619.69	32.23	100	-60	360
ARC105	RC	507178.05	7698631.01	32.15	66	-60	360
ARC106	RC	507179.40	7698611.33	31.75	100	-60	360
ARC107	RC	507020.40	7698703.17	33.95	200	-60	180
ARC108	RC	507060.44	7698681.49	33.40	180	-60	180
ARC109	RC	507094.07	7698618.31	32.60	60	-60	180
ARC110	RC	507094.96	7698637.99	32.89	100	-60	180
ARC111	RC	507097.26	7698658.11	32.80	140	-60	180

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Page 12 of 18

==> picture [49 x 19] intentionally omitted <==

Hole Id	Type	Z50MGA East	Z50MGA North	RL (m)	Depth (m)	Dip	Azimuth
ARC112	RC	507098.84	7698678.28	33.79	192	-60	180
ARC113	RC	507223.16	7698598.49	31.26	60	-60	180
ARC114	RC	507220.82	7698618.44	31.74	100	-60	180
ARC115	RC	507219.45	7698638.04	31.98	174	-60	180
ARC116	RC	507219.21	7698659.19	32.03	198	-60	180
ARC117	RC	507265.20	7698598.10	31.05	126	-60	180
ARC118	RC	507262.90	7698618.54	31.55	126	-60	180
ARC119	RC	507260.44	7698637.96	31.79	180	-60	180
ARC120	RC	507258.82	7698658.86	31.83	222	-60	180
ARC121	RC	507297.44	7698590.75	30.89	108	-60	180
ARC122	RC	507297.49	7698610.02	31.04	144	-60	180
ARC123	RC	507298.51	7698629.51	31.13	180	-60	180
ARC124	RC	507299.36	7698651.48	31.63	234	-60	180
ARC125	RC	507337.15	7698610.00	30.86	144	-60	180
ARC126	RC	507337.06	7698629.99	30.91	180	-60	170
ARC127	RC	507337.99	7698651.49	31.21	234	-60	180
ARC128	RC	507338.98	7698669.59	31.51	240	-60	180
ARC129	RC	507440.31	7698580.64	30.10	108	-60	180
ARC130	RC	507438.51	7698601.02	30.07	102	-60	180
ARC131	RC	507436.87	7698618.95	30.38	156	-60	180
ARC132	RC	507436.29	7698640.15	30.91	204	-60	180
ARC133	RC	507435.33	7698660.76	31.04	228	-60	180
ARC134	RC	507401.86	7698670.28	31.51	204	-60	180
ARC135	RC	507520.18	7698581.17	29.61	100	-60	180
ARC136	RC	507520.37	7698600.39	29.77	108	-60	180
ARC137	RC	507519.26	7698620.81	30.16	168	-60	180
ARC138	RC	507519.31	7698639.04	30.47	228	-60	180
ARC139	RC	507518.47	7698659.64	30.58	240	-60	180
ARC140	RC	506458.87	7698639.22	34.32	150	-60	180
ARC141	RC	506458.53	7698679.20	34.50	120	-60	180
