Earnings release
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ASX Announcement Artemis Resources Limited ABN: 80 107 051 749 Email: info@artemisresources.com.au Level 2, 10 Ord Street, West Perth 6005 PO Box 86 West Perth WA 6872 www.artemisresources.com.au Page | 1 30 April 2025 Quarterly Activities Report For the period ending 31 March 2025 _______________________________________________________________________________ Highlights Karratha Gold Project (ARV 100%) – Site Exploration The first phase of drilling to test three previously undrilled gold targets in the immediate area of the 100% owned Carlow gold/copper de posit was successfully completed during the quarter 1. • Phase One c omprised five diamond holes for a total of 1,790m as an initial test of the Marillion, Carlow East and Titan targets which extend over 2.7kms 2 • R esults announced post reporting period include 7m @ 2.9g/t A u including 1m @ 15.3g/t A u from 404m in 25A RDD001, the first hole to test the Marillion Prospect 3 • Th e Marillion intersection is significant and may extend potential for Carlow high-grade lodes up to 600m east of previous drilling. T he 600m gap is now a priority for drilling • Phase One drilling included three initial holes at Tita n, intersecting elevated gold values from 0.2g/t to 0.5g/t A u and an intersection of 1m @ 16.4g/t A u from 67m in 25A RDD004 • Phase One drilling resulted in new interpretation of the Carlow geology which open s-up wider potential for mineralisation . Next phase of drilling is planned to start in June Karratha Gold Project – Carlow Review A rtemis has commenced a review of >400 historic drill holes which formed the basis of the 2022 Carlow M ineral Resource estimate which contains 374koz gold and 66,000t copper 4. • 192 high -grade gold assays (>10g/t A u) intersected in 80 historic holes identified during initial stage of the Carlow review 5 • 515 high -grade copper assays (>2.0% Cu) intersected in 162 historic holes identified during initial stage of the Carlow revi ew 6 • D eepest historic hole at Carlow intersected 4m @ 11.1 g/t Au & 2.0% Cu in 20CCDD003, outside the resource wi th potential open below and along strike • Conceptual technical stud ies of Carlow including metallurgical test work are pl anned next steps pending completion of the Carlow review Pilbara Lithium Joint Venture (ARV 50%) – Andover Lithium • A rtemis signs b inding J V agreement with GreenTech Metals (A SX :GRE) to consolidate lithium rights of both companies ’ extensive holdings into A ndover L ithium Pty L td7 1 Refer to Artemis ASX announcement on 20 March 2025 2 Refer to Artemis ASX announcement on 28 April 2025, and Figure 1 in this announcement 3 Refer to Artemis ASX announcement on 28 April 2025 4 Refer to Artemis ASX announcement on 13 October 2022 5 Refer to Artemis ASX announcement on 28 April 2025 6 Refer to Artemis ASX announcement on 28 April 2025 7 Refer to Artemis ASX announcement on 3 April 2025
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ASX Announcement Page | 2 Art e m is Resources L imited (‘Art e m is’ or the ‘Company’) (ASX/AIM: ARV) is pleased to provide the activi ties report for the quarter ended 31 Ma rch 202 5. During this period the Company completed the first phase of diamond drilling (Phase One) which was an initial test of three previously undrilled targets along a 2.7km long structural zone centred around the Carlow gold/copper deposit . Despite the proximity to the Carlow M ineral Resource announced in October 2022 8 which wa s based on >400 historic aircore, reverse circul ation and diamond core drill holes , there is no effective drilling ei ther east or west along strike from Carlow . The targets were identified during a review of all avail able data which included high grade surface gold occurrences announced by A rtemis during 2024 9, ge ological and structural interpretations and detailed geological mapping of outcrops during the December 2024 quarter. Phase One comprised five diamond holes for a total of 1,790m as an initial test of the Marillion, Carlow East extensions and Titan targets which are plotted on Figure 1 . Figure 1: Schematic longitudinal section extending from Marillion to Titan showing main interpreted geological features, an outline of the current Inferred Mineral Resource 10 at Carlow, pierce points of historic holes with many of the >10g/t Au and >2.0% Cu assays11 projected onto the section and drill traces (red) of all recent Phase One drill holes The Phase One drilling program was successful with high-grade gold intersected at two of the targets , Marillion and Titan (Refer to figure 1 ). The intersection at Marillion opens up potential for possible extensions to the Carlow deposit up to 600m east along strike from any previous drilling. The intersection at Titan is associated with elevated gold values up to 0.5g/t A u intersected in a previously un known and completely untested sequence interpreted under cover along the eastern margi n of the large Tita n gra vity anomaly (refer to figures 3 and 4). 8 Refer to Artemis ASX announcement on 13 October 2022 9 Refer to Artemis ASX announcements on 10 October 2024 and 28 January 2025 10 Refer to Artemis ASX announcement on 13 October 2022 11 Refer to Tables 1-4 in Artemis ASX announcement on 28 April 2025
