REG - Artemis Resources Ld - JV Agreement Signed

Artemis ResourcesAnnouncement

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RNS Number : 4506M  Artemis Resources Limited  22 December 2025

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.

 

22 December 2025

 

Artemis Expands Footprint in High Leverage Copper Frontier

 

Earn-In/Joint Venture Agreement with Red Metal at Sharon Dam IOCG Target

50km south of the Cassowary Intrusion within Madura Copper Exploration Belt

 

HIGHLIGHTS

 

·      High-leverage copper JV: Artemis can earn 60% of Red Metal's
Sharon Dam IOCG target by spending not less than $5,000,000 within 3 years,
inclusive of an initial commitment $400k for drilling, supported
by~$220k government EIS co-funding grant

·      Optionality: After meeting the $400k commitment for drilling
within 12 months, Artemis has the option to continue and earn the JV interest
or withdraw from the agreement at any time.

·      Belt-scale potential: Sharon Dam is a large previously undrilled
IOCG target defined by a strong coincident magnetic-gravity anomaly within a
frontier copper exploration district

·      Strategic consolidation: JV strengthens Artemis' 1,180km²
copper-gold position along the Madura Crustal Boundary, an emerging province
with multiple interpreted intrusions.

·      Favourable discovery conditions: Shallow cover (estimated
250m) provides a cost-effective exploration environment compared to deeper
IOCG systems elsewhere in Australia.

·      Rapid pathway to drilling: Granted tenement; established access
to drill site; existing heritage agreement with drilling targeted for
March-April 2026, subject to heritage clearance.

 

Artemis Resources Limited (ASX/AIM: ARV) (Artemis or the Company) is pleased
to advise that it has entered into an earn-in and joint venture agreement with
Red Metal Limited (ASX: RDM) (Red Metal) over the highly prospective Sharon
Dam T1 intrusion, located approximately 50km south of the Company's
compelling Cassowary Intrusion in Western Australia's Madura Province.

 

The JV expands Artemis' holdings and provides a second outstanding target
(after Cassowary) for early drilling within what is interpreted to be a
unique, multi-intrusion belt within a wide rift zone along the Madura Crustal
Boundary (MCB) - a major structural corridor and one of the last
underexplored frontiers for IOCG copper and other intrusion related deposits
in Australia.

 

Artemis Executive Director, Jozsef Patarica, commented:

 

"The JV with Red Metal provides a strategic and low-cost entry into another
compelling IOCG target in Western Australia. By partnering with Red Metal we
are expanding our footprint 50 kilometres south of the Cassowary Intrusion and
putting funds directly into drilling one of the most exciting targets in the
region. The Sharon Dam target sits within an area which may host multiple
intrusions adjacent to the Madura Crustal Boundary - which we believe is on
the cusp of major exploration interest. Consolidation of this belt enhances
Artemis' position as a leading copper explorer in a region with IOCG
potential."

 

Artemis Technical Director, Julian Hanna, added:

 

"Sharon Dam is a rare opportunity for Artemis. Not only does it tick all the
boxes on technical grounds, the first drill hole into the centre of this
compelling target will be co-funded by a substantial EIS grant reducing the
funding requirement from Artemis. Our exploration team is looking forward to
working closely with Red Metal on the Sharon Dam project, and with the Pila
Nguru Native Title Holders and local station owners on the wider Cassowary
Project which extends 70km along this overlooked belt."

 

 

 

Frontier IOCG Search Space: Madura Crustal Boundary - Exceptional Geological
Opportunity

Recent interpretations of geophysical data by Artemis have identified a
>30km-wide rift zone which appears to host multiple interpreted
intrusions - dominated in the north by the Cassowary Intrusion and in the
south by the Sharon Dam Intrusion, buried beneath flat lying Nullarbor
sediments. The rift zone is bounded on the west by the Madura Crustal
Boundary, a long-lived crustal structure parallel to:

 

1.    Yilgarn Craton margin - hosting Tropicana Gold District (multi-Moz
gold)

2.    Albany-Fraser mobile belt - hosting IGO's Nova-Bollinger and Legend's
nickel-copper deposits

 

The large, Sharon Dam and Cassowary intrusions sit within the Madura
structural corridor and are interpreted to have preserved their original
geometries - markedly different from highly deformed intrusions within the
nearby Albany-Fraser mobile belt.

 

Regional Activity

·      BHP Nickel West previously held the southern part of the belt
exploring for nickel until 2022.

·      Artemis initially applied for the tenement covering the Cassowary
Intrusion (341km(2)) which was granted in August 2025.  Artemis has also
applied for 4 additional tenements covering (788km(2)).

·      WA1 Resources has applied for 2 tenements (~1,000 km²) covering
the area between Artemis's northern and southern blocks and is publicly
targeting IOCG and other intrusion related deposits.

·      Teck has applied for 1 tenement 110km south along the crustal
boundary from Cassowary.

 

Most of Artemis's tenement applications are expected to be granted in Q1
2026, coinciding with heightened exploration activity and news flow.

