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REG - Artemis Resources Ld - Annual Report for Year Ended 30 June 2022

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RNS Number : 2067B  Artemis Resources Limited  30 September 2022

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

30 September 2022

Artemis Resources Limited

("Artemis" or the "Company")

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

 

Annual Report for Year Ended 30 June 2022

The Directors of Artemis Resources Limited are pleased to announce the
Company's audited annual results for the year ended 30 June 2022.

An extract of the audited results are included below and the full Annual
Report is available on the Company's website at
www.artemisresources.com.au/investors/#asx-reports
(http://www.artemisresources.com.au/investors/#asx-reports) .

For further information, please contract:

 Artemis Resources Limited                              via Camarco
 Alastair Clayton

 WH Ireland Limited

(Nominated Adviser and Broker)
 Antonio Bossi / Megan Liddell (Corporate Finance)      Tel: +44 20 7220 1666

 Harry Ansell / Daniel Bristowe (Corporate Broking)     Tel: +44 20 7220 1648

 Camarco (Public Relations)                             Tel: +44 20 3781 9244
 Gordon Poole / Emily Hall / Rebecca Waterworth         Email: artemis@camarco.co.uk (mailto:artemis@camarco.co.uk)

Competent Persons Statement

The information in this announcement that relates to Exploration Results and
Exploration Targets is based on information compiled or reviewed by Mr. Steve
Boda, who is a Member of the Australasian Institute Geoscientists.  Mr. Boda
is an employee of Artemis Resources Limited. Mr. Boda has sufficient
experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to qualify as
a Competent Person as defined in the 2012 Edition of the 'Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr.
Boda consents to the inclusion in the announcement of the matters based on his
information in the form and context in which it appears.

About Artemis Resources

Artemis Resources (ASX/AIM:ARV; FRA:ATY; US: ARTTF) is a Perth-based
exploration and development company, led by an experienced team that has a
singular focus on delivering shareholder value from its Pilbara gold projects
- the Greater Carlow Gold Project in the West Pilbara and the Paterson Central
exploration project in the East Pilbara.

 

Chairman's Letter

Dear Shareholders,

On behalf of the Directors of Artemis Resources Limited, I am pleased to
report on the activities of the Group for the year ended 30 June 2022.

The Group continues to focus on its core projects, the Paterson Central gold
and copper project and the Carlow Castle gold, copper and cobalt project, in
the Pilbara region of Western Australia.

 Artemis' 100% owned Paterson Central gold and copper project covers 605km2
and is located approximately 40km east of Newcrest Mining's
multi-million-ounce Telfer Gold-Copper mine and is contiguous to the Havieron
gold and copper discovery by Greatland Gold Plc.   A number of compelling
magnetic and gravity anomalies have been identified by the Artemis exploration
team which are now being systematically drill tested.  Drilling at Paterson
during the period focused on the Apollo and Atlas targets, with planning well
advanced for drill testing the Enterprise, Juno and Voyager targets.  The
Artemis team continues to be optimistic in its assessment of the prospects of
the Paterson project and continues its exploration drill campaign in earnest.

At Carlow Castle, a further 24,641m of RC and diamond drilling was completed
during the period.  Drill results continued to expand the high grade
gold-copper footprint of the deposit, in particular to the North and at
depth.   The high grades of gold and copper received from drill results were
particularly welcome especially in an environment of high cost inflation.  An
updated resource estimate is expected to be completed shortly. Substantial
exploration potential on a regional level remains at the Carlow Castle Project
which will be further investigated over the coming months.

During the year the Company completed its programme of disposing of non-core
assets.  In particular, the spin-off of non-core base metals assets into
GreenTech Metals Limited (ASX: GRE) which raised $5m on a successful ASX IPO
in January 2022 was a successful endeavour, as well as the completion of the
sale of the 70% interest in the Munni Munni PGM project to AIM listed Alien
Metals (AIM: UFO) for $4.9m in March 2022.

In February 2022, the Company successfully completed a secondary listing on
the AIM market of the London Stock Exchange and raised £5m.  This listing
provides more scope for London and European based institutional and retail
investors to invest in Artemis and is expected to increase liquidity.

In July 2022, the Company welcomed Vivienne Powe as a Non-Executive
Director.  Vivienne is a metallurgical engineer and highly experienced senior
executive with a strong track record of creating shareholder value in top
tier, global mining and oil & gas companies.

I would like to take this opportunity to thank my fellow directors, the
Artemis team and our shareholders for their ongoing commitment and support as
we strive for a successful year ahead.

 

 

Mark Potter

Chairman

 

 

Operations Report

Artemis Resources Limited ("Artemis" or the "Company") is pleased to outline
the progress the Company has made at its projects for the financial year ended
30 June 2022. Artemis is a gold and copper focused resources company with two
major projects, Paterson Central and Greater Carlow Castle, both located in
the Pilbara region of Western Australia, as shown in Figure 1. The Company
owns 100% of Paterson Central and Greater Carlow and also owns 100% of the
strategically located Radio Hill processing plant (on care and maintenance)
and associated infrastructure, located approximately 30km south of Karratha.

 

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Figure 1: Project map highlighting Artemis' Greater Carlow Castle project in
the West Pilbara and the location of the Paterson Central Tenement in the East
Pilbara.

 

During the financial year, the Company made significant progress with its
Paterson Central and Greater Carlow Castle projects. All this work was
completed despite a very challenging setting of Covid restrictions, acute
industry wide personnel and rig shortages and extensive assay turnaround
times.

 

The following review is an update and summary of the key work programs
completed during the current financial year, with a breakdown of the drilling
statistics by Project for the year included in Table 1.

 

Table 1: Drilling Statistics by Project

 Project       Hole Count by Drill Type      Drilled (m)  Samples Receipted
 Paterson      RC precoll     4              409.7
               DD             4              2,137.9
               Totals         4              2,547.6      872
 Carlow        RC             105            269.3
               DD             2              24,372.4
               Totals         107            24,641.7     28,082

 Total holes drilled          111
 Total Metres drilled         27,189.3
 Total Samples Collected      28,954

 

 

PATERSON CENTRAL GOLD-COPPER PROJECT

Background to the Paterson Central Project

The Paterson Central Gold-Copper Project covers ~605 km(2) and is located in
the Yaneena Basin of the Paterson Province, which hosts large scale mineral
deposits, such as the World class Telfer Gold- Copper Mine, recently
discovered Winu copper-gold deposit, Nifty Copper Mine, and the rapidly
growing Havieron gold and copper deposit. Figure 2 shows the location of major
deposits in the region along with Havieron. Artemis' tenement is highlighted
in yellow and is strategically positioned in relation to the Havieron deposit.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
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Figure 2: Paterson Central Tenement E45/5276 (yellow outline) overlying main
geological units, and showing locations of major gold and base metal deposits.
Green; Anketell Sediments, Blue; Paterson Formation.

 

The Company's Paterson Central project forms a 100% owned exploration tenement
E45/5276, which surrounds the Havieron gold deposit on three sides, and covers
the same continuous geological domain as shown in Figure 3.

The geology of the project area consists of Canning Basin sediments, primarily
Permian siltstones in this part of the basin, which overlie Proterozoic
meta-sedimentary basement rocks which form the main host rocks to large
mineral deposits in the region. The sedimentary cover is 300m thick in the
western part of the project area and is interpreted to deepen to over 800m in
the far east. The Havieron gold and copper deposit is associated with a strong
magnetic anomaly and sits under about 450m of Permian sedimentary cover.

Mineralisation at Havieron is an ovoid shaped zone of variable brecciation,
alteration and sulphide mineralisation with dimensions of 650m x 350m trending
in a northwest orientation. Mineralisation in this system extends 1,200m below
the base of sedimentary cover and continues to remain open at depth. The
Company is exploring the Paterson Central Project for both Havieron and Telfer
styles of gold and copper mineralisation.

Summary of Geology at Paterson Central

The procedure for targeting and drill planning has been to follow structural
trends in Neoproterozoic bedrock, sitting below thick Permian cover sediments,
interpreted from geophysical data sets, including a deep penetrating 2D
seismic reflection survey line acquired for oil and gas exploration in the
1980s by BHP, and subtle gravity and magnetic highs from features occurring
below the sedimentary cover.

Figure 3 shows how the interpretation of geological structures occurring in
bedrock below the Canning Basin Permian siltstone cover has likely identified
a non-magnetic and low density granitic intrusive body, which would have
likely been intruded during the regional Crofton Granite event (650-600 Ma).

 

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Figure 3: Paterson Central Tenement E45/5276 (yellow outline), interpreted
bedrock geology units and structures, on top of a merged magnetic anomaly
image and location of 2D seismic reflection survey line. Nimitz Prospect as
marked as red, was previously drilled in 2020.

This interpreted NW-SE trending granitic intrusion is in close proximity to
Havieron and could be the main source of heat for driving hydrothermal
alteration and local skarn-like metamorphism associated with gold and copper
mineralisation. Low angle, west-dipping thrust faults and late brittle cross
faults have also been interpreted in the 2D seismic reflection data as well as
in both gravity and magnetic data sets to offset folded Neoproterozoic
(850-820 Ma) metasediments of the Lamil Group.

This years' exploration activity at Paterson Central commenced to the north of
Havieron at the Atlas and Apollo Prospect areas. Collar positions are shown in
Figure 4.

 

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Figure 4: Location of drill collars at Apollo and Atlas in relation to the
Havieron deposit.

These drill holes were planned to test the various magnetic and gravity
anomalies and had encountered a variety of rock types and encouraging
geological units including granodiorites, diorites gabbros and associated
breccias and veining. Typical alterations styles included very intense
silica-calcite-chlorite-actinolite +/- biotite with abundant pyrite and minor
chalcopyrite in veins, halos and minor breccia infill. Figures 5 and 6 show
some of the styles of breccia encountered in the drilling of Apollo.

The drill holes had encountered encouraging geology indicating that the Apollo
and Atlas areas are well located for making a discovery with further drilling.

 

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Figure 5: GDRCD007 - 547m, example of a large quartz calcite vein in altered
diorite with semi-massive sulphides pyrite +/- chalcopyrite as well as
chlorite actinolite infill and alteration halo.

 

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Figure 6: GDRCD007 - 559m, example of a quartz qalcite vein in altered diorite
with pyrite +/- chalcopyrite, chlorite 'jigsaw' infill.

Artemis is now focussing on testing its 6 higher priority drill targets with
the intention to execute about 8,000m of diamond drilling to test these
targets during the 2022 -2023 field season.

CARLOW CASTLE GOLD-COPPER-COBALT PROJECT

The Carlow Castle gold, copper and cobalt project is located in the West
Pilbara region of Western Australia, ~45 km by road east of the city of
Karratha (Figure 7). Access is via the Northwest Coastal Highway and then by
the unsealed Cherratta public road, which passes through the Project area.
Carlow Castle is on the granted exploration license E47/1797 and is ~35 km
from Artemis' 100% owned Radio Hill Processing Plant.

 

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Figure 7: West Pilbara project map highlighting Artemis' current tenement
holdings.

Following a multifaceted strategy, multiple drilling campaigns at Carlow
Castle have returned several significant results, which continues to highlight
the potential of the deposit.  The Main Carlow Castle zone returned positive
results especially from the Crosscut Zone, where the majority of the drilling
during the year was completed.

Additional holes on the Quod Est Zone has further extended this high-grade
mineralised shoot at depth.

Targeting geophysical anomalies, drilling discovered the new Crosscut Zone
that lies east of Quod Est and to the north of the Main Eastern Zone by
approximately 300m.

During the report year, a total of 106 holes were drilled for 24,641.3 metres
of which two holes for 269.3 metres was diamond and 104 holes for 24,372
metres was RC. A total of 28,316 samples were collected, which included QAQC
samples as well. Table 3 below summarised the breakdown of drilling according
to prospects, with Figure 8 showing the prospect locations in relation to
Carlow Castle.

Table 2: Number of holes and drilled metres for the various prospects at
Carlow tenement E47/1797

 Prospect                 No of Holes  RC (m)                Diamond (m)  Samples Receipted (incl QAQC)
 Carlow East              13           3776                               4202
 Carlow West              17           3822                               4044
 Carlow Eastern Regional  1            198                                178
 Chapman                  19           4714                  132.9        5284
 Marillion                1            210                                234
 Quod Est                 5            766                                933
 Thorpe                   8            2017                               2489
 Crosscut Zone 1          27           5465                               6636
 Crosscut Zone 2          11           2588                  136.4        3322
 Crosscut Zone 3          4            816                                994
 Totals                   106          24,372                269.3        28,316
                                       Total Metres Drilled  24,641.3

 

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Figure 8: Location of drill collars in the various prospects within the Carlow
tenement E47/1797.

The additional drilling completed during the year has significantly added
crucial information regarding the structural, alteration and mineralogical
controls at Carlow Castle. The new interpretation and modelling for Carlow has
allowed for accurate target generation, which has been instrumental to
improving the ounce discovered per metre drilled.

 

Carlow Castle Program

Crosscut Zones

The Crosscut Zone (XCZ) is defined by a series of parallel NW structure,
hosting en echelon dilation structures that host mineralisation. The recent
drilling in this area has indicated that these dilation features are striking
north-south and have steep dips, usually to the east. Drilling had intersected
significant sulphide zones at interpreted pierce point target zones at
Crosscut, which is an encouraging result with respect to the interpretation of
the model. Drill collar locations are shown in Figure 9.

 

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Figure 9: Location of drill holes at Crosscut and section lines. Note that
only holes ARC403 and ARC404 were completed during the quarter period. Other
holes are referenced in section figures.

A diamond hole, 22CCRD008 was drilled in response to the high-grade
intersection in ARC344 which returned 22m @ 2.23g/t Au, 1.39% Cu, 0.457% Co
from 247m (refer to ASX Announcement 19(th) November, 2021). Significant
results for 22CCRD008 are shown in Table 3 with the section showing the
mineralised intervals shown in Figure 10.

Table 3: Significant intersections for diamond hole 22CCRD008, based on
>0.3% Cu, 2m internal dilution.