ARC142	RC	506458.47	7698720.23	34.81	120	-60	180
ARC143	RC	506457.91	7698760.55	35.38	120	-60	180
ARC144	RC	506540.10	7698600.73	34.52	120	-60	360
ARC145	RC	506579.86	7698638.21	34.62	120	-60	360
ARC146	RC	506578.83	7698620.55	34.42	162	-60	360
ARC147	RC	507559.44	7698601.35	29.30	114	-60	180
ARC148	RC	507559.35	7698620.40	29.53	192	-60	180
ARC149	RC	507559.90	7698639.73	29.80	192	-60	180
ARC150	RC	507559.33	7698661.84	30.00	179	-60	180
ARC151	RC	506620.28	7698760.51	35.54	144	-60	180
ARC152	RC	506620.98	7698780.26	35.91	174	-60	180
ARC153	RC	506658.93	7698761.24	35.63	162	-60	180
ARC154	RC	506660.45	7698782.15	36.06	198	-60	180
ARC155	RC	506698.20	7698781.25	36.02	192	-60	180
ARC156	RC	506743.89	7698779.09	35.86	210	-60	180
ARC157	RC	506779.69	7698758.49	35.55	180	-60	180
ARC158	RC	506821.59	7698757.99	35.51	198	-60	180
ARC159	RC	506862.77	7698729.18	34.78	160	-60	180
ARC160	RC	506941.80	7698719.90	35.28	180	-60	180
ARC161	RC	506980.51	7698702.55	34.08	180	-60	180
ARC162	RC	507600.15	7698629.93	29.29	90	-60	180
ARC163	RC	507600.96	7698609.92	29.02	90	-60	360
ARC164	RC	507601.33	7698588.60	29.43	120	-60	360
ARC165	RC	507267.14	7698578.07	30.96	90	-60	360
ARC166	RC	507296.25	7698571.22	30.83	150	-60	180
ARC167	RC	507334.40	7698590.07	30.70	90	-60	180
ARC168	RC	507014.61	7698941.39	39.07	114	-60	270
ARC169	RC	507048.86	7698941.57	38.16	120	-60	270
ARC170	RC	507088.67	7698941.13	37.69	120	-60	270
ARC171	RC	507129.79	7698977.82	38.67	102	-60	270
ARC172	RC	507639.72	7698638.41	29.10	84	-60	360
ARC173	RC	507642.44	7698617.75	29.00	114	-60	360
ARC174	RC	507643.99	7698599.74	28.90	130	-60	360
ARC175	RC	507602.60	7698567.75	29.47	138	-60	360
ARC176	RC	507179.52	7698602.41	31.70	150	-60	180
ARC177	RC	507176.30	7698621.93	32.26	144	-60	180
ARC178	RC	507175.39	7698643.09	32.40	186	-60	180
ARC179	RC	507174.97	7698661.71	33.13	200	-60	180
ARC180	RC	507645.43	7698579.89	29.17	114	-60	360
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Page 13 of 18

