REG - Artemis Resources Ld - Annual Report
27/09/2024 10:45
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RNS Number : 0301G Artemis Resources Limited 27 September 2024
Artemis Resources Limited
("Artemis" or the "Company")
(ASX/AIM: ARV)
Annual Report for Year Ended 30 June 2024
The Directors of Artemis Resources Limited are pleased to announce the
Company's audited annual results for the year ended 30 June 2024.
An extract of the audited results are included below and the full Annual
Report is available on the Company's website
at https://artemisresources.com.au/ (https://artemisresources.com.au/) .
For further information, please contact:
Artemis Resources Ltd
Guy Robertson, Chairman info@artemisresources.com.au
George Ventouras, Executive Director
Zeus Capital Limited (Nomad & Broker)
Antonio Bossi / James Bavister / Isaac Hooper Tel: +44 20 3829 5000
Chairmans Letter
Dear Shareholders,
On behalf of the Directors of Artemis Resources Limited ("Artemis" or the
"Company"; ASX/AIM: ARV), a gold, copper and lithium focused resources company
with projects in Western Australia, dual listed ASX and London Stock Exchange,
I am pleased to report on the activities of the Group for the year ended 30
June 2024.
The West Pilbara has received substantial renewed interest following the
development of major world class discoveries in gold and lithium in recent
years. The Artemis West Pilbara tenement portfolio extends over 200km² and
much of the Company's tenement area has yet to be systematically explored with
modern exploration techniques, particularly for gold. The company's Carlow
Castle deposit, which hosts a current inferred resource of 704,000 oz Au eq,
is only the starting point for further potential discoveries.
During the year, our technical team was successful in discovering high grade
lithium on its project area, particularly at the Mt Marie prospect. Further
exploration success was achieved with gold at the Titan prospect and
surrounds. These exploration programs will continue to progress with a focus
on gold and increasing the number of drill ready targets.
As outlined in last year's report, the West Australian Government provided a
grant to co-fund drilling for a potentially new style of gold mineralisation
at Lulu Creek which we are intending to drill in Q4 2024.
The company's strategy is to explore across the vast extent of our tenements
with the aim of delineating multi million ounces of gold, through methodical
geological exploration with the support and direction of our technical experts
and exploration team.
In Western Australia's Paterson province, Artemis has a strategic land
position with the 100% owned 600km² tenement surrounding the Haverion 8moz Au
deposit. Artemis is committed to this project where we identified new gold
targets this year, and we continue efforts to source alternative funding to
explore this project via a joint venture, or partial sale of the project.
The Radio Hill fully permitted mineral processing facility remains a valuable
asset, however, as the plant remains on care and maintenance it has been
written down to a nominal value. Surplus equipment and asset sales have
already contributed to further capital deployed towards our exploration
efforts.
With the support of our highly credentialled geologists, expert consultants
and recent exploration successes our team is reinvigorated and highly
motivated to achieve exploration success in the year ahead.
We were pleased to welcome George Ventouras to the Board during the year as
executive director driving our exploration efforts, and Elizabeth Henson as a
non-executive director and look forward to her contribution on both strategy
and corporate governance.
To our shareholders, including existing and new shareholders who supported the
capital raises in 2203/ 2024 in Australia and the United Kingdom we appreciate
your ongoing support and we remain committed to delivering value and success
in the year ahead.
Guy Robertson
Chairman
27 September 2024
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 Li(2)O including the
following:
· Mt Marie Prospect
o 24AR01-14 - 4.67% Li(2)O
o 24AR04-07 - 4.63% Li(2)O
o 24AR04-14 - 4.52% Li(2)O
o 24AR04-13 - 4.28% Li(2)O
o 24AR04-12 - 3.63% Li(2)O
o 24AR04-04 - 3.45% Li(2)O
o 24AR01-15 - 2.11% Li(2)O
o 24AR01-02 - 1.74% Li(2)O
o 23AR01-17 - 1.82% Li(2)O
o 24AR01-06 - 1.68% Li(2)O
o 23AR01-16 - 1.62% Li(2)O
o 24AR01-11 - 1.46% Li(2)O
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% Li(2)O
o 24AR04-24 - 0.60% Li(2)O
o 24AR04-25 - 0.59% Li(2)O
o 24AR04-26 - 0.59% Li(2)O
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 % Li(2)O from sample 23GT20-155 (Osborne Trend)
o 2.4 % Li(2)O from sample 23GT30-232 (Wally Trend)
o 1.5 % Li(2)O from sample 23GT20-233 (Wally Trend)
o 0.7 % Li(2)O from sample 23GT20-034 (Maddox Trend)
These results followed previous high value rock chips samples which included;
o 23CR038 - 3.6% Li(2)O
o 23CR039 - 2.3% Li(2)O
o 23CR044 - 0.55% Li(2)O
o 23CR045 - 0.48% Li(2)O
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% Li(2)O - sample 23GT11-041
o 1.7% Li(2)O - sample 23GT11-042
o 1.6% Li(2)O - sample 23GT06-006
o 1.6% Li(2)O - 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 200km(2) 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.
Sample No Easting Northing Au g/t Cu % Ag ppm Co ppm Zn pct
24AR07-186* 507976 7697654 0.6 6.95 24.1 1525 0.06
24AR11-002* 505852 7699473 6520 0.03 >100 282 0.01
24AR11-004 505855 7699471 >10000 0.01 >100 21.4 0.01
24AR11-005 505860 7699470 >10000 0.02 >100 31
24AR11-008 505863 7699466 >10000 0.01 >100 12.4
24AR07-169 505843 7699451 10.2 0.06 1.3 137.5 0.02
24AR07-192 507741 7696876 6.1 3.37 31.2 190.5 0.08
24AR07-162 505854 7699471 5.1 0.04 0.7 134.5 0.01
24AR07-191* 507742 7696859 4.5 6.74 14.3 33.1 0.01
24AR07-185* 508475 7696631 3.4 3.88 38.4 160.5 0.02
24AR07-190 508531 7696647 2.5 0.15 6 70.4
24AR07-180 505855 7699472 2.4 0.03 0.1 629 0.01
24AR07-183* 507757 7696887 2.2 14.55 8.8 139 0.03
24AR07-196* 495466 7686219 1.7 1.66 127 173 8.6
24AR07-194* 506985 7698805 1.7 0.55 4 406 0.03
24AR07-187* 507230 7698840 1.1 6.04 6.7 230
24AR07-182* 507823 7696948 1 9.7 5.6 140.5
24AR07-143 505021 7699506 0.9 0 0.1 1.5
24AR07-168 505857 7699471 0.7 0.02 0.1 66.3 0.02
24AR07-176 505860 7699466 0.7 0 0 3.3
24AR07-193* 507978 7697656 0.7 5.75 37.4 266 0.02
24AR07-188* 507139 7698883 0.7 0
24AR07-131 506478 7699113 0.6 0.01 13 0.9 0.01
24AR07-184* 507594 7696862 0.5 23.8 121 91.8 0.01
24AR07-035 497444 7695662 0.5 0 0.1 1.2
24AR07-073 486930 7695821 0.5 0.01 8.2 11.7 0.02
24AR07-144 505052 7699508 0.5 0 0.1 6.1
24AR07-189* 506941 7698830 0.3 5.67 26.6 160 0.03
24AR07-181* 507997 7697002 0.3 5.4 4.4 101.5 0.02
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 ~600km(2) 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)
Tenement Project Holder Holding Status Area (km(2))
E47/1797 Greater Carlow KML No 2 Pty Ltd 100% Live 28
E47/1746 Cherratta KML No 2 Pty Ltd 100% Live 117.6
E47/3719 Osborne KML No 2 Pty Ltd 49% Live 44.8
P47/1972 Cherratta KML No 2 Pty Ltd 100% Live 1.5
M47/337 Radio Hill Fox Radio Hill Pty Ltd 100% Live 1.8
M47/161 Radio Hill Fox Radio Hill Pty Ltd 100% Live 9.9
E47/3361 Radio Hill Elysian Resources Pty Ltd 100% Live 15.6
L47/93 Radio Hill Fox Radio Hill Pty Ltd 100% Live 0.07
E45/5276 Central Paterson Armada Mining Pty Ltd 100% Live 529.2
Corporate Governance Statement
Artemis Resources Limited, through its Board and executives, recognises the
need to establish and maintain corporate governance policies and practices
that reflect the requirements of market regulators and participants, and the
expectations of members and others who deal with Artemis. These policies and
practices remain under constant review as the corporate governance environment
and good practices evolve.
ASX Corporate Governance Principles and Recommendations
The third edition of ASX Corporate Governance Council Principles and
Recommendations (the "Principles") sets out recommended corporate governance
practices for entities listed on the ASX.
The Company has issued a Corporate Governance Statement which discloses the
Company's corporate governance practices and the extent to which the Company
has followed the recommendations set out in the Principles. The Corporate
Governance Statement was approved by the Board on 30 September 2024 and is
available on the Company's website:
https://artemisresources.com.au/company/corporate-governance
(https://artemisresources.com.au/company/corporate-governance)
Directors Report
The Directors of Artemis Resources Limited submit herewith the financial
report of Artemis Resources Limited ("Artemis" or "Company") and its
subsidiaries (referred to hereafter as the "Group") for the year ended 30 June
2024. In order to comply with the provisions of the Corporations Act 2001, the
directors report as follows:
The names of the Directors who held office during or since the end of the year
and until the date of this report are as follow:
Guy Robertson
Executive Chairman
Vivienne
Powe
Non-Executive Director
Elizabeth
Henson
Non-Executive Director (appointed 22 April 2024)
George Ventouras
Executive Director (appointed 31 October 2023)
Chirstopher
Kelsall
Non-Executive Director (appointed 9 January 2024 resigned 12 March 2024)
Simon
Dominy
Executive Director (resigned 9 January 2024)
Daniel Smith
Non-Executive Director (resigned 31 October 2023)
Current Directors
GUY ROBERTSON Mr Robertson was appointed a director on 17 January 2022.
Executive Chairman Mr Robertson has over 30 years' experience as a Director, CFO and Company
Secretary of both public (ASX- listed) and private companies in both Australia
and Hong Kong. He has had significant experience in due diligence,
acquisitions, IPOs and corporate management. Mr Robertson has a Bachelor of
Commerce (Hons) and is a Chartered Accountant. He is a director of Hastings
Technology Metals Ltd (since 23/8/2019)(ASX:HAS), Metal Bank Limited (since
17/9/2012)(ASX:MBK), GreenTech Metals Limited (1/9/2021) (ASX:GRE) and Alien
Metals Limited (since 26 April 2023) (AIM:UFO).
Interest in securities at the date of this report:
Ordinary shares 4,000,002
Unlisted options 3,000,000
Directorships in last three years: Bioxyne Limited (30/6/2022 to
19/5/2023)(ASX:BXN)
George Ventouras Mr Ventouras has over 15 years' experience in the resources sector and over 30
years' experience in business development, corporate restructuring and
Executive Director marketing. He has managed multiple businesses in various industries and has
served as a Non-Executive Director on various ASX listed company boards and
leading IPO teams. George is currently a Non-Executive Director of Errawarra
Resources Ltd (since 18/12/2022) (ASX:ERW). Previously, he was joint-founder,
non-executive director and General Manager of Apollo Consolidated Ltd, an ASX
listed exploration company which was the subject of a successful $180 million
takeover. Mr Ventouras is currently a director of Errawarra Resources Ltd
(ASX:ERW).
