2023
Annual Report
For Year Ended 30 June 2023
Artemis Resources Limited
ACN 107 051 749
CORPORATE DIRECTORY
Directors
Share Registry
Guy Robertson (Executive Chairman)
Daniel Smith (Non-Executive Director)
Simon Dominy (Executive Director)
Vivienne Powe (Non-Executive
Director)
Automic Registry Service
Level 2, 267 St Georges Terrace
Perth WA 6000
Telephone: 1300 288 664
Web: www.automicgroup.com.au
Company Secretary
Bankers
Guy Robertson
Westpac Limited
Royal Exchange
Corner Pitt & Bridge Streets
Sydney NSW 2000
Registered Office
Auditors
Level 8, 99 St Georges Terrace
Perth WA 6000
HLB Mann Judd (WA Partnership)
Level 4, 130 Stirling Street
Perth WA 6000
Telephone: +61 8 9486 4036
Email: info@artemisresources.com.au
Web: www.artemisresources.com.au
Telephone: +61 8 9227 7500
Facsimile: +61 8 9227 7533
Nominated Adviser and
Broker
WH Ireland Limited
Telephone: +44 20 7720 1666
Principal Office
C/- The Park Business Centre
45 Ventnor Avenue West Perth
WA 6005
Telephone: +61 8 6261 5463
Securities Exchange Listing
Australia Securities Exchange Limited
(ASX: ARV)
London Stock Exchange plc (AIM:ARV)
OTC Markets Group (OTCQB: ARTFF)
Frankfurt Stock Exchange (Frankfurt:
ATY)
Artemis Resources Limited Annual Financial Report 2023
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* Cover shows The Southern Osborne Lithium Pegmatite Trend
TABLE OF CONTENTS
CHAIRMAN’S LETTER
OPERATIONS REPORT
TENEMENT SCHEDULE
CORPORATE GOVERNANCE
DIRECTORS’ REPORT
REMUNERATION REPORT
AUDITOR’S INDEPENDENCE DECLARATION
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES TO THE FINANCIAL STATEMENTS
DIRECTORS DECLARATION
INDEPENDENT AUDITOR’S REPORT
ASX ADDITIONAL INFORMATION
3
4
21
22
23
29
36
37
38
39
40
41
77
78
83
Artemis Resources Limited Annual Financial Report 2023
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CHAIRMAN’S LETTER
Dear Shareholders,
On behalf of the Directors of Artemis Resources Limited, I am pleased to report on the activities
of the Group for the year ended 30 June 2023.
Artemis has a portfolio of valuable assets in the Pilbara, including the Greater Carlow (Au-Cu-
Co) project, its Osborne joint venture with GreenTech Metals (Li), the Radio Hill processing plant
(Au/Ni/Cu/Co) in the West Pilbara, and the Paterson Central project (Au/Cu) in the East
Pilbara.
A strategic review in May 2023 reaffirmed the Company’s commitment to the Pilbara, a
realignment of its corporate focus and a significant reduction in overhead costs.
At Greater Carlow the Company undertook a rapid assessment exploration programme to
identify new mineralisation within a 25km radius of the Carlow Castle deposit. This program was
successful in identifying new targets at LuLu Creek, Europa, Marillion and Titan. Artemis
calculated an Exploration target of between 200,000 and 500,000 oz Au Eq to build on the
existing 704,000 oz Au Eq resource.
The drill program at Paterson Central, located 2km north and along strike of Newcrest &
Greatland Gold’s 6.5 Moz AuEq Havieron gold-copper discovery was a technical success, and
an expensive program. Artemis is continuing to evaluate third-party interest to fund the next
stage of Paterson Central exploration including potential financing and joint venture
opportunities.
The Osborne Lithium-Nickel joint venture project where Artemis has been free carried for over
$1 million testing a nickel project, identified a significant lithium prospect with rock chip
samples of up to 3.6% Li2O. Artemis has one of the largest West Pilbara tenement holdings (see
image 1) between the joint venture with Greentech to the west and the major Li discovery by
Azure in the east.
The Company is well capitalised with current cash balance of $1.7 million as at 30 June 2023,
a 10% interest in Greentech Metals with value over $3 million, and share options in the money
with potential to raise $2.5 million. With an efficient management structure, the Company is
looking forward to a positive year in 2023/2024 to build on its existing assets and new
opportunities identified by it and its joint venture partner.
We welcomed Vivienne Powe as a director during the year, and I take this opportunity to thank
Mark Potter, Alastair Clayton and Ed Mead for their service to Artemis. The contribution of the
Artemis team, consultants and advisers is also appreciated.
To our shareholders, including existing and new shareholders who supported the capital raise
in February 2023, we appreciate your commitment in what has been a challenging year for
many exploration companies but a year of positive change and opportunity for Artemis.
We look forward to building on shareholder value in the year ahead.
Guy Robertson
Chairman
29 September 2023
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Artemis Resources Limited (“Artemis” or the “Company”) is pleased to outline the progress the
Company has made at its projects for the financial year ended 30 June 2023.
Artemis is a gold copper and lithium focused resource exploration company with three major projects
within the Pilbara region of Western Australia (Figure 1). The Paterson Central and the Greater Carlow
projects are held 100% by the Company while 49% interest is held over the Osborne Joint Venture (JV)
with GreenTech Minerals (“GreenTech”) who hold 51%. In addition, the Company owns 100% of the
strategically located Radio Hill processing plant (on care and maintenance) and associated
infrastructure, located approximately 35km south of Karratha.
Figure 1: Artemis Resources Project Location Map
Greater Carlow Exploration Activities (Lithium)
During the June quarter the Company completed a review of the lithium potential of its Greater
Carlow project after neighbouring exploration companies identified significant lithium pegmatite
mineralisation within units of the Andover Mafic Intrusive that also underly significant portions of
Artemis tenure.
A review of the Company’s historic regional exploration soils database indicated elevated lithium
and lithium pathfinder elements within exploration licences E47/1746 and E47/1797 (Figures 2 and 3).
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Figure 2: Plot of levelled +95th percentile Lithium soils data with circled anomalous trends
Figure 3: Plot of 95th Percentile Rubidium soils data with circled anomalous trends
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
The data has defined seven distinct lithium cluster anomalies within E47/1797 and E47/1746 with
elevated Lithium above the 95th percentile. Two of these anomalies also correspond with two broad
rubidium anomalies, and form part of the initial reconnaissance programs in identifying potential
lithium bearing pegmatites.
First pass field reconnaissance exploration programmes have now commenced to investigate the
source of the lithium soil anomalies.
Osborne Joint Venture (Artemis 49%)
Exploration Activities (Lithium)
Two lithium bearing pegmatite trends have been identified within exploration licence E47/3719 by JV
partner GreenTech (Figure 4). The two trends consist of a northern and southern trend, each of which
has been interpreted as traversing east-west.
The northern Kobe trend currently has approximately 1.4 km of strike within the Osborne JV. Test work
conducted by Curtin University by way of XRD analysis on a sample from the first phase of the
sampling program confirmed that the lithium bearing mineral is spodumene. The yet unnamed
southern trend also had its lithium species classified as spodumene by XRD analysis at ALS Metallurgy.
High tenor lithium assays received within the project area include:
•
•
•
•
•
3.6% Li2O from Sample 23CR038
2.3% Li2O from Sample 23CR039
1.8% Li2O from Sample 23GT11-041
1.7% Li2O from Sample 23GT11-042
1.58% Li2O from Sample 23GT11-039
Figure 4: Lithium rock sample assays and trend lines within Osborne JV Tenement E47/3719
Further lithium exploration is planned on the Osborne JV tenement in the forthcoming year with
sampling and mapping aimed at identifying the full extent of the mineralised pegmatite zones and
the consistency of the lithium mineralogy and grade. Preparations have commenced to enable a
maiden drilling program, subject to receiving all approvals.
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Greater Carlow Project
Carlow Castle Mineral Resource Update (gold-copper-cobalt)
The Carlow Castle deposit is on granted exploration licence E47/1797 and is 35 km from Artemis
resources 100% owned Radio Hill processing plant.
An updated, high-grade Inferred Mineral Resource estimate (“MRE”) was released by Artemis on 13
October 2022. The MRE, prepared in collaboration with independent consultants Snowden Optiro
was produced utilising new wireframes and data produced by the 2022 drill program.
The new Inferred Mineral Resource was estimated to contain 704,000 oz Au Eq at 2.5 g/t Au Eq1 from
8.74 Mt from a combined open pit and underground source.
The Mineral Resource for Carlow is presented in Tables 1 and 2 and Figures 5 and 6. All three deposits
forming Carlow are open at depth, with Quod Est and Crosscut open along strike (Figures 5 and 6).
Figure 5: Oblique view of the Carlow resource block model showing potential continuations of
known mineralisation.
Figure 6: Long Section (looking north) model showing key domains and potential continuation
of known mineralised zones.
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Table 1: Carlow MRE by weathering state reported above a cut-off of 0.7 g/t gold Eq within an
optimised open pit shell and above 2 g/t gold Eq cut-off for underground using MSO shapes. The
entire resource is classified as an Inferred Mineral Resource in accordance with the JORC Code, 2012.
All tonnes are dry metric tonnes. Figures may not compute due to rounding. Au: gold; Cu: copper;
Co: cobalt. MRE current as of 13 October 2022.
Domain
Oxide
Transition
Fresh
Total
Tonnes
(Mt)
1.29
1.49
5.96
8.74
Au Eq
(g/t)
1.5
2.0
2.8
2.5
Au
(g/t)
0.8
1.2
1.5
1.3
Cu (%) Co (%) Au (oz) Cu (t)
Co (t)
0.59
0.84
0.73
0.73
0.07
0.09
0.10
0.09
34,000
56,000
285,000
374,000
8,000
13,000
44,000
64,000
1,000
1,000
6,000
8,000
Table 2: Carlow MRE by mining method. The entire resource is classified as an Inferred Mineral
Resource in accordance with the JORC Code, 2012. All tonnes are dry metric tonnes. Figures may
not compute due to rounding. Au: gold; Cu: copper; Co: cobalt. MRE current as of 13 October 2022.
Mining
method
Open pit
Under-
ground
Total
Au Eq
cut-off
(g/t)
0.7
2.0
Tonnes
(Mt)
Au Eq
(g/t)
Au
(g/t)
Cu (%) Co (%)
Au
(oz)
Cu (t) Co (t)
7.25
1.49
2.4
3.1
1.3
1.6
0.73
0.72
0.09
0.12
296,000 53,000
78,000 11,000
6,500
1,500
-
8.74
2.5
1.3
0.73
0.09
374,000 64,000
8,000
Basis for metal equivalents:
1. Metallurgical factors
In 2019, ALS Metallurgy in Perth completed preliminary metallurgical testwork on two 100 kg drill core
composite samples. The metallurgical testwork demonstrated a potential Carlow Castle ore flowsheet
utilising gravity and cyanide leach for gold, and flotation to produce copper and cobalt
concentrates. Details are:
• 48% of the gold in testwork on metallurgical samples was recovered using gravity
separation, and most of the balance of the non-gravity gold is recoverable in sulphide
concentrates as a by-product, using standard flotation. The total recovery of gold
achieved was 94.8%.
• Quick floating copper minerals produced a high-grade, premium copper concentrate of
approximately 30% copper.
• Deleterious elements, including arsenic, could be managed with a light concentrate
polishing using regrind or blend control. Recoveries depended on mineralogy, with 77% to
85% copper recoveries achieved.
• Unrecovered copper minerals are non-floating silicates or secondary oxide copper
minerals.
• Cobalt recoveries ranged from 73% to79%. Saleable cobalt concentrate grades ranging
from 2.3% to 5.3% cobalt were produced. Cobaltite (CoAsS) is the dominant cobalt bearing
mineral, and is therefore intrinsically linked to arsenic, affecting its sale price.
The metallurgical factors used for the Mineral Resource estimate are presented in Table 3.
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Table 3. Metallurgical assumptions used.
Parameter
Gold Recovery
Copper Recovery
Cobalt Recovery
NSRs (incl. payability, royalty and
treatment and refining costs)
Gold Price
Copper Price
Cobalt Price
Au Royalty (in dore)
Au Royalty (in concentrate)
Cu Royalty
Co Royalty
Input Value
Oxide: 96%
Transitional: 93.5%
Fresh:93%
Oxide: 61%
Transitional: 56%
Fresh: 90.5%
Oxide: 47%
Transitional: 43%
Fresh: 78%
Gold: 94%
Copper: 84%
Cobalt: 41%
AU$2,600 / oz
AU$12,699 / t
AU$90,478 / t
2.5%
5%
5%
5%
2. Gold Equivalent formula
The gold equivalent formula used in the calculation of an Au Eq. grade uses the following parameters:
Oxide
Au Eq. equation = Au (g/t) + Cu(%) x 0.86 + Co(%) x 2.31
Transitional
Au Eq equation = Au (g/t) + Cu(%) x 0.81 + Co(%) x 2.17
Fresh
Au Eq equation = Au (g/t) + Cu(%) x 1.31 + Co(%) x 3.96
Au: gold; Cu: copper; Co: cobalt.
It is the Competent Persons’ view that all elements contributing to the gold equivalent calculation
have the potential to be extracted and sold.
Greater Carlow Exploration Activities (gold-copper-cobalt)
Most of the exploration activities conducted over the Greater Carlow project focussed on target
generation via the acquisition of geophysical and geochemical data over exploration licence
E47/1797 and E47/1746.
Commencing in July 2022, Atlas Geophysics collected 1,712 gravity stations on a nominal 200 m by
200 m grid across the Greater Carlow project including a small infill program (100 m by 100 m) over
Carlow and a new gravity occurrence now known as the Europa target. The data was processed by
Sothern Geoscience Consultants (SGS) who produced both 2D imagery and 3D inversion models.
The Europa Target is located approximately 1.7 km south-west along strike of the of the Carlow
deposit. It is situated within a structurally bound gravity high on the southern side of the Regal Thrust
within the prospective Roebourne Complex (Figure 7). Its structural and gravity signature are of a
similar nature to Carlow deposit and has been identified by Artemis are requiring additional
exploration focus.
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Figure 7: Image of gravity with magnetics in the background as light grey. Note the location of
the Europa gravity target which is coincident with a structurally anomalous magnetic signature.
The gravity at Europa reflects the size and magnitude of that at the Carlow deposit.
During the December and March quarters a total of 432 Ultrafine Fraction (UFF) soil samples were
collected from three locations within the immediate vicinity of the Carlow Castle MRE with a focus
around structures and splays associated with the Regal Thrust.
Finalised and interpreted results from the soils program defined a strong coincident gold (Au) and
arsenic (As) anomaly over an area of 750 m by 550 m at a location named Titan. Titan is located 1.8
km north-west of Carlow Castle, adjacent to a secondary splay thrust north of the Regal Thrust and is
associated with sheared, altered basalts, and banded cherts with ex-sulphide voids.
Anomalous zones of copper in the order of 100 ppm were also identified by the UFF soils program with
a zone forming over the north-west margin of the Europa target as well as a new zone immediately
north of the Marillion electromagnetic (EM) target, with a peak copper in soils value of 258 ppm. This
occurrence is situated near the tenement boundary and is likely associated with gold-copper
mineralisation identified by Novo Resources Corp. at their Morto Largo Prospect.
A series of electrical surveys under the management of SGC also took place at the greater Carlow
project during the reporting period. These included Moving Loop Electromagnetic (MLEM) surveys,
Down Hole EM surveys and a Fixed Loop Electromagnetic (FLEM) survey.
Two sets of MLEM surveys were completed during the financial year (Figure 8) with one survey
completed in July 2022 across an area between Chapman and the eastern side of Carlow Castle,
while the second survey completed in May and June 2023 covered a series of prospects in the
immediate vicinity of Carlow Catle.
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Figure 8: MLEM Survey Area and DHEM Drill Hole Location Map
The first survey identified a significant anomaly 450 m east of the Carlow Keel with a conductance
between 3000 to 5000S with dimensions of at least 400 m by 400 m at a depth starting from 300 m
below surface.
The second MLEM surveys occurred over the Carlow Castle deposit and the prospects Carlow North,
Marillion North, Europa and Titan.
Four new EM conductor plates were identified from the survey being of low to strong conductance
as well as one historic VTEM conductor historically referred to as Stoneham, north of the Europa gravity
anomaly (Figure 9 and Table 4). The conductors described are within highly resistive ground
conditions such that the EM anomalies should be considered prospective in identifying sulphide
mineralisation.
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Figure 9: Modelled EM conductor Plates within Greater Carlow
Table 4 – MLEM Conductor details
Conductor
CCN1
CCN2
CCNE
EUR1
(Stoneham)
TIT1
Details
Immediately north of Carlow with an aerial size of
approx. 800 m by 400 m. Dip approx. 50 degrees to
the SSW. Depth to top estimated at 50 m to 75 m.
Immediately north Carlow Castle Quad Est
mineralisation with an aerial size of approx. 300 m by
400 m. Dip approx. 70 degrees to SE. Depth to top of
source estimated at <50 m.
Located approx. 900 m north of the Marillion
prospect with an aerial size of approx. 750 m by 500
m. Dip approx. 85 degrees south. Depth to top of
source estimated at 50 m to 75 m. Poorly constrained
to steep topography.