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ASX Announcement Page | 3 Highlights from the drilling include high -grade gold (>15g/t A u) intersected at the M arill ion and T itan targets located 2.7km apart on the same structural zone which hosts the 374koz gold and 66,000t copper resource at Carlow. Importantly the first drill h ole at the large M arillion target intersected 7m @ 2.9g/t A u including 1m @ 15.3g/t A u from 399m downhole in 25A RDD001, approximately 600m east along strike from any previous drilling at Carl ow. T his one intersection suggests gold mineralisation may extend well beyond the current deposit with the gap between Carlow and Marillion (refer to Figure 1) now a high priority for drilling planned to start in June. T he potential for extensions to the Carlow deposit is also supported by an intersection of 4 m @ 11.1 g/t A u and 2.0% Cu in hole 20CCDD003, the deepest historic drill hole at Carlow 12 . This intersection is at approximately 500m vertical depth and is not included in the Carlow resource. The high -grade intersection in hole 20CCDD003 warrants step out drilling to test for other high - grade gold and copper lodes and potential resource exten sions below Carlow. Phase One included three holes at T itan drill ed below one of four surface gold occurrences in quartz veins and chert outcrops around a central gravity -low feature reported in 2024 and 2025 13 . T he holes intersected a previously unknown sequence of chrome rich ultramafic rocks and sediments intruded by porphyry . All three holes at Titan ( 25A RDD003, 2 5ARDD00 4, 25A RDD005) reported elevated values of gold between 0.2g/t and 0.5g/t A u within the ultramafic unit and porphyry intrusion with 1m @ 16.4g/t A u intersected in the porphyry intrusion in hole 25A RDD004 from 67m down hole (refer to Figure 2) . Figure 2: Titan cross section showing elevated gold intersections including 1m @ 16.4g/t Au hosted in porphyry 12 Refer to Figure 1 in this announcement 13 Refer to Artemis ASX announcements on 10 October 2024 and 28 January 2025, and Figure 3
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ASX Announcement Page | 4 Figure 3: Panorama of Titan Prospect from chert ridge (Regal Thrust) looking NE across central gravity low feature, showing surface gold occurrences (HG Au)14 and location of holes 25ARDD003, 25ARDD004, 25ARDD005 (Figures 2, 4)15 Figure 4: Titan Prospect in centre of Carlow Tenement - interpreted key elements are: Regal thrust zone chert outcrops (brown), major thrusts (black), Titan gravity-low feature (purple) extending >7km across Carlow Tenement, area of recent drilling at Titan (yellow circle), 3 interpreted gravity-high anomalies (G1-G3) and 5 EM conductive plates (C1-C5). Figure 5: Titan Prospect – drone image showing collar locations of three Phase One diamond drill holes and approximate outline of area of high-grade gold and silver surface occurrences 16 14 Refer to Artemis ASX announcement on 10 October 2024 includes surface gold (HG Au) assay tables and locations 15 Refer to Artemis ASX announcements on 20 March 2025, and 28 April 2025 16 Refer to Artemis ASX announcement on 10 October 2024 - includes surface gold (HG Au) assay tables and locations
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ASX Announcement Page | 5 During the quarter A rtemis commenced a review of >400 historic drill holes which formed the basis of the 2022 Carlow M ineral Resource estimate which contains 374koz gold and 66,000t copper 17 . The revi ew coincides with the current gold price (~USD3,300/oz) , almost double the price when the Carlow M ineral Resource was announced in October 2022 18 (~USD1,640/oz ), and with the A rtemis announcement on 28 A pril 2025 which includes a ‘Ca rlow lode type ’ gold intersection in the first hole (25ARDD001) at the M arillion target, 600m east of Carlow. T he first step in the Carlow review is to evaluate numerous (>700) high -grade gold and copper assays reported from approximately 240 historic drill holes . High gold and copper assays are widespread across the Carlow lode system and include the following assays (listed in Tables 1 and 3 in the A rtemis announcement on 28 A pril 2025 ) with many plotted on Figure 1 above : • Approximately 192 high -grade gold assays (>10g/t A u) intersected in 80 historic holes identified during initial stage of the Carlow