 SIGNIFICANT MINERALISED INTERSECTION FOR 22CCRD008
 refer to ASX announcement 11th of July 2022
 3.72m @ 0.32% Cu, 0.07g/t Au, 0.032% Co, from 233.06m
 16.6m @ 2.73% Cu, 1.19g/t Au, 0.049% Co, from 255.8m
 Incl; 1.18m @ 15.65% Cu, 5.4g/t Au, 0.09% Co, from 256.84m
 Incl; 3.14m @ 6.38% Cu, 3.61g/t Au, 0.059% Co, from 265.92m
 3.09m @ 0.58% Cu, 0.29g/t Au, 0.03% Co, from 285.79m
 2.2m @ 0.43% Cu, 0.16g/t Au, 0.031% Co, from 305.69m
 6.01m @ 0.68% Cu, 0.63g/t Au, 0.176% Co, from 309.42m

 

Mineralisation style encountered in hole 22CCRD008 is quartz-carbonate infill
breccias and veining with sporadic agglomerations of sulphides and massive
sulphide infills. The visible sulphides include chalcopyrite, pyrrhotite and
pyrite. These are shown in Figure 11 and Figure 12.

 

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Figure 10: Section 9,960mE showing significant intersections for hole
22CCRD008. High grade intersections for ARC344 included for comparisons. Hole
ARC392 drilled updip from the massive sulphide occurrence is pending assay
results. Refer to Figure 8 for section location.

 

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Figure 11: Part of the upper zone of the broader 16.6m showing the massive
sulphide interval with brecciated upper contact which returned a result of
1.18m @ 15.65% Cu, 5.40g/t Au, 0.090% Co from 256.84m.

 

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Figure 12: 22CCRD008 (263-273.5m) lower interval of significant vein hosted
sulphide forming part of the broader 16.6m interval with a significant grade
of 3.14m @ 6.38% Cu, 3.61% Cu, 0.059% Co from 265.92m

Mineralisation continues till end of hole, as shown in Figure 13. Hole was not
continued as driller had run out of rods.

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Figure 13: 22CCRD008 mineralisation occurrence at EOH 315.3m.

Two additional holes, ARC387 and ARC389 drilled on section 9,920mN Loc (40m to
the south of 22CCRD008) had intersected mineralisation near the proposed
pierce points. These holes are shown in Figure 14.

 

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Figure 14: Section 9920mE looking Northwest showing additional holes that had
intersected mineralisation 40m to the south of section 9960mE. This shows the
continuation of what is the massive sulphide interval to the south through the
sections. The intersection of 4m @ 1.02% Cu, 0.76g/t Au, 0.016% Co from 135m
occurs in the Crosscut 2 zone. Refer to Figure 8 for section location.

Northern Extension of Crosscut

The mineralised structure of Crosscut is known to extend and continue to the
northwest and a series of holes were drilled to test the structure.

Six holes to the north (ARC363 to 365 and ARC395 to 397) were drilled based on
extending the Crosscut mineralisation to the north from the high-grade
intersections encountered in hole ARC366 and ARC367 which returned grades of
8m @ 2.35% Cu, 5.01g/t Au, 0.400% Co from 80m and 8m @ 0.98% Cu, 1.08g/t Au,
0.020% Co from 167m, respectively as shown in Figure 15, with Figure 16
showing a cross section.

Holes ARC363, 364 and 365 encountered massive basalts and returned no
significant results.

 

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Figure 15: Showing the location of the holes to test the mineralisation to the
north. ARC403 encountered sulphides but assays are pending. Interpretation of
the magnetics have identified similar NW structures to the west and NW along
strike. These are north of the cataclasite ridge which is considered
prospective for mineralisation.

 

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Figure 16: Section through 10,200mE Local Grid showing high-grade
intersections for ARC366 and ARC376. Refer to Figure 15 for section location.

Logging of holes ARC395, 396 and 367 showed that the NE holes encountered a
major fault zone and intersected pelites and black shales. Hole ARC395 showed
presence of sulphides associated with fuchsite with silicification and
sericite alteration.

An additional hole ARC403 had intersected sulphides (Figure 17) consistent
with those in the high-grade zones to the south, meaning that the mineralised
envelops had 'stepped' over to the west, in true en echelon form.

 

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Figure 17: Sulphide occurrence in ARC403 comprising pyrite and pyrrhotite.

Not only is it common for mineralised structures to anastomose downdip, they
also tend to stagger or step sideways within the confined margins of the NW
zones.

It appears that the Crosscut Zone is copper-rich, with zones of higher-grade
Au. Table 4 shows the results for the Crosscut Zone.

Table 4: Significant assay results for the Crosscut Zone for drill holes
received during the reporting period.

 SIGNIFICANT MINERALISED INTERSECTION FOR CROSSCUT DRILLING
 refer to ASX announcement 11th of July 2022
 8m @ 0.4% Cu, 0.55g/t Au, 0.061% Co, from 40m; Hole ARC366
 6m @ 0.4% Cu, 0.25g/t Au, 0.036% Co, from 72m; Hole ARC366
 8m @ 2.35% Cu, 5.01g/t Au, 0.4% Co, from 83m; ARC366
 Incl: 1m @ 4.03% Cu, 9.04g/t Au, 0.377% Co, from 83m
 Incl: 1m @ 9.02% Cu, 11.25g/t Au, 1.265% Co, from 85m
 8m @ 0.98% Cu, 0.96g/t Au, 0.149% Co, from 167m; ARC367
 1m @ 1.64% Cu, 0.02g/t Au, 0.004% Co, from 227m; ARC369
 1m @ 1.00% Cu, 3.41g/t Au, 0.082% Co, from 259m; ARC381
 13m @ 2.58% Cu, 0.62g/t Au, 0.057% Co, from 130m; ARC387
 Incl: 4m @ 7.59% Cu, 1.81g/t Au, 0.148% Co, from 131m
 4m @ 1.02% Cu, 0.76g/t Au, 0.016% Co, from 135m; ARC389
 15m @ 2.02% Cu, 0.63g/t Au, 0.171% Co, from 299m; ARC389
 Incl: 1m @ 6.29% Cu, 1.9g/t Au, 0.2% Co, from 300m
 Incl: 1m @ 6.32% Cu, 0.33g/t Au, 0.044% Co, from 307m
 Incl: 1m @ 3.4% Cu, 2.08g/t Au, 0.687% Co, from 309m
 9m @ 0.45% Cu, 0.34g/t Au, 0.074% Co, from 317m; ARC389
 1m @ 0.88% Cu, 2.91g/t Au, 0.029% Co, from 76m; ARC390
 6m @ 0.85% Cu, 0.26g/t Au, 0.027% Co, from 104m; ARC390
 Incl: 1m @ 3.47% Cu, 0.69g/t Au, 0.037% Co, from 107m
 4m @ 1.11% Cu, 0.39g/t Au, 0.099% Co, from 143m; ARC391

Additional holes drilled to test SAM Survey

A series of holes were drilled to the east of Crosscut to test additional
structures identified from magnetic interpretation and SAM survey anomalies.
These are shown in Figure 18.

No significant results were reported from holes ARC368, ARC370, ARC371,
ARC379, ARC380 and ARC381. It is noted that ARC370 and ARC371 had intersected
unusually high magnetite occurring as very fine layers within what has been
noted as a komatiite. Ni values are unusually consistent through this unit at
an average of around 0.14% Ni, with Cr showing a zonation, with high values of
around 0.125%

Ni and Cr shows a distinct segregation to the NE and indicates the presence of
ultramafics in the system, however not economically mineralised.

SAM was successful in identifying highly magnetic and conductive units to the
east of the Crosscut Zone.

 

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Figure 18: Drill collar location on background of SAM survey. Note the strong
to intense SAM anomaly to the east which has defined conductive ultramafic
rocks.

Carlow East Zone Drilling

These recent results have shown that the potential of the eastern zone lies in
depth extensions while further discoveries of offset high-grade shoots to the
south of the main East Zone will widen the mineralised area at depth.

Figure 19 shows the location of the collars for the programme along with
sections lines for the cross-sections presented in this announcement.

Reinterpretation of the Carlow Castle deposit suggests that high-grade
steeply-plunging shoots occur in the East Zone, which in turn potentially
identifies the East Zone as the feeder to the Carlow system. This
interpretation has enabled Artemis to plan drill targets with accuracy, with
the majority of the targets intersecting mineralisation returning excellent
results.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 19: Section lines and collar locations of holes for the East Zone.

Most of these results extend existing mineralised trends downward in the East
Zone, such as the results for ARC355 Section 507360mE as shown in Figure 20.
These results extend the current mineralised envelops 80 metres below the 2021
optimised pit outline.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 20: Hole ARC355 Section 507360 showing a series of mineralised
intervals down along the drill trace, well below the 2021 optimised pit
outline. This remains open at depth. The line traces highlight the low grade
halo with orange outlining the >0.25g/t Au trace and green outlining
>0.25% Cu as defined by implicit modelling. Refer to Figure 11 for location
of the section.

Other holes, such as ARC356,  shown on Section 507400mE; in Figure 21,
intersected another zone of high-grade of 6m @ 4.61g/t Au, 0.44% Cu, 0.02% Co
from 294m that effectively extends the current mineralised envelope 60 metres
below the 2021 optimisation pit.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 21: Hole ARC356 Section 507400mE showing significant intersections well
below the 2021 optimised pit outline, with mineralisation open at depth. This
section of the East Zone is near the Crosscut Zone, as shown by the
significant intersection in hole ARC344. The line traces highlight the low
grade halo with orange outlining the >0.25g/t Au trace and green outlining
>0.25% Cu as defined by implicit modelling. Refer to Figure 11 for location
of the section.

 

A thick interval of 20m @ 2.06g/t Au, 0.40% Cu, 0.254% Co from 258m is
particularly interesting, not just for the Au and Cu, but significant Co
values as well as shown in Figure 22.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 22: Hole ARC359 Section 507540mE highlighting the thick mineralised
intersection outside of the 2021 optimised pit outline. This mineralised trend
remains open down dip. The line traces highlight the low grade halo with
orange outlining the >0.25g/t Au trace and green outlining >0.25% Cu as
defined by implicit modelling. Refer to Figure 11 for location of the section.

 

Continuation of the mineralised trend can be seen in Figure 23 and Figure 24,
with significant values extending below the 2021 optimised pit outline. These
mineralised trends remain open at depth.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 23: Hole ARC357 Section 507570mE showing the wide interval of
mineralisation below the 2021 optimised pit. The line traces highlight the low
grade halo with orange outlining the >0.25g/t Au trace and green outlining
>0.25% Cu as defined by implicit modelling. Refer to Figure 11 for location
of the section.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 24: Hole ARC358 Section 507600mE showing the continuation of the
mineralisation at depth and well below the 2021 optimised pit outline. The
line traces highlight the low grade halo with orange outlining the >0.25g/t
Au trace and green outlining >0.25% Cu as defined by implicit modelling.
Refer to Figure 11 for location of the section.

Figure 25 places the sections into context, showing the various lodes that
make up the Carlow mineralised trend.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 25: Oblique view of the Carlow System looking northeast, displaying its
typical vein splay. New shoot developments occur on the western side of the
East Zone pit. Further drilling is required to extend these systems along
strike and down dip. Grid scale is approximately 300m.

Mineralisation on the East Zone is enveloped by a low-grade Cu-Au halo which
is likely a result of fracturing of the host rock during high-grade shoot
development. Grades of this halo are typically >0.25g/t Au and >0.25% Cu
but seem to be more confined than that of the West Zone.

Carlow West Zone Drilling

Five holes were drilled in the western zone, as shown in Figure 26 to test the
high-grade shoots geometry and assays for these holes are pending.

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 26: Location of Carlow West drill holes. Note trend of a NW structure
in the vicinity of ARC401. Yellow solids are Carlow mineralised polygons.

All holes except ARC400 intersected significant sulphide mineralisation with,
Figure 27, Figure 28 and Figure 29 showing some of the sulphide intervals for
the series of holes.

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 27: Sulphide mineralisation in Hole ARC398 from 99 to 103m

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 28: Mineralisation occurrence in ARC401 showing some 'massive' style of
sulphides

 

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 29: Additional mineralisation in hole ARC401 from 159 -160m

It is possible that hole ARC401 has intersected mineralisation obliquely that
is related to the NW structure as interpreted from magnetics.

Table 5 shows the significant intersections for the drilling competed in the
East and West Zones of the Carlow Main Area.