Hole Id	Type	Z50MGA East	Z50MGA North	RL (m)	Depth (m)	Dip	Azimuth
ARC181	RC	507678.56	7698651.72	28.72	72	-60	360
ARC182	RC	507679.90	7698630.58	28.96	90	-60	360
ARC183	RC	507679.21	7698611.67	29.02	114	-60	360
ARC184	RC	507517.08	7698421.77	30.67	330	-60	360
ARC185	RC	507640.80	7698723.54	29.45	102	-60	360
ARC186	RC	507640.13	7698703.37	29.33	114	-60	360
ARC187	RC	507639.70	7698683.63	29.31	126	-60	360
ARC188	RC	507638.81	7698664.55	29.01	102	-60	360
ARC189	RC	507480.18	7698418.86	30.14	330	-60	360
ARC190	RC	505597.89	7698459.26	30.19	102	-60	180
ARC191	RC	505597.56	7698498.15	30.41	102	-60	180
ARC192	RC	505597.72	7698538.71	30.46	108	-60	180
ARC193	RC	505598.35	7698578.08	31.45	96	-60	180
ARC194	RC	505599.13	7698618.80	32.58	96	-60	180
ARC195	RC	505998.22	7698699.11	33.06	102	-60	180
ARC196	RC	505998.31	7698740.52	33.95	96	-60	180
ARC197	RC	505999.01	7698779.66	35.26	102	-60	180
ARC198	RC	505998.58	7698818.62	36.63	114	-60	180
ARC199	RC	506096.57	7698451.15	32.09	102	-60	180
ARC200	RC	506098.36	7698488.64	32.13	108	-60	180
ARC201	RC	506278.74	7698700.08	34.17	102	-60	180
ARC202	RC	506278.76	7698739.96	34.45	102	-60	180
ARC203	RC	506278.79	7698783.46	34.85	102	-60	180
ARC204	RC	506277.79	7698820.49	35.19	120	-60	180
ARC205	RC	506339.04	7698500.84	33.08	48	-60	180
ARC206	RC	506338.15	7698540.51	33.43	60	-60	180
ARC207	RC	506338.18	7698579.33	33.90	90	-60	180
ARC208	RC	506378.52	7698619.50	34.17	80	-60	180
ARC209	RC	506365.12	7698639.77	34.26	96	-60	180
ARC210	RC	506577.70	7698560.35	34.28	48	-60	180
ARC211	RC	506577.92	7698599.71	34.46	48	-60	180
ARC214	RC	506978.94	7698559.98	33.05	156	-60	180
ARC215	RC	506978.39	7698599.97	32.81	114	-60	180
ARC216	RC	507257.45	7698459.80	31.66	246	-60	0
ARC217	RC	507297.79	7698670.69	31.58	282	-60	180
ARC218	RC	507338.14	7698478.57	31.17	276	-70	0
ARC219	RC	507479.71	7698460.18	30.24	270	-60	0
ARC220	RC	507598.54	7698527.51	29.49	60	-60	0
ARC221	RC	507598.73	7698549.84	29.45	150	-60	0
ARC222	RC	506573.34	7698642.27	34.54	138	-60	180
ARC223	RC	507156.74	7698981.23	38.04	102	-60	270
ARC224	RC	507197.60	7698981.29	37.08	100	-60	270
ARC225	RC	507235.47	7698980.93	37.04	102	-60	270
ARC226	RC	507276.55	7698981.44	37.30	102	-60	270
ARC227	RC	507316.39	7698980.90	36.51	102	-60	270
ARC228	RC	507356.68	7698982.38	36.07	102	-60	270
ARC229	RC	507395.57	7698980.96	35.30	102	-60	270
ARC230	RC	507238.64	7698899.72	36.72	80	-60	270
ARC231	RC	507281.81	7698900.10	35.08	102	-60	270
ARC232	RC	507317.41	7698900.47	34.72	102	-60	270
ARC233	RC	507356.66	7698900.32	34.71	102	-60	270
ARC234	RC	507400.78	7698899.93	33.87	108	-60	270
ARC235	RC	507778.11	7699021.45	31.66	120	-60	0
ARC236	RC	507777.74	7698981.95	30.40	120	-60	0
ARC237	RC	507777.56	7698943.33	30.51	120	-60	0
ARC238	RC	507777.64	7698900.10	30.03	120	-60	0
ARC239	RC	507777.35	7698862.17	29.54	120	-60	0
ARC240	RC	507777.06	7698823.61	29.06	120	-60	0
ARC241	RC	507776.99	7698781.52	28.57	120	-60	0
ARC242	RC	507777.13	7698740.44	28.39	120	-60	0
ARC243	RC	507777.14	7698698.65	28.43	300	-60	0
ARC244	RC	507777.18	7698659.53	29.54	120	-60	0
ARC245	RC	507778.07	7698620.67	29.76	100	-60	0
ARC246	RC	507625.78	7698638.78	29.06	80	-60	0
ARC247	RC	507625.21	7698599.48	29.08	120	-60	0
ARC248	RC	507625.13	7698559.76	29.29	160	-60	0
ARC249	RC	507625.29	7698520.43	30.01	210	-60	0
ARC250	RC	507651.24	7698539.99	29.80	150	-60	0
ARC251	RC	507382.98	7698569.96	30.40	100	-60	0

