ASX Announcement

8 November 2016

New Hard Rock Gold Discovery - Karratha

Highlights

• High grade visible gold exposed in multiple quartz reef systems at the Silica Hills Gold Project 23 km south south east of Karratha.

• Initial 38.3 ounces of fine gold already sold through the Perth Mint.

• Surface gold now identified over a potential 1.8 km of strike.

• Gearing up of exploration activities.

  Artemis Resources Limited (ASX: ARV) is pleased to announce that recent exploration activities have exposed high grade gold mineralisation (Figure 1), with significant free gold, in multiple quartz stock work systems at its Mt Sholl Mining Leases 23 km SSE of Karratha ("Silica Hills Gold Project").

  The gold mineralisation was discovered after bulldozing (Figure 2) a number of costeans through the sides and over a major highly silicified hill with dimensions of about 500m x 300m and 20m high from the surrounding plains. The geology of the project is characterised by a quartz stock work system within Archean felsic and mafics rocks (Figure 3). Hills of a similar nature and stretching for over 1.8 km in strike length within the project area have been identified and proven to be shedding gold and are currently being investigated.

  Ed Mead, Artemis's CEO, commented: "The results from the work to date are outstanding. 27 kg of quartz specimens were sent to the Perth Mint and produced 38.3 ounces gold, and 5.3 ounces silver. It is not everyday that you send samples to the Perth Mint instead of an assay laboratory."

  The Perth Mint reported that gold was 86.83% and silver was 12.67%, making precious metal purity 99.5%.

  Next Steps:

  • Extensive rock chip and channel sampling programme targeting the quartz stock work system is underway.

  • Costeaning to continue.

  • Rehabilitation of historic alluvial disturbance to continue.

  • Drilling programme is being designed and regulatory approvals to be submitted.

Artemis Resources Limited ABN: 80 107 051 749

Telephone: +61 2 9078 7670 | Facsimile: +61 2 9078 7661 | Email: [email protected] Level 3, IBM Building, 1060 Hay Street, West Perth, WA, Australia, 6006 | PO Box R933 Royal Exchange, NSW 1225 Australia

www.artemisresources.com.au

Exploration results from the above work will be reported as they come to hand. Artemis will continue to work through the summer period to advance this new discovery.

Figure 1. Artemis, Silica Hills Project‐ Karratha. Quartz reef with visible gold.

Figure 2. Artemis, Silica Hills Project - Karratha. Bulldozer costean exposing multiple quartz veining in felsic and mafic rocks.

Figure 3: Artemis, Silica Hills Project - Karratha. Quartz vein and stock work within mafic and ultramafic rocks.

ABOUT ARTEMIS RESOURCES

Artemis Resources Limited is a resources exploration company with a focus on its prospective West Pilbara (gold, base metals, platinum and platinum group elements) projects in Western Australia. These projects have only recently been consolidated into Artemis and offer significant exploration potential with close proximity to existing infrastructure.

For further information, please contact: Edward Mead

Executive Director

Phone: +61 407 445 351

Email: [email protected] Web Site: www.artemisresources.com.au

Competent Person Statements

The information in this document that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Edward Mead, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Mead is a Director of Artemis Resources Limited and is a consultant to the Company, and is employed by Doraleda Pty Ltd. Mr Mead has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Mead consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This report contains forecasts, projections and forward looking information. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of Artemis' control. Actual results and developments will almost certainly differ materially from those expressed or implied. Artemis has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. To the maximum extent permitted by applicable laws, Artemis makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this report and (2) without prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this report.