Located north of Europa gravity anomaly with an
aerial extent of 500 m by 500 m. Dip approx. 45
degrees south. Depth to top at 50 m by 100 m.
Located slightly south of the main Titan gold in soil
anomaly with an aerial extent of 1,000 m by 1,000 m.
Dip approx. 80 degrees north. Depth to top 75 m to
125 m.
Conductance (S)
Moderate ~ 1,500-2,000+
Moderate to High ~3,000 –
4,000
Moderate conductance ~700
– 900+
Low conductance ~ 50 - 150
Low Conductance ~ 50 - 150
3D conductor plate models have been provided by SGC and they are currently being assessed from
a geological perspective and ranked for follow up investigation. Of particular interest are conductors
CCN1 and CCN2 which have a moderate to high conductance. Both conductance plates are
immediately north of the Carlow Castle deposit and have not been previously drill tested.
Additionally, CCN1 is associated with a chargeability anomaly identified from a dipole – dipole IP
survey completed across Carlow Castle in 2021.
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Four DHEM surveys were completed in August 2002 to assess the potential for off hole conductors
(Figure 8). The surveys occurred in drill holes ARC387 (Carlow Castle Cross Cut load), ARC407
(Marillion) ARC407 (Chapman) and 22CHRD001 (Chapman).
ARC387: DHEM identified a weak in hole/off hole anomalism at ~125 m to 145 m down hole as multiple
narrow sources. This corresponds well to the copper mineralisation within the drill core. As well as this,
an off-hole anomaly with weak/moderate strength at ~115 m to 120 m down hole has been identified,
source is above and right of hole – N/NW of hole.
ARC406: DHEM identified a deep off hole conductor to the north confirming the Marillion MLEM
conductor. Modelling indicated a south dipping body of at least 400 m by 400 m aerial size 350m
below surface with a conductance greater than 5,000S.
ARC407: DHEM identified weak broad off hole anomalism centred at ~60 m by 70 m down hole.
Source is above and left – south of hole.
22CHRD001 DHTEM identified weak off hole anomalism, approx. source appears sub-parallel to hole
geometry centred at ~55 m by 80 m down hole with a localised source. Relatively weak/low
conductance and limited areal size.
In October 2002 a FLTEM survey was complete over Marillion identifying a significant >11,000S
conductance with an area size of 500 m to 600 m in strike and 250 m to 360 m down dip extent
(Figures 10).
Figure 10: 3D oblique view of the Carlow resource and spatial location of the Marillion ‘plates’
Whilst >9,000s conductance is considered by the Artemis exploration team to be of material interest
and >10,0000 a strong candidate to be drilled, 11,000s of conductance is of regionally exceptional
tenor. Depth to the top of the anomaly is 350 m to 450 m and the anomaly dips at 40 to the south-
southwest.
Also of note is the potential relationship between the Marillion Target and the eastern portion of the
Carlow MRE and the Carlow Keel Zone. Spatially there is approximately 450 m distance between the
high-grade Carlow keel drilling, which remains open in multiple directions and the Marillion Target
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Greater Carlow Exploration – Gold
Lulu Creek lies 20 km to the west of Artemis’s Carlow Castle deposit and forms part of the prospective
Greater Carlow area. It was previously known as Patterson’s Hut and Carlow West and was initially
identified in 2018 via a regional soils and rock chip program defining an area of interest over 4 km in
an east-northeast orientation. Subsequent mapping and rock chip sampling identified gold
associated with quartz veins and gossans, and in an unclassified weathered unit with a light covering
of transported sands and gravels.
In 2020, Artemis completed 126 RC drill holes with an average hole depth of 20 m and a maximum
hole depth of 50 m. The drill program was technically successful identifying numerous low-grade
zones of gold mineralisation associated with disseminated sulphides and quartz veins within a 2 km
east-northeast trending quartz diorite intrusion (Figure 11).
Significant intercepts from the drill program included:
• 2 m @ 1.62 g/t gold from 34 m in CWRC006
• 1 m @ 4.89 g/t gold and 13.7 g/t silver from 24 m in CWRC011
• 1 m @ 1.15 g/t gold from 9 m in CWRC017
Figure 11: Lulu Creek Intrusion displaying 0.3 g/t gold metre gram contours.
At the time of the 2020 drill program, the significance of intrusion related gold within the Pilbara was
not fully appreciated with resources being directed to more advanced projects within the company
portfolio.
Following the conclusion of the 2022 drill season, a comprehensive exploration focused strategic
review was completed across Artemis tenure re-identifying the potential of the Lulu Creek prospect.
Drill chips from the 2020 RC program were re-logged and assays re-processed to generate a new
interpretation. Coincidently, work completed by the GSWA identified the presence of ‘Sanukitoid like’
intrusive bodies around the Karratha (granitoid) Dome 2.5 km north-west of the Lulu Creek intrusion,
which indicates mantle fluid pathways in the area.
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Lulu Creek is also situated along the margin of the 90 km long Regal Thrust. Splays and secondary
structures associated with the thrust, host mineral occurrences including the Carlow Castle deposit.
A 15-line dipole-dipole Induced Polarisation (IP) survey commenced at the end of June 2023. This
identified two chargeability anomalies within the Lulu Creek intrusion, adjacent to a moderate-high
resistive body interpreted as representing significant alteration and veining (Figures 12 and 13). A third
IP Chargeability anomaly was identified just off the intrusion along the Regal Thrust (Figure 12), which
corresponds with outcropping gossanous BIF and ultramafic rocks at surface.
Figure 12: IP chargeability plan view -75 m below surface against Lulu Creek Intrusion outcrop
outline in pink.
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Figure 13: IP resistivity plan view -75 m below surface against Lulu Creek Intrusion outcrop outline
in pink.
Further modelling and interpretation of the IP chargeability and resistivity bodies is required in the
coming reporting period along with an additional heritage survey across the prospect prior to any
new targeted drilling.
Paterson Central Project
Exploration Activities (gold-copper)
A total of 5,135 m of diamond drilling was completed at the Apollo and Atlas prospects during the
reporting period from five completed drill holes (Table 4 and Figure 14) consisting of two holes at Atlas
and three holes at Apollo. At the Apollo prospect sulphide mineralisation associated with breccias
was identified peripheral to, and within a dolerite.
Table 4: Completed Drill Collar Details for Reporting Period
Hole ID
Type
GDRCD0061
22PTMRD008
2PTMRD009
22PTMRD010
22PTMRD011
DD
MD
MD
MD
MD
Easting
(MGA94)
462,127
464,560
464,560
462,120
462,360
Northing
(MGA94)
7,600,424
7,600,420
7,600,420
7,600,420
7,600,420
RL (m)
Dip
Azi MGA
EOH (m)
262
262
262
262
262
-65.6
-75.0
-69.0
-75.0
-76.1
80.4
80.0
276.6
92.9
353.8
1102.9
985.0
1054.9
1052.1
940.0
1 Drill hole re-entry. Drilling Commenced from 648.80m
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Apollo Prospect
Atlas Prospect
Artemis Tenement
E45/5276
Havieron
Figure 14: Interim Reporting Period Drill Hole locations with Havieron deposit in the south of
Image.
Drilling from GDRCD006 (extension), 22PTMRD0010 and 22PTMRD011 defined a north-west trending
splay fault intruded by a dolerite sill. Along with reprocessed geophysics received in September 2022
(Figure 15), Artemis has been able to determine that the Apollo target is one part of a ~1.5 km long
magnetic anomaly with a structural setting like the nearby Havieron deposit.
Demagnetised Low Zone
Figure 15: Reprocessed magnetics showing the ~1.5 km long Apollo structure (highlighted in dashed
line). Apollo location and anomaly size with respect to Havieron resource footprint (black outline).
This is further supported by Artemis best intercept to date at the Paterson project with drill hole
22PTMRD011 (Figure 16). intercepting mineralised breccia, returning an intercept of:
• 2.42 m @ 0.85g/t gold and 2.86% copper from 752.58 m, including 0.87 m @ 0.36g/t gold and
4.99% copper from 752.58 m and 1 m @ 1.73g/t gold and 2.58% copper from 754 m and 1 m
@ 0.61g/t gold and 3.28% copper from 904 m.
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
Figure 16: Section 462,350mE looking east showing drill hole trace gold and copper intersections
on geology and magnetics highlighted in red dashed lines. Au: gold; Cu: copper.
Assay results received to date show sporadic gold and copper occurs within a suite of rocks that in
places are like those described at the nearby Haveron deposit2. From examination of the exploration
history at Havieron2 it is evident that the discovery of large intercepts of multi-sulphide endowed, high-
temperature crackle breccias and veining does not confirm the presence of gold. Furthermore, the
exploration history2 at Havieron indicates that holes with exceptionally large gram-metre intercepts
(HAD005) can be as little as 50 m from holes that return no significant results (HAD006).
The intrusion event and timing of the quartz-carbonate breccia is still in debate; however initial
interpretations show:
• Mineralisation does not appear to be related to the dolerite; however remobilisation of
•
•
•
•
sulphides does occur along the sill margin.
The mineralisation at Apollo is structurally controlled, i.e. coincident with veining and later-
stage brecciation.
There are at least two phases of breccias, a hydrothermal fluidised occurrence as noted
near the contact of the dolerite and a tectonic event, as indicated by the presence of
quartz-carbonate matrix support breccias, exhibiting angular clasts.
The mineralisation noted in hole 22PTMRD010 occurs higher up and not near the dolerite.
The source of the mineralisation at Apollo appears to be deeper to the NE and may be
related to the magnetic flexure and the central de-magnetised zone as shown in Figure 15.
Artemis Resources Limited Annual Financial Report 2023
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OPERATIONS REPORT
An independent exploration review of the Central Paterson Project was conducted in May and June
2023. The review was completed by Merlin Geophysics whose principal was the Principal Geoscientist
for Greatland Gold PLC from 2020 – 2021. The review focus was to assess the effectiveness of
exploration completed by Artemis since the grant of the tenure in 2020, as well as to re-evaluate the
prospectivity across the project.
The review was positive towards Artemis exploration to date in targeting for Havieron style
mineralisation with the Company being effective in:
• Acquisition of geophysical and geochemical surveys with appropriate parameters and
methodologies.
• Processing and interpretation of the datasets to a high standard.
•
• Drilling has effectively tested Apollo, Atlas, and Nimitz target areas.
Targeting has considered elements of key criteria and has been complete to a high standard.
The review also identified the use of electrical geophysical methods to improve targeting including
IP/EM in areas with shallower cover and Audiomagnetotellurics (AMT) and Magnetotellurics (MT) in
areas with deeper cover.
Merlin Geophysics also identified exploration potential in other mineralisation models including
orogenic and strata-bound copper-gold mineralisation across the project but noted the difficulty in
conducting exploration given the depths of Permian cover over the basement.
Artemis will seek a partner to advance the project, which may include JV, earn-in or outright sale.
2 Ackerman, B., Finn, D., Baxter, C., Harris, A., Switzer, C., MacCoruodale, F., Wilson, A., Lisowiec, N.,
William, S, J., 2021. Havieron Gold-Copper Deposit: Next Generation of Undercover Discoveries.
NewGen Gold Conference Proceedings 2021, p.145 – 159
Competent Person’s Statement
Exploration Results
The information in this report that relates to exploration results is based on, and fairly represents
information supporting documentation prepared by Mr Luke Meter, a Competent Person who is a
member of the Australasian Institute of Geoscientists (AIG) and Australian Institute of Mining and
Metallurgy (AusIMM). Mr Meter is employed by Artemis Resources Limited as Exploration Manager. Mr
Meter has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken 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 Meter Consents to the inclusion in this report of the matters based on his information
in the form and context in which it appears.
Mineral Resource Reporting
The information in this report that relates to the Carlow Mineral Resource is based on information
compiled by Ms Janice Graham, MAusIMM MAIG, and Dr Simon Dominy, FAusIMM (CPGeo) FAIG
(RPGeo) FGS (CGeol). Ms Graham is a full-time Principal Consultant of Snowden Optiro. Dr Dominy is
a Technical Director of Artemis Resources Limited. Ms Graham and Dr Dominy have sufficient
experience relevant to the styles of mineralisation and type of deposits under consideration and to
the activity being undertaken to individually 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”. Ms Graham and Dr Dominy consent to the inclusion in the report of the matters based on
this information in the form and context in which it appears.
Artemis Resources Limited Annual Financial Report 2023
19
OPERATIONS REPORT
Corporate
Board and management changes
Ms Vivienne Powe was appointed to the Board on 4 July 2022. Ms Powe is currently Executive General
Manager, Business Development with Lynas Rare Earths Ltd (ASX:LYC) and was previously the Chief
Executive Officer Investments for Perenti Group (ASX: PRN). Ms Powe has served in senior executive
and leadership roles in private and listed organisations which have included Global Advanced
Metals and BHP as well as having worked at Iluka Resources, Woodside Energy and Renison Goldfields
Consolidated.
Vivienne holds a Bachelor of Engineering degree (Metallurgical Engineering, with Distinction) from
the Royal Melbourne Institute of Technology, a Graduate Diploma in Applied Finance & Investment
from FINSIA and a Master of Business Administration (Technology Management) from Deakin
University.
Mr Alastair Clayton and Mr Edward Mead resigned from the Board on 21 November 2022. Mr Mark
Potter resigned from the Board on 31 March 2023.
Capital Raising
In February 2023 the Company raised $2.55 million, before costs, through the issue of 170,000,000 new
shares at $0.015 per share with one free attaching option for every two new shares (85,000,000
options) exerciseable at $0.025 cents per share before 9 March 2026. The Company issued a further
17,000,000 options on the same terms to the broker to the raise.
Dr Simon Dominy
Executive Director
Artemis Resources Limited Annual Financial Report 2023
20
OPERATIONS REPORT
Schedule of tenements holdings (All tenements are in Western Australia)
Tenement
Project
Holder
Holding
Status
Area
(km2)
E47/1797
Greater
Carlow
KML No 2 Pty
Ltd
100%
Live
28
E47/1746
Cherratta
E47/3719
Osborne
P47/1972
Cherratta
M47/337
Radio Hill
M47/161
Radio Hill
E47/3361
Radio Hill
L47/93
Radio Hill
E45/5276
Central
Paterson
KML No 2 Pty
Ltd
KML No 2 Pty
Ltd
KML No 2 Pty
Ltd
Fox Radio Hill
Pty Ltd
Fox Radio Hill
Pty Ltd
Elysian
Resources
Pty Ltd
Fox Radio Hill
Pty Ltd
Armada
Mining Pty
Ltd
100%
Live
117.6
49%
Live
44.8
100%
Live
1.5
100%
Live
1.8
100%
Live
9.9
100%
Live
15.6
100%
Live
0.07
100%
Live
529.2
Artemis Resources Limited Annual Financial Report 2023
21
CORPORATE GOVERNANCE STATEMENT
Artemis Resources Limited, through its Board and executives, recognises the need to establish
and maintain corporate governance policies and practices that reflect the requirements of
market regulators and participants, and the expectations of members and others who deal
with Artemis. These policies and practices remain under constant review as the corporate
governance environment and good practices evolve.
ASX Corporate Governance Principles and Recommendations
The third edition of ASX Corporate Governance Council Principles and Recommendations (the
“Principles”) sets out recommended corporate governance practices for entities listed on the
ASX.
The Company has issued a Corporate Governance Statement which discloses the Company’s
corporate governance practices and the extent to which the Company has followed the
recommendations set out in the Principles. The Corporate Governance Statement was
approved by the Board on 29 September 2023 and is available on the Company’s website:
https://artemisresources.com.au/company/corporate-governance
Artemis Resources Limited Annual Financial Report 2023
22
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 year ended 30 June 2023. In order to comply with the provisions of the
Corporations Act 2001, the directors report as follows:
The names of the Directors who held office during or since the end of the year and until the
date of this report are as follow:
Guy Robertson
Daniel Smith
Simon Dominy
Vivienne Powe
Mark Potter
Alastair Clayton
Edward Mead
Current Directors
GUY ROBERTSON
Executive Chairman
MR DANIEL SMITH
Non-Executive Director
Executive Chairman
Non-Executive Director
Executive Director
Non-Executive Director (appointed 4 July 2022)
Non-Executive Chairman (resigned 31 March 2023)
Executive Director (resigned 21 November 2022)
Non-Executive Director (resigned 21 November 2022)
Mr Robertson was appointed a director on 17 January 2022.
Mr Robertson has over 30 years’ experience as a Director, CFO
and Company Secretary of both public (ASX- listed) and private
companies in both Australia and Hong Kong. He has had
significant experience in due diligence, acquisitions, IPOs and
corporate management. Mr Robertson has a Bachelor of
Commerce (Hons) and is a Chartered Accountant. He is a director
of Hastings Technology Metals Ltd (ASX:HAS), Metal Bank Limited
(ASX:MBK), GreenTech Metals Limited (ASX:GRE) and Alien Metals
Limited (AIM:UFO).
Interest in securities at the date of this report:
Ordinary shares 4,000,002
Unlisted options 3,000,000
Directorships in last three years: Bioxyne Limited (ASX:BXN)
Mr Daniel Smith holds a Bachelor of Arts, is a Fellow of the
Governance Institute of Australia with a strong background in
finance having previously worked in the broking industry. Mr Daniel
Smith has 14 years’ primary and secondary capital markets
expertise and has advised on and been involved in a number of
IPOs, RTOs and capital raisings on the ASX, AIM and NSX.
