ARTEMIS RESOURCES LIMITED
ACN 107 051 749
ANNUAL REPORT
For Year Ended 30 June 2024
1
Artemis Resources Limited Annual Report 2024
Directors
Guy Robertson (Executive Chairman)
George Ventouras (Executive Director)
Vivienne Powe (Non-Executive Director)
Elizabeth Henson (Non-Executive
Director)
Company Secretary
Guy Robertson
Registered Office
Level 2, 10 Ord Street, West Perth, WA
6005
Telephone: +61 8 9486 4036
Email: info@artemisresources.com.au
Web: www.artemisresources.com.au
Principal Office
Level 2, 10 Ord Street, West Perth,WA
6005
Securities Exchange Listing
Australia Securities Exchange Limited
(ASX: ARV)
London Stock Exchange plc (AIM:ARV)
Share Registry
Automic Registry Service
Level 2, 267 St Georges Terrace
Perth WA 6000
Telephone: 1300 288 664
Web: www.automicgroup.com.au
Bankers
Westpac Limited
Royal Exchange
Corner Pitt & Bridge Streets
Sydney NSW 2000
Auditors
HLB Mann Judd
Level 4, 130 Stirling Street
Perth WA 6000
Telephone: +61 8 9227 7500
Facsimile: +61 8 9227 7533
Nominated Adviser and
Broker
Zeus Capital Limited
Telephone: +44 (0) 203 829 5000
TABLE OF CONTENTS.
2
Artemis Resources Limited Annual Financial Report 2024
CHAIRMAN’S LETTER
3
OPERATIONS REPORT
4
TENEMENT SCHEDULE
20
CORPORATE GOVERNANCE
21
DIRECTORS’ REPORT
22
REMUNERATION REPORT
28
AUDITOR’S INDEPENDENCE DECLARATION
34
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
35
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
36
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
37
CONSOLIDATED STATEMENT OF CASH FLOWS
38
NOTES TO THE FINANCIAL STATEMENTS
39
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
67
DIRECTORS’ DECLARATION
68
INDEPENDENT AUDITOR’S REPORT
69
ASX ADDITIONAL INFORMATION
74
CHAIRMAN’S LETTER
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Artemis Resources Limited Annual Report 2024
Dear Shareholders,
On behalf of the Directors of Artemis Resources Limited (“Artemis” or the “Company”; ASX/AIM:
ARV), a gold, copper and lithium focused resources company with projects in Western
Australia, dual listed ASX and London Stock Exchange, I am pleased to report on the activities
of the Group for the year ended 30 June 2024.
The West Pilbara has received substantial renewed interest following the development of
major world class discoveries in gold and lithium in recent years. The Artemis West Pilbara
tenement portfolio extends over 200km² and much of the Company’s tenement area has yet
to be systematically explored with modern exploration techniques, particularly for gold. The
company’s Carlow Castle deposit, which hosts a current inferred resource of 704,000 oz Au eq,
is only the starting point for further potential discoveries.
During the year, our technical team was successful in discovering high grade lithium on its
project area, particularly at the Mt Marie prospect. Further exploration success was achieved
with gold at the Titan prospect and surrounds. These exploration programs will continue to
progress with a focus on gold and increasing the number of drill ready targets.
As outlined in last year’s report, the West Australian Government provided a grant to co-fund
drilling for a potentially new style of gold mineralisation at Lulu Creek which we are intending
to drill in Q4 2024.
The company’s strategy is to explore across the vast extent of our tenements with the aim of
delineating multi million ounces of gold, through methodical geological exploration with the
support and direction of our technical experts and exploration team.
In Western Australia’s Paterson province, Artemis has a strategic land position with the 100%
owned 600km² tenement surrounding the Haverion 8moz Au deposit. Artemis is committed to
this project where we identified new gold targets this year, and we continue efforts to source
alternative funding to explore this project via a joint venture, or partial sale of the project.
The Radio Hill fully permitted mineral processing facility remains a valuable asset, however, as
the plant remains on care and maintenance it has been written down to a nominal value.
Surplus equipment and asset sales have already contributed to further capital deployed
towards our exploration efforts.
With the support of our highly credentialled geologists, expert consultants and recent
exploration successes our team is reinvigorated and highly motivated to achieve exploration
success in the year ahead.
We were pleased to welcome George Ventouras to the Board during the year as executive
director driving our exploration efforts, and Elizabeth Henson as a non-executive director and
look forward to her contribution on both strategy and corporate governance.
To our shareholders, including existing and new shareholders who supported the capital raises
in 2203/ 2024 in Australia and the United Kingdom we appreciate your ongoing support and
we remain committed to delivering value and success in the year ahead.
Guy Robertson
Chairman
27 September 2024
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
Artemis Resources Limited (“Artemis” or the “Company”; ASX/AIM: ARV) is pleased to provide a
summary of the progress the Company has made in relation to its operations for the financial year
ended 30 June 2024.
Artemis Resources is a gold, copper and lithium focused resources company with projects in Western
Australia. The Company’s main projects include;
•
Karratha Gold Project including the Carlow Castle 704k oz AuEq gold-copper-cobalt project in
the West Pilbara.
•
Karratha Lithium Project including the high grade Mt Marie Lithium Prospect and the Osborne
Lithium JV (Artemis 49%; GreenTech Metals (ASX:GRE) 51%).
•
Paterson Central Gold/Copper project in the Paterson Province (located adjacent to
Greatland Gold / Newmont’s gold-copper discovery at Havieron and only ~42km from the
Newmont Telfer gold mine).
•
Artemis also owns the Radio Hill processing plant, located only 35km from Karratha.
Figure 1: Artemis Resources Project Location Map
Lithium
During the year the Company made substantial progress with respect to exploration on both its 100%
owned tenements and over the Osborne JV tenement (ARV 49%, GRE 51%) for lithium mineralisation.
100% owned projects
Various programs of groundwork were completed during the year, particularly in the later half
focussed on reviewing the tenement package for outcropping pegmatites. Initial programs
conducted at the beginning of the year featured a review of the soil sample database that resulted
in the identification of various zones of interest, but no outcropping pegmatites were discovered.
Further work programs were then designed and involved mapping the tenement package to
determine potential fertile areas which was followed up with ground reconnaissance with the aim of
identifying any outcropping pegmatites. A number of these pegmatites were identified and reported
as the Mt Marie and Osborne East lithium prospects.
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
Figure 2: Artemis tenements with current prospects labelled
Mt Marie in particular is a compelling outcrop featuring large and coarse grained spodumene crystals
which are favoured by development pathways as being easier to process. Spodumene as the host
mineral was confirmed by Curtin University who conducted an XRD analysis of samples provided.
Mt Marie rock chip assays produced high grades of Li2O including the following:
•
Mt Marie Prospect
o
24AR01-14 – 4.67% Li2O
o
24AR04-07 – 4.63% Li2O
o
24AR04-14 – 4.52% Li2O
o
24AR04-13 – 4.28% Li2O
o
24AR04-12 – 3.63% Li2O
o
24AR04-04 – 3.45% Li2O
o
24AR01-15 – 2.11% Li2O
o
24AR01-02 – 1.74% Li2O
o
23AR01-17 – 1.82% Li2O
o
24AR01-06 – 1.68% Li2O
o
23AR01-16 – 1.62% Li2O
o
24AR01-11 – 1.46% Li2O
A further series of out-cropping pegmatites were noted in the mid portion of tenement E47/1746
which appear to be along strike from the Southern Zone on the Osborne JV tenement. Results from
rock chip sampling undertaken at this location included;
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
•
Osborne East Prospect
o
24AR04-20 – 0.69% Li2O
o
24AR04-24 – 0.60% Li2O
o
24AR04-25 – 0.59% Li2O
o
24AR04-26 – 0.59% Li2O
Figure 3: Mt Marie and Osborne East prospect with high grade rock chips
Osborne JV Tenement (ARV 49%; GRE 51%)
Following the discovery of outcropping pegmatites on the Osborne JV tenement in the previous year,
the exploration team undertook an expansion program to uncover further outcropping pegmatites.
This ground reconnaissance consisted of securing further rock chip samples and laboratory analysis.
Results received showed elevated levels of lithium in the rock chips, with higher results in the Southern
section including;
o
2.4 % Li2O from sample 23GT20-155 (Osborne Trend)
o
2.4 % Li2O from sample 23GT30-232 (Wally Trend)
o
1.5 % Li2O from sample 23GT20-233 (Wally Trend)
o
0.7 % Li2O from sample 23GT20-034 (Maddox Trend)
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
These results followed previous high value rock chips samples which included;
o
23CR038 – 3.6% Li2O
o
23CR039 – 2.3% Li2O
o
23CR044 – 0.55% Li2O
o
23CR045 – 0.48% Li2O
This southern zone is becoming a very prospective, high grade lithium mineralised envelope and will
be an exploration priority moving forward.