Interest in securities at the date of this report:
Listed options 5,166,667
Mr Ventouras held no other directorships in the last three years.
Elizabeth Henson Appointed a Director on 22 April 2024.
Non-Executive Director Ms Henson is an international lawyer with over 35 years of global experience
in corporate governance, business and professional services. Ms Henson was a
Senior Partner at PwC based in London between 2007 and 2019, and prior to
that, was a commercial partner in an accountancy firm focused on international
business.
Whilst at PwC, Ms Henson founded and led the UK Firm's International
Entrepreneurs business and has worked with PwC's capital markets team on
numerous LSE and AIM transactions.
Ms Henson is currently a Non-Executive Director of Alien Metals Ltd (since
4/8/2023) (LSE:UFO) Future Metals Plc (since 21/10/2021)(ASX: FME, LSE: FME)
and AIM listed Alba Mineral Resources Plc (since 3/12/2020) (LSE: ALBA).
Interest in securities at the date of this report:
Unlisted options 2,000,000
Ms Henson held no other directorships in the last three years.
ViviennE POWE Mrs Powe was appointed a Director of the Company on 4 July 2022.
Non-Executive Director Mrs Powe is a metallurgical engineer and highly experienced senior executive
with a strong track record of creating shareholder value in top tier, global
mining, mining services and oil & gas companies.
Mrs Powe is currently CEO USA for Lynas Rare Earths Ltd (ASX: LYC) and was
previously Chief Executive Officer, Investments for the Perenti Group (ASX:
PRN). Mrs Powe has served in senior executive and leadership roles in
private and listed organisations which have included Global Advanced Metals,
BHP, Iluka Resources, Woodside Energy and Renison Goldfields Consolidated. Mrs
Powe's expertise spans operations, project development and M&A across a
wide range of commodities.
Mrs Powe is a Fellow of the Australasian Institute of Mining and Metallurgy,
Fellow of the Financial Services Institute of Australasia, and a Graduate
member of the Australian Institute of Company Directors.
Interest in securities at the date of this report:
Ordinary shares 1,000,000
Unlisted options 2,000,000
Ms Powe held no other directorships in the last three years
Company Secretary
MR GUY ROBERTSON Mr Guy Robertson was appointed Company Secretary on 12 November 2009.
Significant Changes in State of Affairs
There were no significant changes in the state of affairs of the Company
during the year.
Principal Activities
The principal activity of the Company during the financial year was mineral
exploration. There have been no significant changes in the nature of the
Company's principal activities during the financial year.
Significant Events after Balance Sheet Date
The Company issued 152,686,277 shares at $0.01275 on 12 July 2024. Part of
these funds had been received prior to year end (See Note 14).
There are currently no matters or circumstances that have arisen since the end
of the financial year that have significantly affected or may significantly
affect the operations the Group, the results of those operations, or the state
of affairs of the Group in the future financial years.
Likely Future Developments and Expected Results
The primary objective of Artemis is to explore its current tenements in
Australia with a view to determining an economically viable gold resource at
the Greater Carlow Project and Paterson Central. The Company has lithium joint
venture with GreenTech Metals Limited and is exploring identified lithium
potential in its 100% owned tenement portfolio.
The material business risks faced by the Company that are likely to have an
effect on the financial prospects of the Company, and how the Company manages
these risks, are:
(a) Future Capital Needs - the Company does not currently generate cash from
its operations. The Company will require further funding in order to meet its
corporate expenses, continue its exploration activities and complete studies
necessary to assess the economic viability of its projects. The Company's
financial position is monitored on a regular basis and processes put into
place to ensure that fund raising activities will be conducted in a timely
manner to ensure the Company has sufficient funds to conduct its activities.
(b) Exploration and Developments Risks - the business of exploration for gold,
copper, lithium and other minerals and their development involves a
significant degree of risk, which even a combination of experience, knowledge
and careful evaluation may not be able to overcome. To prosper, the Company
depends on factors that include successful exploration and the establishment
of resources and reserves within the meaning of the 2012 JORC Code. The
Company may fail to discover mineral resources on its projects and once
determined, there is a risk that the Company's mineral deposits may not be
economically viable. The Company employs geologists and other technical
specialists and engages external consultants where appropriate to address this
risk.
(c) Commodity Price Risk - as a Company which is focused on the exploration
of precious, base and battery metals, it is exposed to movements in the price
of these commodities. The Company monitors historical and forecast price
information from a range of sources in order to inform its planning and
decision making.
(d) Title and permit risks - each permit or licence under which exploration
activities can be undertaken is issued for a specific term and carries with it
work commitments and reporting obligations, as well as other conditions
requiring compliance. Consequently,
the Company could lose title to, or its interests in, one or more of its
tenements if conditions are not met or if sufficient funds are not available
to meet work commitments. Any failure to comply with the work commitments or
other conditions on which a permit or tenement is held exposes the permit or
tenement to forfeiture or may result in it not being renewed as and when
renewal is sought. The Company monitors compliance with its commitments and
reporting obligations using internal and external resources to mitigate this
risk.
Performance in relation to Environmental Regulation
The Group will comply with its obligations in relation to environmental
regulation on its projects when it undertakes exploration. The Directors are
not aware of any breaches of any environmental regulations during the period
covered by this Report.
Operating Results and Financial Review
The loss of the Group after providing for income tax amounted to $16,591,769
(2023: loss of $16,923,543). The loss position for the year includes non-cash
items comprising fair value loss on financial assets of $2,666,250 (2023:
$337,666), impairment of the Radio Hill plant in the amount of $12,128,289
(2023: 12,969,852), a write off of exploration costs of $55,572 (2023:
$735,768), and share based payments in the amount of $70,004 (2023: $475,300).
The Group's operating income increased to $240,378 (2023: $80,169) which
included an amount of $150,000 for the sale of a royalty on construction
materials. The Group's expenses excluding non-cash items, referred to above
decreased to $1,912,035 (2023: $2,485,126).
The carrying value of exploration and development costs increased to
$34,213,548 (2023: $32,054,704) reflecting exploration undertaken during the
year and the impairment of the carrying costs of exploration on the Company's
projects. The development expenditure has decreased to $3,042,873 (2023:
$14,950,070) following a write down of the Radio Hill Plant, on the basis of
an independent valuation, which remains on care and maintenance.
Dividends Paid or Recommended
The Directors do not recommend the payment of a dividend and no dividend has
been paid or declared to the date of this Report.
Directors' Meetings
The number of Directors' meetings (including committees) held during the year
and the number of meetings attended by each director were as follows:
Name of Director Board Meetings Audit Committee Meetings Remuneration Committee Meetings
Attended Held Attended Held Attended Held
Guy Robertson 7 7 2 2 1 1
George Ventouras 5 5 1 1 1 1
Elizabeth Henson 1 1 - - - -
Vivienne Powe 7 7 2 2 1 1
Daniel Smith 1 1 - - - -
Simon Dominy 2 2 1 1 - -
Christopher Kelsall 2 2 1 1 - -
Held represents the number of meetings held during the time the director held
office or was a member of the relevant committee.
Indemnifying Officers
In accordance with the Constitution, except as may be prohibited by the
Corporations Act 2001, every officer or agent of the Company shall be
indemnified out of the property of the Company against any liability incurred
by him or her in his or her capacity as officer or agent of the Company or any
related corporation in respect of any act or omission whatsoever and howsoever
occurring or in defending any proceedings, whether civil or criminal.
The Company paid insurance premiums of $24,500 on 15 August 2024 in respect of
a contract insuring the directors and officers of the Group against any
liability incurred in the course of their duties to the extent permitted by
the Corporations Act 2001. The insurance premiums relate to:
· Costs and expenses incurred by the relevant officers in
defending legal proceedings, whether civil or criminal and whatever their
outcome; and
• Other liabilities that may arise from their position, with
the exception of conduct involving wilful breach of duty or improper use of
information to gain a personal advantage.
Proceedings on behalf of the Company
As at publication date, no person has applied for leave of court to bring
proceedings on behalf of the Company or intervene in any proceeding to which
the Company is a party for the purpose of taking responsibility on behalf of
the Company for all or any part of those proceedings.
The Company was not a party to any such proceedings during the year.
Auditor's Independence Declaration
The lead auditor's independence declaration for the year ended 30 June 2024
has been received and can be found on page 34 of the annual report.
Audit and Non-Audit Services
Details on the amounts paid or payable to the auditor (HLB Mann Judd) for
audit and non-audit services during the year are disclosed in note 23.
This Report is made in accordance with a resolution of the Directors.
Guy Robertson
Executive Chairman
27 September 2024
REMUNERATION REPORT - AUDITED
The remuneration report, which has been audited, outlines the key management
personnel remuneration arrangements for the Company, in accordance with the
requirements of the Corporations Act 2001 and its regulations.
The remuneration report is set out under the following main headings:
A. Principles used to determine the nature and amount of remuneration
B. Details of remuneration
C. Service agreements
D. Share-based compensation
E. Additional disclosures relating to key management personnel
A. Principles used to determine the nature and amount of remuneration
The Board's policy for determining the nature and amount of remuneration for
Board members and officers is as follows:
• The remuneration policy, which sets the terms and
conditions (where appropriate) for the executive directors and other senior
staff members, was developed by the Remuneration Committee and ultimately
approved by the Board;
• In determining competitive remuneration rates, the
Remuneration Committee may seek independent advice on local and international
trends among comparative companies and industries generally. The Remuneration
Committee examines terms and conditions for employee incentive schemes,
benefit plans and share plans. Independent advice may be obtained to confirm
that executive remuneration is in line with market practice and is reasonable
in the context of Australian executive reward practices. No remuneration
consultants were retained by the Group during the year;
• The Company is a mineral exploration company, and
therefore speculative in terms of performance. Consistent with attracting and
retaining talented executives, directors and senior executives, such personnel
are paid market rates associated with individuals in similar positions within
the same industry. Options and performance incentives may be issued
particularly as the Company moves from commercialisation to a producing entity
and key performance indicators such as profit and production can be used as
measurements for assessing executive performance;
• Given the early stage of the Company's projects it is
not meaningful to track executive compensation to financial results and
shareholder wealth. It is also not possible to set meaningful specific
objective performance criteria for directors as this stage;
• All remuneration paid to directors and officers is
valued at the cost to the Company and expensed. Where appropriate, shares
given to directors, executives and officers are valued as the difference
between the market price of those shares and the amount paid
A. Principles used to determine the nature and amount of remuneration
by the director or executive. Options are valued using the Black-Scholes
methodology; and
• The policy is to remunerate non-executive directors and
officers at market rates for comparable companies for time, commitment and
responsibilities. Given the evolving nature of the Group's business, the
Board, in consultation with independent advisors, determines payments to the
non-executive directors and reviews their remuneration annually, based on
market practice, duties and accountability.
The maximum aggregate amount of fees that can be paid to non-executive
directors is $500,000 per annum. Fees for non-executive directors and officers
are not linked to the performance of the Company. However, from time to time
and subject to obtaining all requisite shareholder approvals, the directors
and officers will be issued with securities as part of their remuneration
where it is considered appropriate to do so and as a means of aligning their
interests with shareholders.
