Artemis Resources : Quarterly Activities and Cash Flow Report

ASX Announcement

December 2021 Quarterly Report

Highlights

Paterson Project

In late 2021 Artemis completed drilling at four holes in Phase One of the Atlas and Apollo programme. Phase 1 of the Atlas and Apollo programme has paused for the peak summer break. Rigs will recommence as soon as the short peak summer season ends, typically at the end of February/early March.

Four holes have been completed to length of between 623m and 810m. A 5th hole on pad AP4 (GDRCD008) was lost at ~240m depth still in Permian cover. It will be restarted in Q1 2022.

Hole GDRCD007 drilled from the Apollo, AP3 pad intersected several zones of particularly encouraging geology on the contact and within a ~84m interval of an altered diorite intrusion. Observations of GDRC0007 core reveal a high-temperature alteration suite of massive dolomitic marble at ~530m followed by intermittent/sporadic and in places very intense Silica-Calcite-Chlorite-Actinolite +/- Biotite with abundant Pyrite and minor Chalcopyrite in veins, halos and minor breccia infill over individual widths up to 0.5m between ~535m and ~560m downhole. Core processing is in progress and some sample intervals have already been despatched for assay.

The Company's immediate priorities are to follow-up on the highly encouraging geology encountered in GDRCD007, to complete the hole at AP4 and drill the main gravity anomaly centre beneath the AP1, 2 and AP3 pads.

Carlow Castle Au-Cu-Co Project

Results from the recent drilling campaign have returned outstanding results from the Carlow project areas.

East Zone

High-grade East Zone intercepts occur at depth and continue to define the mineralised shoots down-dip and outside the 2021 optimised pit shell.

These include:

• 20m @ 2.06g/t Au, 0.40% Cu, 0.254% Co, from 258m - ARC359
• 3m @ 21.91g/t Au, 0.80% Cu, 0.01% Co, from 246m - ARC355
• 6m @ 4.61g/t Au, 0.44% Cu, 0.02% Co, from 294m - ARC356
• 1m @ 25.10g/t Au, 0.43% Cu, 0.01% Co, from 245.00 m - ARC358

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West Zone

Very high-grade West Zone shoots occur at shallow depths and appear to open in multiple directions both down-dip from near surface and also laterally.

These include:

• 13m @ 5.86g/t Au, 0.21% Cu, 0.137% Co from 58m - ARC317
• 3m @ 11.39g/t Au, 6.82% Cu, 0.06% Co from 108m - ARC318
• 3m @ 4.22g/t Au, 1.18% Cu, 0.24% Co from 127m - ARC327
• 5m @ 2.90g/t Au, 0.62% Cu, 0.55% Co from 79m - ARC332 Crosscut Zone

Step-out exploration drilling at the Crosscut Zone encountered a high tenor of copper mineralisation, which suggests Crosscut Zone is as much a high-grade copper deposit as it is a gold deposit.

Exceptional results from step-out exploration drilling at Crosscut Zone - that is outside any previous resource shell - has been intersected in the recent drill programme.

Currently only half of the Crosscut Zone trend (~230m) has been tested, with an additional ~225m of strike length to the South yet to be drilled. A potential parallel zone to the East is also yet to be tested. Both will be drilled as soon as possible in Q1 2022.

Twelve RC holes were targeted to test the system near surface and at depth, with the better intersections being:

• 22m @ 2.23g/t Au, 1.39% Cu, 0.457% Co from 247m - ARC344
• 7m @ 5.23g/t Au, 0.74% Cu, 0.54% Co from 286m - ARC344
• 13m @ 5.95g/t Au, 5.00% Cu, 0.689% Co from 42m - ARC 338
• 10m @ 1.6g/t Au, 2.11% Cu, 0.34% Co from 16m - ARC338
• 4m @ 2.59g/t Au, 0.95% Cu, 0.02% Co from 80m - ARC338
• 7m @ 1.90g/t Au, 2.35% Cu, 0.009% Co from 126m - ARC342
• 2m @ 19.36g/t Au, 1.58% Cu, 0.05% Co from 243m - ARC342 Chapman Prospect

Chapman Prospect located ~ 1km Southeast of Carlow Project and ~250m from the historic Good Luck workings thought to be a structural repeat of the Carlow host- sequence.