The extension of the northern or Kobe trend was also the focus of exploration activity during the year.
Again, examination of previous soil sampling and additional rock chip sampling helped to delineate
a fertile zone with sample assays returning high grades including;
o
1.8% Li2O – sample 23GT11-041
o
1.7% Li2O – sample 23GT11-042
o
1.6% Li2O – sample 23GT06-006
o
1.6% Li2O – sample 23GT10-003
The lithium mineralisation that exists across the fully owned and JV ground constitutes a large potential
zone that will benefit from further groundwork and ultimately drilling to test the depth extensions of
the outcropping pegmatites and to determine the potential for a development pathway.
Some drilling was undertaken during the year at the Osborne prospect although these drill holes were
stratigraphic in nature and were designed to test the geology of the subterranean structures.
Valuable information regarding pegmatite orientation was determined and can be used to assist
with the design of follow up drill programs.
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
Figure 4 Diamond Drill hole Plan showing drill hole traces - Osborne and Wally Targets
Heritage and ethnographic surveys were applied for and undertaken with written reports pending.
Once these are received, the pathway to drilling will be open.
Karratha Gold Project
The Karratha Gold Precinct covers an area of more than 200km2 in the West Pilbara region of Western
Australia. It is located ~20km from the main regional town of Karratha, which is only a 2-hour flight
from Perth. The location is highly prospective for gold and other commodities including lithium,
copper, nickel, cobalt and silver.
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. The current Inferred Mineral Resource has been
estimated to contain 704,000 oz Au Eq at 2.5 g/t Au Eq from 8.74 Mt from a combined open pit and
underground source.
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
Figure 5: Oblique view of the Carlow resource block model showing potential continuations of
known mineralisation.
Carlow Tenement Exploration Activities
Carlow Castle is situated within a series of shear zones along the margin of the Regal Thrust Fault within
the basalt and sediments of the Roebourne Complex. The Regal Thrust is a regionally significant south
to south-west dipping structure with sinistral movement that folds around on itself over a distance
greater than 90km. Shear splays along the contact of the Regal Thrust within the Roebourne Complex
are
considered
prospective
for
mineralisation,
especially
when
intruded
by
Andover
mafic/ultramafics.
Most of the previous exploration activities conducted over the Greater Carlow project focussed on
target generation. The tenement has now been revisited and reviewed as a holistic package and
exploration plans developed to identify broadscale systems capable of holding the potential for
multi-million ounce deposits.
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
The various prospects that have been previously identified are noted in figures 6 and 7. Each of these
prospects contains potential for holding gold mineralisation and will be subject to further groundwork
to determine the potential for scale.
Figure 6: Artemis tenements over geography with current prospects labelled
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
Figure7: Carlow tenement with current prospects labelled
Ground reconnaissance conducted in June 2024, resulted in a number of gold specimens being
discovered together with high grade rock chips from the Nickol River Hill South prospect. These results
have provided evidence of a greater mineralised zone across the tenement package.
Figure 8: Rock chip assay results from ground reconnaissance program
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
Significant results received from that program are listed in the table below.
Table 1. Significant rock chip assay results from field work
*Indicates rock chip sample taken from Mullings pile.
A follow up reconnaissance program resulted in high grade rock chips being discovered at the Titan
prospect with multiple results exceeding the capacity of the laboratory. Significant rock chip results
are presented below:
o
24AR11-004, 005, 008 - >10,000 g/t Au*
o
24AR07-002 – 6,520 g/t Au
o
24AR07-169 – 10.2 g/t Au
Significant results from the Chapman and Thorpe prospects (aka Good Luck and Little Fortune)
included;
o
24AR07-192 – 6.1 g/t Au
o
24AR07-162 – 5.1 g/t Au
o
24AR07-184 – 23.8% Cu
o
24AR07-183 – 14.55% Cu
*Note – Rock chip sample processing exceeded the capacity of the lab assay capabilities and
resulted in over-limits which are reached when a gold sample records an assay higher than 1% or
10,000ppm Au.
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
Sample No
Easting
Northing
Au g/t
Cu %
Ag ppm
Co ppm
Zn pct
24AR07-186*
507976
7697654
0.6
6.95
24.1
1525
0.06
24AR11-002*
505852
7699473
6520
0.03
>100
282
0.01
24AR11-004
505855
7699471
>10000
0.01
>100
21.4
0.01
24AR11-005
505860
7699470
>10000
0.02
>100
31
24AR11-008
505863
7699466
>10000
0.01
>100
12.4
24AR07-169
505843
7699451
10.2
0.06
1.3
137.5
0.02
24AR07-192
507741
7696876
6.1
3.37
31.2
190.5
0.08
24AR07-162
505854
7699471
5.1
0.04
0.7
134.5
0.01
24AR07-191*
507742
7696859
4.5
6.74
14.3
33.1
0.01
24AR07-185*
508475
7696631
3.4
3.88
38.4
160.5
0.02
24AR07-190
508531
7696647
2.5
0.15
6
70.4
24AR07-180
505855
7699472
2.4
0.03
0.1
629
0.01
24AR07-183*
507757
7696887
2.2
14.55
8.8
139
0.03
24AR07-196*
495466
7686219
1.7
1.66
127
173
8.6
24AR07-194*
506985
7698805
1.7
0.55
4
406
0.03
24AR07-187*
507230
7698840
1.1
6.04
6.7
230
24AR07-182*
507823
7696948
1
9.7
5.6
140.5
24AR07-143
505021
7699506
0.9
0
0.1
1.5
24AR07-168
505857
7699471
0.7
0.02
0.1
66.3
0.02
24AR07-176
505860
7699466
0.7
0
0
3.3
24AR07-193*
507978
7697656
0.7
5.75
37.4
266
0.02
24AR07-188*
507139
7698883
0.7
0
24AR07-131
506478
7699113
0.6
0.01
13
0.9
0.01
24AR07-184*
507594
7696862
0.5
23.8
121
91.8
0.01
24AR07-035
497444
7695662
0.5
0
0.1
1.2
24AR07-073
486930
7695821
0.5
0.01
8.2
11.7
0.02
24AR07-144
505052
7699508
0.5
0
0.1
6.1
24AR07-189*
506941
7698830
0.3
5.67
26.6
160
0.03
24AR07-181*
507997
7697002
0.3
5.4
4.4
101.5
0.02
Table 2. Significant rock chip assay results from follow up field work
*Sample taken from historical workings/mullock heaps
This further work resulted in the discovery of a fertile region around the Titan prospect, including a highly
mineralised sub vertical quartz-iron vein zone with abundant visible gold.
The Titan mineralised trend has been tracked for approximately ~700m and appears to remain open
under shallow cover. Furthermore, recent field observations suggest it also occurs on a much larger
and strike extensive structural zone.
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
Multiple hard rock gold samples were extracted from the quartz-iron veining and importantly, these
gold samples are not analogous to the conglomerate hosted mineralisation, Witwatersrand style of
watermelon seed gold nuggets as per the Purdy’s Reward and other previously reported discoveries.
Instead, these gold occurrences originate from a hard rock source which indicates we are potentially
looking at large gold structures, at surface with potential to extend along strike and at depth.
Sampling work was conducted around the Titan prospect with around 300kg material removed. This
material was sorted, crushed, separated, gold extracted and a gold bar weighing 10.4 ounces was
subsequently produced.
Figure 9. 10.4 oz gold bar produced from Titan prospect
The potential upside remains significant, not only for this prospect, but more importantly for tenement
wide prospectivity as the Company believes Titan is not a sole occurrence but instead part of a larger
gold mineralised system across the Carlow tenement.
Silica Hills and Osborne Exploration
Lulu Creek lies ~20 km to the west of Artemis’s Carlow Castle deposit and forms part of the prospective
Silica Hills tenement. It was previously known as 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.
Previous drilling conducted by Artemis successfully identified numerous low-grade zones of gold
mineralisation associated with disseminated sulphides and quartz veins within a 2 km east-northeast
trending quartz diorite intrusion.
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
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
At the time of the 2020 drill program, the significance of intrusion related gold within the Pilbara was
not fully appreciated but with the discovery of De Grey’s Hemi project, such gold systems are now in
focus.
An Induced Polarisation (IP) survey was completed at the end of June 2023, which identified two
chargeability anomalies within the Lulu Creek intrusion, adjacent to a moderate-high resistive body
interpreted as representing significant alteration and veining. A third IP Chargeability anomaly was
identified just off the intrusion along the Regal Thrust, which corresponds with outcropping gossanous
BIF and ultramafic rocks at surface.
The Company subsequently applied for and was successful in receiving a government grant for a co-
funded drilling program as part of the Exploration Incentive Scheme (EIS) provided by the Western
Australian Government. The grant was to a value of $82,500 and will allow the Company to drill test
the IP targets.