B. Details of remuneration
(i) Details of Directors and Key Management Personnel
Current Directors
Guy Robertson - Executive Chairman (appointed 17 January 2022)
George Ventouras -Executive Director (appointed 31 October 2023)
Vivienne Powe - Non-Executive Director (appointed 4 July 2022)
Elizabeth Henson - Non-Executive Director (appointed 22 April 2024)
Former Directors
Christopher Kelsall - Non-Executive Director (appointed 9 January 2024,
resigned 12 March 2024)
Simon Dominy - Executive Director (resigned 9 January 2024)
Daniel Smith - Non-Executive Chairman (resigned 31 October 2023)
Except as detailed in Notes (i) - (ii) to the Remuneration Report, no Director
has received or become entitled to receive, during or since the financial
period, a benefit because of a contract made by the Company or a related body
corporate with a Director, a firm of which a Director is a member or an entity
in which a Director has a substantial financial interest. This statement
excludes a benefit included in the aggregate amount of emoluments received or
due and receivable by Directors and shown in Notes (i) - (ii) to the
Remuneration Report, prepared in accordance with the Corporations Regulations
2001, or the fixed salary of a full-time employee of the Company.
(ii) Remuneration of Directors and Key Management Personnel
The Remuneration Committee and the Board will assess the appropriateness of
the nature and amount of emoluments of such officers on a periodic basis by
reference to relevant employment market conditions with the overall objective
of ensuring maximum stakeholder benefit from the retention of a high-quality
Board and executive team. Remuneration of the Key Management Personnel of the
Group is set out below.
FY23/24
Name
Base Salary Share Post Employment Super-Contribution
and Fees Based Payments $ Performance based
Termination Total
$ $ Benefits %
$ $
G.Robertson(1) 120,000 - - - 120,000 -
E. Henson 17,250 - - - 17,250 -
G.Ventouras 145,600 - - - 145,600 -
V.Powe 56,712 - 6,238 - 62,950 -
D. Smith 35,000 - - - 35,000 -
S. Dominy 115,103 - - - 115,103 -
C. Kelsall 10,806 - - - 10,806 -
500,471 - 6,238 - 506,709 -
FY22/23
Name Share Post Employment Super-Contribution Performance based
Base Salary Based Payments $ Total
and Fees Termination
$ Benefits %
$ $ $
G.Robertson(1) 120,000 45,300 - - 165,300 27%
D. Smith 60,000 - - - 60,000 -
S.Dominy 143,717 - - - 143,717 -
V.Powe 54,299 26,000 5,701 - 86,000 30%
A. Clayton 144,412 196,300 - 221,151 561,863 53%
M. Potter 93,327 105,700 - - 199,027 53%
E.Mead 30,833 - - - 30,833 -
L. Meter 195,769 - 20,556 - 216,325 -
842,357 373,300 26,257 221,151 1,463,065 26%
C. Service agreements
Component Executive Chairman(1) Executive Director Non-executive directors
Fixed remuneration $120,000 $200,400 $70,000
Contract duration Ongoing Ongoing Ongoing
Notice by the individual/company 1 month 3 months 1 month
All Board members have letters of appointment, with remuneration and terms as
stated.
¹Executive Chairman Guy Robertson, fee includes fee as CFO and Company
Secretary.
D. Share-based compensation
Options
The terms of each grant of options affecting remuneration in the previous,
current or future reporting periods are as follows:
Date option granted Expiry date Exercise price of Shares Number under option
Status
20/12/2021 20/12/2024 15 cents 2,000,000 Vested
1/7/2022 2/12/ 2023 5 cents 2,000,000 Vested
5/9/2022 31/7/2025 5 cents 3,000,000 Vested
5/9/2022 31/7/2025 5 cents 20,000,000 Lapsed
Fair values at the grant date are determined using a Black & Scholes
option pricing model that takes into account the exercise price, the term of
the option, the impact of dilution on the share price at grant date, and the
expected price volatility of the underlying shares, the expected dividend
yield and the risk free interest rate for the term of the option.
Options
No options were granted to Key Management Personnel in the current reporting
period.
Fair values at the grant date are independently using a Black-Scholes option
pricing model that takes into account the exercise price, the term of the
option, the impact of dilution the share price at grant date and expected
price volatility of the underlying shares, the expected dividend yield and the
risk-free interest rate for the term of the option.
All equity dealings with Directors have been entered into with terms and
conditions no more favourable than those that the entity would have adopted if
dealing at arm's length.
E. Additional disclosures relating to key management personnel
Shares held by Directors and Key Management Personnel
FY23/24
Name Balance at the beginning of the year Received as remuneration Purchased/Net Change Balance at resignation/
Other the end of year
G. Robertson 4,000,002 - - 4,000,002
V. Powe - - 1,000,000 1,000,000
G.Ventouras - - - -
D. Smith(1) - - - -
S. Dominy(2) - - - -
C. Kelsall(3) - - - -
4,000,002 - 1,000,000 5,000,002
(1) Resigned 31 October 2023
(2) Resigned 09 January 2024
(3) Resigned 12 March 2024
Options held by Directors and Key Management Personnel
FY23/24
Balance at Balance at
Name the beginning of the year Received as remuneration the end of the year
Other
Options
G. Robertson 3,000,000 - - 3,000,000
V. Powe 2,000,000 - - 2,000,000
G.Ventouras(1,2) - - 5,166,667 5,166,667
E. Henson(1) - - 2,000,000 2,000,000
D. Smith - - - -
S. Dominy(1) 2,000,000 - (2,000,000) -
C. Kelsall - - - -
7,000,000 - 5,166,667 12,166,667
(1)Held or lapsed on appointment/resignation.
(2)Included in George Ventouras' options on appointment is 5,000,000 options
issued in FY24 financial year with fair value of $70,004 issued in relation to
consultancy services provided.
Other transactions with key management personnel
These amounts are included in the key management personnel remuneration table
above.
30 June 2024 30 June 2023
$ $
Integrated CFO Solutions Pty Ltd(1) 120,000 120,000
Minerva Corporate Pty Ltd(2) 35,000 60,000
155,000 180,000
( )
(1) Company secretary/CFO fees $96,000 and director fees $24,000 paid to
Integrated CFO Solutions Pty Ltd, a company in which Mr Guy Robertson has an
interest.
(2) Director fees $35,000 (2023: $60,000) paid to Minerva Corporate Pty Ltd, a
company in which Mr Daniel Smith has an interest.
END OF AUDITED REMUNERATION REPORT
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
Consolidated
30 June 2024 30 June 2023
Notes $ $
Revenue 3 240,378 80,169
Fair value loss on financial assets 8 (2,666,250) (337,666)
Personnel costs (73,059) -
Occupancy costs (30,468) (49,504)
Legal fees (73,732) (31,542)
Consultancy costs (491,784) (951,660)
Compliance and regulatory expenses 4 (473,412) (282,204)
Directors' fees (426,999) (587,038)
Travel costs (48,043) (52,996)
Marketing expenses (130,028) (69,106)
Borrowing costs (4,757) (13,544)
Other expenses (156,575) (427,202)
Project and exploration expenditure write off 12 (55,572) (735,768)
Impairment expense 13 (12,128,289) (12,969,852)
Share-based payments 24 (70,004) (475,300)
Foreign exchange loss (3,178) (20,330)
LOSS BEFORE INCOME TAX (16,591,769) (16,923,543)
Income tax (expense)/benefit 5 - -
LOSS FOR THE YEAR (16,591,769) (16,923,543)
Other comprehensive income, net of tax - -
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (16,591,769) (16,923,543)
LOSS FOR THE YEAR ATTRIBUTABLE TO:
Owners of the parent entity (16,591,769) (16,923,543)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR ATTRIBUTABLE TO:
Owners of the parent entity (16,591,769) (16,923,543)
Basic loss per share - cents 22 (1.00) (1.17)
Diluted loss per share - cents 22 (1.00) (1.17)
The consolidated statement of profit or loss and other comprehensive income is
to be read in conjunction with the accompanying notes
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
Consolidated
30 June 2024 30 June 2023
Notes $ $
CURRENT ASSETS
Cash and cash equivalents 6 572,628 1,703,016
Other receivables 7 176,688 123,104
Other financial assets 8 1,080,000 3,746,250
TOTAL CURRENT ASSETS 1,829,316 5,572,370
NON-CURRENT ASSETS
Plant and equipment 9 34,335 57,266
Intangible assets 10 - -
Right-of-use assets 11 44,999 150,781
Exploration and evaluation expenditure 12 34,213,548 32,054,704
Development expenditure 13 3,042,873 14,950,070
TOTAL NON-CURRENT ASSETS 37,335,755 47,212,821
TOTAL ASSETS 39,165,071 52,785,191
CURRENT LIABILITIES
Trade and other payables 14 1,362,575 1,529,181
Current lease liabilities 11 47,792 103,382
Employee benefits obligation 15 - 14,734
TOTAL CURRENT LIABILITIES 1,410,367 1,647,297
NON-CURRENT LIABILITIES
Lease liabilities 11 - 49,577
Provisions 16 5,923,259 5,723,259
TOTAL NON-CURRENT LIABILITIES 5,923,259 5,772,836
TOTAL LIABILITIES 7,333,626 7,420,133
NET ASSETS 31,831,445 45,365,058
EQUITY
Share capital 17 120,237,759 117,396,554
Reserves 18 499,111 389,358
Accumulated losses (88,905,425) (72,420,854)
TOTAL EQUITY 31,831,445 45,365,058
The consolidated statement of financial position should be read in conjunction
with the accompanying notes.
Consolidated statement of Changes in Equity
Consolidated Issued Accumulated Losses Total
Capital Reserves Equity
$ $ $ $
Balance at 1 July 2023 117,396,554 389,358 (72,420,854) 45,365,058
Loss for the year - - (16,591,769) (16,591,769)
Total comprehensive loss for the year - - (16,591,769) (16,591,769)
Issue of shares 3,173,250 - - 3,173,250
Cost of share issue (185,098) - - (185,098)
Lapse of options - (107,198) 107,198 -
Share-based payments cost of share issue (146,947) 146,947 - -
Share-based payments - 70,004 - 70,004
Balance at 30 June 2024 120,237,759 499,111 (88,905,425) 31,831,445
Consolidated Issued Accumulated Losses Total
Capital Reserves Equity
$ $ $ $
Balance at 1 July 2022 114,927,239 2,725,913 (58,330,600) 59,322,552
Loss for the year - - (16,923,543) (16,923,543)
Total comprehensive loss for the year - - (16,923,543) (16,923,543)
Issue of shares 2,631,485 - - 2,631,485
Cost of share issue (140,736) - - (140,736)
Lapse of options - (2,833,289) 2,833,289 -
Share-based payments cost of share issue
(123,434) 123,434 - -
Share-based payments 102,000 373,300 - 475,300
Balance at 30 June 2023 117,396,554 389,358 (72,420,854) 45,365,058
The consolidated statement of changes in equity should be read in conjunction
with the accompanying notes.