Table 5: Significant intervals for drill holes in the East and West Zone of
the Carlow Main Zone

 SIGNIFICANT MINERALISED INTERSECTION FOR MAIN ZONE DRILLING
 refer to ASX announcement 29th of November and 21st December 2022
 5m @ 1.73% Cu, 1.47g/t Au, 0.1% Co, from 67m; Hole ARC316
 Incl: 1m @ 3.15% Cu, 2.7g/t Au, 0.126% Co, from 71m; Hole ARC316
 5m @ 5.75% Cu, 2.67g/t Au, 0.057% Co, from 111m; Hole ARC316
 Incl: 2m @ 11.48% Cu, 5.07g/t Au, 0.067% Co, from 112m; Hole ARC316
 4m @ 1.09% Cu, 1.44g/t Au, 0.175% Co, from 140m; Hole ARC316
 13m @ 5.86% Cu, 0.21g/t Au, 0.137% Co, from 58m; Hole ARC317
 Incl: 4m @ 10.41% Cu, 0.28g/t Au, 0.228% Co, from 59m; Hole ARC317
 Incl: 2m @ 5.45% Cu, 0.37g/t Au, 0.163% Co, from 64m; Hole ARC317
 Incl: 3m @ 6.02% Cu, 0.2g/t Au, 0.082% Co, from 67m; Hole ARC317
 5m @ 1.25% Cu, 0.27g/t Au, 0.152% Co, from 175m; Hole ARC317
 Incl: 1m @ 3.75% Cu, 0.4g/t Au, 0.113% Co, from 177m; Hole ARC317
 2m @ 1.74% Cu, 0.78g/t Au, 0.182% Co, from 196m; Hole ARC317
 1m @ 1.22% Cu, 0.28g/t Au, 0.259% Co, from 206m; Hole ARC317
 3m @ 11.39% Cu, 6.82g/t Au, 0.063% Co, from 108m; Hole ARC318
 Incl: 2m @ 16.4% Cu, 9.72g/t Au, 0.09% Co, from 108m; Hole ARC318
 1m @ 1.04% Cu, 0.28g/t Au, 0.011% Co, from 120m; Hole ARC318
 3m @ 2.71% Cu, 2.83g/t Au, 0.058% Co, from 124m; Hole ARC318
 Incl: 1m @ 6.95% Cu, 4.74g/t Au, 0.054% Co, from 125m; Hole ARC318
 1m @ 3.03% Cu, 0.39g/t Au, 0.097% Co, from 152m; Hole ARC318
 2m @ 8.43% Cu, 0.5g/t Au, 0.475% Co, from 159m; Hole ARC318
 1m @ 2.08% Cu, 0.72g/t Au, 0.024% Co, from 30m; Hole ARC319
 1m @ 1.01% Cu, 0.32g/t Au, 0.066% Co, from 44m; Hole ARC319
 1m @ 1.02% Cu, 0.87g/t Au, 0.016% Co, from 111m; Hole ARC320
 1m @ 9.23% Cu, 0.85g/t Au, 0.026% Co, from 119m; Hole ARC320
 2m @ 1.06% Cu, 0.32g/t Au, 0.067% Co, from 130m; Hole ARC320
 2m @ 1.07% Cu, 0.17g/t Au, 0.103% Co, from 133m; Hole ARC320
 1m @ 2.74% Cu, 0.01g/t Au, 0.004% Co, from 235m; Hole ARC320
 1m @ 1.13% Cu, 0.18g/t Au, 0.005% Co, from 50m; Hole ARC321
 1m @ 1.12% Cu, 0.38g/t Au, 0.288% Co, from 135m; Hole ARC322
 2m @ 1.43% Cu, 1.08g/t Au, 0.221% Co, from 149m; Hole ARC322
 4m @ 1.03% Cu, 0.29g/t Au, 0.204% Co, from 24m; Hole ARC323
 1m @ 3.47% Cu, 0.14g/t Au, 0.021% Co, from 260m; Hole ARC323
 2m @ 1.97% Cu, 0.21g/t Au, 0.021% Co, from 266m; Hole ARC323
 1m @ 1.9% Cu, 0.08g/t Au, 0.032% Co, from 112m; Hole ARC324
 1m @ 1.24% Cu, 1.4g/t Au, 0.061% Co, from 151m; Hole ARC324
 2m @ 1.79% Cu, 0.47g/t Au, 0.055% Co, from 159m; Hole ARC324
 1m @ 2.5% Cu, 0.47g/t Au, 0.113% Co, from 180m; Hole ARC324
 4m @ 1.12% Cu, 0.11g/t Au, 0.062% Co, from 188m; Hole ARC324
 1m @ 1.12% Cu, 0.2g/t Au, 0.039% Co, from 146m; Hole ARC325
 8m @ 1.32% Cu, 0.21g/t Au, 0.092% Co, from 177m; Hole ARC325
 Incl: 1m @ 4.7% Cu, 0.69g/t Au, 0.355% Co, from 181m; Hole ARC325
 SIGNIFICANT MINERALISED INTERSECTION FOR MAIN ZONE DRILLING
 4m @ 1.18% Cu, 3.96g/t Au, 0.102% Co, from 104m; Hole ARC326
 1m @ 3.76% Cu, 0.18g/t Au, 0.202% Co, from 160m; Hole ARC326
 2m @ 1.09% Cu, 0.13g/t Au, 0.005% Co, from 292m; Hole ARC326
 1m @ 1.27% Cu, 1.08g/t Au, 0.013% Co, from 84m; Hole ARC327
 2m @ 3.07% Cu, 5.34g/t Au, 0.256% Co, from 118m; Hole ARC327
 Incl: 1m @ 3.98% Cu, 3.36g/t Au, 0.178% Co, from 119m; Hole ARC327
 3m @ 4.22% Cu, 1.18g/t Au, 0.238% Co, from 127m; Hole ARC327
 Incl: 1m @ 9.29% Cu, 1.39g/t Au, 0.474% Co, from 127m; Hole ARC327
 3m @ 1.49% Cu, 0.68g/t Au, 0.111% Co, from 138m; Hole ARC327
 1m @ 1.1% Cu, 3.08g/t Au, 0.043% Co, from 248m; Hole ARC334
 2m @ 3.73% Cu, 0.03g/t Au, 3.211% Co, from 256m; Hole ARC334
 5m @ 3.92% Cu, 1.22g/t Au, 0.05% Co, from 275m; Hole ARC334
 1m @ 1.3% Cu, 1.51g/t Au, 0.505% Co, from 168m; Hole ARC335
 3m @ 1.01% Cu, 0.11g/t Au, 0.163% Co, from 184m; Hole ARC335
 1m @ 1.65% Cu, 0.15g/t Au, 0.126% Co, from 150m; Hole ARC337
 1m @ 2.4% Cu, 0.33g/t Au, 0.072% Co, from 160m; Hole ARC337
 10m @ 1.6% Cu, 2.11g/t Au, 0.34% Co, from 16m; Hole ARC338
 Incl: 2m @ 4.23% Cu, 3.51g/t Au, 0.893% Co, from 16m; Hole ARC338
 2m @ 1.13% Cu, 1.33g/t Au, 0.209% Co, from 36m; Hole ARC338
 13m @ 5.95% Cu, 5g/t Au, 0.689% Co, from 42m; Hole ARC338
 Incl: 5m @ 8.31% Cu, 8.1g/t Au, 0.659% Co, from 42m; Hole ARC338
 Incl: 4m @ 8.42% Cu, 5.46g/t Au, 1.337% Co, from 50m; Hole ARC338
 4m @ 2.59% Cu, 0.95g/t Au, 0.024% Co, from 80m; Hole ARC338
 Incl: 1m @ 5.98% Cu, 1.6g/t Au, 0.019% Co, from 83m; Hole ARC338
 3m @ 1.14% Cu, 2.31g/t Au, 0.161% Co, from 100m; Hole ARC338
 1m @ 1.46% Cu, 4g/t Au, 0.029% Co, from 39m; Hole ARC340
 5m @ 1.22% Cu, 1.69g/t Au, 0.024% Co, from 47m; Hole ARC340
 Incl: 1m @ 3.76% Cu, 1.83g/t Au, 0.023% Co, from 49m; Hole ARC340
 5m @ 1.66% Cu, 0.78g/t Au, 0.015% Co, from 57m; Hole ARC340
 Incl: 1m @ 5.22% Cu, 1.18g/t Au, 0.02% Co, from 60m; Hole ARC340
 1m @ 2.14% Cu, 0.09g/t Au, 0.102% Co, from 95m; Hole ARC340
 1m @ 2.4% Cu, 7.05g/t Au, 0.082% Co, from 129m; Hole ARC340
 1m @ 4.87% Cu, 0.02g/t Au, 0.003% Co, from 158m; Hole ARC340
 3m @ 5.29% Cu, 0.8g/t Au, 0.185% Co, from 111m; Hole ARC342
 Incl: 2m @ 6.68% Cu, 1.1g/t Au, 0.209% Co, from 112m; Hole ARC342
 7m @ 1.9% Cu, 2.35g/t Au, 0.098% Co, from 126m; Hole ARC342
 Incl: 1m @ 8.53% Cu, 11.25g/t Au, 0.175% Co, from 126m; Hole ARC342
 1m @ 1.17% Cu, 1.42g/t Au, 0.549% Co, from 180m; Hole ARC342
 1m @ 1.52% Cu, 2.39g/t Au, 0.477% Co, from 227m; Hole ARC342
 2m @ 19.36% Cu, 1.58g/t Au, 0.051% Co, from 243m; Hole ARC342
 2m @ 2.75% Cu, 0.42g/t Au, 0.009% Co, from 87m; Hole ARC344
 Incl: 1m @ 4.9% Cu, 0.33g/t Au, 0.009% Co, from 87m; Hole ARC344
 22m @ 2.23% Cu, 1.39g/t Au, 0.457% Co, from 247m; Hole ARC344
 Incl: 4m @ 4.15% Cu, 1.78g/t Au, 0.517% Co, from 250m; Hole ARC344
 Incl: 1m @ 4.89% Cu, 1.16g/t Au, 0.831% Co, from 258m; Hole ARC344
 Incl: 4m @ 2.94% Cu, 2.08g/t Au, 0.978% Co, from 262m; Hole ARC344
 7m @ 5.23% Cu, 0.74g/t Au, 0.054% Co, from 286m; Hole ARC344
 Incl: 4m @ 7.65% Cu, 1.15g/t Au, 0.058% Co, from 286m; Hole ARC344
 SIGNIFICANT MINERALISED INTERSECTION FOR MAIN ZONE DRILLING
 2m @ 1.83% Cu, 0.44g/t Au, 0.02% Co, from 73m; Hole ARC349
 1m @ 1.23% Cu, 0.47g/t Au, 0.007% Co, from 132m; Hole ARC349
 3m @ 2.78% Cu, 0.54g/t Au, 0.032% Co, from 139m; Hole ARC349
 Incl: 1m @ 7.17% Cu, 1.13g/t Au, 0.045% Co, from 140m; Hole ARC349
 1m @ 1.18% Cu, 0.17g/t Au, 0.016% Co, from 160m; Hole ARC349
 3m @ 1.57% Cu, 1.7g/t Au, 0.008% Co, from 228m; Hole ARC349
 1m @ 1.82% Cu, 0.14g/t Au, 0.02% Co, from 15m; Hole ARC350
 1m @ 3.15% Cu, 0.78g/t Au, 0.11% Co, from 42m; Hole ARC350
 5m @ 3.51% Cu, 1.39g/t Au, 0.173% Co, from 47m; Hole ARC350
 Incl: 1m @ 10.9% Cu, 3.59g/t Au, 0.012% Co, from 47m; Hole ARC350
 Incl: 1m @ 4.31% Cu, 1.07g/t Au, 0.614% Co, from 50m; Hole ARC350
 1m @ 1.98% Cu, 2.88g/t Au, 0.021% Co, from 78m; Hole ARC350
 1m @ 1.16% Cu, 0.96g/t Au, 0.1% Co, from 171m; Hole ARC350
 6m @ 1.38% Cu, 0.62g/t Au, 0.1% Co, from 42m; Hole ARC351
 1m @ 1.63% Cu, 4.27g/t Au, 0.014% Co, from 249m; Hole ARC352
 2m @ 4.87% Cu, 0.01g/t Au, 0.006% Co, from 68m; Hole ARC353
 2m @ 1.49% Cu, 0.07g/t Au, 0.005% Co, from 122m; Hole ARC353
 1m @ 1.2% Cu, 1.36g/t Au, 0.302% Co, from 314m; Hole ARC353
 1m @ 3.89% Cu, 1.38g/t Au, 0.582% Co, from 298m; Hole ARC354
 1m @ 3.54% Cu, 0.4g/t Au, 0.006% Co, from 211m; Hole ARC355
 3m @ 1.45% Cu, 0.59g/t Au, 0.011% Co, from 215m; Hole ARC355
 1m @ 1.33% Cu, 2.01g/t Au, 0.008% Co, from 237m; Hole ARC355
 3m @ 21.91% Cu, 0.8g/t Au, 0.009% Co, from 246m; Hole ARC355
 Incl: 2m @ 31.63% Cu, 1.1g/t Au, 0.011% Co, from 246m; Hole ARC355
 Incl: 1m @ 53.1% Cu, 1.27g/t Au, 0.01% Co, from 246m; Hole ARC355
 5m @ 1.31% Cu, 0.18g/t Au, 0.121% Co, from 283m; Hole ARC355
 2m @ 11.93% Cu, 0.67g/t Au, 0.025% Co, from 199m; Hole ARC356
 1m @ 6.23% Cu, 1.05g/t Au, 0.01% Co, from 231m; Hole ARC356
 1m @ 1.24% Cu, 0.47g/t Au, 0.009% Co, from 254m; Hole ARC356
 6m @ 4.61% Cu, 0.44g/t Au, 0.019% Co, from 294m; Hole ARC356
 Incl: 1m @ 3.33% Cu, 0.12g/t Au, 0.013% Co, from 294m; Hole ARC356
 Incl: 2m @ 5.75% Cu, 0.42g/t Au, 0.015% Co, from 296m; Hole ARC356
 Incl: 1m @ 7.22% Cu, 1.05g/t Au, 0.04% Co, from 299m; Hole ARC356
 1m @ 1.12% Cu, 0.03g/t Au, 0.005% Co, from 185m; Hole ARC357
 11m @ 1.69% Cu, 0.49g/t Au, 0.256% Co, from 246m; Hole ARC357
 Incl: 2m @ 6.68% Cu, 0.75g/t Au, 0.916% Co, from 246m; Hole ARC357
 1m @ 1.21% Cu, 1.38g/t Au, 0.011% Co, from 294m; Hole ARC357
 1m @ 1.1% Cu, 0.03g/t Au, 0.004% Co, from 315m; Hole ARC357
 1m @ 25.1% Cu, 0.43g/t Au, 0.009% Co, from 245m; Hole ARC358
 5m @ 1.71% Cu, 0.46g/t Au, 0.069% Co, from 262m; Hole ARC358
 Incl: 1m @ 3.77% Cu, 0.57g/t Au, 0.016% Co, from 266m; Hole ARC358
 20m @ 2.06% Cu, 0.4g/t Au, 0.254% Co, from 258m; Hole ARC359
 Incl: 3m @ 8.78% Cu, 1.18g/t Au, 1.14% Co, from 258m; Hole ARC359
 Incl: 7m @ 1.16% Cu, 0.38g/t Au, 0.128% Co, from 267m; Hole ARC359
 2m @ 1.31% Cu, 6g/t Au, 0.014% Co, from 274m; Hole ARC361
 1m @ 2.33% Cu, 0.36g/t Au, 0.05% Co, from 330m; Hole ARC361
 6m @ 1.01% Cu, 1.81g/t Au, 0.027% Co, from 351m; Hole ARC361
 1m @ 1.42% Cu, 0.54g/t Au, 0.018% Co, from 198m; Hole ARC362
 1m @ 4.85% Cu, 4.72g/t Au, 0.059% Co, from 224m; Hole ARC362

 

Quod Est Zone

The Quod Est Zone mineralisation trends north-northeast, with a steep plunge
dipping to the southeast, controlled by a gabbro/basalt contact. Collar
locations are shown in Figure 30.