Heritage clearances were applied for and once the written report has been received, the pathway to
drilling will be cleared.
Figure 10. IP chargeability plan view -75 m below surface against Lulu Creek Intrusion outcrop
outline in pink. Three anomalies noted.
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
Paterson Central Project
Exploration Activities (gold-copper)
The Paterson’s project is a 100% owned ~600km
2 exploration license covering the Paterson Central
prospect which is located adjacent to the 8.4Moz AuEq Havieron deposit which is a JV with Newmont
Mining (ASX:NEM) and Greatland Gold (AIM:GGP). It’s also located only ~45km from the Telfer mine.
Multiple targets were previously generated using geological, magnetic, gravity, seismic, structural
and geochemical datasets with high priority targets within the Havieron “NW corridor”. Previous
drilling by Artemis totalling around 11,000m intercepted the same lithotypes and similar mineralisation
as Havieron which are typical of a ‘near-miss’ at Havieron. An independent review was previously
completed by Merlin Geophysics whose Owner was the Principal Geoscientist for Greatland Gold
PLC from 2020 – 2021 and had worked at the Telfer project. 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. The review also identified the potential 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. It also identified a new target – Apollo North.
Figure 11. Location of Paterson project relative to Havieron and Telfer
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
Figure 12. Current known prospects at the Paterson’s project
Figure 13 Apollo and Atlas prospects at the Paterson project with drill results
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
Figure 14. Apollo prospect drill intercept 22PTMRD011
Artemis is currently seeking a partner to advance the project, which may include JV, earn-in or
outright sale.
Competent Person Statement
The information in this report that relates to exploration results was prepared by Mr Oliver Hirst, a
Competent Person who is a member of the Australasian Institute of Mining and Metallurgy
(MAusIMM). Mr Hirst is a technical consultant to Artemis Resources. Mr Hirst 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 Hirst
consents to the inclusion in this report of the matters based on his information in the form and context
in which it appears.
Mr Adrian Hell BSc (Hons), an advisor and consultant to the Company, is a Member of the AusIMM,
and has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration 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’. Adrian Hell consents
to the inclusion in the report of the information in the form and context in which it appears.
Both Mr Hirst and Mr Hell are Qualified Persons as defined by the AIM Guidance Note on Mining and
Oil & Gas Companies dated June 2009.
No New Information
To the extent that this announcement contains references to prior exploration results and Mineral
Resource Estimates for the Carlow Gold/Copper Project which have been cross referenced to
previous market announcements made by the Company, unless explicitly stated, no new information
is contained.
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
The Company confirms that it is not aware of any new information or data that materially affects the
information included in the relevant market announcements and, in the case of estimates of Mineral
Resources, that all material assumptions and technical parameters underpinning the estimates in the
relevant market announcements continue to apply and have not materially changed.
Competent Person’s Statement
Mineral Resource Reporting
The information in this report that relates to Exploration Targets and Mineral Resources complies with
the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (“The JORC Code”) and has been compiled and assessed under the supervision of Ms
Janice Graham MAusIMM (CPGeo) MAIG and Dr Simon Dominy FAusIMM(CPGeo) FAIG(RPGeo)
FGS(CGeol). Ms Graham is an employee of Snowden Optiro. Dr Dominy is a consultant to Artemis
Resources Ltd. 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 JORC Code. 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. The Exploration target has been prepared and reported in accordance with the
2012 edition of the JORC code. The potential quantity and grade of the Exploration Target is
conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource. It is
uncertain if further exploration will result in the estimation of a Mineral Resource.
Corporate
Board and management changes
Mr George Ventouras was appointed a Director on 31 October 2023 and has been responsible for
driving the Artemis exploration program since this date.
Ms Elizabeth Henson was appointed a Non-Executive Director on 22 April 2024.
Mr Daniel Smith and Mr Simon Dominy resigned as directors during the year.
Capital Raising
In November 2023 Artemis raised approximately $2 million with the issue of 112,777,778 new shares at
$0.018 per share. The Company also issued one free attaching option for every two new shares (in
total 56,388,889 options), with an exercise price of $0.025 and expiry date of 9 March 2026. These
options were listed on 9 April 2024.
In May 2024 and Artemis raised approximately $2.87 million with the issue of 225,686,275 new shares
at $0.01275 per share. The Company will also issued one free attaching listed option for every two
new shares (in total 112,843,137 options), with an exercise price of $0.025 and expiry date of 9 March
2026.
George Ventouras
Executive Director
OPERATIONS REPORT
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Artemis Resources Limited Annual Report 2024
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
KML No 2 Pty
Ltd
100%
Live
117.6
E47/3719
Osborne
KML No 2 Pty
Ltd
49%
Live
44.8
P47/1972
Cherratta
KML No 2 Pty
Ltd
100%
Live
1.5
M47/337
Radio Hill
Fox Radio Hill
Pty Ltd
100%
Live
1.8
M47/161
Radio Hill
Fox Radio Hill
Pty Ltd
100%
Live
9.9
E47/3361
Radio Hill
Elysian
Resources
Pty Ltd
100%
Live
15.6
L47/93
Radio Hill
Fox Radio Hill
Pty Ltd
100%
Live
0.07
E45/5276
Central
Paterson
Armada
Mining Pty
Ltd
100%
Live
529.2
CORPORATE GOVERNANCE
STATEMENT
21
Artemis Resources Limited Annual Report 2024
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 30 September 2024 and is available on the Company’s website:
https://artemisresources.com.au/company/corporate-governance
DIRECTORS’ REPORT
22
Artemis Resources Limited Annual Report 2024
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 2024. 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
Executive Chairman
Vivienne Powe
Non-Executive Director
Elizabeth Henson
Non-Executive Director (appointed 22 April 2024)
George Ventouras Executive Director (appointed 31 October 2023)
Chirstopher Kelsall Non-Executive Director (appointed 9 January 2024
resigned 12 March 2024)
Simon Dominy
Executive Director (resigned 9 January 2024)
Daniel Smith
Non-Executive Director (resigned 31 October 2023)
Current Directors
GUY ROBERTSON
Executive Chairman
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 (since 23/8/2019)(ASX:HAS),
Metal Bank Limited (since 17/9/2012)(ASX:MBK), GreenTech Metals
Limited (1/9/2021) (ASX:GRE) and Alien Metals Limited (since 26
April 2023) (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 (30/6/2022 to
19/5/2023)(ASX:BXN)
GEORGE VENTOURAS
Executive Director
Mr Ventouras has over 15 years’ experience in the resources sector
and over 30 years’ experience in business development,
corporate restructuring and marketing. He has managed multiple
businesses in various industries and has served as a Non-Executive
Director on various ASX listed company boards and leading IPO
teams. George is currently a Non-Executive Director of Errawarra
Resources Ltd (since 18/12/2022) (ASX:ERW). Previously, he was
joint-founder, non-executive director and General Manager of
Apollo Consolidated Ltd, an ASX listed exploration company
which was the subject of a successful $180 million takeover. Mr
Ventouras is currently a director of Errawarra Resources Ltd
(ASX:ERW).
Interest in securities at the date of this report:
Listed options 5,166,667
Mr Ventouras held no other directorships in the last three years.
DIRECTORS’ REPORT
23
Artemis Resources Limited Annual Report 2024
ELIZABETH HENSON
Non-Executive Director
Appointed a Director on 22 April 2024.
Ms Henson is an international lawyer with over 35 years of global
experience in corporate governance, business and professional
services. Ms Henson was a Senior Partner at PwC based in London
between 2007 and 2019, and prior to that, was a commercial
partner in an accountancy firm focused on international business.
Whilst at PwC, Ms Henson founded and led the UK Firm’s
International Entrepreneurs business and has worked with PwC’s
capital markets team on numerous LSE and AIM transactions.
Ms Henson is currently a Non-Executive Director of Alien Metals Ltd
(since
4/8/2023)
(LSE:UFO)
Future
Metals
Plc
(since
21/10/2021)(ASX: FME, LSE: FME) and AIM listed Alba Mineral
Resources Plc (since 3/12/2020) (LSE: ALBA).
Interest in securities at the date of this report:
Unlisted options 2,000,000
Ms Henson held no other directorships in the last three years.
VIVIENNE POWE
Non-Executive Director
Mrs Powe was appointed a Director of the Company on 4 July
2022.
Mrs Powe 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 CEO USA for Lynas Rare Earths Ltd (ASX: LYC)
and was previously Chief Executive Officer, Investments for the
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 is a 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:
Ordinary shares 1,000,000
Unlisted options 2,000,000
Ms Powe held no other directorships in the last three years
Company Secretary
MR GUY ROBERTSON
Mr Guy Robertson was appointed Company Secretary on 12
November 2009.
DIRECTORS’ REPORT
24
Artemis Resources Limited Annual Report 2024
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
The Company issued 152,686,277 shares at $0.01275 on 12 July 2024. Part of these funds had
been received prior to year end (See Note 14).