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED
Consolidated
30 June 30 June
2024 2023
Note $ $
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 232,740 -
Payments to suppliers and employees (2,045,331) (2,861,804)
Interest received 7,639 107
Finance costs paid (4,757) (10,292)
NET CASH USED IN OPERATING ACTIVITIES 25 (1,809,709) (2,871,989)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments - 2,209,711
Payments for purchase of plant and equipment - (11,128)
Payments for exploration and evaluation (2,453,488) (5,997,831)
Payment for development expenditure - (6,088)
Proceeds on sale of plant and equipment - 1,497
NET CASH USED IN INVESTING ACTIVITIES (2,453,488) (3,803,839)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares 3,173,289 2,548,102
Cost of share issue (185,097) (166,986)
Cash received in advance of share issue 14 256,394 -
Repayment of lease liabilities 11 (109,924) (98,542)
NET CASH PROVIDED BY FINANCING ACTIVITIES 3,134,662 2,282,574
Net decrease in cash held (1,128,535) (4,393,254)
Cash at the beginning of the year 1,703,016 6,106,222
Effects of exchange rate changes on the balance of cash held in foreign (1,853) (9,952)
currencies
CASH AT THE END OF THE YEAR 6 572,628 1,703,016
The consolidated statement of cash flows is to be read in conjunction with the
accompanying notes.
NOTES TO THE FINANCIAL STATEMENTS
1. SUMMARY of MATERIAL ACCOUNTING POLICY INFORMATION
Basis of Preparation
The financial statements are general purpose financial statements prepared in
accordance with Australian Accounting Standards, Australian Accounting
Interpretations, other authoritative pronouncements of the Australian
Standards Board, International Financial Reporting Standards as issued by the
International Accounting Standards Board and the requirements of the
Corporations Act 2001. The Group is a for profit entity for financial
reporting purposes under Australian Accounting Standards.
Australian Accounting Standards set out accounting policies that the AASB has
concluded would result in a financial report containing relevant and reliable
information about transactions, events and conditions. Compliance with
Australian Accounting Standards ensures that the financial statements and
notes also comply with International Financial Reporting Standards. Material
accounting policies adopted in the preparation of this financial report are
presented below and have been consistently applied unless otherwise stated.
The consolidated financial statements have been prepared on the basis of
historical costs, except for the revaluation of certain non-current assets and
financial instruments. Cost is based on the fair value of the consideration
given in exchange for assets. All amounts are presented in Australian dollars,
unless otherwise stated.
The financial statements are presented in Australian dollars which is Artemis
Resources Limited's functional and presentation currency.
These financial statements were authorised for issue on 30 September 2024.
Basis of Consolidation
The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company and its subsidiaries.
Control is achieved when the Company:
· has power over the investee;
· is exposed, or has rights, to variable returns from its
involvement in with the investee; and
· has the ability to its power to affect its returns.
The Company reassess whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements listed above.
When the Company has less than a majority of the voting rights if an investee,
it has the power over the investee when the voting rights are sufficient to
give it the practical ability to direct the relevant activities of the
investee unilaterally. The Company considers all relevant facts and
circumstances in assessing whether or not the Company's voting rights are
sufficient to give it power, including:
· the size of the Company's holding of voting rights relative to
the size and dispersion of holdings of the other vote holders;
· potential voting rights held by the Company, other vote holders
or other parties; rights arising from other contractual arrangements; and
· any additional facts and circumstances that indicate that the
Company has, or does not have, the current ability to direct the relevant
activities at the time that decisions need to be made, including voting
patterns at previous shareholder meetings.
Consolidation of a subsidiary begins when the Company obtains control over the
subsidiary and ceases when the Company loses control of the subsidiary.
Specifically, income and expenses of a subsidiary acquired or disposed of
during the year are included in the consolidated statement of profit or loss
and comprehensive income from the date the Company gains control until the
date when the Company ceases to control the subsidiary.
Changes in the Group's ownership interest in subsidiaries that do not result
in the Group losing control over the subsidiaries are accounted for as equity
transactions. The carrying amounts of the Group's interests and the
non-controlling interests are adjusted to reflect the changes in their
relative interests in subsidiaries. Any difference between the amount paid by
which the non-controlling interests are adjusted, and the fair value of the
consideration paid or received is recognised directly in equity and attributed
to the owners of the Company.
When the Group loses control of a subsidiary, a gain or loss is recognised in
profit or loss and is calculated as the difference between:
· The aggregate of the fair value of the consideration received and
the fair value of any retained interest; and
· The previous carrying amount of the assets (including goodwill),
and liabilities of the subsidiary and any non-controlling interests.
All amounts previously recognised in other comprehensive income in relation to
that subsidiary are accounted for as if the Group had directly disposed of the
related assets or liabilities of the subsidiary (i.e. reclassified to profit
or loss or transferred to another category of equity as specified/permitted by
the applicable AASBs). The fair value of any investment retained in the former
subsidiary at the date when control is lost is regarded as the fair value on
initial recognition for subsequent accounting under AASB 9, when applicable,
the cost on initial recognition of an investment in an associate or a joint
venture.
Adoption of New a Revised Accounting Standards or Interpretations
In the year ended 30 June 2024, the Directors have reviewed all of the new and
revised Standards and Interpretations issued by the AASB that are relevant to
the Company and effective for the current reporting period. As a result of
this review, the Directors have determined that there is no material impact of
the new and revised Standards and Interpretations on the Group and therefore,
no material change is necessary to Group accounting policies.
Any new, revised or amending Accounting Standards or Interpretations that are
not yet mandatory have not been early adopted.
The Directors have also reviewed all the new and revised Standards and
Interpretations in issue not yet adopted for the year ended 30 June 2024. As
a result of this review the
Directors have determined that there is no material impact of the Standards
and Interpretations in issue not yet adopted by the Company.
Going Concern
For the year ended 30 June 2024, the Group recorded a loss of $16,591,769
(2023: Loss of $16,923,543) and had net cash outflows from operating
activities of $1,809,709 (2023: $2,871,989) for the year and a net working
capital surplus of $418,949 as at 30 June 2024 (2023: $3,925,073).
The Directors believe that it is reasonably foreseeable that the Company and
Group will continue as a going concern and that it is appropriate to adopt the
going concern basis in the preparation of the financial report after
consideration of the following factors:
· The Group has cash at bank of $572,628 and net assets of
$31,831,445 as at 30 June 2024;
· The Group has approximately $1.08 million in liquid investments.
· The Company has raised approximately $3.1 million, before costs,
in new capital during the year, as well as approximately $1.9m was received
after 30 June 2024. Directors are of the view that should the Company require
additional capital it has the ability to raise further capital to enable the
Group to meet scheduled exploration expenditure requirements and future plans
on the development assets;
· The ability of the Group to scale back certain parts of its
activities that are non-essential so as to conserve cash; and
· The Group retains the ability, if required, to wholly or in part
dispose of interests in mineral exploration and development assets, and liquid
investments.
However, should the Company be unable to raise capital in a sufficiently
timely basis and/or reduce expenditure to the extent required there may exist
a material uncertainty which may cast significant doubt as to whether the
Company and Group will continue as a going concern and therefore whether they
will realise their assets and extinguish their liabilities in the normal
course of business and at the amounts stated in the financial report.
Income taxes
The income tax expense (benefit) for the year comprises current income tax
expense (income) and deferred tax expense (income). Current income tax
expense charged to the statement of profit or loss and other comprehensive
income is the tax payable on taxable income calculated using applicable income
tax rates enacted, or substantially enacted, as at reporting date. Current
tax liabilities (assets) are therefore measured at the amounts expected to be
paid to (recovered from) the relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and
deferred tax liability balances during the year as well unused tax losses.
Current and deferred income tax expense (income) is charged or credited
directly to equity instead of the profit or loss when the tax relates to items
that are credited or charged directly to equity. Deferred tax assets and
liabilities are ascertained based on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the
financial statements.
Deferred tax assets also result where amounts have been fully expensed but
future tax deductions are available. No deferred income tax will be
recognised from the initial recognition of an asset or liability, excluding a
business combination, where there is no effect on accounting or taxable profit
or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are
expected to apply to the period when the asset is realised or the liability is
settled, based on tax rates enacted or substantively enacted at reporting
date. Their measurement also reflects the manner in which management expects
to recover or settle the carrying amount of the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses
are recognised only to the extent that it is probable that future taxable
profit will be available against which the benefits of the deferred tax asset
can be utilised. Where temporary differences exist in relation to
investments in subsidiaries, branches, associates, and joint ventures,
deferred tax assets and liabilities are not recognised where the timing of the
reversal of the temporary difference can be controlled and it is not probable
that the reversal will occur in the foreseeable future.
Current tax assets and liabilities are offset where a legally enforceable
right of set-off exists and it is intended that net settlement or simultaneous
realisation and settlement of the respective asset and liability will occur.
Deferred tax assets and liabilities are offset where a legally enforceable
right of set-off exists, the deferred tax assets and liabilities relate to
income taxes levied by the same taxation authority on either the same taxable
entity or different taxable entities where it is intended that net settlement
or simultaneous realisation and settlement of the respective asset and
liability will occur in future periods in which significant amounts of
deferred tax assets or liabilities are expected to be recovered or settled.
Exploration and evaluation costs
Exploration and evaluation expenditures in relation to each separate area of
interest are recognised as an exploration and evaluation asset in the year in
which they are incurred where the following conditions are satisfied:
· the rights to tenure of the area of interest are current; and
· at least one of the following conditions is also met:
Ø the exploration and evaluation expenditures are expected to be recouped
through successful development and exploitation of the area of interest, or
alternatively, by its sale; or
Ø exploration and evaluation activities in the area of interest have not at
the balance date reached a stage which permits a reasonable assessment of the
existence or otherwise of economically recoverable reserves, and active and
significant operations in, or in relation to, the area of interest are
continuing.
Exploration and evaluation assets are initially measured at cost and include
acquisition of rights to explore, studies, exploratory drilling, trenching and
sampling and associated activities and an allocation of depreciation and
amortised of assets used in exploration and evaluation activities. General and
administrative costs are only included in the measurement of exploration and
evaluation costs where they are related directly to operational activities in
a particular area of interest.
Exploration and evaluation assets are assessed for impairment when facts and
circumstances suggest that the carrying amount of an exploration and
evaluation asset may exceed its recoverable amount. The recoverable amount of
the exploration and evaluation asset (for the cash generating unit(s) to which
it has been allocated being no larger than the relevant area of interest) is
estimated to determine the extent of the impairment loss (if any). Where an
impairment loss subsequently reverses, the carrying amount of the asset is
increased to the revised estimate of its recoverable amount, but only to the
extent that the increased carrying amount does not exceed the carrying amount
that would have been determined had no impairment loss been recognised for the
asset in previous years.
Where a decision has been made to proceed with development in respect of a
particular area of interest, the relevant exploration and evaluation asset is
tested for impairment and the balance is then reclassified to development.
In determining the costs of site restoration, there is uncertainty regarding
the nature and extent of the restoration due to community expectations and
future legislation. Accordingly, the costs have been determined on the basis
that the restoration will be completed within one year of abandoning the site.
Financial Instruments
Recognition and initial measurement
Financial assets and financial liabilities are recognised when the Group
becomes a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash
flows from the financial asset expire, or when the financial asset and
substantially all the risks and rewards are transferred.
A financial liability is derecognised when it is extinguished, discharged,
cancelled or expires.
Classification and subsequent measurement
All financial assets are initially measured at fair value adjusted for
transaction costs (where applicable). For the purpose of subsequent
measurement, all the financial assets, are classified as amortised cost.
All income and expenses relating to financial assets that are recognised in
profit or loss are presented within finance costs, finance income or other
financial items, except for impairment of other receivables which is presented
within other expenses.
(i) Financial assets at fair value through profit or loss
Financial assets designated at fair value through profit or loss ('FVTPL') are
carried at fair value and any subsequent gains or losses are recognised in the
Statement of Profit or Loss and Other Comprehensive Income.
