10 May 2024

Artemis Resources Limited

("Artemis" or the "Company")

Artemis Receives Firm Commitments to Raise A$2.87 million

Artemis (ASX/AIM: ARV, FRA: ATY, US: ARTTF) is pleased to announce that it has received firm commitments for a capital raising of A$2.87 million ("Placing"). The Placing received strong support from sophisticated and institutional investors.

Highlights

·    The Company has received firm commitments to raise approximately A$2.87 million at $0.01275 per share from institutional and sophisticated investors

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

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

·    The issue price of $0.01275 represents a 29% discount to the 20 day VWAP

·    Exploration focus is on lithium and gold across the tenement portfolio

Placing

The Placing received strong support from sophisticated and institutional investors.

Artemis will issue 225,686,275 new shares at $0.01275 per share ("Placing Shares"). The issue price is a 29% discount to the 20 day Volume Weighted Average Price (VWAP). The Placing Shares will be issued in two tranches; 32% in the first tranche and the remaining 68% following the creation of additional capacity at a general meeting of the Company, to be held at a date to be confirmed by the Company in due course (the "General Meeting"). 

The Company will also issue one free attaching warrant for every two Placing Shares (in total 112,843,137 warrants), with an exercise price of $0.025 and expiry date of 9 March 2026. The warrants have terms equal to the class of warrants already listed on the ASX, as announced on 8 April 2024, and the Company will make application to the ASX for the warrants be listed under the code ARVOC .

Use of Proceeds

Artemis will utilise this additional funding to undertake further exploration programs as per the following;

Lithium - conduct additional ground reconnaissance to define lithium mineralised areas and to build upon the known pegmatites recognised to date. The Company will also seek to complete heritage clearances, particularly around the Mt Marie lithium prospect, in order to undertake maiden drilling on the 100% Artemis tenure.

Gold - secure heritage clearances at Lulu Creek which is a priority target to conduct drilling which is anticipated to occur around July/August 2024 (subject to heritage clearances) and to better define and prioritise additional targets and undertake a potential combination of IP surveys, EM surveys, ground reconnaissance and drilling where appropriate once targets have been refined.

Funds raised will also go towards continuing work in conjunction with Greentech Metals Ltd at the Osborne JV (GreenTech 51% Artemis 49%).

Funding

Following this capital raise Artemis will have, in addition to the $2.87 million raised, before costs, c.278.7 million warrants in issue with an exercise price of $0.025, which if exercised would raise a further c.$7 million.

Artemis' investment in Greentech Metals Limited (ASX:GRE) has a value of $1.3 million as at today's date.

Admission

The Placing will be conducted in two tranches, with the first tranche of 73,000,000 Placing Shares (the "First Tranche Placing Shares") being issued and allotted under Artemis' existing shareholder authorities and the second tranche of 152,686,275 Placing Shares (the "Second Tranche Placing Shares") being issued and allotted subject to the necessary resolutions being duly passed at the General Meeting .

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 15 May 2024.  Application will be made to the London Stock Exchange for the admission of the Second Tranche Placing Shares to trading on AIM following the General Meeting.

Following admission of the Placing Shares, the Company will have 1,916,882,424 Ordinary Shares in issue. The Placing Shares will represent approximately 11.8 per cent. of the Company's enlarged share capital, and will rank pari passu in all respects with the Company's existing ordinary shares.

Executive Director George Ventouras commented:

"It is pleasing to have received this level of support from shareholders. With the gold prospects that have been identified and the further prospectivity of the greater tenement area, we are looking forward to additional field work in conjunction with relevant surveys to prioritise these targets and to work towards drilling, particularly at Lulu Creek.

This, together with the exciting Mt Marie lithium project where further rock chip samples again returned high assay results, places Artemis in an enviable position with two exploration pathways for in demand commodities.

We are also looking forward to further work on the Osborne JV with our partner Greentech Metals."

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) Artemis Resources Limited is a gold, copper and lithium focused resources company with three major projects in Western Australia; the Greater Carlow Castle gold-copper-cobalt project in the West Pilbara; the Paterson Central project in the Paterson Province (located adjacent to Greatland Gold / Newcrest's recent gold-copper discovery at Havieron; and the Osborne JV (Artemis 49%; GreenTech Metals (ASX:GRE) 51%) in the West Pilbara.

Artemis also owns the Radio Hill processing plant, the only processing plant in the West Pilbara region, 35km from Karratha.

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

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.