Operations Report

Artemis Resources Limited ("Artemis" or the "Company"; ASX/AIM: ARV) is pleased to provide a summary of the progress the Company has made in relation to its operations for the financial year ended 30 June 2024.

Artemis Resources is a gold, copper and lithium focused resources company with projects in Western Australia. The Company's main projects include;

·      Karratha Gold Project including the Carlow Castle 704k oz AuEq gold-copper-cobalt project in the West Pilbara.

·      Karratha Lithium Project including the high grade Mt Marie Lithium Prospect and the Osborne Lithium JV (Artemis 49%; GreenTech Metals (ASX:GRE) 51%).

·      Paterson Central Gold/Copper project in the Paterson Province (located adjacent to Greatland Gold / Newmont's gold-copper discovery at Havieron and only ~42km from the Newmont Telfer gold mine).

·      Artemis also owns the Radio Hill processing plant, located only 35km from Karratha.

Figure 1: Artemis Resources Project Location Map

Lithium

During the year the Company made substantial progress with respect to exploration on both its 100% owned tenements and over the Osborne JV tenement (ARV 49%, GRE 51%) for lithium mineralisation.

100% owned projects

Various programs of groundwork were completed during the year, particularly in the later half focussed on reviewing the tenement package for outcropping pegmatites. Initial programs conducted at the beginning of the year featured a review of the soil sample database that resulted in the identification of various zones of interest, but no outcropping pegmatites were discovered.

Further work programs were then designed and involved mapping the tenement package to determine potential fertile areas which was followed up with ground reconnaissance with the aim of identifying any outcropping pegmatites. A number of these pegmatites were identified and reported as the Mt Marie and Osborne East lithium prospects.

Figure 2: Artemis tenements with current prospects labelled

Mt Marie in particular is a compelling outcrop featuring large and coarse grained spodumene crystals which are favoured by development pathways as being easier to process. Spodumene as the host mineral was confirmed by Curtin University who conducted an XRD analysis of samples provided.

Mt Marie rock chip assays produced high grades of Li₂O including the following:

·        Mt Marie Prospect

o  24AR01-14 - 4.67% Li₂O

o  24AR04-07 - 4.63% Li₂O

o  24AR04-14 - 4.52% Li₂O

o  24AR04-13 - 4.28% Li₂O

o  24AR04-12 - 3.63% Li₂O

o  24AR04-04 - 3.45% Li₂O

o  24AR01-15 - 2.11% Li₂O

o  24AR01-02 - 1.74% Li₂O

o  23AR01-17 - 1.82% Li₂O

o  24AR01-06 - 1.68% Li₂O

o  23AR01-16 - 1.62% Li₂O

o  24AR01-11 - 1.46% Li₂O

A further series of out-cropping pegmatites were noted in the mid portion of tenement E47/1746 which appear to be along strike from the Southern Zone on the Osborne JV tenement. Results from rock chip sampling undertaken at this location included;

·        Osborne East Prospect

o  24AR04-20 - 0.69% Li₂O

o  24AR04-24 - 0.60% Li₂O

o  24AR04-25 - 0.59% Li₂O

o  24AR04-26 - 0.59% Li₂O

 Figure 3: Mt Marie and Osborne East prospect with high grade rock chips

Osborne JV Tenement (ARV 49%; GRE 51%)

Following the discovery of outcropping pegmatites on the Osborne JV tenement in the previous year, the exploration team undertook an expansion program to uncover further outcropping pegmatites. This ground reconnaissance consisted of securing further rock chip samples and laboratory analysis. Results received showed elevated levels of lithium in the rock chips, with higher results in the Southern section including;

o  2.4 % Li₂O from sample 23GT20-155 (Osborne Trend)

o  2.4 % Li₂O from sample 23GT30-232 (Wally Trend)

o  1.5 % Li₂O from sample 23GT20-233 (Wally Trend)

o  0.7 % Li₂O from sample 23GT20-034 (Maddox Trend)

These results followed previous high value rock chips samples which included;

o  23CR038 - 3.6% Li₂O

o  23CR039 - 2.3% Li₂O

o  23CR044 - 0.55% Li₂O

o  23CR045 - 0.48% Li₂O

This southern zone is becoming a very prospective, high grade lithium mineralised envelope and will be an exploration priority moving forward.