(ii) Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the
following conditions (and are not designated as FVTPL):
• they are held within a business model whose objective is to hold
the financial assets to collect its contractual cash flows
• the contractual terms of the financial assets give rise to cash
flows that are solely payments of principal and interest on the principal
amount outstanding.
After initial recognition, these are measured at amortised cost using the
effective interest method.
Discounting is omitted where the effect of discounting is immaterial. The
Group's cash and cash equivalents, and most other receivables fall into this
category of financial instruments.
Classification and measurement of financial liabilities
The Group's financial liabilities include borrowings, trade and other payables
and derivative financial instruments.
Financial liabilities are initially measured at fair value, and, where
applicable, adjusted for transaction costs unless the Group designated a
financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the
effective interest method except for derivatives and financial liabilities
designated at FVTPL, which are carried subsequently at fair value with gains
or losses recognised in profit or loss.
All interest-related charges and, if applicable, changes in an instrument's
fair value that are reported in profit or loss are included within finance
costs or finance income.
Impairment
The carrying values of plant and equipment and development expenditure are
reviewed for impairment at each balance date, with recoverable amount being
estimated when events or changes in circumstances indicate that the carrying
value may be impaired.
The recoverable amount of plant and equipment is the higher of fair value less
costs to sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset.
For an asset that does not generate largely independent cash inflows,
recoverable amount is determined for the cash-generating unit to which the
asset belongs, unless the asset's value in use can be estimated to approximate
fair value.
An impairment exists when the carrying value of an asset or cash-generating
unit exceeds its estimated recoverable amount. The asset or cash-generating
unit is then written down to its recoverable amount.
For plant and equipment and development expenditure, impairment losses are
recognised in the statement of profit or loss and other comprehensive income
in the cost of sales line item.
Development expenditure
Development expenditures represent the accumulation of all exploration,
evaluation and other expenditure incurred in respect of areas of interest in
which mining is in the process of commencing. When further development
expenditure is incurred after the commencement of production, such expenditure
is carried forward as part of the mine property only when substantial future
economic benefits are thereby established, otherwise such expenditure is
classified as part of the cost of production.
Restoration and rehabilitation
A provision for restoration and rehabilitation is recognised when there is a
present obligation as a result of development activities undertaken, it is
probable that an outflow of economic benefits will be required to settle the
obligation, and the amount of the provision can be measured reliably. The
estimated future obligations include the costs of abandoning sites, removing
facilities and restoring the affected areas.
The provision for future restoration costs is the best estimate of the present
value of the expenditure required to settle the restoration obligation at the
balance date. Future restoration costs are reviewed annually and any changes
in the estimate are reflected in the present value of the restoration
provision at each balance date.
The initial estimate of the restoration and rehabilitation provision is
capitalised into the cost of the related asset and amortised on the same basis
as the related asset, unless the present obligation arises from the production
of inventory in the period, in which case the amount is included in the cost
of production for the period. Changes in the estimate of the provision for
restoration and rehabilitation are treated in the same manner, except that the
unwinding of the effect of discounting on the provision is recognised as a
finance cost rather than being capitalised into the cost of the related asset.
The provision is measured at the present value or management's best estimate
of the expenditure required to settle the present obligation at the end of the
reporting period. If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that reflects the risks
specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as an interest expense.
Provisions
Provisions are recognised when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the
obligation. Provisions are not recognised for future operating losses.
Equity settled compensation
Share-based payments to employees are measured at the fair value of the
instruments issued and amortised over the vesting periods. Share-based
payments to non-employees are measured at the fair value of goods or services
received or the fair value of the equity instruments issued, if it is
determined the fair value of the goods or services cannot be reliably measured
and are recorded at the date the goods or services are received. The
corresponding amount is recorded to the option reserve. The fair value of
options is determined using the Black-Scholes pricing model. The number of
shares and options expected to vest is reviewed and adjusted at the end of
each reporting period such that the amount recognised for services received as
consideration for the equity instruments granted is based on the number of
equity instruments that eventually vest.
Parent entity disclosures
The financial information for the parent entity, Artemis Resources Limited,
has been prepared on the same basis as the consolidated financial statements.
Use of estimates and judgements
The preparation of financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income
and expenses.
Actual results may differ from these estimates. Estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in
any future periods affected.
Exploration and evaluation, and development expenditure carried forward
The Group capitalises expenditure relating to exploration and evaluation, and
development, where it is considered likely to be recoverable or where the
activities have not reached a stage which permits a reasonable assessment of
the existence of reserves. While there are certain areas of interest from
which no reserves have been determined, the Directors are of the continued
belief that such expenditure should not be written off since feasibility
studies in such areas have not yet concluded.
The recoverability of the carrying amount of mine development expenditure
carried forward has been reviewed by the Directors. In conducting the
review, the recoverable amount has been assessed by reference to the higher of
"fair value less costs of disposal" and "value in use". In determining value
in use, future cash flows are based on:
• Estimates of ore reserves and mineral resources for which there is a
high degree of confidence of economic extraction;
• Estimated production and sales levels;
• Estimate future commodity prices;
• Future costs of production;
• Future capital expenditure; and/or
• Future exchange rates.
Variations to expected future cash flows, and timing thereof, could result in
significant changes to the impairment test results, which in turn could impact
future financial results.
The fair value less costs of disposal was estimated by an independent
valuation expert using the 'cost approach'. The cost approach is based on the
proposition that an informed purchaser would pay no more for an asset than the
cost of providing a substitute with the utility as the subject asset. Direct
and indirect comparisons with sales prices taking into account the age and
condition of the asset is used to estimate the fair value of the asset.
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by
reference to the fair value of the equity instruments at the date at which
they are granted. The fair value is determined by an external valuer using a
Black-Scholes model, using the assumptions detailed in Note 24.
Fair value of financial instruments
Management uses valuation techniques to determine the fair value of financial
instruments (where active market quotes are not available) and non-financial
assets. This involves developing estimates and assumptions consistent with how
market participants would price the instrument.
Provision for restoration and rehabilitation
The provision for restoration and rehabilitation has been estimated based on
quotes provided by third parties. The provision represents the best estimate
of the present value of the expenditure required to settle the restoration
obligation at the reporting date.
2. SEGMENT INFORMATION
AASB 8 Operating Segments requires operating segments to be identified on the
basis of internal reports about components of the Group that are regularly
reviewed by the Chief Operating Decision Maker in order to allocate resources
to the segment and to assess its performance.
The Group's operating segments have been determined with reference to the
monthly management accounts used by the Chief Operating Decision Maker to make
decisions regarding the Group's operations and allocation of working capital.
Due to the size and nature of the Group, the Board as a whole has been
determined as the Chief Operating Decision Maker.
a. Description of segments
The Board has determined that the Group has two reportable segments, being
mineral exploration activities and development expenditure. The Board monitors
the Group based on actual versus budgeted expenditure incurred by area of
interest.
The internal reporting framework is the most relevant to assist the Board with
making decisions regard the Group and its ongoing exploration activities.
b. Segment information provided to the Board:
Exploration Activities Development Activities Unallocated Total
West Pilbara East Pilbara Lithium JV Radio Hill Corporate
$ $ $ $ $ $
30 June 2024
Segment revenue - - - - 240,378 240,378
Fair value loss on financial assets (2,666,250) (2,666,250)
- - - -
Segment expenses - - - - (1,982,036) (1,982,036)
Impairment - - - (12,128,289) - (12,128,289)
Project and exploration expenditure write off - (55,572)
(55,572) - - -
Reportable segment loss (55,572) - - (12,128,289) (4,407,908) (16,591,769)
Reportable segment assets 25,223,384 8,314,519 675,645 3,042,873 1,908,650 39,165,071
Reportable segment liabilities - - - 5,923,259 1,410,366 7,333,626
Additions to non-current assets 1,653,912 350,825 209,674 221,097 - 2,435,508
30 June 2023
Segment revenue - - - - 80,169 80,169
Fair value loss on financial assets (337,666) (337,666)
- - - -
Segment expenses - - - - (2,960,426) (2,960,426)
Impairment - - - (12,969,852) - (12,969,852)
Project and exploration expenditure write off - (735,768)
(735,768) - - -
Reportable segment loss (735,768) - - (12,969,852) (3,217,923) (16,923,543)
Reportable segment assets 24,121,635 7,933,069 - 14,950,070 5,780,417 52,785,191
Reportable segment liabilities - - - 5,723,259 1,696,874 7,420,133
Additions to non-current assets 2,449,727 3,017,119 - 500,000 223,995 6,190,841
2. REVENUE
Consolidated
30 June 2024 30 June 2023
$ $
Other revenue
Other sundry income 232,739 80,062
Interest received 7,639 107
240,378 80,169
3. COMPLIANCE AND REGULATORY EXPENSES
Consolidated
30 June 2024 30 June 2023
$ $
AIM listing expenses 20,553 -
Other regulatory costs 452,859 282,204
473,412 282,204
4. income taxes
(a) Income tax expense
Consolidated
30 June 2024 30 June 2023
$ $
Current tax - -
Deferred tax - -
Income tax expense - -
(b) Income tax recognised in the statement of profit or loss and other
comprehensive income
Consolidated
30 June 2024 30 June 2023
$ $
Loss before tax (16,591,569) (16,923,543)
Tax at 30% (2023: 30%) (4,977,531) (5,077,063)
Tax effect of non-deductible expenses 831,498 243,890
Impairment of development and exploration expenditure and impairment 3,655,158 4,090,370
Timing differences not brought to account 490,875 742,803
Income tax expense - -
(c) Deferred tax balances
Consolidated
30 June 2024 30 June 2023
$ $
Deferred tax assets comprise:
Tax losses carried forward 12,766,220 10,363,482
Employee benefits obligation - 4,420
Provisions 1,776,977 1,716,977
14,543,197 12,084,879
Deferred tax liabilities comprise:
Capitalised exploration costs 10,264,064 9,616,411
10,264,064 9,616,411
Net deferred tax asset unrecognised 4,279,133 2,468,468
(d) Analysis of deferred tax assets
Potential deferred tax assets attributable to tax losses and exploration
expenditure carried forward have not been brought to account at 30 June 2024
because the directors do not believe it is appropriate to regard realisation
of the deferred tax assets as probable at this point in time. These benefits
will only be obtained if:
· the Group derives future assessable income of a nature and of an
amount sufficient to enable the benefit from the deductions for the loss and
exploration expenditure to be realised;
· the Group continues to comply with conditions for deductibility
imposed by law; and
· no changes in tax legislation adversely affect the company in
realising the benefit from the deductions for the loss and exploration
expenditure.
The applicable tax rate is the national tax rate in Australia for companies,
which is 30% at the reporting date.
5. cash and cash equivalents
Cash and cash equivalents consist of cash on hand and account balances with
banks and investments in money market instruments, net of outstanding bank
overdrafts. Cash and cash equivalents included in the consolidated statement
of cash flows comprise the following amounts:
Consolidated
30 June 2024 30 June 2023
$ $
Cash and cash equivalents 572,628 1,703,016
6. other receivables
Consolidated
30 June 2024 30 June 2023
$ $
Other receivables 73,552 1,761
GST receivables 14,915 52,320
Prepayments 88,221 69,023
176,688 123,104
The value of trade and other receivables considered by the Directors to be
past due or impaired is nil (2023: Nil).