Two wide-spaced RC holes, GLC007 and GLC008 targeting VTEM anomalies were drilled at the Chapman Prospect to the Southeast of Good Luck.

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Hole GLC007 was successful and intersected:

• 10m @ 3.40% Cu, 1.75g/t Au and 24.65g/t Ag from 116m, including: o 5m @ 6.23% Cu, 3.01g/t Au, 45.32g/t Ag, from 117m
• 3m @ 1.73% Cu, 1.04g/t Au, 12.67g/t Ag from 138m

Follow-up Ultrafine soil sampling have defined regional structures responsible for hosting mineralisation and appears coincident with a regional magnetic trend.

DHEM survey completed recently with modelling results pending and follow-up drilling planned for early in 2022.

SUMMARY OF 2021 TARGETS AT PATERSON CENTRAL

GDRCD007 was drilled to the ENE from Pad AP3 to test the eastern edge of a modelled gravity ridge that extends SSE the Newcrest/Greatland ZIPA target as shown in Figure 1. It is possible this hole grazed a target zone, so drilling the middle of the gravity ridge from AP3 and AP2 will be a priority.

Hole GDRCD008, drilled at pad AP4, was lost in Permian cover (snapped rods) at ~300m. It will be redrilled as soon as possible. This target is an extension of a modelled gravity ridge extending down to the Newcrest/Greatland Havieron North target recently reported to be drilled to over 1,200m downhole.

Figure 1: Central and Southern Artemis priority targets (yellow stars) over gravity Image and

interpreted geology also highlighting NCM/GGP JV published regional targets (red).

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Importantly, assays are required to determine that gold is present in these drill cores. Encouragingly the presence of altered diorite and alteration mineral assemblage and high- sulphide content of selected core zones encountered in GDRCD007 bear strong similarities to published examples of some vein-hosted mineralisation sub-types at the nearby multimillion ounce Havieron Mine Development.*

Hole GDRCDD004 drilled from the AT1 ENE across the N-S Havieron Fault/Dyke. Samples from unusual "green granite" alteration zones encountered have already been sent for assay. The AT1 Pad will be utilised again in Q1 2022 (Figure 2).

Figure 2: Drone Photo Schematic looking East - The Apollo and Atlas targets relative to Havieron and surrounding ZIPA and Havieron North targets drilled by the Newcrest/Greatland JV recently (all assays pending). Atlas and Apollo target drill footprints in yellow/white. Licence boundaries (dashed red) and interpreted major N-S fault (dashed grey). Havieron (blue).

All core has now arrived at the Radio Hill core handling facility to be cut and logged prior to samples being dispatched for assay . Selected core intervals will be sent for priority assay.

Figure 3: GDRCD007 - 547m, example of a large Quartz Calcite vein in altered Diorite with semi- massive sulphides Pyrite +/- Chalcopyrite as well as Chlorite Actinolite infill and alteration halo.

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Figure 4: GDRCD007 - 559m, example of a Quartz Calcite vein in altered Diorite with Pyrite +/- Chalcopyrite, Chlorite "Jigsaw" infill.

CARLOW CASTLE PROJECT

With the drilling completed in last quarter, assays results are now being processed. Several results have been received, with outstanding results shown in Table 2. These results cover the Carlow Castle Project, along with Good luck (now renamed as Chapman) and Little Fortune (now renamed as Thorpe). These project areas are located in Figure 5.

Figure 5: Location of the different project areas and drill hole collars.

Table 1: Drill statistics for December Quarterly

	Location			No of			RC (m)			Diamond			No of			No Samples			No Samples			No of Samples
			Holes					(m)			Samples			Submitted			Received			Outstanding
	Carlow	47		10,878		0		9,259		9,259		8,527		1,000
	Chapman	8		1,836		0		1,966		1,966		1,966		-
	Thorpe	7		2,011		0		2,243		2,243		2,243		5
																		12,463		1,005

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