 

Strategic Rationale: Why This Matters for Artemis Shareholders

·    High-impact, low-cost discovery opportunity: Artemis secures the
right to earn 60% of a large IOCG target for an effective outlay of only
$400k, which with EIS co-funding will be used to fund the initial drilling.
Artemis can earn 60% by spending $5,000,000, less the initial $400k outlay.

·    Belt-scale consolidation: The JV extends Artemis' footprint to
control two clusters of interpreted intrusions within 50-70km of strike
adjacent to a major prospective structural boundary, strengthening the
Company's regional competitive position.

·    District emerging as a strategic hotspot: Recent moves by Teck, WA1,
and historical interest from BHP support the view that the Madura Crustal
Boundary may represent an underexplored mineral province.

·    Drilling in early 2026: A clear pathway to drilling provides a
near-term catalyst with meaningful upside if the initial drilling confirms
Sharon Dam could represent a mineralised intrusion.

·    Intact, undrilled intrusive systems: Targets of this size with strong
magnetic/gravity coincidence as well as preservation are rare in Australia and
offer genuine IOCG discovery potential.

 

 

 

 

 

Figure 1 - Location plan highlighting mineral deposits and occurrences
associated with Proterozoic age crustal boundaries, parallel with the Yilgarn
craton margin.  Madura Crustal Boundary shown in red

 

Sharon Dam Target

 

Priority Target T1 - Compelling IOCG Candidate

Interpreted Sharon Dam Intrusion is a drill-ready target characterised by:

·      Strong coincident magnetic and gravity anomalies - refer to
Figures 3 and 4.

·      Coincident anomalies possibly consistent with IOCG

·      Modelling of gravity data implies density of ~3.5 (SG) - possible
iron-rich source

·      Bounded by NW trending cross-cutting faults - similar to
Cassowary Intrusion.

·      Source of the coincident anomalies is modelled at 500-600m depth.

 

Interpreted geological setting of Sharon Dam:

·    Main intrusion appears intact with small satellite intrusion on
western side - refer to Figure 3

·      Surrounding cluster of other intrusions on Artemis tenement
application - refer to Figure 2.

·      Central within >20km wide circular gravity low suggests
underlying deep seated granitic body.

 

 

 

 

Figure 2 - Magnetic image of interpreted rift zone showing interpreted
Cassowary Intrusion

and Sharon Dam Intrusion (50km south) showing initial planned drill holes

 

Figure 3 - Sharon Dam RTP Magnetic Image overlain by 1VD gravity contours

showing planned location of first diamond drill hole

 

 

Figure 4 - Sharon Dam coincident 3D modelled gravity (top) and magnetic
(below) anomalies

showing planned location of first diamond drill hole

 

 

Exploration Incentive Scheme (EIS) Co-Funding

Red Metal has previously been awarded an Exploration Incentive Scheme (EIS)
co-funded drilling grant of up to $220,000 for the Sharon Dam Project by the
Western Australian Government. Under the earn-in and joint venture agreement,
any EIS funds received by Red Metal for the approved Sharon Dam drill program
will be transferred to Artemis but cannot be used to satisfy Artemis' $400,000
minimum expenditure requirement. As a result, Artemis is required to fund the
full minimum drilling commitment, with the EIS refund expected to reduce the
Company's net cash outlay for the drilling.

 

Binding Earn In and Joint Venture Agreement - Key Terms

·      Initial commitment: Artemis has a minimum expenditure
requirement of $400,000 to fund the initial drill hole at Sharon Dam within a
12-month expenditure period

·      The expenditure period may be extended in event of unexpected
delays due to Force Majeure or delays to heritage surveys or other cultural
related restraints

·      If drilling fails to reach target depth, or no favourable geology
or indications of mineralisation intersected before 500m depth, the minimum
expenditure requirement will reduce to $250,000

·      Red Metal will transfer to Artemis funds received by Red Metal
from the EIS co-funding grant (est. ~$220,000) - not to be used to satisfy the
minimum expenditure requirement

·      If Artemis fails to satisfy the minimum expenditure requirement
it will be required to pay to Red Metal the short fall between the minimum
expenditure requirement, and actual expenditure

·      After satisfying the minimum expenditure requirement, Artemis may
withdraw from the agreement at any time with no retained interest other than
accrued rights and liabilities prior to the withdrawal

·      Earn-in: Artemis can earn 60% interest in the Red Metal tenement
by spending not less than $5,000,000 (inclusive of the $400,000 minimum
expenditure commitment) within 3 years

·      Within 30 days of earning the 60% interest, an unincorporated
joint venture will be formed between Artemis and Red Metal, and Red Metal may
elect to reduce its interest to 20% in which event Artemis will increase its
interest to 80% and free carry Red Metal's interest to a decision to mine. The
joint venture interest will be in proportion to the interest in the Red Metal
tenement

·      Joint Venture: standard terms include - JV committee,
programs/budgets, pre-emptive rights

·      Assignment: parties may assign, transfer, sell or dispose of JV
interest to a related body corporate

 

Next Steps

1.     Lodge a work program for first drill hole at Sharon Dam with Pila
Nguru Native Title owners

2.     Organise a time with Pila Nguru to conduct a heritage survey of the
drill site

3.     Confirm existing access track to drill site, arrange water supply
with station owner

4.     Once heritage clearance is received, commence drilling using two
drill rigs

5.     RC drilling to be used through cover sequence, diamond drilling
through basement sequence

6.     Drilling is targeted to commence in March-April 2026

 

AIM Rule Disclosures

 

For the financial year ended 30 June 2025, there were $51,212 of losses
attributable to these assets.