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Page 14 of 18

Hole Id	Type	Z50MGA East	Z50MGA North	RL (m)	Depth (m)	Dip	Azimuth
ARC252	RC	507382.38	7698531.21	30.71	160	-60	0
ARC253	RC	507381.76	7698489.48	30.95	210	-60	0
ARC254	RC	507436.73	7698678.37	31.11	260	-60	180
20CCAD001	DDH	507501.70	7698571.22	29.56	100	-60	0
20CCAD002	DDH	507500.54	7698531.47	30.00	160	-60	0
20CCAD003	DDH	507560.17	7698898.69	32.34	840.1	-60	180
20CCAD004	DDH	507499.35	7698490.78	30.04	210	-60	0
20CCAD005	DDH	507498.30	7698452.16	30.23	270	-60	0
20CCAD006	DDH	507538.43	7698588.26	29.49	100	-60	0
20CCAD007	DDH	507557.34	7698845.69	31.20	551.3	-55	180
20CCAD008	RC/DDH	507441.86	7698884.65	32.90	450	-60	180
20CCAD008W	DDH Wedge				422	-60	180
20CCAD009	DDH	507538.53	7698549.06	29.84	207.4	-60	0
20CCAD010	DDH	507538.95	7698508.58	29.84	250	-60	0
ARC255	RC	507277.05	7698936.91	35.58	150	-60.4	270.28
ARC256	RC	507316.17	7698936.91	35.57	150	-59.1	270.54
ARC257	RC	507357.10	7698937.44	35.15	150	-58.7	269.76
ARC258	RC	507899.33	7698819.96	27.98	250	-59.1	0.79
ARC259	RC	507899.50	7698738.33	27.90	250	-59.4	2.87
ARC260	RC	507898.99	7698658.30	28.88	250	-59.3	359.55
ARC261	RC	507715.60	7698621.50	29.41	200	-58.6	358.34
ARC262	RC	507714.49	7698562.85	30.07	252	-58.2	0.02
ARC263	RC	507715.19	7698463.92	32.16	270	-60	0
ARC264	RC	507636.62	7698375.58	31.19	120	-58.8	181.58
ARC265	RC	507433.41	7698439.54	30.14	300	-58.4	0.41
ARC266	RC	507435.65	7698420.81	30.73	300	-60.2	354.64
ARC267	RC	507395.29	7698458.05	31.08	252	-60.4	359.08
ARC268	RC	507477.74	7698860.86	32.33	150	-60.7	0.12
ARC269	RC	507479.09	7698783.06	31.27	150	-60	0
ARC270	RC	507396.84	7698859.24	33.41	150	-60	0
ARC271	RC	507138.63	7698478.88	32.05	282	-60	0
ARC272	RC	507258.32	7698453.57	31.57	294	-65	0
ARC273	RC	507336.23	7698449.00	31.24	300	-70	0
ARC274	RC	507136.76	7698558.33	31.99	150	-60	0
ARC275	RC	507539.16	7698357.71	31.24	120	-60	180
ARC276	RC	507555.49	7698445.44	30.80	264	-60	0
ARC277	RC	507593.79	7698523.83	29.63	162	-60	0
ARC278	RC	507399.03	7698938.41	34.40	180	-60	270
ARC279	RC	507066.02	7698941.17	38.24	252	-60	270
ARC280	RC	506856.30	7698769.49	35.49	252	-60	180
ARC281	RC	506778.88	7698818.82	36.63	222	-60	180
ARC282	RC	506696.52	7698815.54	36.75	264	-60	180
ARC283	RC	506617.02	7698817.07	36.78	264	-60	180
ARV284	RC	506536.57	7698768.45	35.76	252	-60	180
ARV285	RC	506535.12	7698599.63	34.46	150	-60	180
ARV286	RC	506770.44	7698648.25	34.64	66	-60	180
ARV287	RC	506813.76	7698637.62	34.22	60	-60	180
ARV288	RC	507307.16	7698932.06	35.56	180	-60	225
ARV289	RC	507369.05	7698988.60	36.15	180	-60	225
ARV290	RC	507336.75	7698838.65	33.52	180	-60	225
ARV291	RC	507367.69	7698867.34	33.95	180	-60	225
ARV292	RC	507399.36	7698903.90	33.89	180	-60	225
ARV293	RC	507159.08	7698779.00	34.40	170	-60	225
ARV294	RC	507201.71	7698822.83	33.60	180	-60	225
ARV295	RC	507714.70	7698447.93	31.45	252	-60	180
ARV296	RC	507453.16	7698951.38	33.99	150	-60	225
ARV297	RC	507537.78	7698712.75	30.54	222	-60	0
ARV298	RC	507428.53	7698814.50	32.12	156	-60	225
ARV299	RC	507016.72	7698922.54	38.76	180	-60	270
ARV300	RC	506996.01	7698880.55	39.22	186	-60	270
ARV301	RC	507104.18	7698919.04	37.28	186	-60	270
ARV302	RC	508320.20	7699102.56	25.91	150	-60	180
ARV303	RC	508319.76	7699049.55	25.69	150	-60	180
ARV304	RC	507467.86	7698857.61	32.31	168	-60	225
ARV305	RC	507514.37	7698897.69	32.61	156	-60	225
ARV306	RC	507089.54	7698878.00	35.97	149	-60	270
ARV307	RC	507136.34	7698875.76	36.62	160	-60	225
ARV308	RC	506929.47	7698803.28	41.56	160	-60	135
ARV309	RC	507248.18	7698750.03	32.36	150	-60	225

