Artemis Resources Limited — Management Reports 2016

Apr 28, 2016

29 April 2016

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March Quarterly Activities Report

Highlights

• Copper hits of up to 4.6% confirm electro‐magnetic anomalies at Carlow Castle are mineralised

• Results include 9m at 2.7% copper from 67m

• POW approved for further work at Nickol River, Weerianna and Carlow Castle.

• Mining Licences applied for at Nickol River

• Plan to advance and combine gold projects to critical mass for development continues

• Update on film investment

West Pilbara Projects

Highly promising assay results[1] were returned from five Reverse Circulation (RC) drill holes at the Little Fortune and Goodluck prospects at the Carlow Castle project in the West Pilbara region of WA.

The drilling at both Little Fortune and Goodluck returned sulphide mineralised intercepts of chalcopyrite and pyrrhotite from the electromagnetic anomaly target zone. Associated with the sulphide mineralisation were variable grades of copper, gold and silver as seen below:

• 9m @ 2.7% Cu, 16.3 g/t Ag, from 67m in LFRC002

• 3m @ 2.16% Cu, 1.22 g/t Au, 16.1 g/t Ag, from 160m in LFRC001

• 1m @ 4.6% Cu, 2.2 g/t Au, 27 g/t Ag, from 33m in LFRC003

• 1m @ 3.4 g/t Au from 32m in LFRC004

• 4m @ 0.42% Cu from 103m in GLRC001

Based on the results from phase 1 RC drilling, Artemis will consider expanding Fixed Loop EM (FLTEM) surveys targeting copper and gold.

Historic mine workings at Little Fortune are 600m in length (strike) and shallow. The Little Fortune assay results provide information, which will allow step out holes along strike and down dip to expand on the LFRC002 result.

The Carlow Castle Project is 10km south‐west of Roebourne and currently hosts a JORC (2012) Inferred Mineral Resource of 418,000 tonnes at 3.0 g/t Au and 0.6% Cu , for total contained metal of 40,000 ounces of Au and 2,500 tonnes of Cu[2] . Potential exists to increase this resource with a number of structures identified with shafts and recent prospector activity that have never been drilled. The Little Fortune Prospect 2km to the south could add to this resource.

The Weerianna Gold Project is 4km west of Roebourne and currently hosts a JORC 2012 Inferred Mineral Resource of 1 million tonnes at 2.2 g/t Au for a total of 70,000 ounces of gold[2] . Excellent potential exists for a substantial increase in tonnage, as the current resource is open at depth, and along strike.

A review of Nickol River (8Km west of Karratha, 20KM East of Roebourne) has been completed, with a programme of costeaning recommended. Nickol River was discovered in 1890 and mined for alluvial and elluvial gold until 1911. Mining of primary quartz reefs from 1900 to 1913 recorded production of 12.3 Kg gold from 684 tonnes (18 g/t).

1. As per ASX announcement dated 11 February 2016 “Copper hits of up to 4.6% confirm electro-magnetic anomalies at Carlow Castle project in WA are mineralised”

2. As per ASX announcement dated 30 June 2014 “Completion of Gold Project Acquisition – Update on West Pilbara Resource Status”

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 relevant market announcement referred to above, and that in the case of mineral resources that all material assumptions and technical parameters underpinning the estimates in the announcement referred to continue to apply and have not materially changed

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Artemis Resources Limited ABN: 80 107 051 749 Telephone: +61 2 9078 7670 | Facsimile: +61 2 9078 7661 | Email: info@artemisresources.com.au Level 3, IBM Building, 1060 Hay Street, West Perth, WA, Australia, 6006 | PO Box R933 Royal Exchange, NSW 1225 Australia

www.artemisresources.com.au

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Drilling of 58 Reverse Circulation (RC) drill holes to a depth of 50 metres, culminated in a resource estimation in 1994. An initial Exploration Target of 100,000‐150,000 tonnes at 3.5‐4.5 g/t gold has been set with exploration to focus on converting work to date into a JORC 2012 compliant resource.

Mining Licences have also been applied for to expedite exploration efforts at the 3 gold projects (Nickol River, Weerianna and Carlow Castle)

The potential quantity and grade of the Exploration Target is conceptual in nature, and there has so far been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.

A Programme of Work (POW) was submitted to the Department of Mines and Petroleum (DMP) and has been approved. The approval is for costeans and excess tonnage movement. Mining Licences have also been applied for.

The approved POW and conversion of Nickol River to Mining Licences will expedite exploration efforts. It is intended that costeans will be used to identify quartz reefs within sheared mafics and ultramafics. Bulk samples will be taken for metallurgical testwork and analysis. Identification of quartz reefs via costeaning will be the fastest way to identify drill targets, determine spacing of drill holes and to converting work to date into a JORC 2012 compliant resource.

UPDATE ON FILM INVESTMENT

Artemis has today resolved not to proceed with the investment in Tango Down, an action/military film.

While significant commitment was received from many international investors, the final level of interest obtained was not sufficient to enable Artemis to proceed.

Artemis will continue to focus on its exploration business.

CORPORATE

Yangibana

Artemis sold its residual interest in Yangibana (a contingent right to receive an amount on the project completing a bankable feasibility study and a decision to mine) during the quarter for $150,000.

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ABOUT ARTEMIS RESOURCES

Artemis Resources Limited is a resources exploration company with a focus on its prospective West Pilbara (gold, base metals, platinum and platinum group elements) projects in Western Australia. These projects have only recently been consolidated into Artemis and offer significant exploration potential with close proximity to existing infrastructure.

For further information, please contact:

Edward Mead

Managing Director

Phone: +61 8 9480 0459 Email: ed@artemisresources.com.au Web Site: www.artemisresources.com.au

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Competent Person Statements

The information in this document that relates to Exploration Results 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 which 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.

Forward Looking Statements

This report contains forecasts, projections and forward looking information. Such forecasts, projections and information 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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TENEMENT SCHEDULE

West Pilbara(Western Australia)	West Pilbara(Western Australia)
E47/1745	E47/3204
E47/1746	E47/3200(a)
E47/1747	E47/3160(a)
E47/1797	E47/3322(a)
E47/3373	Mt Clement
E47/1807³	E08/1841
E47/2652	M08/191¹
E47/2696	M08/192¹
E47/2716(a)	M08/193¹
E47/2724
M47/177²	SMA JV –QLD4(Queensland)
M47/288²	ML 3311
M47/2235	ML 30123
P47/1360	ML 30208
P47/1361	EPM 13694
P47/1366	EPM 14988
P47/1367	EPM 18490
P47/1380
P47/1386	Yandal(Western Australia)
P47/1518	E53/1729(a)
P47/1519	E53/1742(a)
P47/1520	E53/1759(a)
P47/1112(a)
P47/1126(a)	Other(Western Australia)
P47/1127
P47/1134	E04/2382
P47/1619	E04/2383
P47/1620	E80/4932
P47/1621
P47/1622
E47/3210

• (a) Tenement applications

¹ 80% Artemis ‐ Gold joint venture with Northern Star Resources (20%)

² 94% Artemis

³ 30.15% Interest – Non managed joint venture with Fox Resources Limited

4 Strategic Metals Australia Pty Limited (SMA) 75%, with an option over the remaining 25% held by Artemis

5 80% Artemis

Quarterly Activities Report March 2016

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