review 19 • Approximately 515 high -grade copper assays (>2.0% Cu) intersected in 162 historic holes identified during initial stage of the Carlow review 20 • A n intersection of 4m @ 11.1 g/t A u & 2.0% Cu at ~500m vertical depth in 20CCD D003, the d eepest historic hole at Carlow which is below and outside the resource Depending on results of the initial review of historic drilling at Carlow, Art e m is expect s to appoint consultants to undertake conceptual technical studies including metallurgical test work on drill core samples from Carl ow with this work planned to start la ter in the June quarter. Pilbara Lithium Joint Venture (ARV 50%) – Andover Lithium Artemis and G reenT ech M etals (A SX : G RE, ‘ G reenT ech’ ) have executed a binding agreement to consolidate the lithium mineral rights of thei r respectiv e tenement holdings near K arratha in the W est Pi lbara. The combined lithium mineral rights will be held in a joint venture company called Andover Lithium Pty Ltd (‘Andover Lithium’) with A rtemis and G reenT ech each h olding 50% interest . (Refer to A rtemis AS X announcement on 3 April 2025 ). Andover Lithium will create the largest lithium exploration holding in the W est Pilbara with ov er 420 km 2 situated along strike from A zure M inerals li thium discovery (refer Figure 6 ). The tenement package encompasses a large part of the K arratha- Roebourne lithium corridor and includes six known lithium prospective areas, four with significant outcrop s of spodumene bearing pegmatites 21 . Consolidation of the e xtensive lithium interests into a joint venture structure provides an opportunity to attract a major funding partner into A ndover L ithium . 17 Refer to Artemis ASX announcement on 13 October 2022 18 Refer to Artemis ASX announcement on 13 October 2022 19 Refer to Artemis ASX announcement on 28 April 2025 20 Refer to Artemis ASX announcement on 28 April 2025 21 ASX:GRE – Analysis Confirms Spodumene at Osborne JV – 1 September 2023 ASX:GRE – High grade Lithium Bearing Pegmatite Discovered at Ruth Well – 15 June 2023 ASX:GRE – Rock Chip Results Kobe West – 7 December 2023 ASX:GRE – Exploration Update Ruth Well and Osborne JV – 13 February 2024 ASX:ARV – Significant New Lithium Pegmatite Discovery – 5 February 2024
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ASX Announcement Page | 6 Figure 6: Andover Lithium Joint Venture Tenements (orange outline) with known Li pegmatites (red circles) The combined tenements contain undrilled li thium bearing pegmatite outcrop s within the same regional corridor which host s the T ier 1 lithium pegmatite project discovered by A zure M inerals that has a reported Expl oration T arget of 100 - 240M t @ 1.0 – 1.5% L i2O22 Consolidation of the extensive lithium interests of A rtemis and GreenTech into a 50:50 joint venture will allow the two companies to focus on their core exploration and resource expansion activiti es in the K arratha region, respectiv ely for gold and copper/zinc. The consolidation should not require any substantial management time or involve any material costs from either company. Corporate M r Julian Hanna was appointed M anaging Director on 24 January 2025. M r Hanna was the Co - founder and M anaging Director of W estern A reas L td for 12 years from 2000. He then joined M OD Resources L td as M anaging Director for 7 years from 2013 before joining Sandfire Resources L td in 2019 following its takeover of M OD Resources as Director External Relations. Between 2022 and 2024 M r Hanna acted as G M G rowth and Development for St G eorge M ini ng. 22 Refer to Azure Minerals ASX Announcements dated 2 May 2024 and 7 August 2023
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ASX Announcement Page | 7 M r Bruce G arlick was appointed a Director on 5 M arch 2025. M r G arlick has over thirty years’ experience in mining, exploration, and engineering, having an extensive knowledge of the Pilbara as a Director of Fox Resources Ltd which previously held significa nt exploration tenements in the Pilbara. M r G eorge V entouras resigned as a Director on 8 January 2025. I n February 2025 the Company completed tranche 2 of the capital rai se announced on 16 December 2024, with the issue of 284,428,571 new shares at $0.007 per share. Exploration expenditure during the quarter totalled $901,000. Payments to related parties during the quarter being directors fees and salaries amounted to $122,000. This announcement was approved for release by the Board. For further information contact Julian Hanna / Managing Director Julian.hanna@ artemisresources.com.au Appendix 1 Schedule of tenement holdings at end of Q3 FY2025. All are in Western Australia