Results for this drilling have returned 5m @ 2.90g/t Au, 0.62% Cu, 0.010% Co
from 79m which includes 1m @ 7.14g/t Au, 1.26% Cu, 1.095% Co from 80m (Hole
ARC323) and 4m @ 2.02g/t Au, 0.72% Cu, 0.263% Co which includes 1m @ 3.27g/t
Au, 1.12% Cu, 0.365% Co from 104m (Hole ARC333). Additional results are shown
in Table 6.

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 30: Drill collar locations for the drilling at Quod Est Zone.

Table 6: Significant Intersections for the Quod Est Drill Holes

 SIGNIFICANT MINERALISED INTERSECTION FOR QUOD EST DRILLING
 refer to ASX announcement 29th of November
 2m @ 1.64g/t Au, 0.88% Cu, 0.149% Co, from 46m; Hole ARC329
 3m @ 3.14g/t Au, 0.43% Cu, 0.383% Co, from 111m; Hole ARC330
 Incl; 1m @ 6.54g/t Au, 0.72% Cu, 0.766% Co, from 112m; Hole ARC330
 3m @ 3.8g/t Au, 4.06% Cu, 1.563% Co, from 121m; Hole ARC330
 Incl; 2m @ 4.52g/t Au, 4.99% Cu, 1.855% Co, from 121m; Hole ARC330
 1m @ 1.93g/t Au, 0.25% Cu, 0.01% Co, from 127m; Hole ARC330
 1m @ 1.24g/t Au, 2.09% Cu, 0.071% Co, from 146m; Hole ARC331
 5m @ 2.9g/t Au, 0.62% Cu, 0.551% Co, from 79m; Hole ARC332
 Incl; 1m @ 7.14g/t Au, 1.26% Cu, 1.095% Co, from 80m; Hole ARC332
 Incl; 1m @ 3.33g/t Au, 0.61% Cu, 0.119% Co, from 82m; Hole ARC332
 1m @ 4.35g/t Au, 0.77% Cu, 1.69% Co, from 96m; Hole ARC332
 4m @ 2.02g/t Au, 0.72% Cu, 0.263% Co, from 102m; Hole ARC333
 Incl; 1m @ 3.27g/t Au, 1.12% Cu, 0.365% Co, from 104m; Hole ARC333

 

 

DRILLING AT CHAPMAN PROSPECT

Chapman lies ~1km southeast of Carlow Castle as shown in Figure 8. The
drilling at Chapman was completed as part of the last phase of the 14,725
metre RC program, which was completed in September 2021. These holes are
prefixed with 'GLC' and are shown in Figure 31.

 

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(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 31: Location of drill collars and simplified geology for the Chapman
Prospect. Direction of drill label does not reflect the drill direction. Q3
2021 drilling is prefixed GLC, Q1 2022 drilling prefixed ARC.

These holes were planned to test various Versatile Time Domain Electromagnetic
(VTEM) plates with several holes intersecting low levels of copper and nickel.

 GLC007 was targeting a VTEM plate that was isolated and seemed 'off-trend'.
Significant sulphides (up to 15%) were intersected, comprising predominately
of pyrite and pyrrhotite, hosted in quartz veining. GLC007 has returned values
of 10m @ 3.40% Cu, 1.75g/t Au, 24.65g/t Ag from 116m, including: 5m @ 6.23%
Cu, 3.01g/t Au, 45.32g/t Ag, from 117m and 3m @ 1.73% Cu, 1.04g/t Au, 12.67g/t
Ag from 138m.

The significant intersection in GLC007 and coincident VTEM plate is shown in
Figure 32 with Table 7 showing significant results.

http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2067B_1-2022-9-29.pdf)

Figure 32: Slight oblique section looking northeast along the drill trace of
GLC007 showing the location of the high-grade intersections in relation to the
VTEM plates.

Table 7: Significant intersections for holes drilled in the Chapman Prospect.

 SIGNIFICANT MINERALISED INTERSECTION FOR CHAPMAN DRILLING
 refer to ASX announcement 06th of December
 2m @ 0.02g/t Au, 0.56% Cu, 2.9g/t Ag, from 129m; Hole GLC003
 1m @ 0.02g/t Au, 0.81% Cu, 3.6g/t Ag, from 125m; Hole GLC004
 3m @ 0.01g/t Au, 0.65% Cu, 3.17g/t Ag, from 81m; Hole GLC005
 3m @ 0.02g/t Au, 0.69% Cu, 3.8g/t Ag, from 101m; Hole GLC005
 Incl; 1m @ 0.04g/t Au, 1.08% Cu, 6.1g/t Ag, from 102m; Hole GLC005
 3m @ 0.01g/t Au, 0.5% Cu, 2.23g/t Ag, from 17m; Hole GLC006
 4m @ 0.28g/t Au, 0.56% Cu, 2.33g/t Ag, from 56m; Hole GLC006
 Incl; 1m @ 0.85g/t Au, 1.04% Cu, 4.8g/t Ag, from 58m; Hole GLC006
 3m @ 0.02g/t Au, 0.6% Cu, 3.43g/t Ag, from 126m; Hole GLC006
 1m @ 0.06g/t Au, 0.51% Cu, 2.4g/t Ag, from 80m; Hole GLC007
 10m @ 1.75g/t Au, 3.41% Cu, 24.65g/t Ag, from 116m; Hole GLC007
 Incl; 5m @ 3.01g/t Au, 6.23% Cu, 45.32g/t Ag, from 117m; Hole GLC007
 3m @ 1.04g/t Au, 1.73% Cu, 12.67g/t Ag, from 138m; Hole GLC007
 Incl; 2m @ 1.28g/t Au, 2.28% Cu, 16.65g/t Ag, from 139m; Hole GLC007

 

In addition to the drilling, 52 x Ultrafine Fraction (UFF) soils were taken on
a 200 x 50m grid to assist in identifying the structures that may host
mineralisation as illustrated in Figure 33.

It can be seen that the higher Cu values in the UFF soils fall within an
interpreted structural corridor that trends to the northwest.

 

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Figure 33: Image showing the first pass UFF soil sampling for Cu values, which
are highlighting a NW trend. Note that the significant Cu values occur within
the two inferred bounding structures, also trending to the NW. Hole GLC007 is
highlighted with its significant result, using a 0.3% Cu cut off. Image is mag
2VD with draped satellite image.

 

Additional holes were planned to test not only the VTEM targets but also the
structural trend as interpreted from magnetics. A total of 11 holes for 2,878m
was completed, of which one hole was diamond core for 132.9m. A total of 2,784
samples, including QAQC was sent for analysis.

These are shown in Figure 35 and are prefixed ARC.

A total of 11 holes for 2,507m was completed, of which one hole was diamond
core for 103.8m. A total of 2,784 samples, including QAQC was sent for
analysis.

Post period the assay results were released in ASX release dated 13 September
2022 "Chapman Prospect - Copper Nickel System Identified".

 

Little Fortune Prospect

Drilling here is also targeting VTEM plates, along with trends as defined by
geological exposure. A total of 7 holes for 2,017 metres was drilled. Location
of the collars are shown in Figure 34.

Several holes were cased with PVC to enable any future downhole geophysics.

Sulphides were also encountered downhole, coincident with VTEM plates, however
no significant results were encountered in these holes.

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Figure 34: Diagram showing collar locations and simply geology for the Little
Fortune Prospect.

 

Geophysical Surveys

Downhole Electromagnetic Surveys (DHEM)

Downhole EM surveying was carried out in one drillhole at the Chapman (Good
Luck) Prospect (GLCC005, Figure 35) two drillholes at the Thorpe (Little
Fortune) Prospect (drillholes LFRC002 and LFRC005, Figure 36) and to follow-up
copper mineralisation intersected in these drillholes as well as EM sources
related to modelled VTEM conductor plate targets.

The DHEM surveys were designed by Resource Potentials, and Gap Geophysics Pty
Ltd were awarded the survey contract, with the DHEM survey successfully
completed in November 2021.

 

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Figure 35: Location of drillhole GL005 and LF005 at the Chapman prospect,
which was DHEM surveyed. The location of the transmitter loop used for the
survey is also shown, in blue. The drillhole trace is coloured according to Cu
(ppm).

 

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Figure 36: Location of drillholes LF005 and LF005 at the Thorpe prospect,
which were DHEM surveyed. The location of the transmitter loop used for the
survey is also shown. The drillhole trace is coloured according to Cu (ppm).

Results

Downhole electromagnetic surveying in drillholes LFRC002 and LFRC005 resolved
anomalous off-hole DHEM responses which was modelled with a steep NW dip and a
moderate conductance of 850 siemens.

The up-dip projection of the modelled EM conductor plate coincides with
elevated copper intersections in drillhole LFRC006, as well as modelled DDIP
chargeability anomaly responses, and this zone has not been intersected by
existing drilling.

A very small in-hole DHEM anomaly response was resolved in drillhole LFRC002,
but no follow-up drill targeting is recommended for this this very small
conductor source. DHEM data from drillhole LFRC002 also suggest that there
could be an off-hole and far-field conductor source located to the northeast
of the drill trace. DHEM conductor plate modelling was attempted, but not
finalised due to the anomaly response only being by one receiver component,
and EM conductor plate modelling could not be reliably completed.
Interpretation of VTEM data and other ground-based EM surveys could be carried
out to look for the source of this far-field EM anomaly.

 

Surface Sampling

A total of 339 soil samples were analysed during the reporting period.

A survey comprising 75 soil samples was undertaken on tenement P47/1622, just
east of the Sing Well prospect, just prior to the reporting period. Samples
were collected at 50m intervals along north-south orientated traverses spaced
150m apart (Figure 37).

Samples comprised 100-200g material that was collected at a depth of 15cm
below the ground surface and sieved to minus 2mm. These samples were analysed
early in the 2021-22 reporting year.

 

 

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Figure 37: Soil sampling localities on tenement P47/1622. Location of the
tenement is shown in Figure 7.

 

A soil sampling program using Ultrafine+ Fraction (UFF) methodology was
completed over the Carlow Castle Main zone (52 samples), Chapman (Good Luck,
104 samples), Thorpe (Little Fortune, 35 samples) and Carlow West (69
samples).

A total of 264 samples have been collected, as shown in Figure 38. Samples
have been collected over the Carlow Castle Main Zone as an orientation survey
to compare the assay variability with the previously obtained results from the
ionic leach method of ALS.

Results

The survey undertaken on tenement P47/1622 returned one sample (GB378) with a
spectacular result of 10.9ppm Au. This sample also returned 1.02ppm Ag.
Samples GB372 and GB373 to the west-southwest of this sample also returned
highly anomalous gold of 0.109ppm and 0.508ppm, respectively.

The ultrafine soil sampling results define regional structures responsible for
hosting mineralisation and appears coincident with a regional magnetic trend.
The survey over the Carlow Main grid (200 x 50m grid), highlights elevated
copper within an interpreted northwesterly trending structural corridor.

 

 

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Figure 38: Overview map showing the distribution of UFF soil sampling that
cover the Carlow Castle, Chapman and Thorpe (Little Fortune) areas.

MINERAL RESOURCE ESTIMATIONS

The current mineral resource as released by CSA Global is shown in Table 8
below.

Table 8: Carlow Main Mineral Resources by classification reported above a
cut-off of 0.3g/t AuEq and within an optimised shell (as of 19(th) of May
2021).

 

Work has commenced on updating the interpretation for Carlow Castle which will
allow for effective geological control through definition of high-grade shoots
and structures. The aim of this reinterpretation is to increase the tonnage
and grade through effective drill targeting and Artemis releasing an updated
robust mineral resource. The new model will enable target generation, adding
additional drill targets, to allow step out drilling while adding ounces to a
currently increasing resource base. Figure 39 shows the Carlow lodes currently
being updated.

The recent drill program centred on the Carlow Main, Quod Est and Crosscut
Zones was designed to test the new interpretation, with assays results
reflecting the interpretation.

 

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Figure 39: Plan view of the various lodes for the Carlow system, which is
currently in progress.

In accordance with Listing Rule 5.23.2, Artemis confirms that it is not aware
of any new information or data that materially affects the information
included in the Annual Mineral Resources Statement above, and that in the case
of mineral resources that all material assumptions and technical parameters
underpinning the estimates in the Annual Mineral Resources Statement continue
to apply and have not materially changed.

Material Changes and Resource Statement Comparison

The Company during this year has continued to review and report its mineral
resources at least annually and provide an Annual Mineral Resources Statement.
The date of reporting is 30 June each year, to coincide with the Company's end
of financial year balance date. If there are any material changes to its
mineral resources over the course of the year, the Company is required to
promptly report these changes. In completing the annual review for the year
ended 30 June 2022, the historical resource factors for Projects were reviewed
and found to be relevant and current, as at that date.

Governance Arrangements and Internal Controls

Artemis has ensured that the mineral resources quoted are subject to good
governance arrangements and internal controls. The mineral resources reported
have been generated by independent external consultants who are experienced in
best practices in modelling and estimation methods. The consultants have also
undertaken reviews of the quality and suitability of the underlying
information used to generate the resource estimation. In addition, Artemis'
management carries out regular reviews of internal processes and external
contractors that have been engaged by the Company.

The Carlow Castle mineral resource was compiled in accordance with the
'Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves' (JORC Code) 2012 Edition.

 

RADIO HILL

Downhole Electromagnetic Surveys

Downhole electromagnetic surveying was undertaken during November-December
2021 by Gap Geophysics Australia Pty Ltd. Two historical diamond holes at
Radio Hill were selected for surveying, these being 07RHDD080 and 08RHRCD103
(Figure 40). The latter was replaced by drillhole 08RHRCD108 when a pre-survey
check showed that the hole 07RHDD080 was blocked at 70m downhole. A total of
1,157.12m was surveyed.