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 the Greater Carlow Project and Paterson
Central. The Company has lithium joint venture with GreenTech Metals Limited and is exploring
identified lithium potential in its 100% owned 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
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, base 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.
DIRECTORS’ REPORT
25
Artemis Resources Limited Annual Report 2024
(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 $16,591,769 (2023: loss of
$16,923,543). The loss position for the year includes non-cash items comprising fair value loss on
financial assets of $2,666,250 (2023: $337,666), impairment of the Radio Hill plant in the amount
of $12,128,289 (2023: 12,969,852), a write off of exploration costs of $55,572 (2023: $735,768),
and share based payments in the amount of $70,004 (2023: $475,300).
The Group’s operating income increased to $240,378 (2023: $80,169) which included an
amount of $150,000 for the sale of a royalty on construction materials. The Group’s expenses
excluding non-cash items, referred to above decreased to $1,912,035 (2023: $2,485,126).
The carrying value of exploration and development costs increased to $34,213,548 (2023:
$32,054,704) 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 $3,042,873 (2023: $14,950,070) following a write down of the Radio Hill Plant, on
the basis of an independent valuation, 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.
DIRECTORS’ REPORT
26
Artemis Resources Limited Annual Report 2024
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
Board Meetings
Audit Committee
Meetings
Remuneration
Committee Meetings
Attended
Held
Attended
Held
Attended
Held
Guy Robertson
7
7
2
2
1
1
George Ventouras
5
5
1
1
1
1
Elizabeth Henson
1
1
-
-
-
-
Vivienne Powe
7
7
2
2
1
1
Daniel Smith
1
1
-
-
-
-
Simon Dominy
2
2
1
1
-
-
Christopher Kelsall
2
2
1
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 $24,500 on 15 August 2024 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.
DIRECTORS’ REPORT
27
Artemis Resources Limited Annual Report 2024
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.
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 2024 has been
received and can be found on page 34 of the annual 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
27 September 2024
REMUNERATION REPORT
28
Artemis Resources Limited Annual Report 2024
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.
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
REMUNERATION REPORT
29
Artemis Resources Limited Annual Report 2024
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)
George Ventouras –Executive Director (appointed 31 October 2023)
Vivienne Powe – Non-Executive Director (appointed 4 July 2022)
Elizabeth Henson – Non-Executive Director (appointed 22 April 2024)
Former Directors
Christopher Kelsall – Non-Executive Director (appointed 9 January 2024, resigned 12 March
2024)
Simon Dominy – Executive Director (resigned 9 January 2024)
Daniel Smith – Non-Executive Chairman (resigned 31 October 2023)
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.
REMUNERATION REPORT
30
Artemis Resources Limited Annual Report 2024
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.
FY23/24
Name
Base
Salary
and Fees
$
Share
Based
Payments
$
Post
Employment
Super-
Contribution
$
Termination
Benefits
$
Total
$
Performance
based
%
G.Robertson1
120,000
-
-
-
120,000
-
E. Henson
17,250
-
-
-
17,250
-
G.Ventouras
145,600
-
-
-
145,600
-
V.Powe
56,712
-
6,238
-
62,950
-
D. Smith
35,000
-
-
-
35,000
-
S. Dominy
115,103
-
-
-
115,103
-
C. Kelsall
10,806
-
-
-
10,806
-
500,471
-
6,238
-
506,709
-
FY22/23
Name
Base
Salary
and Fees
$
Share
Based
Payments
$
Post
Employment
Super-
Contribution
$
Termination
Benefits
$
Total
$
Performance
based
%
G.Robertson1
120,000
45,300
-
-
165,300
27%
D. Smith
60,000
-
-
-
60,000
-
S.Dominy
143,717
-
-
-
143,717
-
V.Powe
54,299
26,000
5,701
-
86,000
30%
A. Clayton
144,412
196,300
-
221,151
561,863
53%
M. Potter
93,327
105,700
-
-
199,027
53%
E.Mead
30,833
-
-
-
30,833
-
L. Meter
195,769
-
20,556
-
216,325
-
842,357
373,300
26,257
221,151
1,463,065
26%
REMUNERATION REPORT
31
Artemis Resources Limited Annual Report 2024
C. Service agreements
Component
Executive
Chairman1
Executive
Director
Non-executive
directors
Fixed remuneration
$120,000
$200,400
$70,000
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.
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
Expiry date
Exercise
price of
Shares
Number
under option
Status
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
Fair values at the grant date are determined using a Black & Scholes option pricing
model that takes into account the exercise price, the term of the option, the impact
of dilution on the share price at grant date, and the expected price volatility of the
underlying shares, the expected dividend yield and the risk free interest rate for the
term of the option.
Options
No options were granted to Key Management Personnel in the current reporting
period.
Fair values at the grant date are independently 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.
REMUNERATION REPORT
32
Artemis Resources Limited Annual Report 2024
D. Share-based compensation (continued)
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. Additional disclosures relating to key management personnel
Shares held by Directors and Key Management Personnel
FY23/24
Name
Balance at the
beginning of
the year
Received as
remuneration
Purchased/Net
Change
Other
Balance at
resignation/
the end of year
G. Robertson
4,000,002
-
-
4,000,002
V. Powe
-
-
1,000,000
1,000,000
G.Ventouras
-
-
-
-
D. Smith1
-
-
-
-
S. Dominy2
-
-
-
-
C. Kelsall3
-
-
-
-
4,000,002
-
1,000,000
5,000,002
1 Resigned 31 October 2023
2 Resigned 09 January 2024
3 Resigned 12 March 2024
Options held by Directors and Key Management Personnel
FY23/24
Name
Balance at
the beginning
of the year
Received as
remuneration
Other
Balance at
the end of the
year
Options
G. Robertson
3,000,000
-
-
3,000,000
V. Powe
2,000,000
-
-
2,000,000
G.Ventouras1,2
-
-
5,166,667
5,166,667
E. Henson1
-
-
2,000,000
2,000,000
D. Smith
-
-
-
-
S. Dominy1
2,000,000
-
(2,000,000)
-
C. Kelsall
-
-
-
-
7,000,000
-
5,166,667
12,166,667
1Held or lapsed on appointment/resignation.
2Included in George Ventouras’ options on appointment is 5,000,000 options issued in FY24 financial
year with fair value of $70,004 issued in relation to consultancy services provided.
REMUNERATION REPORT
33
Artemis Resources Limited Annual Report 2024
Other transactions with key management personnel
These amounts are included in the key management personnel remuneration table
above.
30 June 2024 30 June 2023
$
$
Integrated CFO Solutions Pty Ltd1
120,000
120,000
Minerva Corporate Pty Ltd2
35,000
60,000
155,000
180,000
1 Company secretary/CFO 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.
2 Director fees $35,000 (2023: $60,000) paid to Minerva Corporate Pty Ltd, a company in which Mr Daniel Smith
has an interest.
END OF AUDITED REMUNERATION REPORT
34
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 2024, 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
27 September 2024
D B Healy
Partner
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
35
Artemis Resources Limited Annual Report 2024
Consolidated
30 June
2024
30 June
2023
Notes
$
$
Revenue
3
240,378
80,169
Fair value loss on financial assets
8
(2,666,250)
(337,666)
Personnel costs
(73,059)
-
Occupancy costs
(30,468)
(49,504)
Legal fees
(73,732)
(31,542)
Consultancy costs
(491,784)
(951,660)
Compliance and regulatory expenses
4
(473,412)
(282,204)
Directors’ fees
(426,999)
(587,038)
Travel costs
(48,043)
(52,996)
Marketing expenses
(130,028)
(69,106)
Borrowing costs
(4,757)
(13,544)
Other expenses
(156,575)
(427,202)
Project and exploration expenditure write off
12
(55,572)
(735,768)
Impairment expense
13
(12,128,289)
(12,969,852)
Share-based payments
24
(70,004)
(475,300)
Foreign exchange loss
(3,178)
(20,330)
LOSS BEFORE INCOME TAX
(16,591,769)
(16,923,543)
Income tax (expense)/benefit
5
-
-
LOSS FOR THE YEAR
(16,591,769)
(16,923,543)
Other comprehensive income, net of tax
-
-
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
(16,591,769)
(16,923,543)
LOSS FOR THE YEAR ATTRIBUTABLE TO:
Owners of the parent entity
(16,591,769)
(16,923,543)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
ATTRIBUTABLE TO:
Owners of the parent entity
(16,591,769)
(16,923,543)
Basic loss per share - cents
22
(1.00)
(1.17)
Diluted loss per share - cents
22
(1.00)
(1.17)
The consolidated statement of profit or loss and other comprehensive income is to
be read in conjunction with the accompanying notes
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
36
Artemis Resources Limited Annual Report 2024
The consolidated statement of financial position should be read in conjunction with
the accompanying notes.
