Artemis Resources : Interim Financial Report

ARTEMIS RESOURCES LIMITED ACN 107 051 749

CONSOLIDATED INTERIM FINANCIAL REPORT

For the Half Year Ended

31 December 2021

Directors' Report

The Directors of Artemis Resources Limited submit herewith the financial report of Artemis Resources Limited ("Artemis" or "Company") and its subsidiaries (referred to hereafter as the "Group") for the half-year ended 31 December 2021. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

The names of the directors of the company during or since the end of the half-year are:

Review of operations

The Group's focus for the half year was its two core projects, Carlow Castle (Gold-Copper-Cobalt) and Paterson Central Gold project.

Carlow Castle Au-Cu-Co Project1

The Carlow Castle drilling programmes during the half year have produced outstanding results which will be used to inform an updated Mineral Resource estimate in 2022. Figure 1 shoes updated mineralised lodes.

The 66 hole 14,733m reverse circulation (RC) drilling programme aims were to:

1. Complete further step-out drilling on known mineralized trends and extensional drilling on geological indicators.

1. Further define mineralisation at Crosscut, a series of new high-grade Western Zone shoots and

elsewhere at the Carlow East Zone and Quod Est.

1. Test potential anomalies identified by historical and new IP surveying at Carlow and further afield at the Chapman, Good Luck and Little Fortune prospects.

Figure 1: Oblique view of the Carlow System looking northeast showing the area subject to exploration in the half.

Directors' Report

DIRECTORS' REPORT (CONTINUED)

Crosscut Highlights are outlined below:

A total of 12 holes were drilled into the Crosscut Zone, along a designed local grid on circa. 40 x 40m spacing. Drilling in the Crosscut Zone had tested targets based on recent exploration structural interpretation and coincident geophysical information in the form of Sub-Audio Magnetics (SAM). This is illustrated in Figure 2.

Results exceeded expectations with better intersections being 1:

1. 22m @ 2.23g/t Au, 1.39% Cu, 0.457% Co from 247m - ARC344

1. 7m @ 5.23g/t Au, 0.74% Cu, 0.54% Co from 286m - ARC344

1. 13m @ 5.95g/t Au, 5.00% Cu, 0.689% Co from 42m - ARC 338

Including, 5m @ 8.31g/t Au, 8.10% Cu, 0.659% Co from 42m

1. 10m @ 1.6g/t Au, 2.11% Cu, 0.34% Co from 16m - ARC338

1. 4m @ 2.59g/t Au, 0.95% Cu, 0.02% Co from 80m - ARC338

1. 7m @ 1.90g/t Au, 2.35% Cu, 0.009% Co from 126m - ARC342

1. 2m @ 19.36g/t Au, 1.58% Cu, 0.05% Co from 243m - ARC342

1. 5m @ 1.22g/t Au, 1.69% Cu, 0.024% Co from 47m - ARC340

1. 5m @ 1.66g/t Au, 0.78% Cu, 0.015% Co from 57m - ARC340

1. 3m @ 5.29g/t Au, 0.80% Cu, 0.185% Co from 111m - ARC340

Figure 2: Diagram illustrating the southwest trend of mineralisation and the potential intersection of the Crosscut structure in the East Carlow Zone. The yellow arrow is circa 200m. Blue dots denote drill collar locations for the recent drilling.

1 see ASX Release 19 November 2021 "High-Grade Gold and Copper Intercepts from the Carlow Crosscut Zone".