7. other financial assets
Consolidated
30 June 2024 30 June 2023
$ $
Current
Fair Value Through Profit or Loss
Shares in listed equity securities (Level 1) 1,080,000 3,746,250
Consolidated
30 June 2024 30 June 2023
Movement in other financial assets $ $
Opening balance 3,746,250 6,283,560
Disposals - (2,199,644)
Fair value gain/(loss) (2,666,250) (337,666)
Closing balance 1,080,000 3,746,250
8. PLANT AND EQUIPMENT
Consolidated
30 June 2024 30 June 2023
$ $
Computer equipment - at cost 82,682 92,905
Less: Accumulated depreciation (68,123) (66,026)
Total computer equipment at net book value 14,559 26,879
Furniture and fittings - at cost 83,003 54,135
Less: Accumulated depreciation (82,921) (53,779)
Total furniture and equipment at net book value 82 356
Motor vehicles - at cost 55,955 50,656
Less: Accumulated depreciation (36,261) (20,625)
Total motor vehicles at net book value 19,694 30,031
Total plant and equipment 34,335 57,266
Reconciliation of movement during the year
Reconciliations of the carrying amounts for each class of plant and equipment
are set out below:
Consolidated
30 June 2024 30 June 2023
$ $
Computer equipment:
Carrying amount at the beginning of the year 26,879 27,109
- Addition - 11,128
- Disposals (4,533) (37)
- Depreciation (7,787) (11,321)
Carrying amount at the end of the year 14,559 26,879
Furniture and fittings
Carrying amount at the beginning of the year 356 26,504
- Addition - -
- Disposal (274) (770)
- Depreciation - (25,378)
Carrying amount at the end of the year 82 356
Motor vehicles
Carrying amount at the beginning of the year 30,031 42,128
- Additions - -
- Disposal - (2,200)
- Depreciation (10,337) (9,897)
Carrying amount at the end of the year 19,694 30,031
9. intangible assets
Consolidated
30 June 2024 30 June 2023
$ $
Computer Software - at cost - 150,214
Less: Accumulated amortisation - (150,214)
Total computer software at net book value - -
Reconciliation of movement during the year:
Consolidated
30 June 2024 30 June 2023
$ $
Computer Software:
Carrying amount at the beginning of the year - 3,523
- Disposal - (67)
- Amortisation - (3,456)
Carrying amount at the end of the year - -
10. LEASES
Amounts recognised in the balance sheet: Consolidated
30 June 2024 30 June 2023
$ $
Right-of-use assets
Offices 44,999 150,781
Total right-of-use assets 44,999 150,781
Lease liabilities
Current 47,792 103,382
Non-current - 49,577
Total right-of-use liabilities 47,792 152,959
Movement in right-of-use assets
Consolidated
30 June 2024 30 June 2023
$ $
Right-of-use assets opening balance 150,781 153,980
Add: New leases - 212,867
Less: Amortisation (105,782) (124,239)
Less: Lease surrender - (91,827)
Right-of-use assets closing balance 44,999 150,781
Movement in lease liabilities
Consolidated
30 June 2024 30 June 2023
$ $
Lease liability recognised at start of year 152,959 153,451
New lease - 212,867
Add: Interest Expense 4,757 10,292
Less: Lease surrender - (125,109)
Less: Principal repayment (109,924) (98,542)
Closing balance 47,792 152,959
a) Amounts recognised in the statement of profit or loss:
30 June 2024 30 June 2023
$ $
Depreciation charge of right-of-use assets 105,782 124,239
Interest expense (included in finance cost) 4,757 10,292
Expenses relating to short-term leases (included in administrative expenses) 27,899 31,953
Lease-related expenses are capitalised for Exploration and Evaluation due to
the business being an exploration in nature.
The total cash outflow for leases during the year ended 30 June 2024 was
$109,924 (2023: $108,834).
11. exploration and evaluation expenditure
Consolidated
30 June 2024 30 June 2023
$ $
Exploration and evaluation expenditure 34,213,548 32,054,704
Exploration and Evaluation Phase Costs
Costs capitalised on areas of interest have been reviewed for impairment
factors, such as resource prices, ability to meet expenditure going forward
and potential resource downgrades. The Group has ownership or title to the
areas of interest in respect of which it has capitalised expenditure and has
reasonable expectations that its activities are ongoing.
Reconciliation of movement during the year:
Consolidated
30 June 2024 30 June 2023
$ $
Opening balance 32,054,704 27,323,626
Expenditure capitalised in current period 2,214,416 5,466,846
Exploration expenditure written off (55,572) (735,768)
Closing balance 34,213,548 32,054,704
12. DEVELOPMENT EXPENDITURE
Consolidated
30 June 2024 30 June 2023
$ $
Development expenditure 3,042,873 14,950,070
Reconciliation of movement during the year:
Consolidated
30 June 2024 30 June 2023
$ $
Opening balance 14,950,070 27,420,924
Additions 21,092 -
Disposals - (1,002)
Impairment(1) (12,128,289) (12,969,852)
Increase in rehabilitation provision(2) (Note 16) 200,000 500,000
Closing balance 3,042,873 14,950,070
¹the Company's market capitalisation is below its net assets. This represents
an impairment indicator for the Company's Development Expenditure asset. The
Company assessed impairment with fair value less cost to sell. During the year
the Company obtained a valuation of the Radio Hill processing plant. The
valuation was undertaken by an independent valuation expert using the Cost
Approach.
The Cost Approach is based on the proposition that an informed purchaser would
pay no more for an asset than the cost of producing a substitute with the same
utility as the subject asset. The cost approach begins with the cost to
replace or acquire new and deducts all forms of depreciation to determine an
estimate of value. It considers that the maximum value of a property to a
knowledgeable buyer would be that amount currently required to construct a new
property of equal utility, adjusting for differences in age, condition and any
other forms of depreciation and obsolescence factors as of the effective date
of the appraisal. The Radio Hill processing plant has been written down to the
value determined by the valuers.
²The rehabilitation provision was increased by $200,000 (2023: $500,000)
during the year (See Note 16).
14. trade and other payables
Consolidated
30 June 2024 30 June 2023
$ $
1,106,181 1,529,181
Trade and other payables
Cash received in advance of share issue 256,394 -
1,362,575 1,529,181
The Company completed tranche 2 of the capital raise outlined in the ASX
announcement dated 10 May 2024 on 12 July 2024, issuing 152,686,277 shares at
$0.01275. At 30 June 2024, the Company received $256,394 in advance of this
share issue.
15. EMPLOYEE benefits obligationS
Consolidated
30 June 2024 30 June 2023
$ $
Opening balance 14,734 39,473
Provision for the year - -
Benefits used or paid (14,734) (24,739)
Closing balance - 14,734
16. Provisions
Consolidated
30 June 2024 30 June 2023
$ $
Provision for restoration and rehabilitation 5,923,259 5,723,259
Reconciliation of movement for the year
Opening balance 5,723,259 5,223,259
Increase in rehabilitation provision (Note 13) 200,000 500,000
Closing balance 5,923,259 5,723,259
During the year the Group revised its provision for restoration and
rehabilitation to account for changes in inflation and discount rates. This
resulted in an increase in the provision. The increase has been capitalised as
part of the development asset.
17. SHARE CAPITAL
Consolidated Consolidated
30 June 2024 30 June 2023 30 June 2024 30 June 2023
No. of Shares No. of Shares $ $
Issued and Paid-up Capital
Ordinary shares, fully paid 1,764,196,149 1,569,918,371 120,237,754 117,396,554
Reconciliation of movement during the year:
2024 2024 2023 2023
Shares $ Shares $
Opening balance 1,569,918,371 117,396,554 1,388,330,984 114,927,239
Shares issued for services rendered - - 11,587,387 185,383
Shares issued to investors for Placement 194,277,778 3,173,250 170,000,000 2,548,102
Share issue costs - (185,098) - (140,736)
Share issue costs - options - (146,947) - (123,434)
Closing balance 1,764,196,149 120,237,759 1,569,918,371 117,396,554
Term of Issue:
Ordinary Shares
Ordinary shares participate in dividends and are entitled to one vote per
share at shareholders meetings. In the event of winding up the Company,
ordinary shareholders rank after creditors and are entitled to any proceeds of
liquidation in proportion to the number of shares held.
18. RESERVES
Consolidated Consolidated
30 June 2024 30 June 2023 30 June 2024 30 June 2023
No. of options No. of options $ $
Share based payments
Options 172,888,884 116,500,000 499,111 389,358
Options movement
Number $
Opening balance 116,500,000 389,358
Free attaching options to share issue(1) 56,388,884 -
Options issued to brokers/advisers 11,000.000 146,947
Consulting options 5,000,000 70,004
Options lapsed (7,500,000) (107,198)
Options converted to shares (8,500,000) -
172,888,884 499,111
(1)The Company issued 56,388,884 free attaching options to a share issue
during the year on the basis of one option for every two new shares issued.
The options have an exercise price of $0.025 and an expiry date of 9 March
2026.
The share option reserve represents the cumulative amounts charged to profit
in respect of option arrangements where the option has not yet been settled by
exercise or award of shares.
Refer to Note 24 for details on share-based payments.
19. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Board of Directors takes responsibility for managing financial risk
exposures of the Group. The Board monitors the Group's financial risk
management policies and exposures and approves financial transactions. It
also reviews the effectiveness of internal controls relating to commodity
price risk, counterparty credit risk, currency risk, liquidity risk and
interest rate risk. The Board meets approximately bi-monthly at which these
matters are reviewed.
The Board's overall risk management strategy seeks to assist the Group in
meeting its financial targets, while minimising potential adverse effects on
financial performance. Its review includes the use of hedging derivative
instruments, credit risk policies and future cash flow requirements.
The Company's principal financial instruments comprise cash, short term
deposits and securities in Australian or International listed companies. The
main purpose of the financial instruments is to earn the maximum amount of
interest at a low risk to the company. The Company also has other financial
instruments such as trade debtors and creditors which arise directly from its
operations.
The main risks arising from the Company's financial instruments are interest
rate risk, credit risk, foreign exchange risk, commodity risk and liquidity
risk. The Board reviews and agrees policies for managing each of these risks
and they are summarised below:
(i) Interest Rate Risk
The Company's exposure to interest rate risk is the risk that a financial
instrument's value will fluctuate as a result of changes in market interest
rates and the effective weighted average interest rate for each class of
financial assets and financial liabilities.
The following table demonstrates the sensitivity to a reasonably possible
change in interest rates on the following financial assets and liabilities:
FY2024 Carrying Effect on loss before tax Effect on pre-tax equity
Amount
+1% -1% +1% -1%
Financial Assets
Cash and cash equivalents(1) 572,628 5,726 (5,726) 5,726 (5,726)
Trade and other receivables(2) 176,668 - - - -
Other financial assets(5) 1,080,00 - - - -
1,829,316 5,726 (5,726) 5,726 (5,726)
Financial liabilities
Trade and other payables(3) 1,106,181
Financial Liabilities(4) 47,792 (4,779) 4,779 (4,779) 4,779
1,153,973 (4,779) 4,779 (4,779) 4,779
Total increase/(decrease) 52,484 (52,484) 52,484 (52,484)
FY2023 Carrying Effect on loss before tax Effect on pre-tax equity
Amount
+1% -1% +1% -1%
Financial Assets
Cash and cash equivalents(1)
1,703,016 17,030 (17,030) 17,030 (17,030)
Trade and other receivables(2)
123,104 - - - -
Other financial assets(5)
3,746,250 - - - -
5,572,370 17,030 (17,030) 17,030 (17,030)
Financial liabilities
Trade and other payables(3) 1,529,181 - - - -
Financial Liabilities(4) 152,959 (1,530) 1,530 (1,530) 1,530
1,682,140 (1,530) 1,530 (1,530) 1,530
Total increase/(decrease) 15,500 (15,500) 15,500 (15,500)
(1) Cash and cash equivalents are denominated in both AUD and GBP. The
weighted average interest rate for the year ended 30 June 2023 was 0.00%
(2022: 0.00%). No other financial assets or liabilities are interest bearing.