The extension of the northern or Kobe trend was also the focus of exploration activity during the year. Again, examination of previous soil sampling and additional rock chip sampling helped to delineate a fertile zone with sample assays returning high grades including;

o  1.8% Li₂O - sample 23GT11-041

o  1.7% Li₂O - sample 23GT11-042

o  1.6% Li₂O - sample 23GT06-006

o  1.6% Li₂O - sample 23GT10-003

The lithium mineralisation that exists across the fully owned and JV ground constitutes a large potential zone that will benefit from further groundwork and ultimately drilling to test the depth extensions of the outcropping pegmatites and to determine the potential for a development pathway.

Some drilling was undertaken during the year at the Osborne prospect although these drill holes were stratigraphic in nature and were designed to test the geology of the subterranean structures. Valuable information regarding pegmatite orientation was determined and can be used to assist with the design of follow up drill programs.

Figure 4 Diamond Drill hole Plan showing drill hole traces - Osborne and Wally Targets

Heritage and ethnographic surveys were applied for and undertaken with written reports pending. Once these are received, the pathway to drilling will be open.

Karratha Gold Project

The Karratha Gold Precinct covers an area of more than 200km² in the West Pilbara region of Western Australia. It is located ~20km from the main regional town of Karratha, which is only a 2-hour flight from Perth. The location is highly prospective for gold and other commodities including lithium, copper, nickel, cobalt and silver.

Carlow Castle Mineral Resource Update (gold-copper-cobalt)

The Carlow Castle deposit is on granted exploration licence E47/1797 and is 35 km from Artemis Resources 100% owned Radio Hill processing plant. The current Inferred Mineral Resource has been estimated to contain 704,000 oz Au Eq at 2.5 g/t Au Eq from 8.74 Mt from a combined open pit and underground source.

Figure 5: Oblique view of the Carlow resource block model showing potential continuations of known mineralisation.

Carlow Tenement Exploration Activities

Carlow Castle is situated within a series of shear zones along the margin of the Regal Thrust Fault within the basalt and sediments of the Roebourne Complex. The Regal Thrust is a regionally significant south to south-west dipping structure with sinistral movement that folds around on itself over a distance greater than 90km. Shear splays along the contact of the Regal Thrust within the Roebourne Complex are considered prospective for mineralisation, especially when intruded by Andover mafic/ultramafics.

Most of the previous exploration activities conducted over the Greater Carlow project focussed on target generation. The tenement has now been revisited and reviewed as a holistic package and exploration plans developed to identify broadscale systems capable of holding the potential for multi-million ounce deposits.

The various prospects that have been previously identified are noted in figures 6 and 7. Each of these prospects contains potential for holding gold mineralisation and will be subject to further groundwork to determine the potential for scale.

Figure 6: Artemis tenements over geography with current prospects labelled

Figure7: Carlow tenement with current prospects labelled

Ground reconnaissance conducted in June 2024, resulted in a number of gold specimens being discovered together with high grade rock chips from the Nickol River Hill South prospect. These results have provided evidence of a greater mineralised zone across the tenement package.

Figure 8: Rock chip assay results from ground reconnaissance program

Significant results received from that program are listed in the table below.

Table 1. Significant rock chip assay results from field work

*Indicates rock chip sample taken from Mullings pile.