Consolidated
30 June
2024
30 June
2023
Notes
$
$
CURRENT ASSETS
Cash and cash equivalents
6
572,628
1,703,016
Other receivables
7
176,688
123,104
Other financial assets
8
1,080,000
3,746,250
TOTAL CURRENT ASSETS
1,829,316
5,572,370
NON-CURRENT ASSETS
Plant and equipment
9
34,335
57,266
Intangible assets
10
-
-
Right-of-use assets
11
44,999
150,781
Exploration and evaluation expenditure
12
34,213,548
32,054,704
Development expenditure
13
3,042,873
14,950,070
TOTAL NON-CURRENT ASSETS
37,335,755
47,212,821
TOTAL ASSETS
39,165,071
52,785,191
CURRENT LIABILITIES
Trade and other payables
14
1,362,575
1,529,181
Current lease liabilities
11
47,792
103,382
Employee benefits obligation
15
-
14,734
TOTAL CURRENT LIABILITIES
1,410,367
1,647,297
NON-CURRENT LIABILITIES
Lease liabilities
11
-
49,577
Provisions
16
5,923,259
5,723,259
TOTAL NON-CURRENT LIABILITIES
5,923,259
5,772,836
TOTAL LIABILITIES
7,333,626
7,420,133
NET ASSETS
31,831,445
45,365,058
EQUITY
Share capital
17
120,237,759
117,396,554
Reserves
18
499,111
389,358
Accumulated losses
(88,905,425)
(72,420,854)
TOTAL EQUITY
31,831,445
45,365,058
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
37
Artemis Resources Limited Annual Report 2024
The consolidated statement of changes in equity should be read in conjunction with
the accompanying notes.
Consolidated
Issued
Capital
Reserves
Accumulat
ed Losses
Total
Equity
$
$
$
$
Balance at 1 July 2023
117,396,554
389,358
(72,420,854)
45,365,058
Loss for the year
-
-
(16,591,769)
(16,591,769)
Total comprehensive loss for the
year
-
-
(16,591,769)
(16,591,769)
Issue of shares
3,173,250
-
-
3,173,250
Cost of share issue
(185,098)
-
-
(185,098)
Lapse of options
-
(107,198)
107,198
-
Share-based payments cost of
share issue
(146,947)
146,947
-
-
Share-based payments
-
70,004
-
70,004
Balance at 30 June 2024
120,237,759
499,111
(88,905,425)
31,831,445
Consolidated
Issued
Capital
Reserves
Accumulat
ed Losses
Total
Equity
$
$
$
$
Balance at 1 July 2022
114,927,239
2,725,913
(58,330,600)
59,322,552
Loss for the year
-
-
(16,923,543)
(16,923,543)
Total comprehensive loss for the
year
-
-
(16,923,543)
(16,923,543)
Issue of shares
2,631,485
-
-
2,631,485
Cost of share issue
(140,736)
-
-
(140,736)
Lapse of options
-
(2,833,289)
2,833,289
-
Share-based payments cost of
share issue
(123,434)
123,434
-
-
Share-based payments
102,000
373,300
-
475,300
Balance at 30 June 2023
117,396,554
389,358
(72,420,854)
45,365,058
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
38
Artemis Resources Limited Annual Report 2024
The consolidated statement of cash flows is to be read in conjunction with the
accompanying notes.
Consolidated
30 June
2024
30 June
2023
Note
$
$
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
232,740
-
Payments to suppliers and employees
(2,045,331)
(2,861,804)
Interest received
7,639
107
Finance costs paid
(4,757)
(10,292)
NET CASH USED IN OPERATING ACTIVITIES
25
(1,809,709)
(2,871,989)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments
-
2,209,711
Payments for purchase of plant and equipment
-
(11,128)
Payments for exploration and evaluation
(2,453,488)
(5,997,831)
Payment for development expenditure
-
(6,088)
Proceeds on sale of plant and equipment
-
1,497
NET CASH USED IN INVESTING ACTIVITIES
(2,453,488)
(3,803,839)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares
3,173,289
2,548,102
Cost of share issue
(185,097)
(166,986)
Cash received in advance of share issue
14
256,394
-
Repayment of lease liabilities
11
(109,924)
(98,542)
NET CASH PROVIDED BY FINANCING ACTIVITIES
3,134,662
2,282,574
Net decrease in cash held
(1,128,535)
(4,393,254)
Cash at the beginning of the year
1,703,016
6,106,222
Effects of exchange rate changes on the balance of
cash held in foreign currencies
(1,853)
(9,952)
CASH AT THE END OF THE YEAR
6
572,628
1,703,016
NOTES TO THE FINANCIAL STATEMENTS
39
Artemis Resources Limited Annual Report 2024
1. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
Basis of Preparation
The financial statements are general purpose financial statements prepared in
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 30 September 2024.
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;
NOTES TO THE FINANCIAL STATEMENTS
40
Artemis Resources Limited Annual Report 2024
1. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION (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.
Adoption of New a Revised Accounting Standards or Interpretations
In the year ended 30 June 2024, 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 not yet
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 2024. As a result of this review the
NOTES TO THE FINANCIAL STATEMENTS
41
Artemis Resources Limited Annual Report 2024
1. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)
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 2024, the Group recorded a loss of $16,591,769 (2023: Loss of
$16,923,543) and had net cash outflows from operating activities of $1,809,709 (2023:
$2,871,989) for the year and a net working capital surplus of $418,949 as at 30 June 2024
(2023: $3,925,073).
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 $572,628 and net assets of $31,831,445 as at 30 June
2024;
•
The Group has approximately $1.08 million in liquid investments.
•
The Company has raised approximately $3.1 million, before costs, in new capital during
the year, as well as approximately $1.9m was received after 30 June 2024. 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 its 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.
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.
NOTES TO THE FINANCIAL STATEMENTS
42
Artemis Resources Limited Annual Report 2024
1. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)
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.
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.
NOTES TO THE FINANCIAL STATEMENTS
43
Artemis Resources Limited Annual Report 2024
1. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)
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.
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.
(i)
Financial assets at fair value through profit or loss
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.
NOTES TO THE FINANCIAL STATEMENTS
44
Artemis Resources Limited Annual Report 2024
1. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)
(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.
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.
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.
Impairment
The carrying values of plant and equipment and development expenditure are reviewed
for impairment at each balance date, with recoverable amount being estimated when
events or changes in circumstances indicate that the carrying value may be impaired.
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 and development expenditure, impairment losses are
recognised in the statement of profit or loss and other comprehensive income in the cost
of sales line item.
NOTES TO THE FINANCIAL STATEMENTS
45
Artemis Resources Limited Annual Report 2024
1. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)
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 further development expenditure is incurred after 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.
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.
The provision is 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.
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.
NOTES TO THE FINANCIAL STATEMENTS
46
Artemis Resources Limited Annual Report 2024
1. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)
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.
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.
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.
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.
NOTES TO THE FINANCIAL STATEMENTS
47
Artemis Resources Limited Annual Report 2024
1. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)
The fair value less costs of disposal was estimated by an independent valuation expert
using the ‘cost approach’. The cost approach is based on the proposition that an
informed purchaser would pay no more for an asset than the cost of providing a substitute
with the utility as the subject asset. Direct and indirect comparisons with sales prices taking
into account the age and condition of the asset is used to estimate the fair value of the
asset.
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.
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.