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ASX Announcement Page | 8 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 Managing 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. About Artemis Resources Artemis Resources (ASX/ AIM:ARV) is a gold, copper and lithium focused resources company with a highly attractive suite of projects in Western Australia’s underexplored North Pilbara Gold Province. • Attractive projects: o Gold/Copper – Karratha Gold Project (100%) multiple prospects incl: Carlow, Titan, Marillion o Paterson Gold/Copper Project – adjacent to Havieron Mine (owned Greatland Gold) o Lithium – Artemis/Greentech Lithium JV: Mt Marie, Kobe, Osborne Lithium prospects • Highly strategic location: Tier 1 jurisdiction, close proximity to major hub at Karratha including regional rail and road infrastructure, administrative centre and Dampier Port • Significant exploration upside: highly prospective tenure package in the Pilbara Region of Western Australia which is rapidly emerging gold province dominated by >12Moz Au Hemi Project • Mineral Resource with growth potential: existing high -grade gold -copper-cobalt Inferred Mineral Resource at Carlow (100%-owned tenure) • Established processing site at Radio Hill: strategically located, fully permitted • IOCG Exploration Target: Artemis has applied for a 340km2 exploration licence 440km east of Kalgoorlie covering a large interpreted magnetic intrusion prospective for IOCG type copper/gold
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ASX Announcement Page | 9 Figure 7: Satellite image showing outline of Artemis tenement holdings south and east of Karratha
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Artemis Resources Limited ABN Quarter ended (“current quarter”) 80 107 051 749 31 March 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (74) (101) (e) administration and corporate costs (491) (1,470) 1.3 Dividends received (see note 3) - - 1.4 Interest received 6 12 1.5 Interest and other costs of finance paid (3) (4) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other – Royalty receipt - 290 1.9 Net cash from / (used in) operating activities (562) (1,273) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (d) exploration & evaluation (901) (2,156) (e) investments (150) (150) (f) other non-current assets - -
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 2.2 Proceeds from the disposal of: - - - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (1,051) (2,306) 3. Cash flows from financing activities 1,675 5,687 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (161) (266) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other – right-of-use lease liabilities (27) (85) 3.10 Net cash from / (used in) financing activities 1,487 5,336 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 2,456 573 4.2 Net cash from / (used in) operating activities (item 1.9 above) (562) (1,273) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,051) (2,306) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 1,487 5,336
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 4.5 Effect of movement in exchange rates on cash held (0) (0) 4.6 Cash and cash equivalents at end of period* 2,330 2,330 * The Company has ~$0.5 million in liquid investments as at 31 March 2025. 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 2,330 2,439 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 2,330 2,439 * The Company has ~$0.7 million in liquid investments as at 31 March 2025. 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 122 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: Items in 6.1 include payments for directors fees, company secretarial and consulting fees paid to the directors or their associated entities for services provided to the company.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (562) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (901) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,463) 8.4 Cash and cash equivalents at quarter end (item 4.6) 2,330 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 2,330 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3)* 1.59 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: No. The Company has undertaken a drill program during the quarter. Results are encouraging and further drilling will be subject to adequate funding. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: The Company has the ability to raise capital as previously demonstrated. With encouraging drill results as outlined in the quarterly activities report, the Company is confident that further capital can be raised to fund future programs to allow the Company to meet its objectives.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Yes. Capital raising and possibly disposal of non-core assets. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 April 2025 Authorised by: The Board ............................................... (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.