Mr Smith is non-executive chairman of DY6 Metals Limited and
non-executive director of White Cliff Minerals Limited (ASX:WCN),
Nelson Resources Limited (ASX:NES), Europa Metals Limited
(ASX:EUZ) and Lachlan Star Limited (ASX:LSA), and is company
secretary of a number of companies on ASX and NSX.
Interest in Securities as at the date of this report:
Unlisted options: Nil
Directorships in last three years: Alien Metals Limited (AIM:UFO), QX
Resources Limited (ASX:QXR)
Artemis Resources Limited Annual Financial Report 2023
23
DIRECTORS’ REPORT
DR SIMON DOMINY
Executive Director
Dr Simon Dominy is Adjunct Professor at the Western Australian
School of Mines (WASM), Curtin University, and a Visiting Associate
Professor at the Camborne School of Mines (CSM), University of
Exeter, UK.
Dr Dominy is a mining geologist-engineer with over 25 years’
experience based in mine operations, consulting and academia.
He has worked on a number of gold projects in Australia
particularly in WA, QLD and VIC, and across Europe, the Americas,
and Africa.
Since 2015 he has been working with several of private and listed
entities developing/operating gold projects including: MG Gold
Ltd; Novo Resources Corporation (TSV: NVO); Scotgold Resources
Ltd (AIM: SGZ) and OCX Gold Group.
Between 2004-2014 he was an Executive Consultant/General
Manager with the Snowden Group based in Australia and UK,
including two years contracted out to Lion Gold Corporation
(SGX: A78).
(“FAusIMM”) and
Dr Dominy is a Fellow of the Australasian Institute of Mining and
Metallurgy
Institute of
Geoscientists (“FAIG”). Over the past 20 years he has acted as a
Competent/Qualified Person on numerous mineral deposits
globally.
the Australian
VIVIENNE POWE
Non-Executive Director
Interest in Securities as at the date of this report:
Unlisted options: 2,000,000
Directorships in last three years: Nil
Mrs Powe was appointed a Director of the Company on 4 July
2022. Vivienne is a metallurgical engineer and highly experienced
senior executive with a strong track record of creating shareholder
value in top tier, global mining, mining services and oil & gas
companies.
Mrs Powe is currently Executive General Manager Business
Development, Lynas Rare Earths Ltd (ASX: LYC) and was previously
Chief Executive Officer, Investments for Perenti Group (ASX: PRN).
Mrs Powe has served in senior executive and leadership roles in
private and listed organisations which have included Global
Advanced Metals, BHP, Iluka Resources, Woodside Energy and
Renison Goldfields Consolidated. Mrs Powe’s expertise spans
operations, project development and M&A across a wide range
of commodities.
Mrs Powe holds a Bachelor of Engineering degree (Metallurgical
Engineering, with Distinction) from the Royal Melbourne Institute of
Technology, a Graduate Diploma
in Applied Finance &
Investment from FINSIA and a Master of Business Administration
(Technology Management) from Deakin University. Mrs Powe is a
Artemis Resources Limited Annual Financial Report 2022
24
DIRECTORS’ REPORT
Fellow of the Australasian Institute of Mining and Metallurgy, Fellow
of the Financial Services Institute of Australasia, and a Graduate
member of the Australian Institute of Company Directors.
Interest in securities at the date of this report:
Unlisted options 2,000,000
Directorships in last three years: Nil
Company Secretary
MR GUY ROBERTSON
Mr Guy Robertson was appointed Company Secretary on 12
November 2009.
Significant Changes in State of Affairs
There were no significant changes in the state of affairs of the Company during the year.
Principal Activities
The principal activity of the Company during the financial year was mineral exploration. There
have been no significant changes in the nature of the Company’s principal activities during
the financial year.
Significant Events after Balance Sheet Date
There are currently no matters or circumstances that have arisen since the end of the financial
year that have significantly affected or may significantly affect the operations the Group, the
results of those operations, or the state of affairs of the Group in the future financial years.
Likely Future Developments and Expected Results
The primary objective of Artemis is to explore its current tenements in Australia with a view to
determining an economically viable gold resource at Paterson Central and a viable
gold/copper/cobalt resource for processing at the Fox Radio Hill processing plant. More
recently the Company received positive news on the lithium potential in its joint venture with
GreenTech Metals Limited and on its own tenement portfolio.
The material business risks faced by the Company that are likely to have an effect on the
financial prospects of the Company, and how the Company manages these risks, are:
(a) Future Capital Needs – the Company does not currently generate cash from its
operations. The Company will require further funding in order to meet its corporate
expenses, continue its exploration activities and complete studies necessary to
assess the economic viability of its projects. The Company’s financial position is
monitored on a regular basis and processes put into place to ensure that fund raising
activities will be conducted in a timely manner to ensure the Company has sufficient
funds to conduct its activities.
(b) Exploration and Developments Risks – the business of exploration for gold, copper,
lithium and other minerals and their development involves a significant degree of
risk, which even a combination of experience, knowledge and careful evaluation
may not be able to overcome. To prosper, the Company depends on factors that
include successful exploration and the establishment of resources and reserves
within the meaning of the 2012 JORC Code. The Company may fail to discover
Artemis Resources Limited Annual Financial Report 2023
25
DIRECTORS’ REPORT
mineral resources on its projects and once determined, there is a risk that the
Company’s mineral deposits may not be economically viable. The Company
employs geologists and other technical specialists and engages external
consultants where appropriate to address this risk.
(c) Commodity Price Risk – as a Company which is focused on the exploration of
precious and base metals and battery metals, it is exposed to movements in the
price of these commodities. The Company monitors historical and forecast price
information from a range of sources in order to inform its planning and decision
making.
(d) Title and permit risks - each permit or licence under which exploration activities can
be undertaken is issued for a specific term and carries with it work commitments and
reporting obligations, as well as other conditions
requiring compliance.
Consequently, the Company could lose title to, or its interests in, one or more of its
tenements if conditions are not met or if sufficient funds are not available to meet
work commitments. Any failure to comply with the work commitments or other
conditions on which a permit or tenement is held exposes the permit or tenement
to forfeiture or may result in it not being renewed as and when renewal is sought.
The Company monitors compliance with its commitments and reporting obligations
using internal and external resources to mitigate this risk.
Performance in relation to Environmental Regulation
The Group will comply with its obligations in relation to environmental regulation on its projects
when it undertakes exploration. The Directors are not aware of any breaches of any
environmental regulations during the period covered by this Report.
Operating Results and Financial Review
The loss of the Group after providing for income tax amounted to $16,923,543 (2022: loss of
$7,529,345). The loss position for the year includes non-cash items comprising fair value loss on
financial assets of $337,666 (2022: $165,883), impairment of the Radio Hill plant in the amount
of $12,969,852, a write off of exploration costs of $735,768 (2022: $4,696,301), and share based
payments in the amount of $475,300 (2022: $112,200).
The Group’s operating income increased to $80,169 (2022: $33,389). The Company recorded
a gain on sale of projects in 2022 of $1,734,962. The Group’s expenses excluding the items
specified above decreased to $2,485,126 (2022: $4,323,312).
The carrying value of exploration and development costs increased to $32,054,704 (2022:
$27,323,626) reflecting exploration undertaken during the year and the impairment of the
carrying costs of exploration on the Company’s projects. The development expenditure has
decreased to $14,950,070 (2022: $27,420,924) following a reassessment and independent
valuation of the Radio Hill Plant which remains on care and maintenance.
Dividends Paid or Recommended
The Directors do not recommend the payment of a dividend and no dividend has been paid
or declared to the date of this Report.
Artemis Resources Limited Annual Financial Report 2023
26
DIRECTORS’ REPORT
Directors’ Meetings
The number of Directors' meetings (including committees) held during the year and the
number of meetings attended by each director were as follows:
Name of Director
Guy Robertson
Daniel Smith
Simon Dominy
Vivienne Powe
Mark Potter
Alastair Clayton
Edward Mead
Board Meetings
Audit Committee
Meetings
Remuneration
Committee Meetings
Attended
Held
Attended
Held
Attended
Held
10
9
10
10
7
3
4
10
10
10
10
8
4
4
-
2
1
2
1
-
-
-
2
1
2
1
-
-
-
2
1
2
1
-
-
-
2
1
2
1
-
-
Held represents the number of meetings held during the time the director held office or was a
member of the relevant committee.
Indemnifying Officers
In accordance with the Constitution, except as may be prohibited by the Corporations Act
2001, every officer or agent of the Company shall be indemnified out of the property of the
Company against any liability incurred by him or her in his or her capacity as officer or agent
of the Company or any related corporation in respect of any act or omission whatsoever and
howsoever occurring or in defending any proceedings, whether civil or criminal.
The Company paid insurance premiums of $24,525 on 15 August 2023 in respect of a contract
insuring the directors and officers of the Group against any liability incurred in the course of
their duties to the extent permitted by the Corporations Act 2001. The insurance premiums
relate to:
•
•
Costs and expenses incurred by the relevant officers in defending legal proceedings,
whether civil or criminal and whatever their outcome; and
Other liabilities that may arise from their position, with the exception of conduct involving
wilful breach of duty or improper use of information to gain a personal advantage.
Proceedings on behalf of the Company
As at publication date, no person has applied for leave of court to bring proceedings on
behalf of the Company or intervene in any proceeding to which the Company is a party for
the purpose of taking responsibility on behalf of the Company for all or any part of those
proceedings.
Artemis Resources Limited Annual Financial Report 2023
27
DIRECTORS’ REPORT
The Company was not a party to any such proceedings during the year.
Auditor’s Independence Declaration
The lead auditor’s independence declaration for the year ended 30 June 2023 has been
received and can be found on page 36 of the financial report.
Audit and Non-Audit Services
Details on the amounts paid or payable to the auditor (HLB Mann Judd) for audit and non-
audit services during the year are disclosed in note 23.
This Report is made in accordance with a resolution of the Directors.
Guy Robertson
Executive Chairman
29 September 2023
REMUNERATION REPORT
REMUNERATION REPORT – AUDITED
The remuneration report, which has been audited, outlines the key management personnel
remuneration arrangements for the Company, in accordance with the requirements of the
Corporations Act 2001 and its regulations.
At the Annual General Meeting held on 22 November 2022, 35.16% of the votes cast voted
against the adoption of the remuneration report. The Company was aware of shareholder
sentiment prior to the meeting and as a consequence two directors, Mr Alastair Clayton and
Mr Edward Mead resigned from the Board on 21 November 2022. In addition the Chairman,
Mr Mark Potter resigned from the Board on 31 March 2023.
The remuneration report is set out under the following main headings:
A. Principles used to determine the nature and amount of remuneration
B. Details of remuneration
C. Service agreements
D. Share-based compensation
E. Additional disclosures relating to key management personnel
A. Principles used to determine the nature and amount of remuneration
The Board’s policy for determining the nature and amount of remuneration for Board members
and officers is as follows:
•
•
•
•
•
The remuneration policy, which sets the terms and conditions (where appropriate) for
the executive directors and other senior staff members, was developed by the
Remuneration Committee and ultimately approved by the Board;
In determining competitive remuneration rates, the Remuneration Committee may seek
independent advice on local and international trends among comparative companies
and industries generally. The Remuneration Committee examines terms and conditions
for employee incentive schemes, benefit plans and share plans. Independent advice
may be obtained to confirm that executive remuneration is in line with market practice
and is reasonable in the context of Australian executive reward practices. No
remuneration consultants were retained by the Group during the year;
The Company is a mineral exploration company, and therefore speculative in terms of
performance. Consistent with attracting and retaining talented executives, directors
and senior executives, such personnel are paid market rates associated with individuals
in similar positions within the same industry. Options and performance incentives may be
issued particularly as the Company moves from commercialisation to a producing entity
and key performance indicators such as profit and production can be used as
measurements for assessing executive performance;
Given the early stage of the Company’s projects it is not meaningful to track executive
compensation to financial results and shareholder wealth. It is also not possible to set
meaningful specific objective performance criteria for directors as this stage;
All remuneration paid to directors and officers is valued at the cost to the Company and
expensed. Where appropriate, shares given to directors, executives and officers are
valued as the difference between the market price of those shares and the amount paid
Artemis Resources Limited Annual Financial Report 2023
29
REMUNERATION REPORT
A. Principles used to determine the nature and amount of remuneration
(continued)
by the director or executive. Options are valued using the Black-Scholes methodology;
and
•
The policy is to remunerate non-executive directors and officers at market rates for
comparable companies for time, commitment and responsibilities. Given the evolving
nature of the Group’s business, the Board, in consultation with independent advisors,
determines payments to the non-executive directors and reviews their remuneration
annually, based on market practice, duties and accountability.
The maximum aggregate amount of fees that can be paid to non-executive directors is
$500,000 per annum. Fees for non-executive directors and officers are not linked to the
performance of the Company. However, from time to time and subject to obtaining all
requisite shareholder approvals, the directors and officers will be issued with securities as
part of their remuneration where it is considered appropriate to do so and as a means
of aligning their interests with shareholders.
B. Details of remuneration
(i) Details of Directors and Key Management Personnel
Current Directors
Guy Robertson – Executive Chairman (appointed 17 January 2022)
Daniel Smith – Non-Executive Director (appointed 5 February 2019)
Simon Dominy – Executive Director (appointed 1 July 2021)
Vivienne Powe – Non-Executive Director (appointed 4 July 2022)
Former Directors
Mark Potter – Non-Executive Chairman (resigned 31 March 2023)
Alastair Clayton – Executive Director (resigned 21 November 2022)
Edward Mead – Non-Executive Director (resigned 21 November 2022)
Key Management Personnel
Luke Meter – Exploration Manager (Appointed 17 July 2022)
Except as detailed in Notes (i) – (ii) to the Remuneration Report, no Director has received or
become entitled to receive, during or since the financial period, a benefit because of a
contract made by the Company or a related body corporate with a Director, a firm of which
a Director is a member or an entity in which a Director has a substantial financial interest. This
statement excludes a benefit included in the aggregate amount of emoluments received or
due and receivable by Directors and shown in Notes (i) – (ii) to the Remuneration Report,
prepared in accordance with the Corporations Regulations 2001, or the fixed salary of a full-
time employee of the Company.
Artemis Resources Limited Annual Financial Report 2023
30
REMUNERATION REPORT
B. Details of remuneration (continued)
(ii) Remuneration of Directors and Key Management Personnel
The Remuneration Committee and the Board will assess the appropriateness of the nature and
amount of emoluments of such officers on a periodic basis by reference to relevant
employment market conditions with the overall objective of ensuring maximum stakeholder
benefit from the retention of a high-quality Board and executive team. Remuneration of the
Key Management Personnel of the Group is set out below.
FY22/23
Name
G.Robertson
D. Smith
S.Dominy
V.Powe
A. Clayton
M. Potter
E.Mead
L. Meter
Share
Based
Payments
Base
Salary
and Fees
$
120,000
60,000
143,717
54,299
144,412
93,327
30,833
195,769
842,357
$
45,300
-
-
26,000
196,3001
105,7001
-
-
373,300
Post
Employment
Super-
Contribution
$
Termination
Benefits
$
$
Total
Performance
based
-
-
-
5,701
-
-
-
20,556
26,257
-
-
-
-
221,151
-
-
-
165,300
60,000
143,717
86,000
561,863
199,027
30,833
216,325
221,151 1,463,065
1Options issued during the year lapsed unexercised on the resignation of Alastair
Clayton and Mark Potter.
Total
Performance
based
FY21/22
Name
Share
Based
Payments
Bonus
$
$
Post
Employment
Super-
Contribution
$
Base
Salary
and Fees
$
$
M. Potter
A. Clayton
E. Mead
D. Smith
S. Dominy
G. Robertson
S. Boda
-
-
-
-
-
-
182,379
328,105
48,336
53,961
54,024
108,000
307,999 100,000
1,082,804 100,000
-
-
-
-
81,600
-
7,650
89,250
182,379
-
328,105
-
48,336
-
53,961
-
135,624
-
108,000
-
24,042
439,691
24,042 1,296,096
%
27%
-
-
30%
53%
53%
-
-
26%
%
-
-
-
-
-
-
24%
8%
Artemis Resources Limited Annual Financial Report 2023
31
REMUNERATION REPORT
C. Service agreements
Component
Executive
Chairman1
Executive
Director2
Non-executive
directors
Fixed remuneration
$120,000
$215,000
$60,000
Contract duration
Ongoing
Ongoing
Ongoing
Notice by the
individual/company
1 month
3 months
1 month
All Board members have letters of appointment, with remuneration and terms as stated.
¹Executive Chairman Guy Robertson, fee includes fee as CFO and Company Secretary.
2Executive Director remuneration contract is based on 3 days per week.
The Exploration Manager has a contract providing for a gross salary of $200,000 plus
superannuation. The contract has a one-month notice period.