(2) Trade and other receivables are denominated in AUD and are not interest
bearing.
(3) Trade and other payables at balance date are denominated mainly in AUD and
are not interest bearing.
(4) Financial liabilities are lease liabilities with an implicit interest
rate.
(5) Other financial assets are designated in AUD and are non-interest bearing.
(ii) Credit Risk
Credit risk refers to the risk that a counter-party will default on its
contractual obligations resulting in financial loss to the Company. The
Company has adopted the policy of only dealing with credit worthy
counterparties and obtaining sufficient collateral or other security where
appropriate, as a means of mitigating the risk of financial loss from
defaults.
The Company does not have any significant credit risk exposure to any single
counterparty or any group of counterparties having similar characteristics.
The carrying amount of financial assets recorded in the financial statements,
net of any provisions for losses, represents the Company's maximum exposure to
credit risk.
(iii) Foreign Exchange Risk
The Company had the following British Pound and United States Dollar
denominated assets and liabilities at year end.
Consolidated
30 June 2024 30 June 2023
Cash
Cash and cash equivalents British Pound 536 42,195
4,735 7,116
United State Dollars
The following tables demonstrate the sensitivity to a reasonably possible
change in USD exchange rate, with other variables held constant.
Net impact of strengthening/(weakening) of AUD on GBP/USD assets/liabilities Change in GBP rate Effect on loss before tax Effect on pre-tax equity
outlined above
FY2024 (GBP& USD) +5% 51 51
-5% (51) (51)
FY2023 (GBP& USD) +5% 351 351
-5% (351) (351)
(iv) Market Risk
The Company's listed investments are affected by market price volatility. The
following table shows the effect of market price changes.
Change in year end price Effect on loss before tax Effect on pre-tax equity
$ $
FY2024 +5% 54,000 54,000
-5% (54,000) (54,000)
FY2023 +5% 187,312 187,312
-5% (187,312) (187,312)
(v) Liquidity Risk
The Group's objective is to maintain a balance between continuity of funding
and flexibility through the use of bank loans, convertible notes and finance
leases. Cash flows from financial assets reflect management's expectation as
to the timing of realisation. Actual timing may therefore differ from that
disclosed. The timing of cash flows presented in the table to settle
financial liabilities reflects the earliest contractual settlement dates and
does not reflect management's expectations that banking facilities will roll
forward.
The following tables below reflect an undiscounted contractual maturity
analysis for financial liabilities.
FY2024 Within 1 year 1 to 5 Over 5 Total
years years
Financial liabilities due for payment
Trade and other payables 1,106,181 1,106,181
Lease liabilities 47,792 47,792
Total contractual outflows 1,153,973 1,153,973
Cash and cash equivalents 572,628 572,628
Trade and other receivables 176,688 176,688
Other financial assets 1,080,000 1,080,000
Total anticipated inflows 1,829,316 1,829,316
Net inflow/(outflow) on financial instruments
675,343 - - 675,343
FY2023 Within 1 year 1 to 5 Over 5 Total
years years
Financial liabilities due for payment
Trade and other payables 1,529,181 - - 1,529,181
Lease liabilities 103,382 49,577 - 152,959
Total contractual outflows 1,632,563 49,577 - 1,682,140
Cash and cash equivalents 1,703,016 - - 1,703,016
Trade and other receivables 123,104 - - 123,104
Other financial assets 3,746,250 - - 3,746,250
Total anticipated inflows 5,572,370 - - 5,572,370
Net inflow/(outflow) on financial instruments
3,939,807 (49,577) - 3,890,230
Management and the Board monitor the Group's liquidity reserve on the basis of
expected cash flow. The information that is prepared by senior management
and reviewed by the Board includes:
(i) Annual cash flow budgets;
(ii) Monthly rolling cash flow forecasts.
(vi) Net Fair Value
The carrying amount of financial assets and financial liabilities recorded in
the financial statements represents their respective net fair values,
determined in accordance with the accounting policies disclosed in Note 1.
20. commitmentS for expenditure
The Group currently has commitments for expenditure at 30 June 2024 on its
Australian exploration tenements as follows:
Consolidated
30 June 2024 30 June 2023
$ $
Not later than 12 months 747,330 662,940
Between 12 months and 5 years 2,094,187 1,656,720
Greater than 5 years 287,177 117,400
3,128,694 2,437,060
The Company evaluates its tenements and exploration program on an annual basis
and may elect not to renew tenement licences if it deems appropriate.
21. related party disclosures
(a) Refer to the Remuneration Report contained in the Directors' Report for
details of the remuneration paid or payable to each member of the Group's Key
Management Personnel for the year ended 30 June 2024. Key Management
Personnel (KMP) for the year ended 30 June 2024 comprised the Directors. KMP
are assisted by external contracted exploration consulting expertise.
(b) The total remuneration paid to Key Management Personnel of the Company and
the Group during the year are as follows:
Consolidated
30 June 2024 30 June 2023
$ $
Short term employee benefits 500,471 842,357
Share based payment 6,238 373,300
Superannuation - 26,257
Termination payments - 221,151
506,709 1,463,065
(c) Remuneration option: As at 30 June 2024, the outstanding options that were
granted to Key Management Personnel in previous and current reporting periods
comprised of 5,000,000 options. Refer to note 24 for details on share based
payments.
(d) Share and option holdings: All equity dealings with directors have been
entered into with terms and conditions no more favourable than those that the
entity would have adopted if dealing at arm's length.
(e) Related party transactions
Consolidated
30 June 2024 30 June 2023
$ $
Doraleda Pty Ltd(1) - 30,833
Integrated CFO Solutions(2) 120,000 120,000
Minerva Corporate Pty Ltd(3) 35,000 60,000
155,000 210,833
(
1) Director fees and consulting fees paid to Doraleda Pty Ltd, a company in
which Mr Edward Mead has an interest.
(2) Company secretary fees $108,000 and director fees $12,000 paid to
Integrated CFO Solutions, a company in which Mr Guy Robertson has an interest.
(3) Director fees $35,000 (2023: $60,000) paid to Minerva Corporate Pty Ltd, a
company in which Mr Daniel Smith has an interest.
22. earnings/(LOSS) per share
The calculation of basic earnings/(loss) and diluted earnings/(loss) per share
for the year ended 30 June 2024 was based on the loss attributable to
shareholders of the parent company of $16,591,769 (2023: Loss $16,923,543):
Consolidated
30 June 2024 30 June 2023
Cents Cents
Basic loss per share (1.00) (1.17)
Diluted loss per share (1.00) (1.17)
No of Shares No of Shares
Weighted average number of ordinary shares:
Used in calculating basic earnings per ordinary share 1,651,590,000 1,444,629,567
Dilutive potential ordinary shares - -
Used in calculating diluted earnings per share 1,651,590,000 1,444,629,567
23. auditor's remuneration
Consolidated
30 June 2024 30 June 2023
$ $
Auditor of parent entity
Audit fees - HLB Mann Judd 64,000 62,363
Taxation compliance services 10,000 32,500
74,000 94,863
24. share-based paymentS
Goods or services received or acquired in a share-based payment transaction
are recognised as an increase in equity if the goods or services were received
in an equity-settled share-based payment transaction or as a liability if the
goods and services were acquired in a cash settled share-based payment
transaction.
For equity-settled share-based transactions, goods or services received are
measured directly at the fair value of the goods or services received provided
this can be estimated reliably. If a reliable estimate cannot be made the
value of the goods or services is determined indirectly by reference to the
fair value of the equity instrument granted.
Transactions with employees and others providing similar services are measured
by reference to the fair value at grant date of the equity instrument granted.
The following share-based payment arrangements were in place during the prior
and current financial year:
Instruments Date granted Expiry date Exercise price No. of instruments No. of instruments Fair value at grant date
2024 2023
Options 1 May 2020 31 July 2023 0.05 - 7,500,000 0.0151
Options 20 December 2021 20 December 2023 0.15 - 2,000,000 0.0408
Performance rights A¹ 30 December 2021 31 December 2022 0.000 3,000,000 0.0204
-
Performance rights B 30 December 2021 31 December 2022 0.000 3,000,000 0.0810
-
Options 1 July 2022 31 July 2025 0.05 2,000,000 2,000,000 0.014
Options 5 September 2022 31 July 2025 0.05 5,000,000 23,000,000 0.0151
Options 8 March 2023 9 March 2026 0.025 17,000,000 17,000,000 0.0073
Options 28 October 2023 9 March 2026 0.025 5,000,000 - 0.014
Options 28 October 2023 9 March 2026 0.025 11,000,000 - 0.014
¹The Performance rights lapsed unvested on resignation of the relevant
employees.
No options were granted to Key Management Personnel during the year.
For the year ended 30 June 2024, the Group has recognised a share-based
payment expense in the statement of profit or loss and other comprehensive
income of $70,004 (2023: $373,300) in relation to share options. For the year
ended 30 June 2024, the Group issued options with a fair value of $146,947
(2023: $123,434) for share issue costs, and ordinary shares with a fair value
of $Nil (2023: $83,359) was capitalised as deferred exploration and evaluation
expenditure.
Consolidated
30 June 2024 30 June 2023
$ $
Options - consultants/advisers 70,004 373,300
Shares - service providers - 102,000
Share-based payment expense 70,004 475,300
Options - share issue costs 146,947 123,434
Shares - service provider accrued in prior year - 83,359
The unlisted options during the year and prior year were valued using the
Black & Scholes model. The options outstanding as at 30 June 2024 were
determined on the date of grant using the following assumptions
Director Directors Broker Consultant Broker
Grant date 1/7/2022 5/9/2022 8/3/2023 28/10/23 28/10/23
Exercise price ($) 0.05 0.05 0.025 0.025 0.025
Expected volatility (%) 100 94 95 100 100
Risk-free interest rate (%) 3.13 2.985 3.48 4.32 4.32
Expected life (years) 3.08 3.08 3.00 2.37 2.37
Share price at this date ($) 0.027 0.03 0.014 0.023 0.023
Fair value per option ($) 0.014 0.0151 0.0073 0.014 0.014
Number of options 2,000,000 5,000,000 17,000,000 5,000,000 11,000,000
25. reconciliation of net cash used in operating activities to loss after
income tax
Consolidated
30 June 2024 30 June 2023
$ $
Loss after income tax (16,591,769) (16,923,543)
Depreciation and amortisation 123,906 201,769
Exploration and project expenditure written off 55,572 735,768
Impairment 12,128,289 12,969,852
Share based payments 70,004 475,300
Fair value loss on financial assets 2,666,250 337,666
Changes in current assets and liabilities during the financial period:
Decrease in receivables (53,584) 159,597
Increase in provisions 200,000 500,000
Increase in trade and other payables (408,377) (1,328,398)
Net cash outflow from operating activities (1,809,709) (2,871,989)
Non-cash fixed asset additions
Development expenditure capitalised -
Rehabilitation provision increase 200,000 500,000
26. PARENT ENTITY DISCLOSURE
30 June 2024 30 June 2023
$ $
(a) Financial position
Total current assets 1,812,367 5,548,975
Total non-current assets 2,981,053 2,840,076
Total Assets 4,793,420 8,389,051
Total current liabilities 1,336,704 1,529,147
Total non-current liabilities 47,792 49,577
Total Liabilities 1,384,496 1,578,724
Net Assets 3,408,924 6,810,327
Equity
Share capital 120,237,761 117,396,554
Reserves 499,111 389,358
Accumulated losses (117,327,948) (110,975,585)
3,408,924 6,810,327
Loss for the year (6,459,561) (8,344,696)
Other comprehensive income
Total comprehensive loss (6,459,561) (8,344,696)
(b) Commitments
Exploration commitments
Not later than 12 months - -
Between 12 months and 5 years - -
- -
27. SUBSIDIARIES
Country of Incorporation % holding % holing
30 June 2024 30 June 2023
Parent Entity:
Artemis Resources Limited Australia n/a n/a
Subsidiaries:
Fox Radio Hill Pty Limited Australia 100 100
Karratha Metals Limited Australia 100 100
KML No 2 Pty Limited Australia 100 100
Armada Mining Pty Limited Australia 100 100
Elysian Resources Pty Limited Australia 100 100
Hard Rock Resources Pty Limited Australia 100 100
Artemis Graphite Pty Ltd Australia 100 100
Artemis Management Services Pty Ltd Australia 100 100
Consolidated
The parent entity within the Group is Artemis Resources Limited which is the
ultimate parent entity in Australia.