APPENDIX

 

Examples of gravity and magnetic signatures for six IOCG deposits and
occurrences within the Olympic Dam Copper-Gold Province.  Source: Geological
Survey South Australia - July 2020

 

 

   Cautionary Statement

   Artemis wishes to emphasize that the publicly available gravity and magnetic
   expressions of six Iron Oxide Copper-Gold (IOCG) deposits and occurrences
   illustrated above are intended to provide examples of geophysical responses
   across a range of Australian IOCG - type deposits and occurrences, which have
   been confirmed by drilling.  There is no historic drilling at the interpreted
   Sharon Dam intrusion and no outcrop to indicate the presence of IOCG or any
   other type of mineralisation.  Sharon Dam is a conceptual target only and
   drilling is planned to test the source of the coincident gravity and magnetic
   anomalies, which is currently unknown.

 

 

 

 

 

 

 

 

 

 

 

This announcement has been authorised for release by the Board of Artemis
Resources Limited.

 

 

For further information:

 Artemis Resources Ltd                                 info@artemisresources.com.au (mailto:info@artemisresources.com.au)  
 Jozsef Patarica, Executive Director 

                                                        
 Julian Hanna, Technical Director

                                                        
 Zeus (Nomad & Broker) 

 Antonio Bossi / James Bavister

                                                     Tel:  +44 20 3829 5000 

                                                         

 

info@artemisresources.com.au (mailto:info@artemisresources.com.au)  

   

 

 

Tel:  +44 20 3829 5000 

  

About Artemis Resources

 

Artemis Resources (ASX/AIM: ARV) is a Western Australian exploration company
focused on advancing a highly prospective portfolio of gold, copper and
critical minerals projects. The Company holds a significant land position in
the underexplored North Pilbara Gold-Copper Province, including the Carlow,
Titan and Thorpe prospects, as well as the large-scale Cassowary Exploration
Project located approximately 440km east of Kalgoorlie. Artemis also holds a
strategic, fully permitted processing asset at Radio Hill, situated near
Karratha.

 

Artemis' portfolio includes exposure to gold-copper systems, IOCG-style
intrusions, and lithium via joint venture interests at Mt Marie, Kobe and
Osborne. The Company continues to advance high-impact exploration programmes
across these assets with the objective of defining new discoveries and
unlocking value for shareholders.

 

About Red Metals

Red Metal Limited (ASX: RDM) is an Australian mineral explorer with a portfolio spanning rare earths, copper and gold. Red Metal is currently focused on advancing its flagship Sybella Rare Earth Project in north-west Queensland.

 

Competent Person Statement

The information in this report that relates to Exploration Results was
compiled by Mr Julian Hanna, a Competent Person who is a member of the
Australasian Institute of Mining and Metallurgy (MAusIMM). Mr Hanna is
Technical Director of Artemis Resources Ltd and has sufficient experience that
is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the 'Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves". Mr Hanna consents
to the inclusion in this report of the matters based on his information in the
form and context in which it appears.

No New Information

To the extent that this announcement contains references to prior exploration
results which have been cross referenced to previous market announcements made
by the Company, unless explicitly stated, no new information is contained. The
Company confirms that it is not aware of any new information or data that
materially affects the information included in the relevant market
announcements and, in the case of estimates of Mineral Resources, that all
material assumptions and technical parameters underpinning the estimates in
the relevant market announcements continue to apply and have not materially
changed.

 

 

Forward Looking Statements

This announcement contains historical facts, interpretations and statements
relating to the Company's current exploration projects, drill targets,
conceptual targets, plans, estimates, objectives, and strategies which are
forward-looking statements. Such forward-looking statements involve known and
unknown risks, uncertainties and other important factors beyond the Company's
control that could cause the actual results, performance, or achievements of
the Company to be materially different from future results, performance or
achievements expressed or implied by such forward-looking statements.
Accordingly, any reliance you place on such forward-looking statements will be
at your sole risk and the Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any forward-looking
statements contained in this announcement to reflect any changes in its
expectations with regard thereto or any change in events, conditions or
circumstances on which any statement is based. The information contained in
this announcement is subject to change without notice. No representation or
warranty, express or implied, is given as to the accuracy, completeness or
fairness of the information or opinions contained in this announcement and no
liability is accepted by the Company or any of its directors, members,
officers, employees, agents, or advisers for any such information or opinions.

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