D. Share-based compensation
Options
The terms of each grant of options affecting remuneration in the previous, current or future
reporting periods are as follows:
Date option
granted
Exercise
price of
Number
Expiry date
Shares
under option
Status
1/5/2020
31/7/2022
5 cents
43,500,000
Expired
1/5/2020
31/7/2023
7 cents
43,500,000
Expired
2/12/2020
2/12/ 2023
18 cents
5,000,000
Lapsed
2/12/2020
2/12/2025
25 cents
5,000,000
Lapsed
20/12/2021
20/12/2024
15 cents
2,000,000
Vested
1/7/2022
2/12/ 2023
5 cents
2,000,000
Vested
5/9/2022
31/7/2025
5 cents
3,000,000
Vested
5/9/2022
31/7/2025
5 cents
20,000,000
Lapsed
Artemis Resources Limited Annual Financial Report 2023
32
REMUNERATION REPORT
D. Share-based compensation (continued)
Options
Options granted as remuneration to Key Management Personnel in the previous and current
reporting periods:
Name
Date of grant
Expiry
date
Number
under
options
Grant date
value
Vesting date
Simon Dominy
20/12/2021
20/12/2024
2,000,0001
$81,600
30/6/2022
Guy Robertson
5/9/2022
31/7/2025
3,000,0002
$45,300
5/9/2022
Vivienne Powe
1/7/2022
31/7/2025
2,000,0003
$26,000
1/7/2022
The assessed fair value at grant date of options granted to the individuals is allocated equally
over the period from grant date to vesting date, and the amount is included in the
remuneration tables above. Fair values at the grant date are independently determined using
a Black-Scholes option pricing model that takes into account the exercise price, the term of
the option, the impact of dilution the share price at grant date and expected price volatility
of the underlying shares, the expected dividend yield and the risk-free interest rate for the term
of the option.
1Exercise price $0.15, fair value per option $0.0408
2Execise price $0.05, fair value per option $0.0151
3Exercise price $0.05, fair value per option $0.013
On 5 September 2022 the Company issued a further 20,000,000 options with exercise price $0.05 and
expiry date 31 July 2025 with fair value of $0.0151 per option, however these options lapsed on resignation
of the directors to whom they were awarded during the year.
All equity dealings with Directors have been entered into with terms and conditions no more
favourable than those that the entity would have adopted if dealing at arm’s length.
Performance rights
On the 30 December 2021 the Company issued 6 million performance rights to employees and
consultants of the Company. The performance hurdles were not met and the rights lapsed on
31 December 2022.
Artemis Resources Limited Annual Financial Report 2023
33
REMUNERATION REPORT
E. Additional disclosures relating to key management personnel
Shares held by Directors and Key Management Personnel
FY22/23
Name
G. Robertson
V. Powe
D. Smith
S. Dominy
L. Meter
A. Clayton1
E. Mead1
M. Potter2
Balance at the
beginning of
the year
Received as
remuneration
Purchased/Net
Change
Other
Balance at
resignation/
the end of year
4,000,002
-
-
-
-
7,250,000
4,483,870
-
15,733,872
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(7,250,000)
(4,483,870)
-
(11,733,870)
4,000,002
-
-
-
-
-
-
-
4,000,002
¹Shares held at date of resignation 21 November 2022
2Resigned 31 March 2023
Options held by Directors and Key Management Personnel
FY22/23
Name
Options
G. Robertson
V. Powe
D. Smith
S. Dominy
L. Meter
E. Mead
A. Clayton1
M. Potter2
Balance at
appointment/
the beginning
of the year
Received as
remuneration
Lapsed
Balance at
resignation/
the end of year
-
-
9,500,000
2,000,000
-
7,500,000
60,000,000
20,000,000
99,000,000
3,000,000
2,000,000
-
-
-
-
13,000,000
7,000,000
25,000,000
-
-
(9,500,000)
-
-
(7,500,000)
(73,000,000)
(27,000,000)
(117,000,000)
3,000,000
2,000,000
-
2,000,000
-
-
-
-
7,000,000
1Of these options 30,000,000 expired unexercised on 31 July 2022, 30,000,000 expiring
on 31 July 2023 lapsed on resignation of the director on 21 November 2022. A further
13,000,000 options were granted to the director on 5 September 2022, however
lapsed on resignation of the director on 21 November 2022.
2 Of these options 10,000,000 expired unexercised on 31 July 2022, 5,000,000 expiring
on 2 December 2023 and 5,000,000 expiring on 2 December 2025 lapsed on
resignation of the director on 31 March 2023. A further 7,000,000 options were
granted to the director on 5 September 2022, however lapsed on resignation of the
director on 31 March 2023.
Artemis Resources Limited Annual Financial Report 2023
34
REMUNERATION REPORT
No performance rights were issued during the prior year.
Other transactions with key management personnel
Doraleda Pty Ltd1
Integrated CFO Solutions Pty Ltd2
Minerva Corporate Pty Ltd3
30 June 2023
$
30,833
120,000
60,000
210,833
1 Director fees and consulting fees paid to Doraleda Pty Ltd, a company in which Mr Edward Mead has an interest.
2 Company secretary fees $96,000 and director fees $24,000 paid to Integrated CFO Solutions Pty Ltd, a company
in which Mr Guy Robertson has an interest.
3 Director fees $60,000 paid to Minerva Corporate Pty Ltd, a company in which Mr Daniel Smith has an interest.
END OF AUDITED REMUNERATION REPORT
Artemis Resources Limited Annual Financial Report 2023
35
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the consolidated financial report of Artemis Resources Limited for
the year ended 30 June 2023, I declare that to the best of my knowledge and belief, there have
been no contraventions of:
a)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
and
b)
any applicable code of professional conduct in relation to the audit.
Perth, Western Australia
29 September 2023
D B Healy
Partner
36
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
Revenue
Fair value loss on financial assets
Gain on disposal of exploration projects
Personnel costs
Occupancy costs
Legal fees
Consultancy costs
Notes
3
8
12
Consolidated
30 June
2023
$
30 June
2022
$
80,169
33,389
(337,666)
-
-
(49,504)
(31,542)
(165,883)
1,734,962
(313,386)
(94,142)
(31,638)
(951,660)
(626,247)
Compliance and regulatory expenses
4
(282,204)
(1,482,494)
Directors’ fees
Travel costs
Marketing expenses
Borrowing costs
Other expenses
Project and exploration expenditure write off
Impairment expense
Share-based payments
Foreign exchange loss
LOSS BEFORE INCOME TAX
Income tax expense/benefit
LOSS FOR THE YEAR
Other comprehensive income, net of tax
(587,038)
(616,804)
(52,996)
(69,106)
(13,544)
(53,842)
(103,295)
-
(427,202)
(461,931)
(735,768)
(4,696,301)
(12,969,852)
(475,300)
(20,330)
-
(112,200)
(539,533)
(16,923,543)
(7,529,345)
-
(16,923,543)
-
-
(7,529,345)
-
12
13
24
5
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
(16,923,543)
(7,529,345)
LOSS FOR THE YEAR ATTRIBUTABLE TO:
Owners of the parent entity
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
ATTRIBUTABLE TO:
Owners of the parent entity
(16,923,543)
(7,529,345)
(16,923,543)
(7,529,345)
Basic loss per share - cents
Diluted loss per share - cents
22
22
(1.17)
(1.17)
(0.58)
(0.58)
The consolidated statement of profit or loss and other comprehensive income is to
be read in conjunction with the accompanying notes
Artemis Resources Limited Annual Financial Report 2023
37
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
Consolidated
30 June
2023
$
Notes
CURRENT ASSETS
Cash and cash equivalents
Other receivables
Other financial assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Plant and equipment
Intangible assets
Right-of-use assets
Exploration and evaluation expenditure
Development expenditure
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Current lease liabilities
Employee benefits obligation
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Lease liabilities
Provisions
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Share capital
Reserves
Accumulated losses
TOTAL EQUITY
6
7
8
9
10
11
12
13
14
11
15
11
16
17
18
30 June
2022
$
6,106,222
282,701
6,283,560
12,672,483
95,741
3,523
153,980
27,323,626
27,420,924
54,997,794
67,670,277
1,703,016
123,104
3,746,250
5,572,370
57,266
-
150,781
32,054,704
14,950,070
47,212,821
52,785,191
1,529,181
103,382
14,734
1,647,297
2,931,542
44,140
39,473
3,015,155
49,577
5,723,259
5,772,836
7,420,133
45,365,058
109,311
5,223,259
5,332,570
8,347,725
59,322,552
117,396,554
389,358
(72,420,854)
45,365,058
114,927,239
2,725,913
(58,330,600)
59,322,552
The consolidated statement of financial position should be read in conjunction with
the accompanying notes.
Artemis Resources Limited Annual Financial Report 2023
38
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
Consolidated
Issued
Capital
Reserves
Accumulated
Losses
Total
Equity
Balance at 1 July 2022
Loss for the year
Total comprehensive loss for the
year
Issue of shares
Cost of share issue
Lapse of options
Share-based payments cost of
share issue
Share-based payments
Balance at 30 June 2023
$
$
$
$
114,927,239
2,725,913
(58,330,600)
59,322,552
-
-
2,631,485
(140,736)
-
-
-
-
(16,923,543)
(16,923,543)
(16,923,543)
(16,923,543)
-
-
2,631,485
(140,736)
-
(2,833,289)
2,833,289
(123,434)
102,000
123,434
373,300
-
-
-
-
475,300
117,396,554
389,358
(72,420,854)
45,365,058
Consolidated
Issued
Capital
Reserves
Accumulated
Losses
Total
Equity
Balance at 1 July 2021
Loss for the year
Total comprehensive loss for the
year
Issue of shares
Cost of share issue
Lapse of options
Share-based payments
$
$
$
$
105,855,802
3,376,640
(51,564,182)
57,668,260
-
-
9,508,026
(436,589)
-
-
-
-
-
-
(7,529,345)
(7,529,345)
(7,529,345)
(7,529,345)
-
-
9,508,026
(436,589)
(762,927)
762,927
-
112,200
-
112,200
Balance at 30 June 2022
114,927,239
2,725,913
(58,330,600)
59,322,552
The consolidated statement of changes in equity should be read in conjunction with
the accompanying notes.
Artemis Resources Limited Annual Financial Report 2023
39
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers and employees
Interest received
Finance costs paid
Receipts from government assistance
NET CASH USED IN OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments
Payments for purchase of plant and equipment
Payments for exploration and evaluation
Payment for development expenditure
Payments for purchase of investments
Proceeds on sale of project
Proceeds on sale of plant and equipment
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares
Cost of share issue
Repayment of lease liabilities
NET CASH PROVIDED BY FINANCING ACTIVITIES
Consolidated
30 June
2023
$
30 June
2022
$
-
(2,861,804)
107
(10,292)
-
(2,871,989)
2,209,711
(11,128)
(5,997,831)
(6,088)
-
-
1,497
(3,803,839)
19,989
(3,893,173)
1,216
-
7,146
(3,864,822)
308,598
(62,021)
(7,950,756)
(136,869)
(224,499)
500,000
-
(7,565,547)
25
2,548,102
(166,986)
(98,542)
2,282,574
11
9,443,279
(436,589)
(13,120)
8,993,570
Net decrease in cash held
Cash at the beginning of the period
Effects of exchange rate changes on the balance of
cash held in foreign currencies
(4,393,254)
6,106,222
(2,436,799)
9,082,554
(9,952)
(539,533)
CASH AT THE END OF THE YEAR
6
1,703,016
6,106,222
The consolidated statement of cash flows is to be read in conjunction with the
accompanying notes.
Artemis Resources Limited Annual Financial Report 2023
40
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation
in
The financial statements are general purpose financial statements prepared
accordance with Australian Accounting Standards, Australian Accounting Interpretations,
other authoritative pronouncements of the Australian Standards Board, International
Financial Reporting Standards as issued by the International Accounting Standards Board
and the requirements of the Corporations Act 2001. The Group is a for profit entity for
financial reporting purposes under Australian Accounting Standards.
Australian Accounting Standards set out accounting policies that the AASB has concluded
would result in a financial report containing relevant and reliable information about
transactions, events and conditions. Compliance with Australian Accounting Standards
ensures that the financial statements and notes also comply with International Financial
Reporting Standards. Material accounting policies adopted in the preparation of this
financial report are presented below and have been consistently applied unless otherwise
stated.
The consolidated financial statements have been prepared on the basis of historical costs,
except for the revaluation of certain non-current assets and financial instruments. Cost is
based on the fair value of the consideration given in exchange for assets. All amounts are
presented in Australian dollars, unless otherwise stated.
The financial statements are presented in Australian dollars which is Artemis Resources
Limited’s functional and presentation currency.
These financial statements were authorised for issue on 29 September 2023.
Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the
Company and entities controlled by the Company and its subsidiaries. Control is achieved
when the Company:
• has power over the investee;
•
is exposed, or has rights, to variable returns from its involvement in with the investee;
and
• has the ability to its power to affect its returns.
The Company reassess whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements listed above.
When the Company has less than a majority of the voting rights if an investee, it has the
power over the investee when the voting rights are sufficient to give it the practical ability
to direct the relevant activities of the investee unilaterally. The Company considers all
relevant facts and circumstances in assessing whether or not the Company’s voting rights
are sufficient to give it power, including:
•
the size of the Company’s holding of voting rights relative to the size and dispersion
of holdings of the other vote holders;
Artemis Resources Limited Annual Financial Report 2023
41
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
• potential voting rights held by the Company, other vote holders or other parties;
rights arising from other contractual arrangements; and
• any additional facts and circumstances that indicate that the Company has, or
does not have, the current ability to direct the relevant activities at the time that
decisions need to be made, including voting patterns at previous shareholder
meetings.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary
and ceases when the Company loses control of the subsidiary. Specifically, income and
expenses of a subsidiary acquired or disposed of during the year are included in the
consolidated statement of profit or loss and comprehensive income from the date the
Company gains control until the date when the Company ceases to control the subsidiary.
Changes in the Group’s ownership interest in subsidiaries that do not result in the Group
losing control over the subsidiaries are accounted for as equity transactions. The carrying
amounts of the Group’s interests and the non-controlling interests are adjusted to reflect
the changes in their relative interests in subsidiaries. Any difference between the amount
paid by which the non-controlling interests are adjusted, and the fair value of the
consideration paid or received is recognised directly in equity and attributed to the owners
of the Company.
When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss
and is calculated as the difference between:
•
•
The aggregate of the fair value of the consideration received and the fair value of any
retained interest; and
The previous carrying amount of the assets (including goodwill), and liabilities of the
subsidiary and any non-controlling interests.
All amounts previously recognised in other comprehensive income in relation to that
subsidiary are accounted for as if the Group had directly disposed of the related assets or
liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category
of equity as specified/permitted by the applicable AASBs). The fair value of any investment
retained in the former subsidiary at the date when control is lost is regarded as the fair
value on initial recognition for subsequent accounting under AASB 9, when applicable, the
cost on initial recognition of an investment in an associate or a joint venture.
Business Combinations
Business combinations occur where an acquirer obtains control over one or more
businesses.
A business combination is accounted for by applying the acquisition method, unless it is a
combination involving entities or businesses under common control. The business
combination will be accounted for from the date that control is attained, whereby the fair
value of the identifiable assets acquired, and liabilities (including contingent liabilities)
assumed is recognised (subject to certain limited exemptions).
When measuring the consideration transferred in the business combination, any asset or
included.
liability resulting from a contingent consideration arrangement
Subsequent to initial recognition, contingent consideration classified as equity is not
remeasured and its subsequent settlement is accounted for within equity.
is also
Artemis Resources Limited Annual Financial Report 2023
42
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Contingent consideration classified as an asset or liability is remeasured each reporting
period to fair value, recognising any change to fair value in profit or loss, unless the change
in value can be identified as existing at acquisition date.
All transaction costs incurred in relation to the business combination are expensed to the
consolidated statement of comprehensive income.
The acquisition of a business may result in the recognition of goodwill or a gain from a
bargain purchase.
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the
date the underlying asset is available for use). Right-of-use assets are measured at cost,
less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of
lease liabilities recognised, initial direct costs incurred, and lease payments made at or
before the commencement date less any lease incentives received. Unless the Group is
reasonably certain to obtain ownership of the leased asset at the end of the lease term,
the recognised right-of-use assets are depreciated on a straight-line basis over the shorter
of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured
at the present value of lease payments to be made over the lease term. The lease
payments include fixed payments (including in-substance fixed payments) less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and
amounts expected to be paid under residual value guarantees. The lease payments also
include the exercise price of a purchase option reasonably certain to be exercised by the
Group and payments of penalties for terminating a lease, if the lease term reflects the
Group exercising the option to terminate. The variable lease payments that do not depend
on an index or a rate are recognised as expense in the period on which the event or
condition that triggers the payment occurs. In calculating the present value of lease
payments, the Group uses the incremental borrowing rate at the lease commencement
date if the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. In addition, the carrying amount of
lease liabilities is remeasured if there is a modification, a change in the lease term, a
change in the in-substance fixed lease payments or a change in the assessment to
purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of
machinery and equipment (i.e., those leases that have a lease term of 12 months or less
from the commencement date and do not contain a purchase option). It also applies the
lease of low-value assets recognition exemption to leases of office equipment that are
considered of low value (i.e., below $5,000). Lease payments on short-term leases and
leases of low-value assets are recognised as expense on a straight-line basis over the lease
term.
