Artemis Resources Limited

("Artemis" or the "Company")

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

A$2.55m Placing to Fund 2023 Exploration Activities

The Directors of Artemis Resources Limited (ASX/AIM: ARV, FRA: ATY, US: ARTTF) are pleased to announce that it has received firm commitments for a capital raise of A$2.55 million through a placing (the Placing) of 170,000,000 fully paid ordinary shares (Shares) at A$0.015 per Share.

Highlights

·    Firm commitments received for a Placement of 170,000,000 million shares at A$0.015 per share to raise A$2.55 million (before costs)

·    One free attaching option to be issued for every two new shares, with exercise price A$0.025 and expiry date 3 years from date of issue

·    The issue price of A$0.015 represents a 6% discount to the last traded ASX price on 24 February 2023 and a 23% discount to the 15 day VWAP

·     Exploration activities across the Company's projects are expected to re-commence after strategic review

·     The trading halt on the ASX has now been lifted

Strategic review

The Company is currently undergoing a technical and a corporate strategic review, and exploration activities will resume once completed.

Carlow Project

-     Potential to increase resource remains open in multiple directions

-     Additional regional potential at Marillion, Europa, Titan and Carlow North (see ASX releases High Priority Exploration Targets - 14 November 2022 and Quarterly Activities Report - 29 January 2023)  

Paterson Central

-     Strategic location surrounding and adjacent to world class Havieron gold copper discovery >10m oz eq.

-     Best targets at Juno, Voyager, Vidian and Enterprise yet to be drill tested

Other Gold and Copper Exploration Targets

-     Artemis holds interests in additional tenements in the Pilbara which are currently being reviewed for gold and copper exploration potential.

Radio Hill Ni-Cu Plant¹

-     Fully permitted site, including tailings storage facilities.

-     On-going review and discussions with interested parties regarding utilisation of the plant

¹The Greater Carlow resource does not at present support the value in use model underlying the carrying value of the Fox Radio Hill Processing Plant (approximately A$27.5 million at 31 December 2022 which includes a rehabilitation provision of A$5.2 million). As a consequence, the Company is required under accounting standards to reflect this asset at recoverable value. The Company is currently working with suitably qualified valuers to undertake a thorough assessment and valuation of the plant in the coming months. For the purposes of the Interim Financial Report for the half year ended 31 December 2022, which will be lodged prior to 15 March 2023, management have determined that a best estimate of recoverable value is A$15 million, and have accordingly booked an impairment provision of approximately A$12.5 million.

Placing

The Placing received strong support from sophisticated and institutional investors.

Artemis will issue 170,000,000 new shares at A$0.015 per share. The issue price is a 6% discount to the last traded price and a 23% discount to the 15 day Volume Weighted Average Price (VWAP). The Placing Shares being issued represent approximately 12.22% of the existing issued ordinary share capital of the Company prior to the Placing.

The Company will also issue one free attaching option for every two new shares (in total 85,000,000 options), with exercise price of A$0.025 and expiry date 3 years from date of issue. The Company will make application to the ASX for listing of the options.

Share issue

The Company expects to issue 170,000,000 Ordinary Shares at A$0.015 per share to raise $2.55 million, utilising the Company's existing shareholder authorities and placement capacity under ASX listing rules 7.1 and 7.1A.

Settlement and dealings

Application has been made for the Placing Shares to be admitted to trading on ASX and AIM ("Admission") and it is expected that Admission will become effective on or around 7 March 2023. The Placing Shares will rank pari passu with the Company's existing issued Ordinary Shares.

Total Voting Rights

Following Admission of the Placing Shares, Artemis will have 1,561,418,371 Ordinary Shares on issue with voting rights attached. Artemis holds no shares in treasury. The figure of 1,561,418,371, may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the U.K. Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs").

This announcement is authorised for release to the market by the Board of Directors.

For further information on the Company, please visit www.artemisresources.com.au or contact: 

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.