31 December 2025

Board Update & Appointment of Cassowary Project Manager

Artemis Resources Limited (ASX: ARV) (Artemis or the Company) advises that Mr Julian Hanna will transition from Technical Director to Project Manager for the Cassowary Project under a consultancy agreement executed with the Company effective 1 January 2026 and will step down from the Board of Artemis Resources Limited.

Artemis has expanded its footprint in a high leverage copper frontier with the recently announced Earn-In/Joint Venture with Red Metal at Sharon Dam IOCG Target 50km south of the Cassowary Intrusion within the Madura Copper Exploration Belt (See Figure 1 and ASX announcement dated 24 December 2025).

In his new role Julian will focus on advancing both projects progressing work programs and commencing drilling activities in the first half of 2026.

Artemis Executive Director, Jozsef Patarica, commented:

"Julian has been central to shaping Artemis' exploration strategy and bringing rigour to our technical programs. We are pleased to retain his expertise focused on the Cassowary and Sharon Dam Projects."

Figure 1 - Highlighting mineral deposits and occurrences associated with Proterozoic age crustal boundaries parallel with the Yilgarn craton margin.  Madura Crustal Boundary shown in red

This announcement is approved for release by the Board of Artemis Resources.

For further information: 

Key terms of Consultancy Agreement with Mr Julian Hanna

Under the Agreement Mr Hanna will provide, amongst other services for the Cassowary Project:

·      strategic technical advice and ad-hoc assistance;

·      assist with and sign-off as Competent Person on public releases, as required;

·      provide timely technical reports on the performance of work programs undertaken;

·      identify potential mineral commodities and conduct drill planning;

·      manage exploration and related data; and

·      other related duties which are requested by the Company or as directed by the Company from time to time.

·      The time allocation will be for a minimum of two days per week, for which the Company shall pay a fee of AUD$1,500 per day exclusive of GST.

·      The Agreement will extend until it is terminated, with any party being able to terminate the Agreement by giving 30 days written notice to the other party.

·      The Agreement otherwise contains terms and conditions considered standard for similar agreements, including but not limited to confidentiality.

Incentive/success fee related to the Cassowary Project

An incentive/success fee is in place with Mr Hanna which is by way of a cash payment that represents 1.0% of the value of one of the following:

·    The total value of any farm-in or joint venture expenditure required for an incoming party to earn the equivalent of 100% interest in the Cassowary Project, on the basis Mr Hanna has been actively engaged as a consultant/technical adviser who has contributed to the completion of an agreement relating to a farm-in or joint venture of the Cassowary Project, or

·    the total value of a sale of all or part of the Cassowary Project, on the basis Mr Hanna has been actively engaged as a consultant/technical adviser who has contributed to the completion of the sale of all or part of the Cassowary Project, or

·    the total value paid in cash and/or shares for the Cassowary Project resulting from a change of control of the Company, on the basis Mr Hanna has been actively engaged as a consultant/technical adviser who has contributed to the completion of a takeover, merger or similar transaction which results in a change of control of the Company. The value of the Cassowary Project will be based on the Independent Expert valuation required for a transaction of this type.