Artemis Resources Limited Annual Financial Report 2023
43
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Adoption of New a Revised Accounting Standards or Interpretations
In the year ended 30 June 2023, the Directors have reviewed all of the new and revised
Standards and Interpretations issued by the AASB that are relevant to the Company and
effective for the current reporting period. As a result of this review, the Directors have
determined that there is no material impact of the new and revised Standards and
Interpretations on the Group and therefore, no material change is necessary to Group
accounting policies.
Any new, revised or amending Accounting Standards or Interpretations that are yet to be
mandatory have not been early adopted.
The Directors have also reviewed all the new and revised Standards and Interpretations in
issue not yet adopted for the year ended 30 June 2023. As a result of this review the
Directors have determined that there is no material impact of the Standards and
Interpretations in issue not yet adopted by the Company.
Going Concern
For the year ended 30 June 2023, the Group recorded a loss of $16,923,543 (2022: Loss of
$7,529,345) and had net cash outflows from operating activities of $2,871,989 (2022:
$3,864,822) and has a net working capital surplus of $3,925,073 as at 30 June 2023 (2022:
$9,657,328).
The Directors believe that it is reasonably foreseeable that the Company and Group will
continue as a going concern and that it is appropriate to adopt the going concern basis
in the preparation of the financial report after consideration of the following factors:
•
•
•
•
•
The Group has cash at bank of $1,703,016 and net assets of $45,365,058 as at 30 June
2023;
The Group has approximately $3.75 million in liquid investments.
The Company has raised approximately $2.5 million, before costs, in new capital during
the year and Directors are of the view that should the Company require additional
capital it has the ability to raise further capital to enable the Group to meet scheduled
exploration expenditure requirements and future plans on the development assets;
The ability of the Group to scale back certain parts of their activities that are non-
essential so as to conserve cash; and
The Group retains the ability, if required, to wholly or in part dispose of interests in
mineral exploration and development assets, and liquid investments.
However, should the Company be unable to raise capital in a sufficiently timely basis
and/or reduce expenditure to the extent required there may exist a material uncertainty
which may cast significant doubt as to whether the Company and Group will continue as
a going concern and therefore whether they will realise their assets and extinguish their
liabilities in the normal course of business and at the amounts stated in the financial report.
Artemis Resources Limited Annual Financial Report 2023
44
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Income taxes
The income tax expense (benefit) for the year comprises current income tax expense
(income) and deferred tax expense (income). Current income tax expense charged to
the statement of profit or loss and other comprehensive income is the tax payable on
taxable income calculated using applicable income tax rates enacted, or substantially
enacted, as at reporting date. Current tax liabilities (assets) are therefore measured at the
amounts expected to be paid to (recovered from) the relevant taxation authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax
liability balances during the year as well unused tax losses. Current and deferred income
tax expense (income) is charged or credited directly to equity instead of the profit or loss
when the tax relates to items that are credited or charged directly to equity. Deferred tax
assets and liabilities are ascertained based on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the financial statements.
Deferred tax assets also result where amounts have been fully expensed but future tax
deductions are available. No deferred income tax will be recognised from the initial
recognition of an asset or liability, excluding a business combination, where there is no
effect on accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply
to the period when the asset is realised or the liability is settled, based on tax rates enacted
or substantively enacted at reporting date. Their measurement also reflects the manner in
which management expects to recover or settle the carrying amount of the related asset
or liability. Deferred tax assets relating to temporary differences and unused tax losses are
recognised only to the extent that it is probable that future taxable profit will be available
against which the benefits of the deferred tax asset can be utilised. Where temporary
differences exist in relation to investments in subsidiaries, branches, associates, and joint
ventures, deferred tax assets and liabilities are not recognised where the timing of the
reversal of the temporary difference can be controlled and it is not probable that the
reversal will occur in the foreseeable future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists
and it is intended that net settlement or simultaneous realisation and settlement of the
respective asset and liability will occur. Deferred tax assets and liabilities are offset where
a legally enforceable right of set-off exists, the deferred tax assets and liabilities relate to
income taxes levied by the same taxation authority on either the same taxable entity or
different taxable entities where it is intended that net settlement or simultaneous realisation
and settlement of the respective asset and liability will occur in future periods in which
significant amounts of deferred tax assets or liabilities are expected to be recovered or
settled.
Artemis Resources Limited Annual Financial Report 2023
45
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Exploration and evaluation costs
Exploration and evaluation expenditures in relation to each separate area of interest are
recognised as an exploration and evaluation asset in the year in which they are incurred
where the following conditions are satisfied:
the rights to tenure of the area of interest are current; and
•
• at least one of the following conditions is also met:
the exploration and evaluation expenditures are expected to be recouped through
successful development and exploitation of the area of interest, or alternatively, by
its sale; or
exploration and evaluation activities in the area of interest have not at the balance
date reached a stage which permits a reasonable assessment of the existence or
otherwise of economically recoverable reserves, and active and significant
operations in, or in relation to, the area of interest are continuing.
Exploration and evaluation assets are initially measured at cost and include acquisition of
rights to explore, studies, exploratory drilling, trenching and sampling and associated
activities and an allocation of depreciation and amortised of assets used in exploration
and evaluation activities. General and administrative costs are only included in the
measurement of exploration and evaluation costs where they are related directly to
operational activities in a particular area of interest.
Exploration and evaluation assets are assessed for
impairment when facts and
circumstances suggest that the carrying amount of an exploration and evaluation asset
may exceed its recoverable amount. The recoverable amount of the exploration and
evaluation asset (for the cash generating unit(s) to which it has been allocated being no
larger than the relevant area of interest) is estimated to determine the extent of the
impairment loss (if any). Where an impairment loss subsequently reverses, the carrying
amount of the asset is increased to the revised estimate of its recoverable amount, but
only to the extent that the increased carrying amount does not exceed the carrying
amount that would have been determined had no impairment loss been recognised for
the asset in previous years.
Where a decision has been made to proceed with development in respect of a particular
area of interest, the relevant exploration and evaluation asset is tested for impairment and
the balance is then reclassified to development.
In determining the costs of site restoration, there is uncertainty regarding the nature and
extent of the restoration due to community expectations and future legislation.
Accordingly, the costs have been determined on the basis that the restoration will be
completed within one year of abandoning the site.
Artemis Resources Limited Annual Financial Report 2023
46
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Financial Instruments
Recognition and initial measurement
Financial assets and financial liabilities are recognised when the Group becomes a party
to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the
financial asset expire, or when the financial asset and substantially all the risks and rewards
are transferred.
A financial liability is derecognised when it is extinguished, discharged, cancelled or
expires.
Classification and subsequent measurement
All financial assets are initially measured at fair value adjusted for transaction costs (where
applicable). For the purpose of subsequent measurement, all the financial assets, are
classified as amortised cost.
All income and expenses relating to financial assets that are recognised in profit or loss are
presented within finance costs, finance income or other financial items, except for
impairment of other receivables which is presented within other expenses.
Financial assets at fair value through profit or loss
(i)
Financial assets designated at fair value through profit or loss (‘FVTPL’) are carried at fair
value and any subsequent gains or losses are recognised in the Statement of Profit or
Loss and Other Comprehensive Income.
(ii) Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions
(and are not designated as FVTPL):
•
•
they are held within a business model whose objective is to hold the financial assets
to collect its contractual cash flows
the contractual terms of the financial assets give rise to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest
method.
Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and
cash equivalents, and most other receivables fall into this category of financial instruments.
Other receivables
The Group makes use of a simplified approach in accounting for other receivables as well
as contract assets and records the loss allowance as lifetime expected credit losses. These
are the expected shortfalls in contractual cash flows, considering the potential for default
at any point during the life of the financial instrument. In calculating, the Group uses its
historical experience, external indicators and forward-looking information to calculate the
expected credit losses using a provision matrix.
The Group assess impairment of other receivables on a collective basis as they possess
shared credit risk characteristics they have been grouped based on the days past due.
Artemis Resources Limited Annual Financial Report 2023
47
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Classification and measurement of financial liabilities
The Group’s financial liabilities include borrowings, trade and other payables and
derivative financial instruments.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for
transaction costs unless the Group designated a financial liability at fair value through profit
or loss.
Subsequently, financial liabilities are measured at amortised cost using the effective
interest method except for derivatives and financial liabilities designated at FVTPL, which
are carried subsequently at fair value with gains or losses recognised in profit or loss (other
than derivative financial instruments that are designated and effective as hedging
instruments).
All interest-related charges and, if applicable, changes in an instrument’s fair value that
are reported in profit or loss are included within finance costs or finance income.
Plant and equipment
Each class of plant and equipment is carried at cost or fair value as indicated less, where
applicable, any accumulated depreciation and impairment losses. Plant and equipment
are measured on the cost basis.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate
asset, as appropriate, only when it is probable that future economic benefits associated
with the item will flow to the company and the cost of the item can be measured reliably.
All other repairs and maintenance are charged to the income statement during the
financial period in which they are incurred.
Derecognition and disposal
An item of plant and equipment is derecognised upon disposal or when no further future
economic benefits are expected from its use or disposal. Any gain or loss arising on
derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in profit or loss in the year the
asset is derecognised.
Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful life of the assets
as follows:
Plant and Equipment – ranging from 2 to 20 years
The assets' residual values, useful lives and amortisation methods are reviewed, and
adjusted if appropriate, at each financial year end.
Impairment
The carrying values of plant and equipment are reviewed for impairment at each balance
in
date, with
circumstances indicate that the carrying value may be impaired.
recoverable amount being estimated when events or changes
Artemis Resources Limited Annual Financial Report 2023
48
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The recoverable amount of plant and equipment is the higher of fair value less costs to sell
and value in use. In assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset.
For an asset that does not generate largely independent cash inflows, recoverable
amount is determined for the cash-generating unit to which the asset belongs, unless the
asset's value in use can be estimated to approximate fair value.
An impairment exists when the carrying value of an asset or cash-generating unit exceeds
its estimated recoverable amount. The asset or cash-generating unit is then written down
to its recoverable amount.
For plant and equipment, impairment losses are recognised in the statement of profit or
loss and other comprehensive income in the cost of sales line item.
Intangible assets
Intangible assets acquired separately are recorded at cost less accumulated amortisation
and impairment. Amortisation is charged on a straight-line basis over their estimated useful
lives. The estimated useful life and amortisation method is reviewed at the end of each
annual reporting period, with any changes in these accounting estimates being
accounted for on a prospective basis.
Impairment of intangible assets other than goodwill
The Group assesses at each balance date whether there is an indication that an asset may
be impaired. If any such indication exists, or when annual impairment testing for an asset
is required, the Group makes an estimate of the asset’s recoverable amount. An asset’s
recoverable amount is the higher of its fair value less costs to sell and its value in use and is
determined for an individual asset, unless the asset does not generate cash inflows that
are largely independent of those from other assets or groups of assets and the asset's value
in use cannot be estimated to be close to its fair value. In such cases the asset is tested for
impairment as part of the cash-generating unit to which it belongs. When the carrying
amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or
cash-generating unit is considered impaired and is written down to its recoverable amount.
Development expenditure
Development expenditures represent the accumulation of all exploration, evaluation and
other expenditure incurred in respect of areas of interest in which mining is in the process
of commencing. When
the
commencement of production, such expenditure is carried forward as part of the mine
property only when substantial future economic benefits are thereby established,
otherwise such expenditure is classified as part of the cost of production.
further development expenditure
incurred after
is
Artemis Resources Limited Annual Financial Report 2023
49
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Restoration and rehabilitation
A provision for restoration and rehabilitation is recognised when there is a present
obligation as a result of development activities undertaken, it is probable that an outflow
of economic benefits will be required to settle the obligation, and the amount of the
provision can be measured reliably. The estimated future obligations include the costs of
abandoning sites, removing facilities and restoring the affected areas.
The provision for future restoration costs is the best estimate of the present value of the
expenditure required to settle the restoration obligation at the balance date. Future
restoration costs are reviewed annually and any changes in the estimate are reflected in
the present value of the restoration provision at each balance date.
The initial estimate of the restoration and rehabilitation provision is capitalised into the cost
of the related asset and amortised on the same basis as the related asset, unless the
present obligation arises from the production of inventory in the period, in which case the
amount is included in the cost of production for the period. Changes in the estimate of the
provision for restoration and rehabilitation are treated in the same manner, except that
the unwinding of the effect of discounting on the provision is recognised as a finance cost
rather than being capitalised into the cost of the related asset.
Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other
short-term highly liquid investments with original maturities of 3 months or less, and bank
overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on
the consolidated statement of financial position.
Trade and other payables
Trade payables and other payables are carried at amortised cost and represent liabilities
for goods and services provided to the Group prior to the end of the financial year that
are unpaid and arise when the Group becomes obliged to make future payments in
respect of the purchase of these goods and services. Trade and other payables are
presented as current liabilities unless payment is not due within 12 months.
Employee leave benefits
Wages, salaries, annual leave and sick leave
Liabilities accruing to employees in respect of wages and salaries, annual leave, long
service leave and sick leave expected to be settled within 12 months of the balance date
are recognised in other payables in respect of employees’ services up to the balance
date. They are measured at the amounts expected to be paid when the liabilities are
settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken
and are measured at the rates paid or payable.
Artemis Resources Limited Annual Financial Report 2023
50
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Liabilities accruing to employees in respect of wages and salaries, annual leave, long
service leave, and sick leave not expected to be settled within 12 months of the balance
date are recognised in non-current other payables in respect of employees’ services up
to the balance date. They are measured as the present value of the estimated future
outflows to be made by the Group.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive)
as a result of a past event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable estimate can be made of
the amount of the obligation. Provisions are not recognised for future operating losses.
Provisions are measured at the present value or management’s best estimate of the
expenditure required to settle the present obligation at the end of the reporting period. If
the effect of the time value of money is material, provisions are discounted using a current
pre-tax rate that reflects the risks specific to the liability. When discounting is used, the
increase in the provision due to the passage of time is recognised as an interest expense.
Revenue recognition
Interest revenue is recognised using the effective interest method. It includes the
amortisation of any discount or premium.
Borrowing costs
Borrowing costs are recognised as an expense in the period in which they are incurred
except borrowing costs that are directly attributable to the acquisition, construction or
production of an asset that necessarily takes a substantial period to get ready for its
intended use or sale. In this case the borrowing costs are capitalised as part of the cost of
such a qualifying asset.
The amount of borrowing costs relating to funds borrowed generally and used for the
acquisition of qualifying assets has been determined by applying a capitalisation rate to
the expenditures on those assets. The capitalisation rate comprises the weighted average
of borrowing costs incurred during the period.
Equity settled compensation
Share-based payments to employees are measured at the fair value of the instruments
issued and amortised over the vesting periods. Share-based payments to non-employees
are measured at the fair value of goods or services received or the fair value of the equity
instruments issued, if it is determined the fair value of the goods or services cannot be
reliably measured and are recorded at the date the goods or services are received. The
corresponding amount is recorded to the option reserve. The fair value of options is
determined using the Black-Scholes pricing model. The number of shares and options
expected to vest is reviewed and adjusted at the end of each reporting period such that
the amount recognised for services received as consideration for the equity instruments
granted is based on the number of equity instruments that eventually vest.
Artemis Resources Limited Annual Financial Report 2023
51
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Goods and services tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where
the amount of GST incurred is not recoverable from the Australian Tax Office. In these
circumstances the GST is recognised as part of the cost of acquisition of the asset or as part
of an item of the expense. Receivables and payables in the consolidated statement of
financial position are shown inclusive of GST. Cash flows are presented in the consolidated
statement of cash flows on a gross basis, except for the GST component of investing and
financing activities, which are disclosed as operating cash flows.
Parent entity disclosures
The financial information for the parent entity, Artemis Resources Limited, has been
prepared on the same basis as the consolidated financial statements.
Assets and Liabilities Held for Sale
Non-current assets (or disposal groups) are classified as held for sale if their carrying amount
will be recovered principally through a sale transaction rather than through continuing use.
This condition is regarded as met only when the asset (or disposal group) is available for
immediate sale in its present condition subject only to terms that are usual and customary
for sales for such asset (or disposal groups) and the sale is highly probable. Management
must be committed to the sale, which should be expected to qualify for recognition as a
complete sale within one year from the date of classification.
When the Group is committed to a sale plan involving loss of control of a subsidiary, all of
the assets and liabilities of that subsidiary are classified as held for sale when the criteria
described above are met, regardless of whether the Group will retain a non-controlling
interest in it former subsidiary, after the sale.
Leases
The group’s leasing activities and how these are accounted for:
The group leases various offices with varying lengths from 1 to 3 years, some with extension
options.
Contracts may contain both lease and non-lease components. The Group allocates the
consideration in the contract to the lease and non-lease components based on their
relative stand-alone prices. Lease terms are negotiated on an individual basis and contain
a wide range of different terms and conditions. The lease agreements do not impose any
covenants other than the security interests in the leased assets. Leased assets may not be
used as security for borrowing purposes.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at
which the leased asset is available for use by the Group.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of fixed payments, less any lease incentives
receivable.
