Artemis Resources Limited — Management Reports 2008

Dec 2, 2008

==> picture [142 x 124] intentionally omitted <==

Molybdenum Molybdenum

Western AustraliaWestern Australia Gold Gold Uranium Uranium West Africa West Africa

==> picture [51 x 152] intentionally omitted <==

Artemis Resources Limited (“Artemis”) is listed on the Australian Securities Exchange and has exploration projects in gold, molybdenum and base metals in Western Australia, and an interest in a uranium project in West Africa.

Niger Joint Venture (Uranium-ARV 25%)

Artemis through a majority controlled entity (Arminco) holds a 49 per cent stake in an incorporated joint venture company Uranium Exploration S.A. (UREX) with Trendfield Holdings Limited.

The local geology is depicted in the 3D representation shown in figure 2. Stratigraphically it is believed that the uraniferous Agadez formation underlies the tenement areas at estimated depths from 90m in the east to 150m in the west. Limited stratigraphic drilling is required to confirm this.

UREX holds two highly prospective uranium tenements in Niger, West Africa (TAG 2 and TAG 4). Artemis has the ability to acquire up to 51% in the joint venture. Niger is one of the world’s largest uranium producers and is ranked behind only Canada, Australia and Kazakhstan in terms of production and total known uranium reserves. The UREX project is within the Tim Mersoi Basin (NE Niger), home to two uranium mines producing 12% of the world’s uranium supply.

The initial exploration program confirms the view that the tenements have the potential to host primary uranium mineralisation adjacent to the Azelik fault resource at depth (100-150m). The UREX tenements are traversed by the Azelik fault, which plays an important role in disposition of uranium mineralization in the local region which is stratigraphically controlled, and contained in fluviatile sandstone channels, with organic matter.

The TAG 2 & 4 tenements cover approximately 1,000 km[2] and are situated adjacent to another major uranium deposit (Teguidda) which is currently being developed by a state owned Chinese company containing some 15,000 tonnes at 0.2% U3O8 (Somina Mine). An initial stage exploration program has been carried out including; a ground spectrometer survey, geochemical sampling, an extensive field mapping programme, and the construction of a local and regional structural model.

The extensive strike of this structure over 25 kilometres through the centre of the tenements provides UREX with a series of first pass exploration targets that have a high potential for economic levels of uranium mineralisation, albeit at depth. Horst style faulting on the eastern boundary of the tenement adjacent to the Azelik fault may have uplifted the prospective Agadez formation closer to the surface and this area would be among the initial drill targets.

The results of the field work program were highly encouraging with the presence of broad low-level uranium anomalism confirmed over a large percentage of the tenement area.

Figure 1 – Niger project location plan

==> picture [513 x 316] intentionally omitted <==

• Artemis is in a strong financial position with reserves of cash and marketable securities of approximately A$5.5m (September 2008)

• All the company’s existing projects are being critically evaluated to determine if they remain as value adding opportunities given current market conditions

• Artemis is actively pursuing additional opportunities to maximise shareholder value and position itself to take advantage when the financial and commodities markets recover.

==> picture [52 x 152] intentionally omitted <==

==> picture [507 x 357] intentionally omitted <==

Figure 2 – 3D Model of the Niger Project Area

Yandal ( Gold – ARV 100%)

The Yandal Gold project covers a total area of 238 km[2] and is located some 95km southeast of Wiluna and approximately 1,000km by road from Perth. The project area lies in the Yandal Greenstone Belt in the northern part of the Eastern Goldfields Province of Western Australia. Since 1987 over 13 million ounces of gold has been discovered in the Yandal belt including the likes of Jundee, Bronzewing, Darlot and Thunderbox.

The Yandal project overlies approximately 35km of this highly prospective Yandal greenstone sequence. Previous work has identified inferred mineral resources for the Lowlands (320,000 tonnes @ 2.29g/t Au) and Slav Well deposits (39,600 tonnes @ 6.47g/t Au). This amounts to approximately 32,000 ounces of gold. Both Lowlands and Slav Well have only been drilled down to a vertical depth of 50 metres and there may be significant potential below this depth.

A preliminary sampling programme carried out confirms the auriferous nature along the entire greenstone belt within the project area with 13 samples returning gold assays in excess of 1g/t with the best results being 7.74 g/t from rock chip sample YA 118 and 4.29 g/t from rock chip sample YA 133.

A high resolution, low level aerial magnetic survey covering the entire project area was flown in September 2008. Data from the survey will greatly assist in the geological and structural understanding of the poorly exposed auriferous greenstones. The principal goal is the identification of additional targets for follow up sampling and subsequent RAB and RC drilling in various areas including the Forked Stick prospect.

==> picture [51 x 152] intentionally omitted <==

Spinifex Ridge- Bamboo Creek (Cu Mo Au - ARV 100%)

The Spinifex-Ridge Bamboo Creek Project is located in the Eastern Pilbara region of Western Australia and is adjacent to the world class Spinifex Ridge Molybdenum-Copper Project held by Moly Mines Ltd. This tenement, E45/2596, is highly prospective for molybdenum and other minerals such as copper and tungsten that are associated with molybdenum.

Three areas with visible copper and associated gold and molybdenum enrichment have been identified. Near the largest copper find (“Norm’s Find”) a North North West-trending 400m long shear was identified hosting pods with strong copper oxide staining. Maximum assay results from rock chip sampling were 26.6% copper, 7.11ppm gold, 478ppm silver and 10.7ppm molybdenum.

==> picture [173 x 168] intentionally omitted <==

Copper Mineralisation at Spinifex Ridge

Apollo Strategic Investment

The Company acted as joint lead manager arranging the $7 million IPO capital raising for iron ore focused Apollo Minerals Ltd (Apollo) in October 2007. As part of the IPO arranging fee the Company received 5 million shares in Apollo, which equates to a holding of approximately 6%.

In addition to playing an integral part in the IPO, Artemis entered into an agreement with Apollo under which Artemis is entitled to a fee for management services together with a performance fee tied to the performance of Apollo against the Standard & Poors ASX 300 Metals and Mining Index.

For the year ended 30 June 2008 the total fees receivable by Artemis amounted to approximately A$2.2 million.

Artemis is able to offset some of it’s overhead costs via the management agreement, and the receipt of fees for management services, which is beneficial to Artemis in controlling its corporate overheads whilst still building a first class team to take the company forward.

==> picture [141 x 140] intentionally omitted <==

CORPORATE INFORMATION

DIRECTORS

Sevag Chalabian – Non Executive Chairman John Miles – Non Executive Director Barry Woodhouse – Non Executive Director

MANAGEMENT

Michael Drew – Chief Operating Officer Stephen Brown – Company Secretary & Chief Financial Officer John Bridson – Exploration Manager

PRINCIPAL & REGISTERED OFFICE

4th Floor, 673 Murray Street West Perth Western Australia 6005

Telephone: +618 9226 3399 Facsimile: +618 9226 5405 Website: www.artemisresources.com.au

CAPITAL STRUCTURE

Listed on Australian Securities Exchange code ARV & ARVO

==> picture [239 x 94] intentionally omitted <==

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

Type ASX Code Number
Ordinary shares ARV 77,220,312
Listed options ARVO 66,374,002
(25c) expiring 30
September 2009
Unlisted options 5,500,000
----- End of picture text -----

FOR FURTHER INFORMATION CONTACT:

Mike Drew – Chief Operating Officer Email: miked@artemisresources.com.au Telephone: +61 (0) 417 969 995