NOTES TO THE FINANCIAL STATEMENTS
48
Artemis Resources Limited Annual Financial Report 2024
2. SEGMENT INFORMATION (CONTINUED)
b. Segment information provided to the Board:
Exploration Activities
Development
Activities
Unallocated
Total
West Pilbara
East Pilbara
Lithium JV
Radio Hill
Corporate
$
$
$
$
$
$
30 June 2024
Segment revenue
-
-
-
-
240,378
240,378
Fair value loss on financial
assets
-
-
-
-
(2,666,250)
(2,666,250)
Segment expenses
-
-
-
-
(1,982,036)
(1,982,036)
Impairment
-
-
-
(12,128,289)
-
(12,128,289)
Project and exploration
expenditure write off
(55,572)
-
-
-
-
(55,572)
Reportable segment loss
(55,572)
-
-
(12,128,289)
(4,407,908)
(16,591,769)
Reportable segment assets
25,223,384
8,314,519
675,645
3,042,873
1,908,650
39,165,071
Reportable segment liabilities
-
-
-
5,923,259
1,410,366
7,333,626
Additions to non-current assets
1,653,912
350,825
209,674
221,097
-
2,435,508
30 June 2023
Segment revenue
-
-
-
-
80,169
80,169
Fair value loss on financial
assets
-
-
-
-
(337,666)
(337,666)
Segment expenses
-
-
-
-
(2,960,426)
(2,960,426)
Impairment
-
-
-
(12,969,852)
-
(12,969,852)
Project and exploration
expenditure write off
(735,768)
-
-
-
-
(735,768)
Reportable segment loss
(735,768)
-
-
(12,969,852)
(3,217,923)
(16,923,543)
Reportable segment assets
24,121,635
7,933,069
-
14,950,070
5,780,417
52,785,191
Reportable segment liabilities
-
-
-
5,723,259
1,696,874
7,420,133
Additions to non-current assets
2,449,727
3,017,119
-
500,000
223,995
6,190,841
NOTES TO THE FINANCIAL STATEMENTS
49
Artemis Resources Limited Annual Report 2024
3. REVENUE
Consolidated
30 June 2024
30 June 2023
$
$
Other revenue
Other sundry income
232,739
80,062
Interest received
7,639
107
240,378
80,169
4. COMPLIANCE AND REGULATORY EXPENSES
Consolidated
30 June
2024
30 June
2023
$
$
AIM listing expenses
20,553
-
Other regulatory costs
452,859
282,204
473,412
282,204
5. INCOME TAXES
(a) Income tax expense
Consolidated
30 June 2024
30 June 2023
$
$
Current tax
-
-
Deferred tax
-
-
Income tax expense
-
-
(b) Income tax recognised in the statement of profit or loss and other comprehensive
income
Consolidated
30 June 2024
30 June 2023
$
$
Loss before tax
(16,591,569)
(16,923,543)
Tax at 30% (2023: 30%)
(4,977,531)
(5,077,063)
Tax effect of non-deductible expenses
831,498
243,890
Impairment of development and exploration
expenditure and impairment
3,655,158
4,090,370
Timing differences not brought to account
490,875
742,803
Income tax expense
-
-
NOTES TO THE FINANCIAL STATEMENTS
50
Artemis Resources Limited Annual Report 2024
Income Taxes (continued)
(c) Deferred tax balances
Consolidated
30 June 2024
30 June 2023
$
$
Deferred tax assets comprise:
Tax losses carried forward
12,766,220
10,363,482
Employee benefits obligation
-
4,420
Provisions
1,776,977
1,716,977
14,543,197
12,084,879
Deferred tax liabilities comprise:
Capitalised exploration costs
10,264,064
9,616,411
10,264,064
9,616,411
Net deferred tax asset unrecognised
4,279,133
2,468,468
(d) Analysis of deferred tax assets
Potential deferred tax assets attributable to tax losses and exploration expenditure carried
forward have not been brought to account at 30 June 2024 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 2024
30 June 2023
$
$
Cash and cash equivalents
572,628
1,703,016
7. OTHER RECEIVABLES
Consolidated
30 June 2024
30 June 2023
$
$
Other receivables
73,552
1,761
GST receivables
14,915
52,320
Prepayments
88,221
69,023
176,688
123,104
The value of trade and other receivables considered by the Directors to be past due or
impaired is nil (2023: Nil).
NOTES TO THE FINANCIAL STATEMENTS
51
Artemis Resources Limited Annual Report 2024
8. OTHER FINANCIAL ASSETS
Consolidated
30 June 2024
30 June 2023
$
$
Current
Fair Value Through Profit or Loss
Shares in listed equity securities (Level 1)
1,080,000
3,746,250
Consolidated
30 June 2024
30 June 2023
Movement in other financial assets
$
$
Opening balance
3,746,250
6,283,560
Disposals
-
(2,199,644)
Fair value gain/(loss)
(2,666,250)
(337,666)
Closing balance
1,080,000
3,746,250
9. PLANT AND EQUIPMENT
Consolidated
30 June 2024
30 June 2023
$
$
Computer equipment - at cost
82,682
92,905
Less: Accumulated depreciation
(68,123)
(66,026)
Total computer equipment at net book value
14,559
26,879
Furniture and fittings - at cost
83,003
54,135
Less: Accumulated depreciation
(82,921)
(53,779)
Total furniture and equipment at net book value
82
356
Motor vehicles – at cost
55,955
50,656
Less: Accumulated depreciation
(36,261)
(20,625)
Total motor vehicles at net book value
19,694
30,031
Total plant and equipment
34,335
57,266
NOTES TO THE FINANCIAL STATEMENTS
52
Artemis Resources Limited Annual Report 2024
PLANT AND EQUIPMENT (continued)
Reconciliation of movement during the year
Reconciliations of the carrying amounts for each class of plant and equipment are set out
below:
Consolidated
30 June 2024
30 June 2023
$
$
Computer equipment:
Carrying amount at the beginning of the year
26,879
27,109
- Addition
-
11,128
- Disposals
(4,533)
(37)
- Depreciation
(7,787)
(11,321)
Carrying amount at the end of the year
14,559
26,879
Furniture and fittings
Carrying amount at the beginning of the year
356
26,504
- Addition
-
-
- Disposal
(274)
(770)
- Depreciation
-
(25,378)
Carrying amount at the end of the year
82
356
Motor vehicles
Carrying amount at the beginning of the year
30,031
42,128
- Additions
-
-
- Disposal
-
(2,200)
- Depreciation
(10,337)
(9,897)
Carrying amount at the end of the year
19,694
30,031
10. INTANGIBLE ASSETS
Consolidated
30 June 2024
30 June 2023
$
$
Computer Software - at cost
-
150,214
Less: Accumulated amortisation
-
(150,214)
Total computer software at net book value
-
-
Reconciliation of movement during the year:
Consolidated
30 June 2024
30 June 2023
$
$
Computer Software:
Carrying amount at the beginning of the year
-
3,523
- Disposal
-
(67)
- Amortisation
-
(3,456)
Carrying amount at the end of the year
-
-
NOTES TO THE FINANCIAL STATEMENTS
53
Artemis Resources Limited Annual Report 2024
11. LEASES
Amounts recognised in the balance sheet:
Consolidated
30 June 2024
30 June 2023
$
$
Right-of-use assets
Offices
44,999
150,781
Total right-of-use assets
44,999
150,781
Lease liabilities
Current
47,792
103,382
Non-current
-
49,577
Total right-of-use liabilities
47,792
152,959
Movement in right-of-use assets
Consolidated
30 June 2024
30 June 2023
$
$
Right-of-use assets opening balance
150,781
153,980
Add: New leases
-
212,867
Less: Amortisation
(105,782)
(124,239)
Less: Lease surrender
-
(91,827)
Right-of-use assets closing balance
44,999
150,781
Movement in lease liabilities
Consolidated
30 June 2024
30 June 2023
$
$
Lease liability recognised at start of year
152,959
153,451
New lease
-
212,867
Add: Interest Expense
4,757
10,292
Less: Lease surrender
-
(125,109)
Less: Principal repayment
(109,924)
(98,542)
Closing balance
47,792
152,959
a) Amounts recognised in the statement of profit or loss:
30 June 2024
30 June 2023
$
$
Depreciation charge of right-of-use assets
105,782
124,239
Interest expense (included in finance cost)
4,757
10,292
Expenses relating to short-term leases (included
in administrative expenses)
27,899
31,953
Lease-related expenses are capitalised for Exploration and Evaluation due to the
business being an exploration in nature.
The total cash outflow for leases during the year ended 30 June 2024 was $109,924
(2023: $108,834).
NOTES TO THE FINANCIAL STATEMENTS
54
Artemis Resources Limited Annual Report 2024
12. EXPLORATION AND EVALUATION EXPENDITURE
Consolidated
30 June 2024
30 June 2023
$
$
Exploration and evaluation expenditure
34,213,548
32,054,704
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:
Consolidated
30 June 2024
30 June 2023
$
$
Opening balance
32,054,704
27,323,626
Expenditure capitalised in current period
2,214,416
5,466,846
Exploration expenditure written off
(55,572)
(735,768)
Closing balance
34,213,548
32,054,704
13. DEVELOPMENT EXPENDITURE
Consolidated
30 June 2024
30 June 2023
$
$
Development expenditure
3,042,873
14,950,070
Reconciliation of movement during the year:
Consolidated
30 June 2024
30 June 2023
$
$
Opening balance
14,950,070
27,420,924
Additions
21,092
-
Disposals
-
(1,002)
Impairment1
(12,128,289)
(12,969,852)
Increase in rehabilitation provision2 (Note 16)
200,000
500,000
Closing balance
3,042,873
14,950,070
¹the Company’s market capitalisation is below its net assets. This represents an impairment
indicator for the Company’s Development Expenditure asset. The Company assessed impairment
with fair value less cost to sell. During the year the Company obtained a valuation of the Radio Hill
processing plant. The valuation was undertaken by an independent valuation expert using the
Cost Approach.