A follow up reconnaissance program resulted in high grade rock chips being discovered at the Titan prospect with multiple results exceeding the capacity of the laboratory. Significant rock chip results are presented below:

o  24AR11-004, 005, 008 - >10,000 g/t Au*

o  24AR07-002 - 6,520 g/t Au

o  24AR07-169 - 10.2 g/t Au

Significant results from the Chapman and Thorpe prospects (aka Good Luck and Little Fortune) included;

o  24AR07-192 - 6.1 g/t Au

o  24AR07-162 - 5.1 g/t Au

o  24AR07-184 - 23.8% Cu

o  24AR07-183 - 14.55% Cu

*Note - Rock chip sample processing exceeded the capacity of the lab assay capabilities and resulted in over-limits which are reached when a gold sample records an assay higher than 1% or 10,000ppm Au.

Table 2. Significant rock chip assay results from follow up field work

*Sample taken from historical workings/mullock heaps

This further work resulted in the discovery of a fertile region around the Titan prospect, including a highly mineralised sub vertical quartz-iron vein zone with abundant visible gold.

The Titan mineralised trend has been tracked for approximately ~700m and appears to remain open under shallow cover.  Furthermore, recent field observations suggest it also occurs on a much larger and strike extensive structural zone. 

Multiple hard rock gold samples were extracted from the quartz-iron veining and importantly, these gold samples are not analogous to the conglomerate hosted mineralisation, Witwatersrand style of watermelon seed gold nuggets as per the Purdy's Reward and other previously reported discoveries. Instead, these gold occurrences originate from a hard rock source which indicates we are potentially looking at large gold structures, at surface with potential to extend along strike and at depth.

Sampling work was conducted around the Titan prospect with around 300kg material removed. This material was sorted, crushed, separated, gold extracted and a gold bar weighing 10.4 ounces was subsequently produced.

Figure 9. 10.4 oz gold bar produced from Titan prospect

The potential upside remains significant, not only for this prospect, but more importantly for tenement wide prospectivity as the Company believes Titan is not a sole occurrence but instead part of a larger gold mineralised system across the Carlow tenement.

Silica Hills and Osborne Exploration

Lulu Creek lies ~20 km to the west of Artemis's Carlow Castle deposit and forms part of the prospective Silica Hills tenement. It was previously known as Carlow West and was initially identified in 2018 via a regional soils and rock chip program defining an area of interest over 4 km in an east-northeast orientation. Subsequent mapping and rock chip sampling identified gold associated with quartz veins and gossans, and in an unclassified weathered unit with a light covering of transported sands and gravels.

Previous drilling conducted by Artemis successfully identified numerous low-grade zones of gold mineralisation associated with disseminated sulphides and quartz veins within a 2 km east-northeast trending quartz diorite intrusion.

Significant intercepts from the drill program included:

·      2 m @ 1.62 g/t gold from 34 m in CWRC006

·      1 m @ 4.89 g/t gold and 13.7 g/t silver from 24 m in CWRC011

·      1 m @ 1.15 g/t gold from 9 m in CWRC017

At the time of the 2020 drill program, the significance of intrusion related gold within the Pilbara was not fully appreciated but with the discovery of De Grey's Hemi project, such gold systems are now in focus.

An Induced Polarisation (IP) survey was completed at the end of June 2023, which identified two chargeability anomalies within the Lulu Creek intrusion, adjacent to a moderate-high resistive body interpreted as representing significant alteration and veining. A third IP Chargeability anomaly was identified just off the intrusion along the Regal Thrust, which corresponds with outcropping gossanous BIF and ultramafic rocks at surface.

The Company subsequently applied for and was successful in receiving a government grant for a co-funded drilling program as part of the Exploration Incentive Scheme (EIS) provided by the Western Australian Government. The grant was to a value of $82,500 and will allow the Company to drill test the IP targets.

Heritage clearances were applied for and once the written report has been received, the pathway to drilling will be cleared.

Figure 10. IP chargeability plan view -75 m below surface against Lulu Creek Intrusion outcrop outline in pink. Three anomalies noted.

Paterson Central Project

Exploration Activities (gold-copper)

The Paterson's project is a 100% owned ~600km² exploration license covering the Paterson Central prospect which is located adjacent to the 8.4Moz AuEq Havieron deposit which is a JV with Newmont Mining (ASX:NEM) and Greatland Gold (AIM:GGP). It's also located only ~45km from the Telfer mine.