Drillhole 07RHDD080 was drilled in 2007 and intersected 0.68m at 3.66% Ni from
324m. Downhole EM surveying was originally completed in 2007 in this drillhole
using a high transmitter frequency of 5Hz and a low-power system compared to
modern standards. The historic DHEM survey identified a small in-hole anomaly
response at 325m downhole, coincident with the nickel sulphide intersection. A
very subtle deeper response was also observed within the noise envelope that
may be associated with a far-field conductor located east of the drillhole.

Drillhole 08RHRCD108 was drilled in 2008. The drillhole did not intersect any
significant nickel sulphide mineralisation and was not historically DHEM
surveyed.

The new DHEM survey in drillhole 07RHDD080 identified a short wavelength
anomaly at 325m downhole, coincident with the known nickel sulphide
mineralisation intersected in the drillhole but did not detect a far-field
anomaly. The modelled conductor plate has approximate dimensions of 20m by
15m.

No follow-up work is recommended based on the DHEM results in drillhole
07RHDD080. No anomalies of interest were identified in the DHEM survey data
from drillhole 08RHRCD108, and no follow-up is recommended based on these DHEM
survey data.

Radio Hill mine and plant remain on care and maintenance.

 

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Figure 40: Downhole electromagnetic survey loops and drill hole locations that
underwent the survey.

WHUNDO

The Whundo Project is located approximately 40 kilometres south-southwest of
Karratha in the West Pilbara Region of Western Australia and is approximately
12.5 kilometres southeast of the Radio Hill nickel plant.

In the March quarter, a total 3,768m was drilled at Whundo, with 25 holes
completed.

The drilling was focused on testing for lateral and deeper extensions to the
eastern and western lobes of the Whundo deposit and including untested
magnetic and conductor targets in proximity to the Whundo Mine.

To assist with future drill targeting at Whundo the deeper drill holes have
been prepared for Down Hole EM Surveying (DHEM). GreenTech moved to 100%
ownership of Whundo during the June quarter following satisfaction of the
earn-in expenditure commitments.

 

Tenements

Artemis current tenement listing are shown in Table 9. Refer to Figure 7 for
locations.

Table 9: Tenement holdings for Artemis Resources as of June 2022

 Tenement      Status               Holder   Affiliate         Name                 Code                 Size
 E47/3719      Granted              Artemis  Acnco Res Ltd     Karratha - ARV JV    C183/2008 Cherratta  16 Bks
 L47/163       Granted              Artemis  Acnco Res Ltd     Whundo                                    4.83 Ha
 M47/7         Granted              Artemis  Acnco Res Ltd     Radio Hill - ARV JV  C93/2003 Radio Hill  935.1 Ha
 M47/9         Granted              Artemis  Acnco Res Ltd     Whundo               C93/2003 Radio Hill  4.8505 Ha
 L47/781       Application  Artemis          Artemis Res. Ltd  Karratha - ARV JV                         21.6 Ha
 L47/782       Application          Artemis  Artemis Res. Ltd  Karratha - ARV JV                         46.3 Ha
 E45/5276      Granted              Artemis  Artemis Res. Ltd  Telfer                                    189 Blks
 E47/1746      Granted              Artemis  Artemis Res. Ltd  Cherratta - ARV JV   C183/2008 Cherratta  42 Blks
 E47/1797      Granted              Artemis  Artemis Res. Ltd  Cherratta - ARV JV   C183/2008 Cherratta  10 Blks
 E47/3361      Granted              Artemis  Artemis Res. Ltd  Elysian/Hard Rock    C122/2018 Elysian    5 Blks
 L47/93        Granted              Artemis  Artemis Res. Ltd  Karratha - ARV JV                         7.02 Ha
 L7922-1989-5  Granted              Artemis  Artemis Res. Ltd  Radio Hill - ARV JV
 M47/161       Granted              Artemis  Artemis Res. Ltd  Radio Hill - ARV JV  C93/2003 Radio Hill  990.8 Ha
 M47/337       Granted              Artemis  Artemis Res. Ltd  Radio Hill - ARV JV  C93/2003 Radio Hill  182.8 Ha
 P47/1622      Granted              Artemis  Artemis Res. Ltd  Cherratta - ARV JV   C183/2008 Cherratta  96.87 Ha
 P47/1972      Granted              Artemis  Artemis Res. Ltd  Cherratta - ARV JV                        150.94 Ha

 

Corporate

AIM-listing

On 7 February 2022 the company was admitted to the aim market of the London
stock exchange and its shares commenced trading under the symbol AIM:ARV. The
company maintains its primary listing on the ASX.

Capital Raising

On 27 January 2022, as part of its listing on the AIM market of the London
Stock Exchange, the Company raised, in aggregate, gross proceeds of £5
million (~A$9.5m) through the placing of 133,333,333 Placing Shares and
Subscription Shares to certain institutional and other investors at a price of
3.75 pence (~7.1 cents) per share.

Project Sales and Tenement Agreements

GreenTech Metals Limited (GreenTech) exercised its Option to acquire certain
non- core projects from Artemis in December 2021 and listed on the ASX on 4
January 2022.

GreenTech acquired the Elysian Project, Ruth Well Project, Nickol River
Project and Weerianna Project from Artemis for a consideration of 6,750,000
shares in GreenTech or 14.84% of the ordinary shares and a $250,000
reimbursement in cash of exploration expenses.

In addition, the Company entered into the following farm-in agreements.
Farm-In and JV Agreement with Artemis Resources Limited subsidiary KML No 2
Pty Ltd:  GreenTech can earn up to 51% interest and establish an
unincorporated joint venture in the Osborne Nickel Project.

Farm-In and JV Agreement with Artemis Resources Limited subsidiary Fox Radio
Hill Pty Ltd: GreenTech can earn up to 100% interest in the Whundo Project. If
GreenTech earn less than 100% interest in the Whundo Project, an
unincorporated joint venture will be established.

On 22 March 2022 Artemis completed the sale of its 70% interest in the Munni
Munni JV.

Artemis received A$250,000 in cash and was issued 358,617,818 ordinary shares
in Alien Metals PLC (LSE AIM:UFO) (A$4,650,000 worth of shares at a deemed
VWAP of 0.699p per share).

Board Changes

The Board welcomed Dr Simon Dominy as a Director on 1 July 2021. Dr Dominy is
Adjunct Professor at the Western Australian School of Mines (WASM), Curtin
University, and a Visiting Associate Professor at the Camborne School of Mines
(CSM), University of Exeter, UK.

A mining geologist-engineer with over 25 years' experience, Dr Dominy has
since 2015 been working with a number of private and listed entities
developing/operating gold projects including: MG Gold Ltd; Novo Resources
Corporation (TSV: NVO); Scotgold Resources Ltd (AIM: SGZ) and OCX Gold Group.

Between 2004-2014 he was an Executive Consultant/General Manager with the
Snowden Group based in Australia and UK, including two years contracted out to
LionGold Corporation (SGX: A78).

Simon is a Fellow of the Australasian Institute of Mining and Metallurgy
("FAusIMM") and the Australian Institute of Geoscientists ("FAIG").

Mr Guy Robertson, Company Secretary, was appointed a Director on 17 January
2022.

 

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR
THE YEAR ENDED 30 JUNE 2022

                                                                Consolidated
                                                                30 June 2022         30 June 2021
                                                         Notes  $                    $
 Revenue                                                 3      33,389               133,815

 Cost of sales                                                  -                    (38,617)
 Fair value (loss)/gain on financial assets              9      (165,883)            708,289
 Profit on disposal of exploration expenditure           13     1,734,962            9,946
 Personnel costs                                                (313,386)            (56,375)
 Occupancy costs                                                (94,142)             (33,540)
 Legal fees                                                     (31,638)             (546,610)
 Consultancy costs                                              (626,247)            (471,802)
 Compliance and regulatory expenses                      4      (1,482,494)          (140,710)
 Directors' fees                                                (616,804)            (920,675)
 Travel                                                         (53,842)             (9,440)
 Marketing expenses                                             (103,295)            (232,106)
 Borrowing costs                                                -                    (28,461)
 Other expenses                                                 (461,931)            (342,811)
 Project and exploration expenditure write off           13     (4,696,301)          (7,113,105)
 Share-based payments                                    25     (112,200)            (1,401,000)
 Foreign exchange loss                                          (539,533)            (409)
 LOSS BEFORE INCOME TAX                                         (7,529,345)          (10,483,611)
 Income tax expense/benefit                              5      -                    -
 LOSS FOR THE YEAR                                              (7,529,345)          (10,483,611)
 Other comprehensive income, net of tax                         -                    -
 TOTAL COMPREHENSIVE LOSS FOR THE YEAR                          (7,529,345)          (10,483,611)

 LOSS FOR THE YEAR ATTRIBUTABLE TO:
 Owners of the parent entity                                    (7,529,345)          (10,483,611)

 TOTAL COMPREHENSIVE LOSS FOR THE YEAR ATTRIBUTABLE TO:
 Owners of the parent entity                                    (7,529,345)          (10,483,611)

 Basic loss per share - cents                            23     (0.58)               (0.93)
 Diluted loss per share - cents                          23     (0.58)               (0.93)

 

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 2022

                                              Consolidated

                                              30 June 2022                    30 June 2021
                                         Notes         $                               $
 CURRENT ASSETS
 Cash and cash equivalents               6             6,106,222                       9,082,554
 Other receivables                       7             282,701                         309,546
 Assets held for sale                    8             -                               1,600,000
 Other financial assets                  9             6,283,560                       533,542
 TOTAL CURRENT ASSETS                                  12,672,483                      11,525,642

 NON-CURRENT ASSETS
 Plant and equipment                     10            95,741                          90,507
 Intangible assets                       11            3,523                           33,732
 Right-of-use assets                     12            153,980                         -
 Exploration and evaluation expenditure  13            27,323,626                      26,603,617
 Development expenditure                 14            27,420,924                      23,473,919
 TOTAL NON-CURRENT ASSETS                              54,997,794                      50,201,775
 TOTAL ASSETS                                          67,670,277                      61,727,417

 CURRENT LIABILITIES
 Trade and other payables                15            2,931,542                       2,643,864
 Current lease liabilities               12            44,140                          -
 Employee benefits obligation            16            39,473                          2,170
 TOTAL CURRENT LIABILITIES                             3,015,155                       2,646,034

 NON-CURRENT LIABILITIES
 Lease liabilities                       12            109,311                         -
 Provisions                              17            5,223,259                       1,413,123
 TOTAL NON-CURRENT LIABILITIES                         5,332,570                       1,413,123
 TOTAL LIABILITIES                                     8,347,725                       4,059,157
 NET ASSETS                                            59,322,552                      57,668,260

 EQUITY
 Share capital                           18            114,927,239                     105,855,802
 Reserves                                19            2,725,913                       3,376,640
 Accumulated losses                                    (58,330,600)                    (51,564,182)
 TOTAL EQUITY                                 59,322,552                      57,668,260

 

The consolidated statement of financial position should be read in conjunction
with the accompanying notes.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE
2022

 Consolidated                           Issued         Reserves     Accumulated Losses  Total

                                        Capital                                         Equity

                                        $              $            $                   $
 Balance at 1 July 2021                 105,855,802    3,376,640    (51,564,182)        57,668,260
 Loss for the year                      -              -            (7,529,345)         (7,529,345)
 Total comprehensive loss for the year  -              -            (7,529,345)         (7,529,345)
 Issue of shares                        9,508,026      -            -                   9,508,026
 Cost of share issue                    (436,589)      -            -                   (436,589)
 Lapse of options                       -              (762,927)    762,927             -
 Share-based payments                   -              112,200      -                   112,200
 Balance at 30 June 2022                114,927,239    2,725,913    (58,330,600)        59,322,552

 Consolidated                           Issued         Reserves     Accumulated Losses  Total

                                        Capital                                         Equity

                                        $              $            $                   $
 Balance at 1 July 2020                 92,294,878     3,257,318    (42,105,810)        53,446,386
 Loss for the year                      -              -            (10,483,611)        (10,483,611)
 Total comprehensive loss for the year  -              -            (10,483,611)        (10,483,611)
 Issue of shares                        14,359,343     -            -                   14,359,343
 Cost of share issue                    (1,054,858)    -            -                   (1,054,858)
 Lapse of options                       -              (1,025,239)  1,025,239           -
 Conversion of options                      256,439    (256,439)    -                   -
 Share-based payments                   -              1,401,000    -                   1,401,000
 Balance at 30 June 2021                105,855,802    3,376,640    (51,564,182)        57,668,260

  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 30 JUNE 2022

 

                                                                              Consolidated
                                                                              30 June             30 June

                                                                              2022                2021
                                                                              $                   $

 CASH FLOWS FROM OPERATING ACTIVITIES
 Receipts from customers                                                      19,989              35,000
 Payments to suppliers and employees                                          (3,893,173)         (2,082,967)
 Interest received                                                            1,216               7,404
 Receipts from government assistance                                          7,146               105,970
 NET CASH USED IN OPERATING ACTIVITIES                                    26  (3,864,822)         (1,934,593)

 CASH FLOWS FROM INVESTING ACTIVITIES
 Proceeds from sale of investments                                            308,598             7,406,323
 Payments for purchase of plant and equipment                                 (62,021)
 Payments for exploration and evaluation                                      (7,950,756)         (9,750,122)
 Payment for development expenditure                                          (136,869)           (59,765)
 Payments for purchase of investments                                         (224,499)           (508,942)
 Proceeds on sale of project                                                  500,000             369,000
 NET CASH USED IN INVESTING ACTIVITIES                                        (7,565,547)         (2,543,506)

 CASH FLOWS FROM FINANCING ACTIVITIES
 Proceeds from issue of shares                                                9,443,279           12,599,475
 Cost of share issue                                                          (436,589)           (608,828)
 Exercise of options                                                          -                   1,313,838
 Repayment of short-term loan                                             27  -                   (116,671)
 Repayment of lease liabilities                                           27  (13,120)            (40,824)
 NET CASH PROVIDED BY FINANCING ACTIVITIES                                    8,993,570           13,146,990

 Net (decrease)/increase in cash held                                         (2,436,799)         8,668,891
 Cash at the beginning of the period                                          9,082,554           412,138
 Effects of exchange rate changes on the balance of cash held in foreign      (539,533)           1,525
 currencies
 CASH AT THE END OF THE YEAR                                              6   6,106,222           9,082,554

The consolidated statement of cash flows is to be read in conjunction with the
accompanying notes.