==> picture [49 x 19] intentionally omitted <==

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Page 15 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	•	Reverse circulation drilling was used to obtain 1 m samples.
techniques	•	Samples were collected on a 1m basis and stockpiled.
	•	Allsampleswere pulverized produce a 50 g chargefor fire assay.
Drilling	•	Reverse Circulation drilling by Topdrill.
techniques	•	Diamond drilling by Topdrill.
Drill sample	•	Drilling recoveries for Reverse circulation drilling were excellent, with all
recovery		samples dry.
Logging	•	Artemis Reverse Circulation drilling has been logged;
	•	Diamond core has beengeologicallylogged
Sub-sampling	•	The RC drilling rig was equipped with a rig-mounted cyclone and static cone
techniques and		splitter, which provided one bulk sample of approximately 20-30 kilograms, and
sample		a representative sub-sample of approximately 2-4 kilograms for every metre
preparation		drilled.
	•	The sample size of 2-4 kilograms is appropriate and representative of the grain
		size and mineralisation style of the deposit.
Quality of assay	•	ALS (Perth) were used for all analysis of drill samples submitted by Artemis.
data and laboratory tests		The laboratory techniques below are for all samples submitted to ALS and are considered appropriate for the style of mineralisation defined within the Carlow
		Castle Project area:
	•	Samples above 3Kg riffle split.
	•	Pulverise to 95% passing 75 microns
	•	50-gram Fire Assay (Au-AA26) with ICP finish - Au.
	•	4 Acid Digest ICP-AES Finish (ME-ICP61) – 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.
	•	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.
Verification of	•	Electronic data capture, storage and transfer as .csv. Routine QC checks
sampling and assaying		performed by contractor and independent geophysical consultant. Data were found to be of high quality and in accordance with contract specifications
	•	Laboratory standards and blank samples were inserted at regular intervals and
		some duplicate samples were taken for QC checks.
Location of	•	A Garmin GPSMap62 hand-held GPS was used to define the location of the drill
data points		hole collars. Standard practice is for 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.
	•	Hole collars surveyed by licensed surveyors on completion of the drilling.
	•	Zone 50 (GDA 94).
Data spacing	•	Current drill hole spacing is variable and dependent on specific geological, and
and distribution		geochemical targets.
	•	No sample compositing has been used for drilling completed by Artemis. All
		results reported are the result of 1 metre downhole sample intervals.
Orientation of data in	•	Drill holes were designed to be perpendicular to the strike of known
relation to geological		mineralisation. Due to the structural and geological complexity of the area, it is
structure		mineralisation of unknown orientation can be intersected.
Sample security	•	The chain of custody is managed by the supervising geologist who places calico
		sample bags in polyweave sacks. Up to 10 calico sample bags are placed in
		each sack. Each sack is clearly labelled with:
	o	Artemis Resources Ltd

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Criteria		Commentary
	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 companythen delivers the samples directlyto the laboratory.
Audits or reviews	•	Data is validated upon up-loading 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		Commentary
Mineral tenement and		•Drilling by Artemis was carried out on E47/1797 – 100% owned by Artemis
land tenure status		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 by	•	The most significant work to have been completed historically in the Carlow Castle
other parties		area, including the Little Fortune and Good Luck prospects, was completed by Open
		Pit Mining Limited between 1985 and 1987, and subsequently Legend Mining NL
		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 ATEM survey over the project area, with follow
		up ground-based FLTEM surveying. Re-processing of this data was completed by
		Artemis and was critical in developing drill targets for the completed RC drilling.
	•	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	•	The Carlow Castle Co-Cu-Au prospect includes a number of mineralised shear
		zones, located on the northern margin of the Andover Intrusive Complex.
		Mineralisation is exposed in numerous workings at surface along numerous 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 andpyrite
Drill hole Information	•	Drill hole information is contained within this release.
Data aggregation	•	All intervals reported are composed of 1 metre down hole intervals for Reverse
methods		Circulation drilling, and sample intervals are used for Diamond core are 1m intervals
		only and not length weighted.
	•	No upper or lower cut-off grades have been used in reporting results.
	•	No metal equivalent calculations are used in this report.
Relationship between	•	True widths of mineralisation have not been calculated for this report, and as such
mineralisation widths and intercept lengths	•	all intersections reported are down-hole thicknesses. A better understanding of the deposit geometry will be achieved on thorough
		interpretation of the data. True thicknesses may be reported at a later date if
		warranted. Due to the moderately to steeply dipping nature of the mineralised zones,
		it is expected that true thicknesses will be less than the reported down-hole
		thicknesses.

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Criteria		Commentary
Diagrams	•	Appropriate plans are shown in the text.
Balanced reporting	•	Reporting of results in this report is considered balanced.
Other substantive	•	Targeting for the RC drilling completed by Artemis was based on compilation of
exploration data		historic exploration data, and the surface expression of the targeted mineralised
		shear zones and associated historic workings.
Further work	•	The results at the Carlow Castle Co-Cu-Au project warrant further drilling. The drill
		program results to date are considered excellent.

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