Artemis Resources Limited

("Artemis" or the "Company")

(ASX/AIM: ARV, FRA: ATY, US: ARTTF

Quarterly Activities Report

For the period ending 30 June 2023

Highlights:

Osborne Joint Venture

·    Lithium bearing pegmatite identified by Joint Venture (JV) partner GreenTech Metals within the Osborne JV (GRE: 51%, ARV 49%) with high tenor rock samples assaying up to 3.6% Li₂O.

Greater Carlow Project

·    Anomalous lithium and lithium pathfinder element trends identified within tenements E47/1746 and E47/1797 (ARV: 100%).

·    Moving Loop Electromagnetic (MLEM) survey completed over Carlow Castle, Carlow North, Europa and Titan Prospects with 4 new EM conductors identified.

·    Induced Polarisation (IP) survey commenced over the Lulu Creek intrusion related gold deposit.

Paterson Central Project

·    A positive independent review of the Central Paterson Project, which focused on the Company's exploration program since the granting of tenure in 2020. The review also re-evaluated the prospectivity across the project area for orogenic and strata bound copper-gold mineralisation.

·    Artemis is evaluating all options to de-risk the project including third party funding options and or joint venture.

Corporate

·     Cash balance of $1.65 million and ASX share investments of $3.7 million.

Osborne Joint Venture (Artemis 49% interest)

Two lithium bearing pegmatite trends have been identified within exploration licence E47/3719 by JV partner GreenTech Metals (Figure 1). The two trends consist of a northern and southern trend, each of which has been interpreted as traversing approximately east-west.

The northern Kobe trend currently has approximately 1.4 km of strike within the Osborne JV. Test work carried out by Curtin University by way of XRD analysis on a sample from the first phase of the sampling program confirmed that the lithium bearing mineral is spodumene. For completeness, three samples from the second program have also been submitted to Curtin University for mineralogical characterisation. The yet unnamed southern trend has its lithium species being classified by XRD analysis at ALS Metallurgy.

High tenor lithium assays received within the project area include:

·        3.6% Li₂O from Sample 23CR038

·        2.3% Li₂O from Sample 23CR039

·        1.8% Li₂O from Sample 23GT11-041

·        1.7% Li₂O from Sample 23GT11-042

·        1.58% Li₂O from Sample 23GT11-039

Figure 1: Lithium rock sample assays and trend lines within Osborne JV Tenement E47/3719

Further lithium exploration is planned on the Osborne JV tenement in the forthcoming quarter with sampling and mapping aimed at identifying the full extent of the mineralised pegmatite zones and the consistency of the lithium mineralogy and grade. Preparations have commenced to enable a maiden drilling program, subject to receiving all approvals.

Greater Carlow Project (ARV 100%)

Lithium

During the June quarter the Company completed a review of the lithium potential of its prospective 100% held tenure. Artemis currently controls approximately 144 km² of ground, adjacent to the GreenTech and Azure Minerals (ASX: AZS) lithium finds in the West Pilbara. Azure's tenement is located approximately 12 km east from Artemis tenements.

A review of the Company's historic regional exploration soils database indicated elevated lithium and lithium pathfinder elements within exploration licences E47/1746 and E47/1797 (Figures 2 and 3).

Figure 2: Plot of levelled +95^th percentile Lithium soils data with circled anomalous trends

The data has defined seven distinct lithium cluster anomalies within E47/1797 and E47/1746 with elevated Lithium above the 95^th percentile. Two of these anomalies also correspond with two broad rubidium anomalies, and form part of the initial reconnaissance programs in identifying potential lithium bearing pegmatites.

First pass field reconnaissance programmes have commenced and have been expanded to investigating the source of the lithium soil anomalies with rock chip samples collected for analysis. Results from the initial rock chip samples are expected in August.

Figure 3: Plot of 95^th Percentile Rubidium soils data with circled anomalous trends

Moving Loop Electromagnetics (MLEM) - Copper-Gold, Base Metals Targeting

High powered, systematic moving loop (MLEM) surveying was completed within the Greater Carlow Project between late May and mid-June 2023 by Southern Geoscience Consultants (SGC). The survey consisted of 33 lines for 22.9 km over Carlow Castle, Carlow North, Marillion North, Europa and Titan.

Four new EM conductor plates were identified from the survey being of low to strong conductance as well as one historic VTEM conductor historically referred to as Stoneham, north of the Europa gravity anomaly (Figure 4 and Table 1). The conductors described are within highly resistive ground conditions such that the EM anomalies should be considered prospective in identifying sulphide mineralisation.

3D conductor plate models have been provided by SGC and they are currently being assessed from a geological perspective and ranked for follow up investigation. Of particular interest are conductors CCN1 and CCN2 which have a moderate to high conductance. Both conductance plates are immediately north of the Carlow Castle deposit and have not been previously drill tested. Additionally, CCN1 is associated with a chargeability anomaly identified from a dipole - dipole IP survey completed across Carlow Castle in 2021 (Figure 5).

Figure 4: Modelled EM conductor Plates within Greater Carlow

Table 1 - MLEM Conductor details

Figure 5: MLEM conductors CCN1 corresponding with 2021 2D IP Chargeability anomaly (red blob) in relation to Carlow Castle Deposit

Lulu Creek IP - Gold Target

A high-resolution dipole - dipole IP geophysics survey commenced in late June over the Lulu Creek Intrusion Related gold prospect with the survey finishing in late July. The survey consisted of 15 lines for approximately 14 line kilometres over an area of 251 hectares (Figure 6).

The aim of the survey was to provide vertical resolution in defining chargeability anomalies that may represent disseminated sulphides within and around the Lulu Creek diorite. Defined chargeability anomalies will then be used for exploration drill targeting of sulphide mineralisation which is believed to host gold mineralisation in conjunction with quartz veins.

Dipole-dipole array IP survey was chosen due to its ability to provide good lateral and vertical chargeability resolution in the search for disseminated sulphides within the Lulu Creek prospect area.

Processing and interpretation of the IP survey is expected to be completed by mid-August.

Figure 6: Completed dipole-dipole IP Survey area in relation to known Lulu Creek Intrusion

Paterson Central Project

A comprehensive exploration review of the Central Paterson Project was conducted during the June quarter.

The primary focus of the review was to assess the effectiveness of exploration completed by Artemis since the grant of the tenure in 2020 as well as to re-evaluate prospectivity across the project. The outcome was positive towards Artemis exploration to date in targeting for Havieron style mineralisation with the Company being effective in all aspects of the work undertaken.

The review identified exploration potential in other mineralisation models including orogenic and strata bound copper - gold mineralisation across the project.

Artemis will seek a partner to advance the project, which may include JV, earn-in or outright sale. A process to achieve this outcome will commence in the next few weeks. Additional disclosure will be made in the coming weeks.

The Company spent $539,000 on exploration costs during the quarter ended 30 June 2023.

Corporate

Financial Resources

The Company had cash on hand at the quarter end of $1.65 million. In addition, the Company has $3.7 million in ASX listed investments.

The Company paid $71,000 to directors during the quarter for salaries and consulting fees.

This announcement was approved for release by the Board.

For Further information contact:

About Artemis Resources

Artemis Resources (ASX/AIM: 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 projects - the Greater Carlow project in the West Pilbara and the Paterson Central exploration project in the East Pilbara.

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

Appendix 1

Schedule of tenements holdings at end of Q1