22 August 2022

Artemis Resources Limited

("Artemis" or the "Company")

Exploration Update

Artemis Resources Limited (ASX:ARV AIM:ARV, Frankfurt: ATY, US OTCQB: ARTTF) is pleased to provide additional results from its 100%-owned Paterson Central and Greater Carlow Projects, located in the Pilbara Region of Western Australia.

Highlights

Paterson Central Project

·    Two diamond drill holes 22PTMRD008 and 22PTMRD009 already completed at Paterson Central from pad AP004, see Figure 1.

·    Deepening of hole GDRCD006, first drilled in late 2021* at pad AP001, is planned to extend its downhole depth by an additional ~400m (to over 1000m downhole depth) to test a magnetic and gravity target.

·    Atlas drilling to commence once rig is finished at Apollo, followed by Enterprise targets to the South, and Juno and Voyager targets to the North, subject to final heritage and access solutions.

Greater Carlow Project

·    All Carlow drill results from the latest drill campaign have now been received and the new Mineral Resource Estimate is expected to be completed in September.

·    Results for ARC395 and ARC396 did not return any significant mineralisation, in line with the offset of the lodes already discovered by holes ARC403 and ARC404.

·    Extensive new gravity survey completed over the entire Carlow tenement (~31 sq km) with encouraging results revealing several new exploration targets which will be investigated further.

·    Down Hole Electromagnetic (DHEM) surveys completed at four separate drill locations, with a significant new exploration target identified to the East of Carlow in an area known as Marillion where a conductor exhibited moderate to high conductance.

·    A major heritage survey is to commence soon at Carlow North in preparation for an extensive new exploration effort at this large untested target area that encompasses the northerly structural trends of both Crosscut and Carlow West Zone.

*see ASX Release 04 May 2022 "Paterson 2021 Drill First Results 2022 Programme Update"

Alastair Clayton, Executive Director commented - "Artemis is in a very busy phase of its 2022 exploration and evaluation programme. Paterson Central drilling is progressing very well and as part of the senior management team that recently visited the Paterson Central region it is difficult not to be struck by the scale of the exploration and development activity in the area and the proximity of our project drilling to the emerging Havieron mine.

With all drill holes now returned from recent drill programmes at Carlow the updated MRE is now being finalised.

Our Exploration Team have also been very busy acquiring a range of geophysical data and preparing for the next phase of exploration at the Greater Carlow Project. With a structural model at Crosscut and the Western Zone routinely yielding excellent drill results, our focus will now turn to the untested Carlow North Area where we believe multiple mineralising structures may be present."

Figure 1: Drone image looking west showing the Paterson Central Apollo drill pads AP001 - 004. Artemis drill rig at AP004 with approximate licence boundary in dashed white line.

Crosscut and Carlow West Zones

The Crosscut Zone has been interpreted to be a series of north-south striking, high-grade repeating en echelon structures constrained by northwest striking bounding structures. These northwest structures appear to be penetrative structures that cut through the Carlow East Zone. Furthermore, a new mineralised northwest trending structure, that parallels the Crosscut Zone and cuts through the Carlow West Zone has been identified.

These structures appear to trend to the north, continuing through the silicified chert hills and into the plains beyond, see Figure 2. A new gravity data set that covers the entire E47/1797 tenement area (31.09km²) appears to support this notion and also points to several new areas to the west of the Carlow resource area that require investigation, as shown in Figure 3.

Figure 2: Carlow North Area looking south to the chert ridge and the Carlow resource area beyond.

Figure 3: Vertical derivative gravity over the Carlow licence with previous Carlow resource outline (green) and some simplified geology (basalt red and chert in white).

Table 1: Significant Intersections for the holes drilled in the Crosscut Zone of the Carlow deposit. Intersections cut on 0.3% Cu with 2m internal dilution.

Holes drilled in the Carlow West Zone have also returned with very good results, with these results shown in Table 2 and the collar position shown in Figure 4.

Drilling in this zone appears to be intersecting two zones. Holes ARC398, ARC399 and ARC400 intersected mineralisation related to the Carlow West Zone, while ARC401 and ARC402 have identified a second new mineralised northwest trending structure, that parallels the Crosscut Zone and cuts through the Carlow West Zone. Further drilling is warranted to test this structure.

Figure 4: Location of Carlow West Zone drill holes.

Table 2: Significant Intersections for the holes drilled in the Carlow West Zone of the Carlow deposit. Intersections cut on 0.5g/t Au, with 2m internal dilution.

Marillion Target

This area was initially highlighted by the historic Legend Mining data as a VTEM anomaly. This target was drilled by hole ARC406 which returned no significant results. It was decided that a MLEM and DHTEM survey be carried out to better define the VTEM target at depth.

Modelling of the Marillion anomaly showed conductive plates of up to 5,000S, covering an area of 0.31km², dipping to the south and located at 300 to 400 metres below surface.

Planning is underway to drill test this target.

Figure 4: Location of Marillion plates as defined by DHTEM and MLEM surveys. The highly conductive nature of these geophysical targets makes for a viable and possibly lucrative target, close to the Carlow Deposit.

Figure 5: Sectional view of the location of the Marillion geophysical plates

Table 3: List of Carlow holes collars

Table 4: List of Paterson holes collars

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.

MAR

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.

About Artemis Resources

Artemis Resources (AIM / ASX: 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.

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

JORC Code, 2012 Edition - Table 1

SECTION 1 SAMPLING TECHNIQUES AND DATA

 (Criteria in this section apply to all succeeding sections.)

SECTION 2 REPORTING OF EXPLORATION RESULTS

 (Criteria listed in the preceding section also apply to this section.)