Transactions with subsidiaries
Balances and transactions between the Company and its subsidiaries, which are
related parties of the Company, have been eliminated on consolidation.
28. FINANCIAL INSTRUMENTS
The Directors consider that the carrying amounts of current receivables and
current payables are a reasonable approximation of their fair values.
29. contingent liabilities and contingent assets
There are no contingent liabilities or contingent assets since the last annual
reporting period.
30.events subsequent to 30 june 2024
The Company issued 152,686,277 shares at $0.01275 on 12 July 2024. A portion
of the funds for this raising had been received prior to 30 June 2024 (See
note 14).
There are currently no matters or circumstances that have arisen since the end
of the financial year that have significantly affected or may significantly
affect the operations the Group, the results of those operations, or the state
of affairs of the Group in the future financial years.
Basis of preparation
The consolidated entity disclosure statement has been prepared in accordance
with the s295(3A)(a) of the Corporations Act 2001 and includes the required
information for Artemis Resources Limited and the entities it controls in
accordance with AASB 10 Consolidated Financial Statements.
Tax Residency
S295(3A)(vi) of the Corporations Act 2001 defines tax residency as having the
meaning in the Income Tax Assessment Act 1997. The determination of tax
residency may involve judgement as there are different interpretation that
could be adopted, and which could give rise to different conclusions regarding
residency.
In determining tax residency, the Group has applied the following
interpretations:
Australian Tax Residency
Current legislation and judicial precent has been applied, including having
regard to the Tax Commissioner's public guidance.
Foreign tax residency
Where appropriate, independent tax advisers have been engaged to assist in the
determination of tax residence to ensure applicable foreign tax legislation
has been complied with.
Country of Incorporation % holding Income tax jurisdiction
30 June 2024
Parent Entity:
Artemis Resources Limited Australia - Australia
Subsidiaries:
Fox Radio Hill Pty Limited Australia 100 Australia
Karratha Metals Limited Australia 100 Australia
KML No 2 Pty Limited Australia 100 Australia
Armada Mining Pty Limited Australia 100 Australia
Elysian Resources Pty Limited Australia 100 Australia
Hard Rock Resources Pty Limited Australia 100 Australia
Artemis Graphite Pty Ltd Australia 100 Australia
Artemis Management Services Pty Ltd Australia 100 Australia
1. In the opinion of the Directors of Artemis Resources Limited:
a. the accompanying financial statements and notes are in accordance with the
Corporations Act 2001 including:
i. giving a true and fair view of the Group's financial position as at 30 June
2024 and of its performance for the year then ended; and
ii. complying with Australian Accounting Standards, the Corporations
Regulations 2001, professional reporting requirements and other mandatory
requirements.
b. the consolidated entity disclosure statement is true and correct;
c. there are reasonable grounds to believe that the Company will be able to
pay its debts as and when they become due and payable.
d. the financial statements and notes thereto are in accordance with
International Financial Reporting Standards issued by the International
Accounting Standards Board.
2. This declaration has been made after receiving the declarations required to
be made to the Directors in accordance with Section 295A of the Corporations
Act 2001 for the financial year ended 30 June 2024.
This declaration is signed in accordance with a resolution of the Board of
Directors.
Guy Robertson
Executive Chairman
27 September 2024
Additional information required by the Australian Securities Exchange Limited
Listing Rules and not disclosed elsewhere in this report. The information was
prepared based on share registry processed up to 16 September 2024.
(a) Distribution of shareholders
The distribution of shareholdings as at 16 September 2024 was:
Holdings Range Report
Artemis Resources Limited
Security Class: ARV - ORDINARY FULLY PAID SHARES
As at Date: 16-Sep-2024
Holding Ranges Holders Total Units % Issued Share Capital
above 0 up to and including 1,000 223 52,646 0.00%
above 1,000 up to and including 5,000 552 1,730,459 0.09%
above 5,000 up to and including 10,000 499 4,032,499 0.21%
above 10,000 up to and including 100,000 1,693 70,667,637 3.69%
above 100,000 1,010 1,840,399,185 96.01%
Totals 3,977 1,916,882,426 100.00%
(b) Substantial shareholders
The names of the substantial shareholders in the Company, the number of equity
securities to which each substantial holder's associates have a relevant
interest, as disclosed in substantial holding notices given to the Company
are:
Holders Name No of shares % of Issued Capital
Jupiter Investment Management Limited 148,281,604 7.73%
(c) Top twenty (20) largest holders ordinary share
Security class: ARV - ORDINARY FULLY PAID SHARES
As at date: 16-Sep-2024
Display top: 20
Position Holder Name Holding % IC
1 CITICORP NOMINEES PTY LIMITED 414,068,627 21.60%
2 COMPUTERSHARE CLEARING PTY LTD 185,838,339 9.69%
3 BNP PARIBAS NOMS PTY LTD 78,458,533 4.09%
4 BATTLE MOUNTAIN PTY LIMITED 68,803,700 3.59%
5 BENNELONG RESOURCE CAPITAL PTY LTD 64,988,976 3.39%
6 BNP PARIBAS NOMINEES PTY LTD 55,694,781 2.91%
7 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 54,249,799 2.83%
8 NORMANDY CORPORATION PTY LTD 36,632,357 1.91%
9 CYGNUS 1 NOMINEES PTY LTD 32,195,807 1.68%
10 INKESE PTY LTD 32,000,000 1.67%
11 MR GAVIN JEREMY DUNHILL 23,000,000 1.20%
12 SORRENTO RESOURCES PTY LTD 19,187,387 1.00%
13 ARREDO PTY LTD 18,676,469 0.97%
14 MR FUCHUN WEI 17,800,000 0.93%
15 GUN CAPITAL MANAGEMENT PTY LTD 17,427,778 0.91%
16 BNP PARIBAS NOMINEES PTY LTD 16,709,109 0.87%
CLEARSTREAM
17 RDA ASSET MANAGEMENT LIMITED 16,624,847 0.87%
18 MR ARTHUR JOHN CONOMOS 12,500,000 0.65%
18 DEUTSCHE BALATON AKTIENGESELLSCHAFT 12,500,000 0.65%
19 FINCLEAR SERVICES PTY LTD 10,873,830 0.57%
20 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2 10,165,401 0.53%
Total 1,198,395,740 62.52%
Total issued capital - selected security class(es) 1,916,882,426 100.00%
(d) Top twenty listed option holders
Security class: ARVOC - LISTED OPTIONS EXP 09/03/2026 @ $0.025
As at date: 16-Sep-2024
Display top: 20
Position Holder Name Holding % IC
1 CITICORP NOMINEES PTY LIMITED 59,224,141 21.25%
2 NORMANDY CORPORATION PTY LTD 12,916,668 4.63%
3 JBM TRADING PTY LTD 10,230,000 3.67%
4 GOFFACAN PTY LTD 9,983,002 3.58%
5 BATTLE MOUNTAIN PTY LIMITED 8,333,334 2.99%
6 BENNELONG RESOURCE CAPITAL PTY LTD 7,694,442 2.76%
7 NORMANDY CORPORATION PTY LTD 6,274,510 2.25%
8 CYGNUS 1 NOMINEES PTY LTD 5,916,665 2.12%
9 ARREDO PTY LTD 5,588,235 2.00%
10 MR MICHAEL STANLEY CARTER 5,464,444 1.96%
11 BNP PARIBAS NOMS PTY LTD 5,361,460 1.92%
12 STRATA INVESTMENT HOLDINGS PLC 5,310,458 1.91%
13 LINCHPIN CORPORATION PTY LTD 5,166,667 1.85%
14 WICKLOW CAPITAL PTY LTD 5,000,000 1.79%
14 INKESE PTY LTD 5,000,000 1.79%
15 SUNSET CAPITAL MANAGEMENT PTY LTD 4,205,243 1.51%
16 MR ANDREW DAVID WILSON 4,160,784 1.49%
17 RAB CAPITAL LIMITED 4,000,000 1.44%
18 MR RUSSELL FENSHAW TYRE 3,546,100 1.27%
19 BATTLE MOUNTAIN PTY LIMITED 3,529,412 1.27%
20 RAB CAPITAL LIMITED 3,500,000 1.26%
Total 180,405,565 64.72%
Total issued capital - selected security class(es) 278,732,039 100.00%
(e) Unquoted securities
ASX security code and description Total number of +securities on issue
Director options exercisable at 5 cents with expiry 31 July 2025.
7,000,000
(e) The Company had 2,036 unmarketable parcels as at 16 September 2024.
(f) There is currently no on-market buy-back.
1. Company
Secretary
The name of the company secretary is Guy Robertson.
2. Address and telephone details
Registered Office
Level 2
10 Ord Street
West Perth WA 6005
AUSTRALIA
Ph: + 61(08) 6261 5463
Place of Business
Level 2
10 Ord Street
West Perth WA 6005
Mailing Address
PO Box 86
West Perth WA 6872
3. Address and telephone details of the office at which the register
of securities is kept
Automic Pty Ltd
Level 5 126 Phillip Street
Sydney NSW 2000
Phone:
1300 288 664 (within Australia)
+61 2 9698 5414 (international)
Email: hello@automic.com.au
Web site: www.automic.com.au (http://www.automic.com.au)
4. Stock exchange on which the Company's securities are quoted
The Company's listed equity securities are quoted on the Australian Securities
Exchange.
Home Exchange - Perth; ASX Code: ARV.
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. END FR SEASUWELSEDU Recent news on Artemis Resources
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AnnouncementREG - Artemis Resources Ld - Artemis and Greentech Consolidate Lithium Rights
AnnouncementREG - Artemis Resources Ld - Carlow Tenement - Phase One Drilling Completed
AnnouncementREG - Artemis Resources Ld - Interim Financial Report
Announcement