NOTES TO THE FINANCIAL STATEMENTS

 

1.   Statement of significant accounting policies

 

Basis of Preparation

The financial report is a general-purpose financial report 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 values 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 2022.

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 139, when applicable,
the cost on initial recognition of an investment in an associate or a joint
venture.

Business Combinations

Business combinations occur where an acquirer obtains control over one or more
businesses.

A business combination is accounted for by applying the acquisition method,
unless it is a combination involving entities or businesses under common
control.  The business combination will be accounted for from the date that
control is attained, whereby the fair value of the identifiable assets
acquired, and liabilities (including contingent liabilities) assumed is
recognised (subject to certain limited exemptions).

When measuring the consideration transferred in the business combination, any
asset or liability resulting from a contingent consideration arrangement is
also included.  Subsequent to initial recognition, contingent consideration
classified as equity is not remeasured and its subsequent settlement is
accounted for within equity.  Contingent consideration classified as an asset
or liability is remeasured each reporting period to fair value, recognising
any change to fair value in profit or loss, unless the change in value can be
identified as existing at acquisition date.

All transaction costs incurred in relation to the business combination are
expensed to the consolidated statement of comprehensive income.

The acquisition of a business may result in the recognition of goodwill or a
gain from a bargain purchase.

Right-of-use assets

The Group recognises right-of-use assets at the commencement date of the lease
(i.e., the date the underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease liabilities recognised,
initial direct costs incurred, and lease payments made at or before the
commencement date less any lease incentives received. Unless the Group is
reasonably certain to obtain ownership of the leased asset at the end of the
lease term, the recognised right-of-use assets are depreciated on a
straight-line basis over the shorter of its estimated useful life and the
lease term. Right-of-use assets are subject to impairment.

Lease liabilities

At the commencement date of the lease, the Group recognises lease liabilities
measured at the present value of lease payments to be made over the lease
term. The lease payments include fixed payments (including in-substance fixed
payments) less any lease incentives receivable, variable lease payments that
depend on an index or a rate, and amounts expected to be paid under residual
value guarantees. The lease payments also include the exercise price of a
purchase option reasonably certain to be exercised by the Group and payments
of penalties for terminating a lease, if the lease term reflects the Group
exercising the option to terminate. The variable lease payments that do not
depend on an index or a rate are recognised as expense in the period on which
the event or condition that triggers the payment occurs. In calculating the
present value of lease payments, the Group uses the incremental borrowing rate
at the lease commencement date if the interest rate implicit in the lease is
not readily determinable. After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and reduced for
the lease payments made. In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in the lease term, a change
in the in-substance fixed lease payments or a change in the assessment to
purchase the underlying asset.

Short-term leases and leases of low-value assets

The Group applies the short-term lease recognition exemption to its short-term
leases of machinery and equipment (i.e., those leases that have a lease term
of 12 months or less from the commencement date and do not contain a purchase
option). It also applies the lease of low-value assets recognition exemption
to leases of office equipment that are considered of low value (i.e., below
$5,000). Lease payments on short-term leases and leases of low-value assets
are recognised as expense on a straight-line basis over the lease term.

Adoption of New a Revised Accounting Standards or Interpretations

In the year ended 30 June 2022, 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
yet to be 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 2022.  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 2022, the Group recorded a loss of $7,529,345
(2021: Loss of $10,483,611) and had net cash outflows from operating
activities of $3,864,822 (2021: $1,934,593) and has a net working capital
surplus of $9,657,329 as at 30 June 2021 (2021:  $8,879,608).

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 $6,106,222 and net assets of
$59,322,552 as at 30 June 2022;

·      The Company has raised $9,508,026 in new capital during the year
and 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 their
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.

These factors indicate 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.

Other receivables

The Group makes use of a simplified approach in accounting for other
receivables as well as contract assets and records the loss allowance as
lifetime expected credit losses. These are the expected shortfalls in
contractual cash flows, considering the potential for default at any point
during the life of the financial instrument. In calculating, the Group uses
its historical experience, external indicators and forward-looking information
to calculate the expected credit losses using a provision matrix.

The Group assess impairment of other receivables on a collective basis as they
possess shared credit risk characteristics they have been grouped based on the
days past due.

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 (other than derivative financial
instruments that are designated and effective as hedging instruments).

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.

Plant and equipment

Each class of plant and equipment is carried at cost or fair value as
indicated less, where applicable, any accumulated depreciation and impairment
losses. Plant and equipment are measured on the cost basis.

Subsequent costs are included in the asset's carrying amount or recognised as
a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to the company and the
cost of the item can be measured reliably. All other repairs and maintenance
are charged to the income statement during the financial period in which they
are incurred.

Derecognition and disposal

An item of plant and equipment is derecognised upon disposal or when no
further future economic benefits are expected from its use or disposal. Any
gain or loss arising on derecognition of the asset (calculated as the
difference between the net disposal proceeds and the carrying amount of the
asset) is included in profit or loss in the year the asset is derecognised.

Depreciation

Depreciation is calculated on a straight-line basis over the estimated useful
life of the assets as follows:

Plant and Equipment - ranging from 2 to 20 years

The assets' residual values, useful lives and amortisation methods are
reviewed, and adjusted if appropriate, at each financial year end.

Impairment

The carrying values of plant and equipment 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, impairment losses are recognised in the statement of
profit or loss and other comprehensive income in the cost of sales line item.

Intangible assets

Intangible assets acquired separately are recorded at cost less accumulated
amortisation and impairment. Amortisation is charged on a straight-line basis
over their estimated useful lives. The estimated useful life and amortisation
method is reviewed at the end of each annual reporting period, with any
changes in these accounting estimates being accounted for on a prospective
basis.

Impairment of intangible assets other than goodwill

The Group assesses at each balance date whether there is an indication that an
asset may be impaired. If any such indication exists, or when annual
impairment testing for an asset is required, the Group makes an estimate of
the asset's recoverable amount. An asset's recoverable amount is the higher of
its fair value less costs to sell and its value in use and is determined for
an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or groups of assets and the
asset's value in use cannot be estimated to be close to its fair value. In
such cases the asset is tested for impairment as part of the cash-generating
unit to which it belongs. When the carrying amount of an asset or
cash-generating unit exceeds its recoverable amount, the asset or
cash-generating unit is considered impaired and is written down to its
recoverable amount.

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.

Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at call with
banks, other short-term highly liquid investments with original maturities of
3 months or less, and bank overdrafts. Bank overdrafts are shown within
short-term borrowings in current liabilities on the consolidated statement of
financial position.

Trade and other payables

Trade payables and other payables are carried at amortised cost and represent
liabilities for goods and services provided to the Group prior to the end of
the financial year that are unpaid and arise when the Group becomes obliged to
make future payments in respect of the purchase of these goods and services.
 Trade and other payables are presented as current liabilities unless payment
is not due within 12 months.

Employee leave benefits

Wages, salaries, annual leave and sick leave

Liabilities accruing to employees in respect of wages and salaries, annual
leave, long service leave and sick leave expected to be settled within 12
months of the balance date are recognised in other payables in respect of
employees' services up to the balance date. They are measured at the amounts
expected to be paid when the liabilities are settled. Liabilities for
non-accumulating sick leave are recognised when the leave is taken and are
measured at the rates paid or payable.

Liabilities accruing to employees in respect of wages and salaries, annual
leave, long service leave, and sick leave not expected to be settled within 12
months of the balance date are recognised in non-current other payables in
respect of employees' services up to the balance date. They are measured as
the present value of the estimated future outflows to be made by the Group.

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.

Provisions are 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.

Revenue recognition

Interest revenue is recognised using the effective interest method.  It
includes the amortisation of any discount or premium.

Borrowing costs

Borrowing costs are recognised as an expense in the period in which they are
incurred except borrowing costs that are directly attributable to the
acquisition, construction or production of an asset that necessarily takes a
substantial period to get ready for its intended use or sale.  In this case
the borrowing costs are capitalised as part of the cost of such a qualifying
asset.

The amount of borrowing costs relating to funds borrowed generally and used
for the acquisition of qualifying assets has been determined by applying a
capitalisation rate to the expenditures on those assets.  The capitalisation
rate comprises the weighted average of borrowing costs incurred during the
period.

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.

Goods and services tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except
where the amount of GST incurred is not recoverable from the Australian Tax
Office.  In these circumstances the GST is recognised as part of the cost of
acquisition of the asset or as part of an item of the expense. Receivables and
payables in the consolidated statement of financial position are shown
inclusive of GST.  Cash flows are presented in the consolidated statement of
cash flows on a gross basis, except for the GST component of investing and
financing activities, which are disclosed as operating cash flows.

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.

Assets and Liabilities Held for Sale

Non-current assets (or disposal groups) are classified as held for sale if
their carrying amount will be recovered principally through a sale transaction
rather than through continuing use. This condition is regarded as met only
when the asset (or disposal group) is available for immediate sale in its
present condition subject only to terms that are usual and customary for sales
for such asset (or disposal groups) and the sale is highly probable.
Management must be committed to the sale, which should be expected to qualify
for recognition as a complete sale within one year from the date of
classification.

When the Group is committed to a sale plan involving loss of control of a
subsidiary, all of the assets and liabilities of that subsidiary are
classified as held for sale when the criteria described above are met,
regardless of whether the Group will retain a non-controlling interest in it
former subsidiary, after the sale.

Leases

        The group's leasing activities and how these are accounted for:

The group leases various offices with varying lengths from 1 to 3 years, some
with extension options.

Contracts may contain both lease and non-lease components. The Group allocates
the consideration in the contract to the lease and non-lease components based
on their relative stand-alone prices. Lease terms are negotiated on an
individual basis and contain a wide range of different terms and conditions.
The lease agreements do not impose any covenants other than the security
interests in the leased assets. Leased assets may not be used as security for
borrowing purposes.

Leases are recognised as a right-of-use asset and a corresponding liability at
the date at which the leased asset is available for use by the Group.

Assets and liabilities arising from a lease are initially measured on a
present value basis. Lease liabilities include the net present value of fixed
payments, less any lease incentives receivable.

Lease payments to be made under reasonably certain extension options are also
included in the measurement of the liability.

The lease payments are discounted using the interest rate implicit in the
lease. If that rate cannot be readily determined, which is generally the case
for leases in the Group, the lessee's incremental borrowing rate is used,
being the rate that the individual lessee would have to pay to borrow the
funds necessary to obtain an asset of similar value to the right-of-use asset
in a similar economic environment with similar terms, security and conditions.

To determine the incremental borrowing rate, the Group:

·     where possible, uses recent third-party financing received by the
individual lessee as a starting point, adjusted to reflect changes in
financing conditions since third party financing was received;

·     uses a build-up approach that starts with a risk-free interest rate
adjusted for credit risk for leases held by the Group; which does not have
recent third-party financing; and

·     makes adjustments specific to the lease, e.g. term, country,
currency and security.

The Group is exposed to potential future increases in variable lease payments
based on an index or rate, which are not included in the lease liability until
they take effect. When adjustments to lease payments based on an index or rate
take effect, the lease liability is reassessed and adjusted against the
right-of-use asset.

Lease payments are allocated between principal and finance cost. The finance
cost is charged to profit or loss over the lease period so as to produce a
constant periodic rate of interest on the remaining balance of the liability
for each period.

Right-of-use assets are measured at cost comprising the following:

·     the amount of the initial measurement of lease liability;

·    any lease payments made at or before the commencement date less any
lease incentives received;

·     any initial direct costs; and

·     restoration costs.

Right-of-use assets are generally depreciated over the shorter of the asset's
useful life and the lease term on a straight-line basis. If the Group is
reasonably certain to exercise a purchase option, the right-of-use asset is
depreciated over the underlying asset's useful life.

Payments associated with short-term leases are recognised on a straight-line
basis as an expense in profit or loss (unless capitalised as a component of
Plant Construction in Progress). Short-term leases are leases with a lease
term of 12 months or less.

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 to sell" 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.

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 25.

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  Other Projects  Radio Hill                          Corporate

                                                $                    $             $               $                                   $            $

 30 June 2022
 Segment revenue                                -                    -             -               -                                   33,389       33,389
 Fair value loss on financial assets            -                    -             -               -                                   (165,883)    (165,883)
 Segment expenses                               -                    -             -               -                                   (2,700,550)  (2,700,550)
 Project and exploration expenditure write off                                                                                         -            (4,696,301)

                                                (4,696,301)          -             -               -
 Reportable segment loss                        (4,696,301)          -             -               -                                   (2,833,044)  (7,529,345)

 Reportable segment assets                           20,328,519      4,915,951     2,079,156       27,420,924                          12,925,727   67,670,277
 Reportable segment liabilities                 -                    -             -               5,223,259                           3,124,466    8,347,725
 Additions to non-current assets                5,285,613            2,248,774     1,046,962                    3,947,005              215,988      12,744,342
 30 June 2021
 Segment revenue                                -                    -             -               -                                   133,815      133,815
 Fair value gain on financial assets            -                    -             -               -                                   708,289      708,289
 Segment expenses                               -                    -             -               -                                   (4,184,149)  (4,184,149)
 Project and exploration expenditure write off                                                                                         -            (7,113,105)

                                                (7,113,105)          -             -               -
 Borrowing costs                                -                    -             -               -                                   (28,461)     (28,461)
 Reportable segment loss                        (7,113,105)          -             -               -                                   (3,370,506)  (10,483,611)

 Reportable segment assets                      21,287,631           2,596,883     2,719,103       23,473,919                          11,649,881   61,727,417
 Reportable segment liabilities                 -                    -             -               1,413,123                           2,646,034    4,059,157
 Additions to non-current assets                7,193,791            2,247,146     597,630         59,765                              15,263       10,113,595

3.   REVENUE
                                          Consolidated
                                          30 June 2022         30 June 2021
                                          $                    $
 Other revenue
 Government assistance - cash flow boost  -                    74,093
 Other sundry income                      32,173               52,318
 Interest received                        1,216                7,404
                                          33,389               133,815

 

 4.   COMPLIANCE AND REGULATORY EXPENSES

 Consolidated
                                    30 June 2022    30 June 2021
                                    $               $

       AIM listing expenses¹        1,239,575       -
       Other regulatory costs       242,919         140,710
                                    1,482,494       140,710

 

¹The Company dual listed on the London AIM exchange on 7 February 2022.