NOTES TO THE FINANCIAL STATEMENTS
55
Artemis Resources Limited Annual Report 2024
13 DEVELOPMENT EXPENDITURE (CONTINUED)
The Cost Approach is based on the proposition that an informed purchaser would pay no more
for an asset than the cost of producing a substitute with the same utility as the subject asset. The
cost approach begins with the cost to replace or acquire new and deducts all forms of
depreciation to determine an estimate of value. It considers that the maximum value of a property
to a knowledgeable buyer would be that amount currently required to construct a new property
of equal utility, adjusting for differences in age, condition and any other forms of depreciation and
obsolescence factors as of the effective date of the appraisal. The Radio Hill processing plant has
been written down to the value determined by the valuers.
²The rehabilitation provision was increased by $200,000 (2023: $500,000)during the year (See Note
16).
14. TRADE AND OTHER PAYABLES
Consolidated
30 June 2024
30 June 2023
$
$
Trade and other payables
1,106,181
1,529,181
Cash received in advance of share issue
256,394
-
1,362,575
1,529,181
The Company completed tranche 2 of the capital raise outlined in the ASX
announcement dated 10 May 2024 on 12 July 2024, issuing 152,686,277 shares at
$0.01275. At 30 June 2024, the Company received $256,394 in advance of this
share issue.
15. EMPLOYEE BENEFITS OBLIGATIONS
Consolidated
30 June
2024
30 June
2023
$
$
Opening balance
14,734
39,473
Provision for the year
-
-
Benefits used or paid
(14,734)
(24,739)
Closing balance
-
14,734
16. PROVISIONS
Consolidated
30 June 2024
30 June 2023
$
$
Provision for restoration and rehabilitation
5,923,259
5,723,259
Reconciliation of movement for the year
Opening balance
5,723,259
5,223,259
Increase in rehabilitation provision (Note 13)
200,000
500,000
Closing balance
5,923,259
5,723,259
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 as part of the development asset.
NOTES TO THE FINANCIAL STATEMENTS
56
Artemis Resources Limited Annual Report 2024
17. SHARE CAPITAL
Consolidated
Consolidated
30 June 2024
30 June 2023
30 June 2024
30 June 2023
No. of Shares
No. of Shares
$
$
Issued and Paid-up Capital
Ordinary shares, fully paid
1,764,196,149
1,569,918,371
120,237,754
117,396,554
Reconciliation of movement during the year:
2024
2024
2023
2023
Shares
$
Shares
$
Opening balance
1,569,918,371
117,396,554
1,388,330,984
114,927,239
Shares issued for services
rendered
-
-
11,587,387
185,383
Shares issued to investors for
Placement
194,277,778
3,173,250
170,000,000
2,548,102
Share issue costs
-
(185,098)
-
(140,736)
Share issue costs - options
-
(146,947)
-
(123,434)
Closing balance
1,764,196,149
120,237,759
1,569,918,371
117,396,554
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 rank
after creditors and are entitled to any proceeds of liquidation in proportion to the number of
shares held.
18. RESERVES
Consolidated
Consolidated
30 June 2024
30 June 2023
30 June 2024
30 June 2023
No. of options
No. of options
$
$
Share based payments
Options
172,888,884
116,500,000
499,111
389,358
Options movement
Number
$
Opening balance
116,500,000
389,358
Free attaching options to share issue1
56,388,884
-
Options issued to brokers/advisers
11,000.000
146,947
Consulting options
5,000,000
70,004
Options lapsed
(7,500,000)
(107,198)
Options converted to shares
(8,500,000)
-
172,888,884
499,111
1The Company issued 56,388,884 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.
The share option reserve represents the cumulative amounts charged to profit in respect
of option arrangements where the option has not yet been settled by exercise or award
of shares.
Refer to Note 24 for details on share-based payments.
NOTES TO THE FINANCIAL STATEMENTS
57
Artemis Resources Limited Annual Report 2024
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:
(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:
FY2024
Carrying
Amount
Effect on loss before tax
Effect on pre-tax equity
+1%
-1%
+1%
-1%
Financial Assets
Cash and cash
equivalents1
572,628
5,726
(5,726)
5,726
(5,726)
Trade and other
receivables2
176,668
-
-
-
-
Other financial
assets5
1,080,00
-
-
-
-
1,829,316
5,726
(5,726)
5,726
(5,726)
Financial liabilities
Trade and other
payables3
1,106,181
Financial Liabilities4
47,792
(4,779)
4,779
(4,779)
4,779
1,153,973
(4,779)
4,779
(4,779)
4,779
Total increase/(decrease)
52,484
(52,484)
52,484
(52,484)
NOTES TO THE FINANCIAL STATEMENTS
58
Artemis Resources Limited Annual Report 2024
19. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (CONTINUED)
FY2023
Carrying
Amount
Effect on loss before tax
Effect on pre-tax equity
+1%
-1%
+1%
-1%
Financial Assets
Cash and cash
equivalents1
1,703,016
17,030
(17,030)
17,030
(17,030)
Trade and other
receivables2
123,104
-
-
-
-
Other financial
assets5
3,746,250
-
-
-
-
5,572,370
17,030
(17,030)
17,030
(17,030)
Financial liabilities
Trade and other
payables3
1,529,181
-
-
-
-
Financial Liabilities4
152,959
(1,530)
1,530
(1,530)
1,530
1,682,140
(1,530)
1,530
(1,530)
1,530
Total increase/(decrease)
15,500
(15,500)
15,500
(15,500)
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 2024
30 June 2023
Cash
Cash and cash equivalents British Pound
536
42,195
United State Dollars
4,735
7,116
NOTES TO THE FINANCIAL STATEMENTS
59
Artemis Resources Limited Annual Report 2024
19. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (CONTINUED)
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
FY2024 (GBP& USD)
+5%
51
51
-5%
(51)
(51)
FY2023 (GBP& USD)
+5%
351
351
-5%
(351)
(351)
(iv) Market Risk
The Company’s listed investments are affected by market price volatility. The following
table shows the effect of market price changes.
Change
in year
end
price
Effect on loss
before tax
$
Effect on pre-
tax equity
$
FY2024
+5%
54,000
54,000
-5%
(54,000)
(54,000)
FY2023
+5%
187,312
187,312
-5%
(187,312)
(187,312)
(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.
FY2024
Within 1 year
1 to 5
years
Over 5
years
Total
Financial liabilities due for payment
Trade and other payables
1,106,181
1,106,181
Lease liabilities
47,792
47,792
Total contractual outflows
1,153,973
1,153,973
Cash and cash equivalents
572,628
572,628
Trade and other receivables
176,688
176,688
Other financial assets
1,080,000
1,080,000
Total anticipated inflows
1,829,316
1,829,316
Net inflow/(outflow) on financial
instruments
675,343
-
-
675,343
NOTES TO THE FINANCIAL STATEMENTS
60
Artemis Resources Limited Annual Report 2024
FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (CONTINUED)
FY2023
Within 1 year
1 to 5
years
Over 5
years
Total
Financial liabilities due for payment
Trade and other payables
1,529,181
-
-
1,529,181
Lease liabilities
103,382
49,577
-
152,959
Total contractual outflows
1,632,563
49,577
-
1,682,140
Cash and cash equivalents
1,703,016
-
-
1,703,016
Trade and other receivables
123,104
-
-
123,104
Other financial assets
3,746,250
-
-
3,746,250
Total anticipated inflows
5,572,370
-
-
5,572,370
Net inflow/(outflow) on financial
instruments
3,939,807
(49,577)
-
3,890,230
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 2024 on its Australian
exploration tenements as follows:
Consolidated
30 June 2024
30 June 2023
$
$
Not later than 12 months
747,330
662,940
Between 12 months and 5 years
2,094,187
1,656,720
Greater than 5 years
287,177
117,400
3,128,694
2,437,060
The Company evaluates its tenements and exploration program on an annual basis and
may elect not to renew tenement licences if it deems appropriate.
NOTES TO THE FINANCIAL STATEMENTS
61
Artemis Resources Limited Annual Report 2024
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 2024. Key Management Personnel (KMP) for the year
ended 30 June 2024 comprised the Directors. KMP are assisted by external contracted
exploration consulting expertise.
(b) The total remuneration paid to Key Management Personnel of the Company and the
Group during the year are as follows:
Consolidated
30 June 2024
30 June 2023
$
$
Short term employee benefits
500,471
842,357
Share based payment
6,238
373,300
Superannuation
-
26,257
Termination payments
-
221,151
506,709
1,463,065
(c) Remuneration option: As at 30 June 2024, the outstanding options that were granted
to Key Management Personnel in previous and current reporting periods comprised of
5,000,000 options. Refer to note 24 for details on share based payments.
(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
Consolidated
30 June 2024
30 June 2023
$
$
Doraleda Pty Ltd1
-
30,833
Integrated CFO Solutions2
120,000
120,000
Minerva Corporate Pty Ltd3
35,000
60,000
155,000
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 $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 $35,000 (2023: $60,000) paid to Minerva Corporate Pty Ltd, a company in which Mr Daniel Smith
has an interest.