Artemis Resources Limited Annual Financial Report 2023
52
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Leases (continued)
Lease payments to be made under reasonably certain extension options are also
included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate
cannot be readily determined, which is generally the case for leases in the Group, the
lessee’s incremental borrowing rate is used, being the rate that the individual lessee would
have to pay to borrow the funds necessary to obtain an asset of similar value to the right-
of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group:
• where possible, uses recent third-party financing received by the individual lessee as a
starting point, adjusted to reflect changes in financing conditions since third party
financing was received;
• uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk
for leases held by the Group; which does not have recent third-party financing; and
• makes adjustments specific to the lease, e.g. term, country, currency and security.
The Group is exposed to potential future increases in variable lease payments based on
an index or rate, which are not included in the lease liability until they take effect. When
adjustments to lease payments based on an index or rate take effect, the lease liability is
reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost is
charged to profit or loss over the lease period so as to produce a constant periodic rate
of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
the amount of the initial measurement of lease liability;
•
• any lease payments made at or before the commencement date less any lease
incentives received;
• any initial direct costs; and
•
restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and
the lease term on a straight-line basis. If the Group is reasonably certain to exercise a
purchase option, the right-of-use asset is depreciated over the underlying asset’s useful
life.
Payments associated with short-term leases are recognised on a straight-line basis as an
expense in profit or loss (unless capitalised as a component of Plant Construction in
Progress). Short-term leases are leases with a lease term of 12 months or less.
Use of estimates and judgements
The preparation of financial statements requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, income and expenses.
Artemis Resources Limited Annual Financial Report 2023
53
NOTES TO THE FINANCIAL STATEMENTS
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Use of estimates and judgements (continued)
Actual results may differ from these estimates. Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised and in any future periods affected.
Exploration and evaluation, and development expenditure carried forward
The Group capitalises expenditure
relating to exploration and evaluation, and
development, where it is considered likely to be recoverable or where the activities have
not reached a stage which permits a reasonable assessment of the existence of reserves.
While there are certain areas of interest from which no reserves have been determined,
the Directors are of the continued belief that such expenditure should not be written off
since feasibility studies in such areas have not yet concluded.
The recoverability of the carrying amount of mine development expenditure carried
forward has been reviewed by the Directors. In conducting the review, the recoverable
amount has been assessed by reference to the higher of “fair value less costs of disposal”
and “value in use”. In determining value in use, future cash flows are based on:
• Estimates of ore reserves and mineral resources for which there is a high degree of
confidence of economic extraction;
• Estimated production and sales levels;
• Estimate future commodity prices;
• Future costs of production;
• Future capital expenditure; and/or
• Future exchange rates.
Variations to expected future cash flows, and timing thereof, could result in significant
changes to the impairment test results, which in turn could impact future financial results.
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by reference
to the fair value of the equity instruments at the date at which they are granted. The fair
value is determined by an external valuer using a Black-Scholes model, using the
assumptions detailed in Note 24.
Fair value of financial instruments
Management uses valuation techniques to determine the fair value of financial instruments
(where active market quotes are not available) and non-financial assets. This involves
developing estimates and assumptions consistent with how market participants would
price the instrument.
Provision for restoration and rehabilitation
The provision for restoration and rehabilitation has been estimated based on quotes
provided by third parties. The provision represents the best estimate of the present value of
the expenditure required to settle the restoration obligation at the reporting date.
Artemis Resources Limited Annual Financial Report 2023
54
NOTES TO THE FINANCIAL STATEMENTS
2. SEGMENT INFORMATION
AASB 8 Operating Segments requires operating segments to be identified on the basis of
internal reports about components of the Group that are regularly reviewed by the Chief
Operating Decision Maker in order to allocate resources to the segment and to assess its
performance.
The Group’s operating segments have been determined with reference to the monthly
management accounts used by the Chief Operating Decision Maker to make decisions
regarding the Group’s operations and allocation of working capital. Due to the size and
nature of the Group, the Board as a whole has been determined as the Chief Operating
Decision Maker.
a. Description of segments
The Board has determined that the Group has two reportable segments, being mineral
exploration activities and development expenditure. The Board monitors the Group based
on actual versus budgeted expenditure incurred by area of interest.
The internal reporting framework is the most relevant to assist the Board with making
decisions regard the Group and its ongoing exploration activities.
Artemis Resources Limited Annual Financial Report 2023
55
NOTES TO THE FINANCIAL STATEMENTS
2. SEGMENT INFORMATION (CONTINUED)
b. Segment information provided to the Board:
Exploration Activities
Development
Activities
Unallocated
Total
West Pilbara
East Pilbara Other Projects
Radio Hill
Corporate
$
$
$
$
$
$
30 June 2023
Segment revenue
Fair value loss on financial
assets
Segment expenses
Impairment
Project and exploration
expenditure write off
Reportable segment loss
-
-
-
-
(36,954)
(36,954)
-
-
-
-
-
-
-
-
-
-
-
-
(12,969,852)
(698,814)
(698,814)
-
(12,969,852)
Reportable segment assets
Reportable segment liabilities
22,739,991
-
7,933,069
-
1,381,644
-
14,950,070
5,723,259
Additions to non-current assets
2,375,082
3,017,119
74,645
500,000
30 June 2022
Segment revenue
Fair value loss on financial
assets
Segment expenses
Project and exploration
expenditure write off
Reportable segment loss
-
-
-
(4,696,301)
(4,696,301)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Reportable segment assets
Reportable segment liabilities
20,328,519
-
4,915,951
-
2,079,156
-
27,420,924
5,223,259
-
80,169
80,169
(337,666)
(2,960,426)
-
-
(3,217,923)
5,780,417
1,696,874
223,995
(337,666)
(2,960,426)
(12,969,852)
(735,768)
(16,923,543)
52,785,191
7,420,133
6,190,841
33,389
33,389
(165,883)
(2,700,550)
-
(2,833,044)
12,925,727
3,124,466
(165,883)
(2,700,550)
(4,696,301)
(7,529,345)
67,670,277
8,347,725
Additions to non-current assets
5,285,613
2,248,774
1,046,962
3,947,005
215,988
12,744,342
Artemis Resources Limited Annual Financial Report 2022
56
NOTES TO THE FINANCIAL STATEMENTS
3. REVENUE
Other revenue
Other sundry income
Interest received
Consolidated
30 June 2023
$
30 June 2022
$
80,062
107
80,169
32,173
1,216
33,389
4. COMPLIANCE AND REGULATORY EXPENSES
Consolidated
AIM listing expenses¹
Other regulatory costs
30 June
2023
$
-
282,204
282,204
30 June
2022
$
1,239,575
242,919
1,482,494
¹The Company dual listed on the London AIM exchange on 7 February 2022.
5. INCOME TAXES
(a) Income tax expense
Current tax
Deferred tax
Income tax expense
Consolidated
30 June 2023
$
30 June 2022
$
-
-
-
-
-
-
(b) Income tax recognised in the statement of profit or loss and other comprehensive
income
Loss before tax
Tax at 30% (2021: 30%)
Tax effect of non-deductible expenses
Exploration expenditure and impairment
Timing differences not brought to account
Income tax expense
Consolidated
30 June 2023
$
(16,923,543)
(5,077,063)
243,890
4,090,370
742,803
-
30 June 2022
$
(7,529,345)
(2,258,804)
83,425
1,408,891
766,488
-
Artemis Resources Limited Annual Financial Report 2023
57
NOTES TO THE FINANCIAL STATEMENTS
Income Taxes (continued)
(c) Deferred tax balances
Deferred tax assets comprise:
Tax losses carried forward
Employee benefits obligation
Provisions
Deferred tax liabilities comprise:
Capitalised exploration costs
Net deferred tax asset unrecognised
(d) Analysis of deferred tax assets
Consolidated
30 June 2023
$
30 June 2022
$
10,363,482
4,420
1,716,977
12,084,879
9,616,411
9,616,411
2,468,468
15,886,778
11,842
1,566,977
17,465,597
8,197,088
8,197,088
9,268,509
Potential deferred tax assets attributable to tax losses and exploration expenditure
carried forward have not been brought to account at 30 June 2023 because the directors
do not believe it is appropriate to regard realisation of the deferred tax assets as probable
at this point in time. These benefits will only be obtained if:
•
the Group derives future assessable income of a nature and of an amount sufficient to
enable the benefit from the deductions for the loss and exploration expenditure to be
realised;
•
the Group continues to comply with conditions for deductibility imposed by law; and
• no changes in tax legislation adversely affect the company in realising the benefit from
the deductions for the loss and exploration expenditure.
The applicable tax rate is the national tax rate in Australia for companies, which is 30% at
the reporting date.
6. CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of cash on hand and account balances with banks
and investments in money market instruments, net of outstanding bank overdrafts. Cash
and cash equivalents included in the consolidated statement of cash flows comprise the
following amounts:
Consolidated
30 June 2023
$
30 June 2022
$
Cash and cash equivalents
1,703,016
6,106,222
7. OTHER RECEIVABLES
Other receivables
GST receivables
Prepayments
Consolidated
30 June 2023
$
30 June 2022
$
1,761
52,320
69,023
123,104
93,694
10,982
178,025
282,701
The value of trade and other receivables considered by the Directors to be past due or
impaired is nil (2022: Nil).
Artemis Resources Limited Annual Financial Report 2023
58
NOTES TO THE FINANCIAL STATEMENTS
8. OTHER FINANCIAL ASSETS
Current
Fair Value Through Profit or Loss
Shares in listed equity securities (Level 1)
Movement in other financial assets
Opening balance
Additions - cash
Additions - non-cash1
Disposals – fair value loss2
Fair value gain/(loss)
Closing balance
Consolidated
30 June 2023
$
30 June 2022
$
3,746,250
6,283,560
Consolidated
30 June 2023
30 June 2022
$
6,283,560
-
-
(4,596,060)
2,058,750
3,746,250
$
533,542
224,499
6,000,000
(308,598)
(165,883)
6,283,560
¹ The Company sold Artemis’ 70% joint venture interest in the Munni Munni platinum group
metals project to Alien Metals Limited (LON:UFO) (Alien) a company incorporated in the United
Kingdom and listed on the London Stock Exchange (LSE), for 358,617,818 shares in UFO at
GBP0.08 per share for an amount of $4,650,000. The sale realised a profit of $2,263,931 in the
year ended 30 June 2022. The shares were then sold in the year ended 30 June 2023 realising
a loss of $2,294,797.
During the financial year ended 30 June 2022 the Company sold non-core tenements to
GreenTech Metals Limited (ASX:GRE) for 6,750,000 shares in GRE at $0.20 for an amount of
$1,350,000 and a recovery of exploration expenditure in the amount of $250,000. The shares
were marked to market at 30 June 2023 and now have a carrying value of $3,746,250.
The Company sold its remaining investment in Thor Mining Limited during the year realising a
loss of $91,552.
2The Company made the following disposals during the year ended 30 June 2023:
Sale of shares in Thor Mining
Loss on sale of shares in Thor Mining
Sale of shares in Alien Metals Plc
Loss on sale of share in Alien Metals Plc
Disposals – fair value loss
Proceeds from sale of investments
$
209,508
91,552
2,000,203
2,294,797
4,596,060
2,209,711
Artemis Resources Limited Annual Financial Report 2023
59
NOTES TO THE FINANCIAL STATEMENTS
9. PLANT AND EQUIPMENT
Consolidated
30 June 2023
$
30 June 2022
$
Computer equipment - at cost
Less: Accumulated depreciation
Total computer equipment at net book value
Furniture and fittings - at cost
Less: Accumulated depreciation
Total furniture and equipment at net book value
Motor vehicles – at cost
Less: Accumulated depreciation
Total motor vehicles at net book value
92,905
(66,026)
26,879
54,135
(53,779)
356
50,656
(20,625)
30,031
81,814
(54,705)
27,109
115,319
(88,815)
26,504
52,855
(10,727)
42,128
Total plant and equipment
57,266
95,741
Reconciliation of movement during the year
Reconciliations of the carrying amounts for each class of plant and equipment are set out
below:
Computer equipment:
Carrying amount at the beginning of the year
- Addition
- Disposals
- Depreciation
Carrying amount at the end of the year
Furniture and fittings
Carrying amount at the beginning of the year
- Addition
- Disposal
- Depreciation
Carrying amount at the end of the year
Motor vehicles
Carrying amount at the beginning of the year
- Additions
- Disposal
- Depreciation
Carrying amount at the end of the year
Consolidated
30 June 2023
$
30 June 2022
$
27,109
11,128
(37)
(11,321)
26,879
26,504
-
(770)
(25,378)
356
42,128
-
(2,200)
(9,897)
30,031
36,756
8,532
-
(18,179)
27,109
51,551
2,820
(1,585)
(26,282)
26,504
2,200
50,655
-
(10,727)
42,128
Artemis Resources Limited Annual Financial Report 2023
60
NOTES TO THE FINANCIAL STATEMENTS
10. INTANGIBLE ASSETS
Consolidated
30 June 2023
$
30 June 2022
$
Computer Software - at cost
Less: Accumulated amortisation
Total computer software at net book value
150,214
(150,214)
-
151,262
(147,739)
3,523
Reconciliation of movement during the year:
Computer Software:
Carrying amount at the beginning of the year
- Disposal
- Amortisation
Carrying amount at the end of the year
11. LEASES
Consolidated
30 June 2023
$
30 June 2022
$
3,523
(67)
(3,456)
-
33,732
-
(30,209)
3,523
Amounts recognised in the balance sheet:
Consolidated
Right-of-use assets
Offices
Total right-of-use assets
Lease liabilities
Current
Non-current
Total right-of-use liabilities
Movement in right-of-use assets
Right-of-use assets opening balance
Add: New leases
Less: Amortisation
Less: Lease surrender
Right-of-use assets closing balance
30 June 2023
$
30 June 2022
$
150,781
150,781
103,382
49,577
152,959
153,980
153,980
44,140
109,311
153,451
Consolidated
30 June 2023
$
153,980
212,867
(124,239)
(91,827)
150,781
30 June 2022
$
-
166,571
(12,591)
-
153,980
Artemis Resources Limited Annual Financial Report 2023
61
NOTES TO THE FINANCIAL STATEMENTS
11. LEASES (CONTINUED)
Movement in lease liabilities
Lease liability recognised at start of year
New lease
Add: Interest Expense
Less: Lease surrender
Less: Principal repayment
Closing balance
Consolidated
30 June 2023
30 June 2022
$
153,451
212,867
10,292
(125,109)
(98,542)
152,959
$
-
166,571
2,999
-
(16,119)
153,451
a) Amounts recognised in the statement of profit or loss:
30 June 2023
30 June 2022
$
$
Depreciation charge of right-of-use assets
Interest expense (included in finance cost)
Expenses relating to short-term leases (included
in administrative expenses)
124,239
10,292
31,953
12,591
2,999
69,716
The total cash outflow for leases during the year ended 30 June 2023 was $108,834
(2022: $13,120).
Artemis Resources Limited Annual Financial Report 2023
62
NOTES TO THE FINANCIAL STATEMENTS
12. EXPLORATION AND EVALUATION EXPENDITURE
Consolidated
30 June 2023
$
30 June 2022
$
Exploration and evaluation expenditure
32,054,704
27,323,626
Exploration and Evaluation Phase Costs
Costs capitalised on areas of interest have been reviewed for impairment factors, such as
resource prices, ability to meet expenditure going forward and potential resource
downgrades. The Group has ownership or title to the areas of interest in respect of which
it has capitalised expenditure and has reasonable expectations that its activities are
ongoing.
Reconciliation of movement during the year:
Opening balance
Expenditure capitalised in current period
Carrying value of projects sold1
Exploration expenditure written off2
Closing balance
Consolidated
30 June 2023
$
27,323,626
5,466,846
-
(735,768)
32,054,704
30 June 2022
$
26,603,617
8,581,348
(3,165,038)
(4,696,301)
27,323,626
¹ In the 2022 financial year the Company sold its 70% joint venture interest in the Munni
Munni platinum group metals project to Alien Metals Limited (LON:UFO) (Alien) a
company incorporated in the United Kingdom and listed on the London Stock Exchange
(LSE), for 358,617,818 shares in UFO at GBP0.08 per share for an amount of $4,650,000 and
$250,000 in cash. The sale realised a profit of $2,263,931. The shares were then sold in the
year ended 30 June 2023 realising a loss of $2,294,797.
In addition, in the 2022 financial year the Company sold non-core tenements to
GreenTech Metals Limited (ASX:GRE) for 6,750,000 shares in GRE at $0.20 for an amount of
$1,350,000, and recovery of expenditure in the amount of $250,000. The shares had a value
as at 30 June 2023 of $3,746,250.
2The Group has rationalised the tenement/project portfolio during the year and has
impaired the carrying value of those tenements/projects disposed of and impaired the
carrying value of projects in excess of that deemed recoverable by the Directors.
Exploration expenditure has been carried forward as that expenditure is expected to be
recouped through successful development and exploration of the areas of interest.