 

5.   income taxes

(a) Income tax expense

                     Consolidated
                     30 June 2022         30 June 2021
                     $                    $
 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 2022         30 June 2021
                                            $                    $
 Loss before tax                            (7,529,345)          (10,483,611)
 Tax at 30% (2021: 30%)                     (2,258,804)          (3,145,083)
 Tax effect on non-assessable income        -                    (212,487)
 Tax effect of non-deductible expenses      83,425               420,300
 Exploration expenditure                    1,408,891            2,133,932
 Timing differences not brought to account  766,488              803,338
 Income tax expense                         -                     -

 

(c) Deferred tax balances

                                      Consolidated
                                      30 June 2022         30 June 2021
                                      $                    $
 Deferred tax assets comprise:
 Tax losses carried forward           15,886,778           10,706,790
 Prior year adjustment                -                    1,592,017
 Employee benefits obligation         11,842               651
 Provisions                           1,566,977            423,937
                                      17,465,597           12,723,395
 Deferred tax liabilities comprise:
 Capitalised exploration costs        8,197,088            8,491,085
                                      8,197,088            8,491,085
 Net deferred tax asset unrecognised  9,268,509            4,232,310

(d) Analysis of deferred tax assets

No deferred tax assets have been recognised as yet, other than to offset
deferred tax liabilities, as it is currently not probable that future taxable
profits will be available to realise the asset.

 

6.   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 2022         30 June 2021
                            $                    $

 Cash and cash equivalents  6,106,222            9,082,554

 

7.   other receivables

                    Consolidated
                    30 June 2022         30 June 2021
                    $                    $

 Other receivables  93,694               12,580
 GST receivables    10,982               156,057
 Prepayments        178,025              140,909
                    282,701              309,546

 

The value of trade and other receivables considered by the Directors to be
past due or impaired is nil (2021: Nil).

 

8.   ASSETS HELD FOR SALE

                       Consolidated

                       30 June 2022         30 June

                                            2021
                       $                    $

 Assets held for sale  -                    1,600,000

In the 2021 financial year the Company entered into a binding option agreement
with GreenTech Metals Limited (GreenTech)  to sell GreenTech non-core
tenements with a carrying value of $1.6 million in cash and shares in
GreenTech. The transaction was completed in the current financial year.

 

9.   other financial assets

                                                            Consolidated
                                                            30 June 2022                    30 June 2021
                                                            $                               $
 Current
 Fair Value Through Profit or Loss
 Shares in listed equity securities (Level 1)               6,283,560                       533,542
                  Movement in other financial assets
                                           Consolidated
                                           30 June 2022                              30 June 2021
                                           $                                         $
                  Opening balance          533,542                                   6,586,551
                  Additions - cash         224,499                                   508,942
                  Additions - non-cash(1)  6,000,000                                 136,083
                  Disposals                (308,598)                                 (7,406,323)
                  Fair value (loss)/gain   (165,883)                                 708,289
                  Closing balance          6,283,560                                 533,542

¹ The Company sold Artemis' 70% joint venture interest in the Munni Munni
platinum group metals project to Alien Metals Limited (LON:UFO) (Alien) a
company incorporated in the United Kingdom and listed on the London Stock
Exchange (LSE), for 358,617,818 shares in UFO at GBP0.08 per share for an
amount of $4,650,000. The sale realised a profit of $2,263,931.

During the financial year the Company sold non-core tenements to GreenTech
Metals Limited (ASX:GRE) for 6,750,000 shares in GRE at $0.20 for an amount of
$1,350,000 and a recovery of exploration expenditure in the amount of
$250,000.

During the 2021 financial year, the Group sold tenements with a carrying value
of $494,977 for proceeds of $369,000 in cash and 37,357,190 shares in Alien.

 

10. PLANT AND EQUIPMENT

                                                  Consolidated
                                                  30 June 2022         30 June 2021
                                                  $                    $

 Computer equipment - at cost                     81,814               60,347
 Less: Accumulated depreciation                   (54,705)             (23,591)
 Total computer equipment at net book value       27,109               36,756

 Furniture and fittings - at cost                 115,319              114,085
 Less: Accumulated depreciation                   (88,815)             (62,534)
 Total furniture and equipment at net book value  26,504               51,551

 Motor vehicles - at cost                         52,855               2,950
 Less: Accumulated depreciation                   (10,727)             (750)
 Total motor vehicles at net book value           42,128               2,200

 Total plant and equipment                        95,741               90,507

 

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 2022         30 June 2021
                                               $                    $
 Computer equipment:
 Carrying amount at the beginning of the year  36,756               43,659
 - Addition                                    8,532                4,376
 - Depreciation                                (18,179)             (11,279)
 Carrying amount at the end of the year        27,109               36,756

 Furniture and fittings
 Carrying amount at the beginning of the year  51,551               71,844
 - Addition                                    2,820                10,887
 - Disposal                                    (1,585)              -
 - Depreciation                                (26,282)             (31,180)
 Carrying amount at the end of the year        26,504               51,551

 Motor vehicles
 Carrying amount at the beginning of the year  2,200                2,200
 - Additions                                   50,655               -
 - Amortisation                                (10,727)             -
 Carrying amount at the end of the year        42,128               2,200

11. intangible assets

                                            Consolidated
                                            30 June 2022         30 June 2021
                                            $                    $

 Computer Software - at cost                151,262              151,262
 Less: Accumulated amortisation             (147,739)            (117,530)
 Total computer software at net book value  3,523                33,732

Reconciliation of movement during the year:

                                               Consolidated
                                               30 June 2022         30 June 2021
                                               $                    $
 Computer Software:
 Carrying amount at the beginning of the year  33,732               71,676
 - Disposal                                    -                    (103)
 - Amortisation                                (30,209)             (37,841)
 Carrying amount at the end of the year        3,523                33,732

12. LEASES

 Amounts recognised in the balance sheet:  Consolidated
                                           30 June 2022             30 June 2021
                                           $                        $
 Right-of-use assets
 Offices                                   153,980                  -
 Total right-of-use assets                 153,980                  -

 Lease liabilities
 Current                                   44,140                   -
 Non-current                               109,311                  -
 Total right-of-use liabilities            153,451                  -

 Movement in right-of-use assets
                                           Consolidated
                                           30 June 2022             30 June 2021
                                           $                        $
 Right-of-use assets opening balance       -                        35,442
 Add: New leases                           166,571                  -
 Less: Amortisation                        (12,591)                 (35,442)
 Right-of-use assets closing balance       153,980                  -

 

 Movement in lease liabilities
                                              Consolidated
                                              30 June 2022         30 June 2021
                                              $                    $
 Lease liability recognised at start of year  -                    40,824
 New lease                                    166,571              -
 Add: Interest Expense                        2,999                805
 Less: Principal repayment                    (16,119)             (41,629)
 Closing balance                              153,451              -

a)     Amounts recognised in the statement of profit or loss:

                                                                               30 June 2022      30 June 2021
                                                                               $                 $
 Depreciation charge of right-of-use assets
 Offices                                                                       12,591            35,442
 Total right-of-use assets                                                     12,591            35,442
 Interest expense (included in finance cost)                                   2,999             805
 Expenses relating to short-term leases (included in administrative expenses)  69,716            33,540

 The total cash outflow for leases during the year ended 30 June 2022 was
 $13,120 (2021: $40,824).

 

 

13. exploration and evaluation expenditure

                                         Consolidated

                                         30 June 2022         30 June 2021
                                         $                    $

 Exploration and evaluation expenditure  27,323,626           26,603,617

 

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 2022         30 June 2021
                                                $                    $
 Opening balance                                26,603,617           25,773,132
 Expenditure capitalised in current period      8,581,349            10,038,567
 Carrying value of projects sold(1)             (3,165,038)          (494,977)
 Exploration expenditure written off, other(2)  (4,696,301)          (7,113,105)
 Transfer to assets held for sale               -                    (1,600,000)
 Closing balance                                27,323,626           26,603,617

¹ The Company sold its 70% joint venture interest in the Munni Munni platinum group metals project to Alien Metals Limited (LON:UFO) (Alien) a company incorporated in the United Kingdom and listed on the London Stock Exchange (LSE), for 358,617,818 shares in UFO at GBP0.08 per share for an amount of $4,650,000 and $250,000 in cash. The sale realised a profit of $2,263,931. In addition, during the financial year the Company sold non-core tenements to GreenTech Metals Limited (ASX:GRE) for 6,750,000 shares in GRE at $0.20 for an amount of $1,350,000, and recovery of expenditure in the amount of $250,000.  $1,600,000 of Exploration Expenditure in relation to these assets was classified as held for sale at 30 June 2021. The sale resulted in a loss of $528,969.

During the 2021 financial year, the Group sold tenements with a carrying value of $494,977 for proceeds of $369,000 in cash and 37,357,190 shares in Alien.

(2)The Group has rationalised the tenement/project portfolio during the year and has impaired the carrying value of those tenements/projects disposed of and impaired the carrying value of projects in excess of that deemed recoverable by the Directors.

Exploration expenditure has been carried forward as that expenditure is expected to be recouped through successful development and exploration of the areas of interest.

 

14. DEVELOPMENT EXPENDITURE

                          Consolidated

                          30 June 2022         30 June 2021
                          $                    $
 Development expenditure  27,420,924           23,473,919

Reconciliation of movement during the year:

                                                 Consolidated

                                                 30 June 2022         30 June 2021
                                                 $                    $
 Opening balance                                 23,473,919           23,414,154
 Additions                                       136,869              59,765
 Increase in rehabilitation provision (Note 17)  3,810,136            -
 Closing balance                                 27,420,924           23,473,919

Impairment assessment

There were no indicators of impairment for the year ended 30 June 2022.

 

15. trade and other payables

                            Consolidated
                            30 June 2022         30 June 2021
                            $                    $
                            2,931,542            2,643,864

 Trade and other payables

 

16. EMPLOYEE benefits obligation

                         Consolidated
                         30 June 2022         30 June 2021
                         $                    $
 Opening balance         2,170                10,133
 Provision for the year  57,994               -
 Benefits used or paid   (20,691)             (7,963)
 Closing balance         39,473               2,170

17. Provisions
                                               Consolidated
                                               30 June 2022         30 June 2021
                                               $                    $
 Provision for restoration and rehabilitation  5,223,259            1,413,123

 Reconciliation of movement for the year
 Opening balance                               1,413,123            1,413,123
 Increase in rehabilitation provision          3,810,136            -
 Closing balance                               5,223,259            1,413,123

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 in
the development asset.

 

18. SHARE CAPITAL

                              Consolidated                  Consolidated
                              30 June 2022   30 June 2021   30 June 2022  30 June 2021
                              No. of Shares  No. of Shares  $             $
 Issued and Paid-up Capital
 Ordinary shares, fully paid  1,388,330,984  1,254,997,561  114,927,239   105,855,802

Reconciliation of movement during the year:

                                                            2022           2022         2021           2021
                                                            Shares         $            Shares         $

 Opening balance                                            1,254,997,651  105,855,802  1,033,819,481  92,294,878
 Shares issued to investors for Placement

                                                            133,333,333    9,508,026    79,992,856     5,599,475
 Shares issued to investors for Placement

                                                            -              -            116,666,667    7,000,000
 Shares issued on exercise of options

                                                            -              -            17,922,980     1,313,838
 Shares issued to advisors                                  -              -            6,595,667      446,030
 Share issue costs                                          -              (436,589)    -              (1,054,858)
 Transfer of share based payments on conversion of options  -              -

                                                                                        -              256,439
 Closing balance                                            1,388,330,984  114,927,239  1,254,997,651  105,855,802

 

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.

 

19. RESERVES

                       Consolidated                                  Consolidated
                       30 June 2022           30 June 2021           30 June 2022  30 June 2021
                       No. of options/rights  No. of options/rights  $             $
 Share based payments
 Options               138,729,195            145,300,624            2,695,313     3,376,640
 Performance rights    6,000,000              -                      30,600        -
                                                                     2,725,913     3,276,640

 

No options were exercised during the year.

The unlisted options issued during the year or the prior year were valued
using the Black-Scholes model. The options outstanding as at 30 June 2022 were
determined on the date of grant using the following assumptions:

                                  Series 6    Series 7    Class A Director  Class B Director
 Grant date                    22/07/2019     01/05/2020  1/05/2020         1/05/2020
 Exercise price ($)            0.08           0.04        0.05              0.07
 Expected volatility (%)       100            100         89                103
 Risk-free interest rate (%)   0.935          0.63        0.64              0.63
 Expected life (years)         3              3           2.4               2.9
 Share price at this date ($)  0.029          0.031       0.032             0.032
 Fair value per option ($)     0.0121         0.0181      0.01301           0.0151
 Number of options             10,000,000     1,000,000   43,500,000        43,500,000

 

                               Class G     Class E Director  Class F Director  Class A Broker  Class B Broker

                               Director
 Grant date                    20/12/2021  2/12/2020         2/12/2020         01/05/2020      01/05/2020
 Exercise price ($)            0.15        0.18              0.25              0.05            0.07
 Expected volatility (%)       95          93                93                89              103
 Risk-free interest rate (%)   0.391       0.142             0.142             0.64            0.63
 Expected life (years)         3           3                 5                 2.2             3.2
 Share price at this date ($)  0.086       0.15              0.15              0.031           0.031
 Fair value per option ($)     0.0408      0.08123           0.07053           0.0117          0.0154
 Number of options             2,000,000   5,000,000         5,000,000         7,500,000       7,500,000

 

On the 30 December 2021 the Company issued 6 million performance rights to employees and consultants of the Company.