Multiple targets were previously generated using geological, magnetic, gravity, seismic, structural and geochemical datasets with high priority targets within the Havieron "NW corridor". Previous drilling by Artemis totalling around 11,000m intercepted the same lithotypes and similar mineralisation as Havieron which are typical of a 'near-miss' at Havieron. An independent review was previously completed by Merlin Geophysics whose Owner was the Principal Geoscientist for Greatland Gold PLC from 2020 - 2021 and had worked at the Telfer project. The review focus was to assess the effectiveness of exploration completed by Artemis since the grant of the tenure in 2020, as well as to re-evaluate the prospectivity across the project.

The review was positive towards Artemis exploration to date in targeting for Havieron style mineralisation. The review also identified the potential use of electrical geophysical methods to improve targeting including IP/EM in areas with shallower cover and Audiomagnetotellurics (AMT) and Magnetotellurics (MT) in areas with deeper cover. It also identified a new target - Apollo North.

Figure 11. Location of Paterson project relative to Havieron and Telfer

Figure 12. Current known prospects at the Paterson's project

Figure 13 Apollo and Atlas prospects at the Paterson project with drill results

Figure 14. Apollo prospect drill intercept 22PTMRD011

Artemis is currently seeking a partner to advance the project, which may include JV, earn-in or outright sale.

Competent Person Statement

The information in this report that relates to exploration results was prepared by Mr Oliver Hirst, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hirst is a technical consultant to Artemis Resources. Mr Hirst has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Hirst consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Mr Adrian Hell BSc (Hons), an advisor and consultant to the Company, is a Member of the AusIMM, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration 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'. Adrian Hell consents to the inclusion in the report of the information in the form and context in which it appears.

Both Mr Hirst and Mr Hell are Qualified Persons as defined by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.

No New Information

To the extent that this announcement contains references to prior exploration results and Mineral Resource Estimates for the Carlow Gold/Copper Project which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

Competent Person's Statement

Mineral Resource Reporting

The information in this report that relates to Exploration Targets and Mineral Resources complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("The JORC Code") and has been compiled and assessed under the supervision of Ms Janice Graham MAusIMM (CPGeo) MAIG and Dr Simon Dominy FAusIMM(CPGeo) FAIG(RPGeo) FGS(CGeol). Ms Graham is an employee of Snowden Optiro. Dr Dominy is a consultant to Artemis Resources Ltd. Ms Graham and Dr Dominy have sufficient experience relevant to the styles of mineralisation and type of deposits under consideration and to the activity being undertaken to individually qualify as a Competent Person as defined in The JORC Code. Ms Graham and Dr Dominy consent to the inclusion in the report of the matters based on this information in the form and context in which it appears. The Exploration target has been prepared and reported in accordance with the 2012 edition of the JORC code. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.

Corporate

Board and management changes

Mr George Ventouras was appointed a Director on 31 October 2023 and has been responsible for driving the Artemis exploration program since this date.

Ms Elizabeth Henson was appointed a Non-Executive Director on 22 April 2024.

Mr Daniel Smith and Mr Simon Dominy resigned as directors during the year.

Capital Raising

In November 2023 Artemis raised approximately $2 million with the issue of 112,777,778 new shares at $0.018 per share. The Company also issued one free attaching option for every two new shares (in total 56,388,889 options), with an exercise price of $0.025 and expiry date of 9 March 2026. These options were listed on 9 April 2024.

In May 2024 and Artemis raised approximately $2.87 million with the issue of 225,686,275 new shares at $0.01275 per share. The Company will also issued one free attaching listed option for every two new shares (in total 112,843,137 options), with an exercise price of $0.025 and expiry date of 9 March 2026.

George Ventouras

Executive Director

Schedule of tenements holdings (All tenements are in Western Australia)