Artemis Resources Limited Annual Financial Report 2023
63
NOTES TO THE FINANCIAL STATEMENTS
13. DEVELOPMENT EXPENDITURE
Development expenditure
Reconciliation of movement during the year:
Opening balance
Additions
Disposals
Impairment1
Increase in rehabilitation provision2 (Note 16)
Closing balance
Consolidated
30 June 2023
$
14,950,070
30 June 2022
$
27,420,924
Consolidated
30 June 2023
$
27,420,924
(1,002)
(12,969,852)
500,000
14,950,070
30 June 2022
$
23,473,919
136,869
-
-
3,810,136
27,420,924
1 The Company announced a resource upgrade at the Greater Carlow Project in
October 2022 (See ASX Announcement 13 October 2022 “High-grade Gold Copper
Cobalt Inferred Mineral Resource Lays Foundation for a robust Greater Carlow Project”.)
While the resource, 704,000 oz Au Eq at 2.5 g/t Au Eq, was encouraging, the resource
does not at present fully support the value in use model underlying the carrying value of
the Fox Radio Hill Processing Plant (approximately $27.5 million which includes a
rehabilitation provision of $5.7 million) as at 30 June 2023. This represents an indicator of
impairment and as a consequence the Company is required under accounting
standards to test for impairment by comparing its recoverable value to its’ carrying
value.
The Company determined the recoverable value based on fair value less costs of
disposal. The estimate of fair value is a level 3 on the fair value hierarchy. Management
engaged a third party to value the plant as at 30 June 2023, the expert valued the plant
at $24.923 million on a replacement cost basis. Management adjusted the expert’s
valuation to reflect the most likely use of the plant and what management believe would
be achieved in a market scenario, and determined the recoverable value is
approximately $14.95 million. Accordingly, the Company has booked an impairment
provision of $12,969,852 for the year.
2 The increase in the provision in 2022 and 2023 results from a revision in the discount rate
used in the calculation of the present value of the future rehabilitation cost estimates
and an adjustment to reflect a higher inflation rate.
14. TRADE AND OTHER PAYABLES
Trade and other payables
1,529,181
2,931,542
Consolidated
30 June 2023
$
30 June 2022
$
Artemis Resources Limited Annual Financial Report 2023
64
NOTES TO THE FINANCIAL STATEMENTS
15. EMPLOYEE BENEFITS OBLIGATIONS
Opening balance
Provision for the year
Benefits used or paid
Closing balance
16. PROVISIONS
Provision for restoration and rehabilitation
Reconciliation of movement for the year
Opening balance
Increase in rehabilitation provision
Closing balance
Consolidated
30 June
2023
$
39,473
-
(24,739)
14,734
30 June
2022
$
2,170
57,994
(20,691)
39,473
Consolidated
30 June 2023
$
5,723,259
30 June 2022
$
5,223,259
5,223,259
500,000
5,723,259
1,413,123
3,810,136
5,223,259
During the year the Group revised its provision for restoration and rehabilitation to account for
changes in inflation and discount rates. This resulted in an increase in the provision. The
increase has been capitalised in the development asset.
17. SHARE CAPITAL
Consolidated
Consolidated
30 June 2023
No. of Shares No. of Shares
30 June 2022 30 June 2023 30 June 2022
$
$
Issued and Paid-up
Capital
Ordinary shares, fully paid 1,569,918,371
Reconciliation of movement during the year:
1,388,330,984
117,396,554
114,927,239
2023
Shares
2023
$
2022
Shares
2022
$
1,388,330,984
114,927,239
1,254,997,651
105,855,802
11,587,387
185,359
-
-
170,000,000
-
-
1,569,918,371
2,548,102
(140,776)
(123,370)
117,396,554
133,333,333
-
-
1,388,330,984
9,508,026
(436,589)
-
114,927,239
Opening balance
Shares issued for services
rendered
Shares issued to investors for
Placement
Share issue costs
Share issue costs - options
Closing balance
Term of Issue:
Ordinary Shares
Ordinary shares participate in dividends and are entitled to one vote per share at
shareholders meetings. In the event of winding up the Company, ordinary shareholders
Artemis Resources Limited Annual Financial Report 2023
65
NOTES TO THE FINANCIAL STATEMENTS
rank after creditors and are entitled to any proceeds of liquidation in proportion to the
number of shares held.
18. RESERVES
Share based payments
Options
Performance rights
Options movement
Opening balance
Consolidated
Consolidated
30 June 2023
No. of
options/rights
30 June 2022 30 June 2023 30 June 2022
No. of
options/rights
$
$
116,500,000
-
116,500,000
138,729,195
6,000,000
144,729,195
389,359
-
389,359
2,695,313
30,600
2,725,913
Free attaching options to share issue1
Options issued to brokers
Director options
Options lapsed
Performance rights lapsed
Number
144,729,195
85,000,000
17,000,000
25,000,000
(149,229,195)
(6,000,000)
116,500,000
$
2,725,913
-
123,434
373,300
(2,802,688)
(30,600)
389,359
1The Company issued 85,000,000 free attaching options to a share issue during the year on
the basis of one option for every two new shares issued. The options have an exercise price
of $0.025 and an expiry date of 9 March 2026.
No options were exercised during the year.
Refer to Note 24 for details on share-based payments.
19. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Board of Directors takes responsibility for managing financial risk exposures of the
Group. The Board monitors the Group’s financial risk management policies and exposures
and approves financial transactions. It also reviews the effectiveness of internal controls
relating to commodity price risk, counterparty credit risk, currency risk, liquidity risk and
interest rate risk. The Board meets approximately bi-monthly at which these matters are
reviewed.
The Board’s overall risk management strategy seeks to assist the Group in meeting its
financial targets, while minimising potential adverse effects on financial performance. Its
review includes the use of hedging derivative instruments, credit risk policies and future
cash flow requirements.
The Company’s principal financial instruments comprise cash, short term deposits and
securities in Australian or International listed companies. The main purpose of the financial
instruments is to earn the maximum amount of interest at a low risk to the company. The
Company also has other financial instruments such as trade debtors and creditors which
arise directly from its operations.
The main risks arising from the Company’s financial instruments are interest rate risk, credit
risk, foreign exchange risk, commodity risk and liquidity risk. The Board reviews and agrees
policies for managing each of these risks and they are summarised below:
Artemis Resources Limited Annual Financial Report 2023
66
NOTES TO THE FINANCIAL STATEMENTS
19. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (CONTINUED)
(i) Interest Rate Risk
The Company’s exposure to interest rate risk is the risk that a financial instrument’s value
will fluctuate as a result of changes in market interest rates and the effective weighted
average interest rate for each class of financial assets and financial liabilities.
The following table demonstrates the sensitivity to a reasonably possible change in interest
rates on the following financial assets and liabilities:
FY2023
Carrying
Amount
Effect on loss before tax
Effect on pre-tax equity
+1%
-1%
+1%
-1%
Financial Assets
Cash and cash
equivalents1
Trade and other
receivables2
Other financial
assets5
1,703,016
17,030
(17,030)
17,030
(17,030)
123,104
-
-
-
-
3,746,250
5,572,370
-
17,030
-
(17,030)
-
17,030
-
(17,030)
Financial liabilities
Trade and other
payables3
Financial Liabilities4
1,529,181
152,959
1,682,140
Total increase/(decrease)
-
-
-
-
(1,530)
(1,530)
15,500
1,530
1,530
(15,500)
(1,530)
(1,530)
15,500
1,530
1,530
(15,500)
FY2022
Carrying
Amount
Effect on loss before tax
Effect on pre-tax equity
+1%
-1%
+1%
-1%
Financial Assets
Cash and cash
equivalents1
Trade and other
receivables2
Other financial
assets5
6,106,222
61,062
(61,062)
61,062
(61,062)
282,701
-
-
-
-
6,283,560
12,672,483
-
61,062
-
(61,062)
-
61,062
-
(61,062)
Financial liabilities
Trade and other
payables3
Financial Liabilities4
2,931,542
153,451
2,084,993
Total increase/(decrease)
-
(1,535)
(1,535)
59,527
-
1,535
1,535
(59,527)
-
(1,535)
(1,535)
59,527
-
1,535
1,535
(59,527)
Artemis Resources Limited Annual Financial Report 2023
67
NOTES TO THE FINANCIAL STATEMENTS
19. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (CONTINUED)
1 Cash and cash equivalents are denominated in both AUD and GBP. The weighted
average interest rate for the year ended 30 June 2023 was 0.00% (2022: 0.00%). No other
financial assets or liabilities are interest bearing.
2 Trade and other receivables are denominated in AUD and are not interest bearing.
3 Trade and other payables at balance date are denominated mainly in AUD and are not
interest bearing.
4 Financial liabilities are lease liabilities with an implicit interest rate.
5 Other financial assets are designated in AUD and are non-interest bearing.
(ii) Credit Risk
Credit risk refers to the risk that a counter-party will default on its contractual obligations
resulting in financial loss to the Company. The Company has adopted the policy of only
dealing with credit worthy counterparties and obtaining sufficient collateral or other
security where appropriate, as a means of mitigating the risk of financial loss from defaults.
The Company does not have any significant credit risk exposure to any single counterparty
or any group of counterparties having similar characteristics. The carrying amount of
financial assets recorded in the financial statements, net of any provisions for losses,
represents the Company’s maximum exposure to credit risk.
(iii) Foreign Exchange Risk
The Company had the following British Pound and United States Dollar denominated assets
and liabilities at year end.
Consolidated
30 June 2022
30 June 2022
Cash
Cash and cash equivalents British Pound
United State Dollars
42,195
7,116
2,593,744
-
The following tables demonstrate the sensitivity to a reasonably possible change in USD
exchange rate, with other variables held constant.
Net impact of
strengthening/(weakening) of AUD on
GBP/USD assets/liabilities outlined
above
Change
in GBP
rate
Effect on loss
before tax
Effect on pre-
tax equity
FY2023 (GBP& USD)
FY2022 (GBP only)
(iv) Market Risk
+5%
-5%
+5%
-5%
2,466
(2,466)
129,687
(129,687)
2,466
(2,466)
129,687
(129,687)
The Company’s listed investments are affected by market price volatility. The following
table shows the effect of market price changes.
Artemis Resources Limited Annual Financial Report 2023
68
NOTES TO THE FINANCIAL STATEMENTS
19. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (CONTINUED)
Change
in year
end
price
+5%
-5%
+5%
-5%
Effect on loss
before tax
$
Effect on pre-
tax equity
$
187,312
(187,312)
314,178
(314,178)
187,312
(187,312)
314,178
(314,178
FY2023
FY2022
(v) Liquidity Risk
The Group’s objective is to maintain a balance between continuity of funding and flexibility
through the use of bank loans, convertible notes and finance leases. Cash flows from
financial assets reflect management’s expectation as to the timing of realisation. Actual
timing may therefore differ from that disclosed. The timing of cash flows presented in the
table to settle financial liabilities reflects the earliest contractual settlement dates and does
not reflect management’s expectations that banking facilities will roll forward.
The following tables below reflect an undiscounted contractual maturity analysis for
financial liabilities.
FY2023
Within 1 year
1 to 5
years
Over 5
years
Total
Financial liabilities due for payment
Trade and other payables
Lease liabilities
Total contractual outflows
Cash and cash equivalents
Trade and other receivables
Other financial assets
Total anticipated inflows
Net inflow/(outflow) on financial
instruments
1,529,181
103,382
1,632,563
-
49,577
49,577
1,703,016
123,104
3,746,250
5,572,370
-
-
-
-
3,939,807
(49,577)
-
-
-
-
-
-
-
-
1,529,181
152,959
1,682,140
1,703,016
123,104
3,746,250
5,572,370
3,890,230
FY2022
Within 1 year
1 to 5
years
Over 5
years
Total
Financial liabilities due for payment
Trade and other payables
Financial liabilities
Total contractual outflows
Cash and cash equivalents
Trade and other receivables
Other financial assets
Total anticipated inflows
Net inflow/(outflow) on financial
instruments
2,931,542
44,140
2,975,682
-
109,311
109,311
6,106,222
282,701
6,283,560
12,672,483
-
-
-
-
-
-
-
-
-
-
-
2,931,542
153,451
3,084,993
6,106,222
282,701
6,283,560
12,672,483
9,696,801
(109,311)
-
9,587,490
Artemis Resources Limited Annual Financial Report 2023
69
NOTES TO THE FINANCIAL STATEMENTS
19. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (CONTINUED)
Management and the Board monitor the Group’s liquidity reserve on the basis of expected
cash flow. The information that is prepared by senior management and reviewed by the
Board includes:
(i) Annual cash flow budgets;
(ii) Monthly rolling cash flow forecasts.
(vi) Net Fair Value
The carrying amount of financial assets and financial liabilities recorded in the financial
statements represents their respective net fair values, determined in accordance with the
accounting policies disclosed in Note 1.
20. COMMITMENTS FOR EXPENDITURE
The Group currently has commitments for expenditure at 30 June 2023 on its Australian
exploration tenements as follows:
Not later than 12 months
Between 12 months and 5 years
Greater than 5 years
Consolidated
30 June 2023
$
30 June 2022
$
662,940
1,656,720
117,400
2,437,060
656,820
2,776,060
400,900
3,833,780
The Company evaluates its tenements and exploration program on an annual basis and
may elect not to renew tenement licences if it deems appropriate.
Artemis Resources Limited Annual Financial Report 2023
70
NOTES TO THE FINANCIAL STATEMENTS
21. RELATED PARTY DISCLOSURES
(a) Refer to the Remuneration Report contained in the Directors’ Report for details of the
remuneration paid or payable to each member of the Group’s Key Management
Personnel for the year ended 30 June 2023. Key Management Personnel for the year
ended 30 June 2023 comprised the Directors and the Exploration Manager.
(b) The total remuneration paid to Key Management Personnel of the Company and the
Group during the year are as follows:
Short term employee benefits
Share based payment
Superannuation
Termination payments
Consolidated
30 June 2023
$
30 June 2022
$
842,357
373,300
26,257
221,151
1,463,065
1,182,804
89,250
24,042
-
1,296,096
(c) Remuneration options and performance rights: As at 30 June 2023, the outstanding
options and performance rights that were granted to Key Management Personnel in
previous and current reporting periods comprised of 5,000,000 options. 20,000,000 options
issued to directors that resigned during the year lapsed unexercised.
(d) Share and option holdings: All equity dealings with directors have been entered into
with terms and conditions no more favourable than those that the entity would have
adopted if dealing at arm’s length.
(e) Related party transactions
Doraleda Pty Ltd1
Integrated CFO Solutions2
Minerva Corporate Pty Ltd3
Consolidated
30 June 2023
$
30 June 2022
$
30,833
120,000
60,000
210,833
48,336
108,000
97,711
254,047
1 Director fees and consulting fees paid to Doraleda Pty Ltd, a company in which Mr Edward Mead has an interest.
2 Company secretary fees $108,000 and director fees $12,000 paid to Integrated CFO Solutions, a company in
which Mr Guy Robertson has an interest.
3 Director fees $60,000 (2022: $53,961) and accounting fees in 2022 of $43,750 paid to Minerva Corporate Pty Ltd,
a company in which Mr Daniel Smith has an interest.
Artemis Resources Limited Annual Financial Report 2023
71
NOTES TO THE FINANCIAL STATEMENTS
22. EARNINGS PER SHARE
The calculation of basic earnings and diluted earnings per share at 30 June 2023 was
based on the loss attributable to shareholders of the parent company of $16,923,543 (2022:
Loss $7,529,345):
Basic loss per share
Diluted loss per share
Weighted average number of ordinary shares:
Used in calculating basic earnings per ordinary
share
Dilutive potential ordinary shares
Used in calculating diluted earnings per share
23. AUDITOR’S REMUNERATION
Auditor of parent entity
Audit fees – HLB Mann Judd
Taxation services
24. SHARE-BASED PAYMENTS
Consolidated
30 June 2023
$
(1.17)
(1.17)
30 June 2022
$
(0.58)
(0.58)
No of Shares
No of Shares
1,444,629,567
1,307,235,094
-
-
1,444,629,567
1,307,235,094
Consolidated
30 June 2023
$
30 June 2022
$
62,363
32,500
94,863
58,464
19,750
78,214
Goods or services received or acquired in a share-based payment transaction are
recognised as an increase in equity if the goods or services were received in an equity-
settled share-based payment transaction or as a liability if the goods and services were
acquired in a cash settled share-based payment transaction.
For equity-settled share-based transactions, goods or services received are measured
directly at the fair value of the goods or services received provided this can be estimated
reliably. If a reliable estimate cannot be made the value of the goods or services is
determined indirectly by reference to the fair value of the equity instrument granted.
Transactions with employees and others providing similar services are measured by
reference to the fair value at grant date of the equity instrument granted.