The hurdles for the performance rights, which have a performance end date of 31 December 2022 are as follows:

1. 3,000,000 performance rights to vest on the share price achieving a 30-day VWAP in period of $0.025 (tranche 1 rights);

2. 3,000,000 performance rights to vest on Carlow Castle mineral resource reaching 1.0m oz Au equivalent (tranche 2 rights).

 The performance rights were valued by 22 Corporate, Tranche 1 were valued using a Monte Carlo Simulation Methodology (MCSM) and Tranche 2 using the Black-Scholes model.  The following assumptions were used in the valuation:
                              Tranche 1   Tranche 2
 Underlying share price       $0.081      $0.081
 Exercise price               $nil        $nil
 Term (years)                 1           1
 Risk-free rate               0.279%      0.279%
 Dividend yield               Nil         Nil
 Volatility                   90.0%       90.0%
 30-day VWAP hurdle           $0.25       n/a
 Performance Period End Date  31/12/2022  31/12/2022
 Fair value per right         $0.0204     $0.0810
 Number of rights             3,000,000   3,000,000

 

On this basis the tranche 1 rights have been valued at $0.0204 per right and
tranche 2 rights have been valued at $0.081 per right. The total value of the
tranche 1 performance rights of $61,200 will be expensed over the performance
period.

No vesting expense has been recorded for tranche 2 rights as at balance date
it is seen as unlikely that these rights will vest.

For the year ended 30 June 2022, the Group has recognised $112,200 (2021:
$1,401,000) of share-based payment expense in the income statement in relation
to share options and performance rights issued.

 

20. 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:

 

 

 FY2022                          Carrying            Effect on profit before tax     Effect on pre-tax equity

                                 Amount
                                 +1%                 -1%                             +1%            -1%

 Financial Assets
 Cash and cash equivalents(1)

                                 6,106,222           61,062          (61,062)        61,062         (61,062)
 Trade and other receivables(2)

                                 282,701             -               -               -              -
 Other financial assets(5)

                                 6,283,560           -               -               -              -
                                 12,672,483          61,062          (61,062)        61,062         (61,062)

 Financial liabilities
 Trade and other payables(3)     2,931,542           -               -               -              -
 Financial Liabilities(4)        153,451             -               -               -              -
                                    2,084,993        -               -               -              -
 Total increase/(decrease)                           61,062          (61,062)        61,062         (61,062)

 

 

 FY2021                          Carrying            Effect on profit before tax     Effect on pre-tax equity

                                 Amount
                                 +1%                 -1%                             +1%            -1%

 Financial Assets
 Cash and cash equivalents(1)    9,082,554           90,826           (90,826)       90,826          (90,826)
 Trade and other receivables(2)  309,546              -               -               -              -
 Other financial assets(5)       533,542

                                                     -               -               -              -
                                 9,925,642           90,826          (90,826)        90,826          (90,826)

 Financial liabilities
 Trade and other payables(3)     2,643,864            -               -               -              -
                                    2,643,864        -               -               -              -
 Total increase/(decrease)                           90,826          (90,826)        90,826         (90,826)

 

( )

(1) Cash and cash equivalents are denominated in both AUD and GBP. No funds
were held in foreign currencies in 2021. The weighted average interest rate
for the year ended 30 June 2022 was 0.00% (2021: 0.03%). 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 and are not interest bearing.

(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 denominated assets and liabilities
at year end.

                            Consolidated
                            30 June 2022                           30 June 2021

 Cash
 Cash and cash equivalents             2,593,744

                                                                   -

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 assets/liabilities  Change in GBP rate  Effect on profit before tax  Effect on pre-tax equity
 outlined above

 FY2022                                                                    +5%                 129,687                      129,687
                                                                           -5%                 (129,687)                    (129,687)
 FY2021                                                                    +5%                 -                            -
                                                                           -5%                 -                            -

The following tables demonstrate the sensitivity to a reasonably possible
change in CAD exchange rate, with other variables held constant.

(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 profit before tax  Effect on pre-tax equity

                                   $                            $

 FY2022  +5%                       314,178                      314,178
         -5%                       (314,178)                    (314,178
 FY2021  +5%                       26,677                       26,677
         -5%                       (26,677)                     (26,677)

(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.

 

 FY2022                                 Within 1 year  1 to 5       Over 5   Total

                                                       years        years
 Financial liabilities due for payment
 Trade and other payables               2,931,542       -            -       2,931,542
 Lease liabilities                      44,140         109,311       -       153,451
 Total contractual outflows             2,975,682       109,311      -       3,084,993

 Cash and cash equivalents              6,106,222       -            -       6,106,222
 Trade and other receivables            282,701         -            -       282,701
 Other financial assets                 6,283,560      -            -        6,283,560
 Total anticipated inflows              12,672,483      -            -       12,672,483
 Net inflow on financial instruments    9,696,801       -            -       9,587,490

 

 FY2021                                 Within 1 year  1 to 5   Over 5   Total

                                                       years    years
 Financial liabilities due for payment
 Trade and other payables               2,643,864       -        -       2,643,864
 Financial liabilities                  -               -        -       -
 Total contractual outflows             2,643,864       -        -       2,643,864

 Cash and cash equivalents              9,082,554       -        -       9,082,554
 Trade and other receivables            309,546         -        -       309,546
 Other financial assets                 533,542        -        -        533,542
 Total anticipated inflows              9,925,642       -        -       9,925,642
 Net inflow on financial instruments    7,281,778       -        -       7,281,778

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.

 

21. commitmentS for expenditure

The Group currently has commitments for expenditure at 30 June 2022 on its
Australian exploration tenements as follows:

 

                                Consolidated
                                30 June 2022         30 June 2021
                                $                    $

 Not later than 12 months       656,820              1,196,013
 Between 12 months and 5 years  2,776,060            2,317,722
 Greater than 5 years           400,900              1,181,899
                                3,833,780            4,695,634

The Company evaluates its tenements and exploration program on an annual basis
and may elect not to renew tenement licences if it deems appropriate.

 

22. 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 2022.  Key Management
Personnel for the year ended 30 June 2022 comprised the Directors and the
General Manager Exploration.

(b) The total remuneration paid to Key Management Personnel of the Company and
the Group during the year are as follows:

 

                               Consolidated
                               30 June 2022         30 June 2021
                               $                    $

 Short term employee benefits  1,182,804            1,153,653
 Share based payment           89,250               1,401,000
 Superannuation                24,042               36,074
                               1,296,096            2,590,727

(c) Remuneration options and performance rights: As at 30 June 2022, the
outstanding options and performance rights that were granted to key Management
Personnel in previous and current reporting periods comprised of 99,000,000
options and 1,500,000 performance rights.

(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 2022         30 June 2021
                                    $                    $

 Doraleda Pty Ltd(1)                48,336               188,225
 Integrated CFO Solutions(2)        108,000              -
 Minerva Corporate Pty Ltd(3)       97,711               134,000
 Kiran Capital Advisors Limited(4)  -                    16,666
                                    254,047              338,891

(

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 $98,000 and director fees $10,000 paid to
Integrated CFO Solutions, a company in which Mr Guy Robertson has an interest.

(3) Director fees $53,961 (2021: $50,004) and accounting fees $43,750 (2021:
$83,996) paid to Minerva Corporate Pty Ltd, a company in which Mr Daniel Smith
has an interest.

(4) Non-Executive Chairman fees paid to Kiran Capital Advisors Limited, a
company which Mr Mark Potter has an interest.

 

 

23. earnings per share

The calculation of basic earnings and diluted earnings per share at 30 June
2022 was based on the loss attributable to shareholders of the parent company
of $7,529,345  (2021: Loss $10,483,611):

                                                        Consolidated
                                                        30 June 2022          30 June 2021
                                                        $                     $
 Basic loss per share                                   (0.58)                (0.93)
 Diluted loss per share                                 (0.58)                (0.93)

                                                        No of Shares          No of Shares
 Weighted average number of ordinary shares:
 Used in calculating basic earnings per ordinary share  1,307,235,094         1,131,789,115
 Dilutive potential ordinary shares                     -                     -
 Used in calculating diluted earnings per share         1,307,235,094         1,131,789,115

 

24. auditor's remuneration

                             Consolidated
                             30 June 2022         30 June 2021
                             $                    $
 Auditor of parent entity
 Audit fees - HLB Mann Judd  58,464               47,027
 Taxation services           19,750               5,000
                             78,214               52,027

 

25. 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.

Options issued to Key Management Personnel during the year are outlined in the
remuneration report.

 

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

                                                                   2021                2020
 Options      30 November 2018   21 November 2021  0.21            8,571,429           8,571,429           0.0800
 Options      24 May 2019        31 July 2022      0.08            13,729,195          13,729,195          0.0165
 Options      22 July 2019       31 July 2022      0.08            10,000,000          20,000,000          0.0121
 Options      1 May 2020         1 May 2023        0.04            1,000,000           4,000,000           0.0181
 Options      1 May 2020         31 July 2022      0.05            43,500,000          43,500,000          0.0130
 Options      1 May 2020         31 January 2023   0.07            43,500,000          43,500,000          0.0151
 Options      1 May 2020         31 July 2022      0.05            7,500,000           7,500,000           0.0130
 Options      1 May 2020         31 July 2023      0.05            7,500,000           7,500,000           0.0151
 Options      2 December 2020    2 December 2023   0.18            5,000,000           5,000,000           0.0812
 Options      2 December 2020    2 December 2025   0.25            5,000,000           5,000,000           0.0935
 Options¹     30 September 2020  Lapsed            0.10            -                   2,500,000           0.0537
 Options¹     30 September 2020  Lapsed            0.125           -                   2,500,000           0.0571
 Options      20 December 2021   20 December 2023  0.15            2,000,000           -                   0.0408

¹Options lapsed on resignation of Boyd Timler in the prior year

Movement in share-based arrangements on issue

(a) Options

                                           Number of instruments
                                           30 June 2022            30 June 2021

 Balance at beginning of year              145,300,624             158,663,462
 Options granted during the year           2,000,000               15,000,000
 Options exercised                         -                       (17,922,980)
 Options forfeited/lapsed during the year  (8,571,429)             (10,439,858)
 Balance at end of year                    138,729,195             145,300,624

 Options exercisable at end of year        138,729,195             145,300,624

Expenses arising from share-based payment transactions

Total expenses arising from share-based payment transactions recognised during
the year:

                                                 Consolidated
                                                 30 June 2022                          30 June 2021
                                                 $                                     $
 Options - directors                             81,600                                1,401,000
 Performance rights - employees and consultants              30,600                                  -
                                                 112,200                               1,401,000

 

26. reconciliation of net cash used in operating activities to loss after
income tax

                                                                         Consolidated
                                                                         30 June 2022         30 June 2021
                                                                         $                    $
 Loss after income tax                                                   (7,529,345)          (10,483,611)
 Depreciation and amortisation                                           97,988               115,742
 Exploration and project expenditure written off                         4,696,301            7,113,105
 Share based payments                                                    112,200              1,401,000
 Profit on sale of exploration assets                                    (1,734,962)          (9,946)
 Fair value loss/(gain) on financial assets                              165,883              (708,289)
 Unrealised foreign exchange gain                                        -                    409
 Changes in current assets and liabilities during the financial period:
 Decrease/(increase) in receivables                                      26,844               (139,407)
 Increase in trade and other payables                                    300,269              776,404
 Net cash outflow from operating activities                              (3,864,822)          (1,934,593)

 

 

27. CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES

 FY2022

                     Lease liability
                     $
 Opening balance     -
 Non-cash new lease  166,571
 Cash repayment      (13,120)
 Closing balance     153,451

 FY2021
                                               Short term

                     Lease liability           loan
                     $                         $
 Opening balance     40,824                    116,671
 Cash repayment      (40,824)                  (116,671)
 Closing balance     -                         -

 

 

 

28. PARENT ENTITY DISCLOSURE

                                       30 June 2022       30 June 2021
                                       $                  $
 (a) Financial position
 Total current assets                  12,371,950         9,745,340
 Total Non-Current Assets              2,558,801          3,264,949
 Total Assets                          14,930,751         13,010,289

 Total current liabilities             2,632,467          2,263,539
 Total non-current liabilities         109,311            -
 Total Liabilities                     2,474,778          2,263,539

 Net Assets                            12,188,973         10,746,750

 Equity
 Share capital                         114,927,239        105,855,802
 Reserves                              2,725,913          3,376,639
 Accumulated Losses                    (105,464,179)      (98,485,691)
                                       12,188,973         10,746,750

 Loss for the year                     (6,978,488)        (11,559,292)
 Other comprehensive income                               -
 Total comprehensive loss              (6,978,488)        (11,559,292)

  (b) Commitments
 Exploration commitments
     Not later than 12 months          -                  -
     Between 12 months and 5 years     -                  -
                                       -                  -

 

 

29 .SUBSIDIARIES

                                      Country of Incorporation  Ownership

                                                                %
                                                                30 June 2022  30 June 2021
 Parent Entity:
 Artemis Resources Limited            Australia                 -             -
 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
 Shearzone Mining Pty Limited¹        Australia                 -             100
 Western Metals Pty Limited(1)        Australia                 -             80
 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

(1) Shearzone Mining Pty Ltd, held a 34% interest in tenements M47/232 and
M47/93. Exploration expenditure of $115,091 was written off in the prior year.
The Group had no carrying value in this entity at the date of disposal.

 

Western Metals Pty Ltd, held an 80% interest is M47/223. Exploration
expenditure of  $522,047 was written off in the prior year. The Group had no
carrying value in this entity at the date of sale to GreenTech Metals Limited
(Note 13).

Consolidated

The parent entity with 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.

 

30. FINANCIAL INSTRUMENTS

The Directors consider that the carrying amounts of current receivables and
current payables (except for Note 16. Financial liabilities) are a reasonable
approximation of their fair values.

 

31. contingent liabilities and contingent assets

There are no contingent liabilities or contingent assets since the last annual
reporting period.

 

32. events subsequent to 30 june 2022

Mrs Vivienne Powe was appointed as a non-executive director on 4 July 2022.

Other than as outlined above, 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.

 

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