8 November 2023

Artemis Resources Limited

("Artemis" or the "Company")

Artemis Receives Firm Commitments to Raise A$2.0 million

The Directors of Artemis (ASX/AIM: ARV, FRA: ATY, US: ARTTF) are pleased to advise shareholders that it has received firm commitments for a capital raising of A$2.03 million ("Placing").

Highlights

§ The Company has received firm commitments to raise approximately A$2.0 million at $0.018 per share from institutional and sophisticated investors

§ The offer was significantly oversubscribed and well supported by existing shareholders

§ One free attaching option to be issued for every two new shares, with exercise price $0.025 and expiry date 9 March 2026

§ The issue price of $0.018 represents a 20% discount to the 15 day VWAP

§ Exploration focus is on lithium and gold at Lulu Creek.[1]

Placing

The Placing received strong support from sophisticated and institutional investors.

Artemis will issue 112,777,778 new shares at $0.018 per share. The issue price is a 20% discount to the 15 day Volume Weighted Average Price (VWAP). Shares will be issued in two tranches; 50% in the first tranche and the remaining 50% following the creation of additional capacity at the Company's annual general meeting which is proposed to be held at 11am WST at 1202 Hay Street West Perth on 29 November 2023 (the "AGM"). 

The Company will also issue one free attaching option for every two new shares (in total 56,388,889 options), with an exercise price of $0.025 and expiry date of 9 March 2026. The options have terms equal to an existing class in issue and with more than 50 option holders the Company will make application to the ASX for listing. The options will be issued following the AGM on 29 November 2023.

Use of Proceeds

Funds raised will go towards executing the following programs:

Lithium Osborne Joint Venture (GreenTech 51% Artemis 49%)

·    Diamond drilling to test stratigraphy and geological structure.[2]

Lithium Artemis 100% ground

·    Ongoing field work, mapping and sampling, target identification.

Gold - Lulu Creek Drilling and Greater Carlow

·    IP survey has identified three chargeability anomalies. Further modelling, interpretation and heritage survey prior to targeted drilling.

·    Greater Carlow target analysis to increase the overall resource base, and expand the current Inferred Mineral Resource at Carlow Castle beyond 704 koz Au Eq.

Corporate

·    Paterson - review of potential JV partners.

·    Radio Hill - analysis to optimise value.

·    General working capital.

Funding

Following this capital raise Artemis will have, in addition to the $2 million raised, before costs, c.160 million options in issue with an exercise price of $0.025, which if exercised would raise a further $4 million.

Artemis investment in Greentech Metals Limited (ASX:GRE) has a value of $4.3 million as at today's date.

Admission

The Placing will be conducted in two tranches, with the first tranche of 56,388,889 Placing Shares (the "First Tranche Placing Shares") being issued and allotted under Artemis' existing shareholder authorities and the second tranche of 56,388,889 Placing Shares (the "Second Tranche Placing Shares") being issued and allotted subject to the necessary resolutions being duly passed at the AGM

Application has been made to the London Stock Exchange for the admission of the First Tranche Placing Shares to trading on AIM. It is anticipated that admission of the First Tranche Placing Shares will take place on or around 8.00 a.m. on 14 November2023.  Application will be made to the London Stock Exchange for the admission of the Second Tranche Placing Shares to trading on AIM and admission is expected to take place on or around 8.00 a.m. on 30 November 2023.

Following admission of the Placing Shares, the Company will have 1,690,196,149 Ordinary Shares in issue. The Placing Shares will represent approximately 6.7 per cent. of the Company's enlarged share capital, and will rank pari passu in all respects with the Company's existing ordinary shares.

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

About Artemis Resources

Artemis Resources (ASX/AIM: ARV; FRA: ATY; US: ARTTF) is a Perth-based exploration and development company with projects in the Pilbara region of Western Australia with a focus on battery and precious metals.

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.