Artemis Resources Limited Annual Financial Report 2023
72
NOTES TO THE FINANCIAL STATEMENTS
24. SHARE-BASED PAYMENTS (continued)
The following share-based payment arrangements were in place during the prior and
current financial year:
Instruments
Date granted
Expiry date
Exercis
e price
No. of
instruments
2023
No. of
instruments
2022
Fair value
at grant
date
0.08
0.08
0.04
0.05
0.07
0.05
0.05
0.18
0.25
13,729,195
13,729,195
10,000,000
10,000,000
-
-
-
-
1,000,000
43,500,000
43,500,000
7,500,000
7,500,000
7,500,000
0.0165
0.0121
0.0181
0.0130
0.0151
0.0130
0.0151
-
-
5,000,000
0.0812
5,000,000
0.0935
0.15
2,000,000
2,000,000
0.0408
24 May 2019
22 July 2019
1 May 2020
1 May 2020
31 July 2022
31 July 2022
1 May 2023
31 July 2022
1 May 2020
31 January 2023
31 July 2022
31 July 2023
2 December 2023
2 December 2025
20 December 2023
Options
Options
Options
Options
Options
Options
Options
Options
Options
Options
Performance
rights A
Performance
rights B
1 May 2020
1 May 2020
2 December
2020
2 December
2020
20 December
2021
30 December
2021
30 December
2021
31 December 2022 0.000
3,000,000
3,000,000
0.0204
31 December 2022 0.000
3,000,000
3,000,000
0.0810
Options
1 July 2022
31 July 2025
Options
5 September 2022
31 July 2025
0.05
0.05
2,000,000
23,000,000
Options
8 March 2023
9 March 2026
0.025
17,000,000
-
-
-
0.014
0.0151
0.0073
The Performance rights were issued to employees of the Company. Tranche A of
Performance Rights vest on the Company achieving a 30-day VWAP of 25 cents. Tranche
B of Performance Rights vest on the Company achieving a Carlow Castle resource
achieving 1 Moz Au. The Performance rights lapsed unvested on resignation of the
relevant employees.
Options issued to Key Management Personnel during the year are outlined in the
remuneration report.
For the year ended 30 June 2023, the Group has recognised a share-based payment
expense in the statement of profit or loss and other comprehensive income of $373,300
(2022: $81,600) in relation to share options, $Nil (2022: $30,600) in relation to performance
rights, and $102,000 (2022: $Nil) in relation to ordinary shares. For the year ended 30 June
2023, the Group issued options with a fair value of $123,434 (2022: $Nil) for share issue costs,
and ordinary shares with a fair value of $83,359 (2022: $Nil) was capitalised as deferred
exploration and evaluation expenditure.
Artemis Resources Limited Annual Financial Report 2023
73
NOTES TO THE FINANCIAL STATEMENTS
24. SHARE-BASED PAYMENTS (CONTINUED)
Options – directors
Performance rights – employees and consultants
Shares – service providers
Share-based payment expense
Options – share issue costs
Shares – service provider accrued in prior year
Consolidated
30 June 2023
$
373,300
-
102,000
475,300
123,434
83,359
30 June 2022
$
81,600
30,600
-
112,200
-
-
The ordinary shares issued to service providers were valued at $0.012 a share being the
share price the service was provided. The ordinary shares issued to the Vendors of the
Munni-Munni were valued at $0.027 a share being the share price the tenement was
acquired.
The unlisted options issued during the year or the prior year were valued using the Black-
Scholes model. The options outstanding as at 30 June 2023 were determined on the date
of grant using the following assumptions:
Grant date
Exercise price ($)
Expected volatility (%)
Risk-free interest rate (%)
Expected life (years)
Share price at this date
($)
Fair value per option ($)
Number of options
Class B
Broker
Class G
Director
01/05/2020
0.07
103
0.63
3.2
20/12/2021
0.15
95
0.391
3
Director
1/7/2022
0.05
100
3.13
3.08
Directors
5/9/2022
0.05
94
2.985
3.08
ARVOPT18
Broker
8/3/2023
0.025
95
3.48
3.00
0.031
0.086
0.027
0.03
0.014
0.0154
7,500,000
0.0408
2,000,000
0.014
2,000,000
0.0151
$0.0073
23,000,000* 17,000,000
*20,000,000 of the director options lapsed on resignation of Directors Mark Potter and
Alastair Clayton.
Artemis Resources Limited Annual Financial Report 2023
74
NOTES TO THE FINANCIAL STATEMENTS
25. RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO LOSS
AFTER INCOME TAX
Loss after income tax
Depreciation and amortisation
Exploration and project expenditure written off
Impairment
Share based payments
(Loss)/profit on sale of exploration assets
Fair value loss on financial assets
Changes in current assets and liabilities during the
financial period:
Decrease in receivables
Increase in provisions
Increase in trade and other payables
Net cash outflow from operating activities
26. PARENT ENTITY DISCLOSURE
(a) Financial position
Total current assets
Total Non-Current Assets
Total Assets
Total current liabilities
Total non-current liabilities
Total Liabilities
Net Assets
Equity
Share capital
Reserves
Accumulated Losses
Loss for the year
Other comprehensive income
Total comprehensive loss
(b) Commitments
Exploration commitments
Not later than 12 months
Between 12 months and 5 years
Consolidated
30 June 2023
$
(16,923,543)
201,769
735,768
12,969,852
475,300
-
337,666
30 June 2022
$
(7,529,345)
97,988
4,696,301
-
112,200
(1,734,962)
165,883
159,597
500,000
(1,328,398)
(2,871,989)
26,844
-
300,269
(3,864,822)
30 June 2023
$
30 June 2022
$
5,548,975
2,840,076
8,389,051
1,529,147
49,577
1,578,724
12,371,950
2,558,801
14,930,751
2,632,467
109,311
2,474,778
6,810,327
12,188,973
117,396,554
389,358
(110,975,585)
6,810,327
114,927,239
2,725,913
(105,464,179)
12,188,973
(8,344,696)
(6,978,488)
(8,344,696)
(6,978,488)
-
-
-
-
-
-
Artemis Resources Limited Annual Financial Report 2023
75
NOTES TO THE FINANCIAL STATEMENTS
27. SUBSIDIARIES
Country of
Incorporation
Ownership
%
30 June 2023
30 June 2022
Parent Entity:
Artemis Resources Limited
Subsidiaries:
Fox Radio Hill Pty Limited
Karratha Metals Limited
KML No 2 Pty Limited
Armada Mining Pty Limited
Elysian Resources Pty Limited
Hard Rock Resources Pty Limited
Artemis Graphite Pty Ltd
Artemis Management Services Pty Ltd
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
Australia
-
100
100
100
100
100
100
100
100
-
100
100
100
100
100
100
100
100
Consolidated
The parent entity with the Group is Artemis Resources Limited which is the ultimate parent
entity in Australia.
Transactions with subsidiaries
Balances and transactions between the Company and its subsidiaries, which are related
parties of the Company, have been eliminated on consolidation.
28. FINANCIAL INSTRUMENTS
The Directors consider that the carrying amounts of current receivables and current
payables are a reasonable approximation of their fair values.
29. CONTINGENT LIABILITIES AND CONTINGENT ASSETS
There are no contingent liabilities or contingent assets since the last annual reporting
period.
30.EVENTS SUBSEQUENT TO 30 JUNE 2023
There are currently no matters or circumstances that have arisen since the end of the
financial year that have significantly affected or may significantly affect the operations
the Group, the results of those operations, or the state of affairs of the Group in the future
financial years.
Artemis Resources Limited Annual Financial Report 2023
76
DIRECTORS DECLARATION
1. In the opinion of the Directors of Artemis Resources Limited:
a. the accompanying financial statements and notes are in accordance with the
Corporations Act 2001 including:
i. giving a true and fair view of the Group’s financial position as at 30 June 2023 and of
its performance for the year then ended; and
ii. complying with Australian Accounting Standards, the Corporations Regulations 2001,
professional reporting requirements and other mandatory requirements.
b. there are reasonable grounds to believe that the Company will be able to pay its debts
as and when they become due and payable.
c. the financial statements and notes thereto are in accordance with International
Financial Reporting Standards issued by the International Accounting Standards Board.
2. This declaration has been made after receiving the declarations required to be made to
the Directors in accordance with Section 295A of the Corporations Act 2001 for the financial
year ended 30 June 2023.
This declaration is signed in accordance with a resolution of the Board of Directors.
Guy Robertson
Executive Chairman
29 September 2023
Artemis Resources Limited Annual Financial Report 2023
77
INDEPENDENT AUDITOR’S REPORT
To the Members of Artemis Resources Limited
Report on the Audit of the Financial Report
Qualified Opinion
We have audited the financial report of Artemis Resources Limited (“the Company”) and its controlled entities
(“the Group”), which comprises the consolidated statement of financial position as at 30 June 2023, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies, and the directors’ declaration.
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion
section of our report, the accompanying financial report of the Group is in accordance with the Corporations
Act 2001, including:
(a) giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its financial
performance for the year then ended; and
(b) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Qualified Opinion
As disclosed in Note 13 to the financial report, the Group identified indicators of impairment on its
development expenditure asset, and impaired the development expenditure asset to its recoverable
value which was estimated using fair value less costs of disposal. As at the date of approval of the
financial report, we have been unable to obtain sufficient, appropriate audit evidence in relation to the
fair value less costs of disposal for the development expenditure asset. Had we been able to obtain
sufficient, appropriate evidence in relation to the fair value less costs of disposal, matters might have
come to our attention indicating that adjustments might have been necessary to the carrying value of
the development expenditure asset in the financial report.
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section
of our report. We are independent of the Group in accordance with the auditor independence requirements
of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (“the Code”) that are relevant to our audit of the financial report in Australia. We have also fulfilled
our other ethical responsibilities in accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
qualified opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 1 in the financial report, which indicates that a material uncertainty exists that
may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified
in respect of this matter.
78
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current period. These matters were addressed in the context of our audit
of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. Fridge
In addition to the matters described in the Material Uncertainty Related to Going Concern and Basis for
Qualified Opinion sections, we have determined the matters described below to be the key audit matters to
be communicated in our report.
Key Audit Matter
How our audit addressed the key audit
matter
Carrying value of Development Expenditure
Refer to Note 13
The Group has a development expenditure asset of
$14,950,070 in relation to construction of the Radio Hill
Gold Recovery Circuit Processing Facility for the
Carlow Castle Project which represents a significant
asset of the Group.
impairment assessment was conducted by
An
management due to the existence of impairment
indicators arising under AASB 136 Impairment of
Assets.
recoverable amount of
The impairment assessment involved a comparison of
the
the development
expenditure asset
the carrying amount. The
recoverable amount was determined using fair value
less costs of disposal. Based on this assessment, an
impairment expense of $12,969,852 was recognised.
to
The evaluation of recoverable amount is considered a
key audit matter as it was based on the cash
generating unit’s fair value less costs of disposal which
involves significant judgement and estimation. In
addition, the balance is material to the users of the
financial
the most
communication with management.
statements and
involved
Our procedures included but were not limited
to the following:
- Obtained an understanding of the key
processes associated with management’s
assessment of the recoverable value;
- Assessed the method, assumptions and
data utilised by management in their
assessment of fair value less costs of
disposal;
- Evaluated the competence, capabilities
and objectivity of management’s expert;
- Obtained an understanding of the work of
management’s expert;
the
- Evaluated
appropriateness
of
management’s expert’s work as audit
evidence;
- Discussed
the valuation methodology
adopted by management with other
valuation experts;
- Considered the valuation methodology
adopted by management with reference to
AASB 13 Fair Value Measurement;
- Compared the recoverable amount to the
carrying value of the cash generating unit;
and
- Assessed
the appropriateness of
the
disclosures included in the relevant notes
to the financial report.
Carrying value of Exploration and Evaluation
Expenditure
Refer to Note 12
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources, the Group capitalises
exploration and evaluation expenditure and as at 30
June 2023 had a deferred exploration and evaluation
expenditure balance of $32,054,704.
Our procedures included but were not limited
to:
- Obtained an understanding of the key
processes associated with management’s
review of the carrying value of exploration
and evaluation expenditure;
79
Carrying value of Exploration and Evaluation
Expenditure
Refer to Note 12
and
Exploration
expenditure was
evaluation
determined to be a key audit matter as it is important to
the users’ understanding of the financial statements as
a whole and was an area which involved the most audit
effort and communication with those charged with
governance.
indicators of
- Considered management’s assessment of
in
potential
addition to making our own assessment;
- Obtained evidence that the Group has
current rights to tenure of its areas of
interest;
impairment
- Considered the nature and extent of
planned ongoing activities;
- Substantiated a sample of expenditure by
agreeing to supporting documentation;
and
- Examined the disclosures made in the
financial report.
Information Other than the Financial Report and Auditor’s Report Thereon
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2023, but does not include the financial
report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report, or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
internal control as the directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations,
or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of this
financial report.
80
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
−
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
− Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
−
− Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the financial report or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that
achieves fair presentation.
−
We communicate with the directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats
or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
REPORT ON THE REMUNERATION REPORT
Opinion on the Remuneration Report
We have audited the Remuneration Report included within the Directors’ Report for the year ended 30 June
2023.
In our opinion, the Remuneration Report of Artemis Resources Limited for the year ended 30 June 2023
complies with Section 300A of the Corporations Act 2001.
81
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
HLB Mann Judd
Chartered Accountants
Perth, Western Australia
29 September 2023
D B Healy
Partner
82
ADDITIONAL INFORMATION
Australian Securities Exchange
Additional information required by the Australian Securities Exchange Limited Listing Rules and
not disclosed elsewhere in this report. The information was prepared based on share registry
processed up to 23 September 2023.
(a) Distribution of shareholders
The distribution of shareholdings as at 23 September 2023 was:
Holdings Range Report
Artemis Resources Limited
Security Class:
As at Date:
ARV - ORDINARY FULLY
PAID SHARES
23-Sep-
2023
Holding Ranges
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including 100,000
above 100,000
Totals
Holders
221
592
558
1,786
904
Total Units
54,311
1,864,710
4,491,648
71,473,697
1,497,034,005
4,061 1,574,918,371
% Issued Share
Capital
0.00%
0.12%
0.29%
4.54%
95.05%
100.00%
(b) Substantial shareholders
The names of the substantial shareholders in the Company, the number of equity securities to
which each substantial holder’s associates have a relevant interest, as disclosed in substantial
holding notices given to the Company are:
Holders Name
No of shares
% of Issued Capital
Jupiter Investment Management Limited
139,948,271
8.96%
Artemis Resources Limited Annual Financial Report 2023
83
ADDITIONAL INFORMATION
Australian Securities Exchange
(c) Top twenty (20) largest holders ordinary share
ARV - ORDINARY FULLY PAID SHARES
Security
class:
As at date: 23-Sep-2023
Display
top:
20
Position Holder Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
18
19
20
CITICORP NOMINEES PTY LIMITED
COMPUTERSHARE CLEARING PTY LTD
BNP PARIBAS NOMS PTY LTD
BENNELONG RESOURCE CAPITAL PTY LTD
BATTLE MOUNTAIN PTY LIMITED
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
BNP PARIBAS NOMINEES PTY LTD
CYGNUS 1 NOMINEES PTY LTD
SORRENTO RESOURCES PTY LTD
NORMANDY CORPORATION PTY LTD
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
INKESE PTY LTD
RDA ASSET MANAGEMENT LIMITED
GUN CAPITAL MANAGEMENT PTY LTD
DEUTSCHE BALATON AKTIENGESELLSCHAFT
BRIAR PLACE PTY LIMITED
MR ARTHUR JOHN CONOMOS
MRS JENNIFER INWOOD
MR FUCHUN WEI
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
MR KARL LUDWIG ANTHONY HAMANN &
MRS LISA JANE HAMANN
Total
Holding
353,762,461
159,949,882
% IC
22.46%
10.16%
77,872,422
4.94%
58,516,758
57,578,209
42,884,098
39,303,119
3.72%
3.66%
2.72%
2.50%
32,195,807
2.04%
19,187,387
16,666,668
15,898,358
15,000,000
13,513,737
13,400,000
12,500,000
11,814,327
10,500,000
10,000,000
10,000,000
9,038,904
8,220,318
1.22%
1.06%
1.01%
0.95%
0.86%
0.85%
0.79%
0.75%
0.67%
0.64%
0.64%
0.57%
0.52%
987,802,455
62.72%
Total issued capital - selected security class(es)
1,574,918,371
100.00%
Artemis Resources Limited Annual Financial Report 2023
84
ADDITIONAL INFORMATION
Australian Securities Exchange
(d) Unquoted securities
ASX security code and description
2,000,000
5,000,000
17,000,000
Total number of +securities on
issue
Class G Options exercisable at 15
cents and expiry 20 December
2024
Director options exercisable at 5
cents with expiry 31 July 2025.
Broker options exercisable at 2.5
cents with expiry
(e) The Company had 1,515 unmarketable parcels as at 23 September 2023.
(f) There is currently no on-market buy-back.
Artemis Resources Limited Annual Financial Report 2023
85
ADDITIONAL INFORMATION
Australian Securities Exchange
1. Company Secretary
The name of the company secretary is Guy Robertson.
2. Address and telephone details
Registered Office
Level 8
99 St Georges Terrace
Perth WA 6000
AUSTRALIA
Ph: + 61(08) 6261 5463
Place of Business
C/- The Park Business Centre
45 Ventnor Avenue
West Perth WA 6005
Mailing Address
PO Box 5638
St Georges Terrace
Perth WA 6831
3. Address and telephone details of the office at which the register of securities is kept
Automic Pty Ltd
Level 5 126 Phillip Street
Sydney NSW 2000
Phone:
1300 288 664 (within Australia)
+61 2 9698 5414 (international)
Email: hello@automic.com.au
Web site: www.automic.com.au
4.
Stock exchange on which the Company’s securities are quoted
The Company’s listed equity securities are quoted on the Australian Securities
Exchange.
Home Exchange – Perth; ASX Code: ARV.
Artemis Resources Limited Annual Financial Report 2023
86