Funding Needs Loom as Artemis Targets Carlow Resource Expansion and Lithium JV Development

Exploration Breakthrough at Karratha

Artemis Resources Limited has delivered encouraging results from the first phase of diamond drilling at its 100%-owned Karratha Gold Project in Western Australia. The program targeted three previously undrilled prospects, Marillion, Carlow East, and Titan, along a 2.7-kilometre structural corridor surrounding the Carlow gold/copper deposit. Notably, the Marillion prospect yielded a standout intersection of 7 metres at 2.9 grams per tonne (g/t) gold, including a high-grade 1 metre interval at 15.3 g/t Au from 399 metres depth. This discovery extends the potential strike of high-grade mineralisation some 600 metres east of the known Carlow resource, opening a new frontier for exploration.

At the Titan target, drilling intersected elevated gold values ranging from 0.2 to 0.5 g/t Au within a previously unrecognised ultramafic and porphyry sequence, highlighted by a 1 metre intercept grading 16.4 g/t Au at just 67 metres depth. These results not only validate Artemis’s geological model but also suggest a broader mineralised system than previously understood.

Historic Data Review Reinforces Resource Upside

Complementing the drilling success, Artemis has initiated a comprehensive review of over 400 historic drill holes that underpin the 2022 Carlow Mineral Resource estimate of 374,000 ounces of gold and 66,000 tonnes of copper. Early findings reveal 192 assays exceeding 10 g/t gold and 515 assays above 2% copper, scattered across the Carlow lode system. Of particular interest is a deep historic hole intersecting 4 metres at 11.1 g/t Au and 2.0% Cu at approximately 500 metres vertical depth, outside the current resource boundary, suggesting significant potential for resource expansion at depth.

Pending the completion of this review, Artemis plans to engage consultants to conduct metallurgical and technical studies, aiming to better define the deposit’s characteristics and economic potential.

Strategic Lithium Joint Venture Formation

In a parallel development, Artemis has entered a binding agreement with GreenTech Metals to consolidate their lithium mineral rights into a 50:50 joint venture company, Andover Lithium Pty Ltd. This JV controls over 420 square kilometres of lithium prospective tenure in the West Pilbara, including six known spodumene-bearing pegmatite areas along the prolific Karratha-Roebourne lithium corridor. The combined holding represents the largest lithium exploration footprint in the region, strategically positioned near Azure Minerals’ Tier 1 lithium discovery.

This consolidation is expected to streamline exploration efforts and attract major funding partners, enabling both Artemis and GreenTech to focus on their core commodities, gold/copper and lithium respectively, while leveraging scale and regional expertise.

Corporate and Financial Position

Artemis has strengthened its leadership team with the appointment of Julian Hanna as Managing Director, bringing extensive experience from Western Areas, MOD Resources, and Sandfire Resources. Bruce Garlick also joined the board, adding deep Pilbara mining and exploration expertise. The company completed a capital raise in February 2025, issuing over 284 million shares at $0.007 each, bolstering its cash position to approximately $2.33 million at quarter-end.

Exploration expenditure for the quarter was $901,000, reflecting the active drilling and review programs. Artemis acknowledges that further drilling and technical studies will depend on securing additional funding, but expresses confidence in its ability to raise capital given the promising results and strategic initiatives underway.