NOTES TO THE FINANCIAL STATEMENTS
62
Artemis Resources Limited Annual Report 2024
22. EARNINGS/(LOSS) PER SHARE
The calculation of basic earnings/(loss) and diluted earnings/(loss) per share for the year ended
30 June 2024 was based on the loss attributable to shareholders of the parent company of
$16,591,769 (2023: Loss $16,923,543):
Consolidated
30 June 2024
30 June 2023
Cents
Cents
Basic loss per share
(1.00)
(1.17)
Diluted loss per share
(1.00)
(1.17)
No of Shares
No of Shares
Weighted average number of ordinary shares:
Used in calculating basic earnings per ordinary
share
1,651,590,000
1,444,629,567
Dilutive potential ordinary shares
-
-
Used in calculating diluted earnings per share
1,651,590,000
1,444,629,567
23. AUDITOR’S REMUNERATION
Consolidated
30 June 2024
30 June 2023
$
$
Auditor of parent entity
Audit fees – HLB Mann Judd
64,000
62,363
Taxation compliance services
10,000
32,500
74,000
94,863
24. SHARE-BASED PAYMENTS
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.
NOTES TO THE FINANCIAL STATEMENTS
63
Artemis Resources Limited Annual Report 2024
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
Exercise
price
No. of
instruments
2024
No. of
instruments
2023
Fair value
at grant
date
Options
1 May 2020
31 July 2023
0.05
-
7,500,000
0.0151
Options
20 December 2021 20 December 2023
0.15
-
2,000,000
0.0408
Performance
rights A¹
30 December 2021 31 December 2022 0.000
-
3,000,000
0.0204
Performance
rights B
30 December
2021
31 December 2022 0.000
-
3,000,000
0.0810
Options
1 July 2022
31 July 2025
0.05
2,000,000
2,000,000
0.014
Options
5 September 2022
31 July 2025
0.05
5,000,000
23,000,000
0.0151
Options
8 March 2023
9 March 2026
0.025
17,000,000
17,000,000
0.0073
Options
28 October 2023
9 March 2026
0.025
5,000,000
-
0.014
Options
28 October 2023
9 March 2026
0.025
11,000,000
-
0.014
¹The Performance rights lapsed unvested on resignation of the relevant employees.
No options were granted to Key Management Personnel during the year.
For the year ended 30 June 2024, the Group has recognised a share-based payment expense in the
statement of profit or loss and other comprehensive income of $70,004 (2023: $373,300) in relation to share
options. For the year ended 30 June 2024, the Group issued options with a fair value of $146,947 (2023:
$123,434) for share issue costs, and ordinary shares with a fair value of $Nil (2023: $83,359) was capitalised
as deferred exploration and evaluation expenditure.
Consolidated
30 June 2024
30 June 2023
$
$
Options – consultants/advisers
70,004
373,300
Shares – service providers
-
102,000
Share-based payment expense
70,004
475,300
Options – share issue costs
146,947
123,434
Shares – service provider accrued in prior year
-
83,359
The unlisted options during the year and prior year were valued using the Black & Scholes model. The
options outstanding as at 30 June 2024 were determined on the date of grant using the following
assumptions
NOTES TO THE FINANCIAL STATEMENTS
64
Artemis Resources Limited Annual Report 2024
24. SHARE-BASED PAYMENTS (continued)
Director
Directors
Broker
Consultant
Broker
Grant date
1/7/2022
5/9/2022
8/3/2023
28/10/23
28/10/23
Exercise price
($)
0.05
0.05
0.025
0.025
0.025
Expected
volatility (%)
100
94
95
100
100
Risk-free interest
rate (%)
3.13
2.985
3.48
4.32
4.32
Expected life
(years)
3.08
3.08
3.00
2.37
2.37
Share price at
this date ($)
0.027
0.03
0.014
0.023
0.023
Fair value per
option ($)
0.014
0.0151
0.0073
0.014
0.014
Number of
options
2,000,000
5,000,000
17,000,000
5,000,000
11,000,000
25. RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO LOSS
AFTER INCOME TAX
Consolidated
30 June 2024
30 June 2023
$
$
Loss after income tax
(16,591,769)
(16,923,543)
Depreciation and amortisation
123,906
201,769
Exploration and project expenditure written off
55,572
735,768
Impairment
12,128,289
12,969,852
Share based payments
70,004
475,300
Fair value loss on financial assets
2,666,250
337,666
Changes in current assets and liabilities during the
financial period:
Decrease in receivables
(53,584)
159,597
Increase in provisions
200,000
500,000
Increase in trade and other payables
(408,377)
(1,328,398)
Net cash outflow from operating activities
(1,809,709)
(2,871,989)
Non-cash fixed asset additions
Development expenditure capitalised –
Rehabilitation provision increase
200,000
500,000
NOTES TO THE FINANCIAL STATEMENTS
65
Artemis Resources Limited Annual Report 2024
26. PARENT ENTITY DISCLOSURE
30 June 2024
30 June 2023
$
$
(a) Financial position
Total current assets
1,812,367
5,548,975
Total non-current assets
2,981,053
2,840,076
Total Assets
4,793,420
8,389,051
Total current liabilities
1,336,704
1,529,147
Total non-current liabilities
47,792
49,577
Total Liabilities
1,384,496
1,578,724
Net Assets
3,408,924
6,810,327
Equity
Share capital
120,237,761
117,396,554
Reserves
499,111
389,358
Accumulated losses
(117,327,948)
(110,975,585)
3,408,924
6,810,327
Loss for the year
(6,459,561)
(8,344,696)
Other comprehensive income
Total comprehensive loss
(6,459,561)
(8,344,696)
(b) Commitments
Exploration commitments
Not later than 12 months
-
-
Between 12 months and 5 years
-
-
-
-
NOTES TO THE FINANCIAL STATEMENTS
66
Artemis Resources Limited Annual Report 2024
27. SUBSIDIARIES
Country of
Incorporation
% holding
30 June 2024
% holing
30 June 2023
Parent Entity:
Artemis Resources Limited
Australia
n/a
n/a
Subsidiaries:
Fox Radio Hill Pty Limited
Australia
100
100
Karratha Metals Limited
Australia
100
100
KML No 2 Pty Limited
Australia
100
100
Armada Mining Pty Limited
Australia
100
100
Elysian Resources Pty Limited
Australia
100
100
Hard Rock Resources Pty Limited
Australia
100
100
Artemis Graphite Pty Ltd
Australia
100
100
Artemis Management Services Pty Ltd
Australia
100
100
Consolidated
The parent entity within 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 2024
The Company issued 152,686,277 shares at $0.01275 on 12 July 2024. A portion of the funds
for this raising had been received prior to 30 June 2024 (See note 14).
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.
CONSOLIDATED ENTITY
DISCLOSURE STATEMENT
As at 30 June 2024
67
Artemis Resources Limited Annual Report 2024
Basis of preparation
The consolidated entity disclosure statement has been prepared in accordance with the
s295(3A)(a) of the Corporations Act 2001 and includes the required information for Artemis
Resources Limited and the entities it controls in accordance with AASB 10 Consolidated
Financial Statements.
Tax Residency
S295(3A)(vi) of the Corporations Act 2001 defines tax residency as having the meaning in the
Income Tax Assessment Act 1997. The determination of tax residency may involve judgement
as there are different interpretation that could be adopted, and which could give rise to
different conclusions regarding residency.
In determining tax residency, the Group has applied the following interpretations:
Australian Tax Residency
Current legislation and judicial precent has been applied, including having regard to the Tax
Commissioner’s public guidance.
Foreign tax residency
Where appropriate, independent tax advisers have been engaged to assist in the
determination of tax residence to ensure applicable foreign tax legislation has been complied
with.
Country of
Incorporation
% holding
30 June 2024
Income tax
jurisdiction
Parent Entity:
Artemis Resources Limited
Australia
-
Australia
Subsidiaries:
Fox Radio Hill Pty Limited
Australia
100
Australia
Karratha Metals Limited
Australia
100
Australia
KML No 2 Pty Limited
Australia
100
Australia
Armada Mining Pty Limited
Australia
100
Australia
Elysian Resources Pty Limited
Australia
100
Australia
Hard Rock Resources Pty Limited
Australia
100
Australia
Artemis Graphite Pty Ltd
Australia
100
Australia
Artemis Management Services Pty Ltd
Australia
100
Australia
DIRECTORS DECLARATION
68
Artemis Resources Limited Annual Report 2024
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 2024 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. the consolidated entity disclosure statement is true and correct;
c. there are reasonable grounds to believe that the Company will be able to pay its debts
as and when they become due and payable.
d. 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 2024.
This declaration is signed in accordance with a resolution of the Board of Directors.
Guy Robertson
Executive Chairman
27 September 2024
69
INDEPENDENT AUDITOR’S REPORT
To the Members of Artemis Resources Limited
Report on the Audit of the Financial Report
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 2024, 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, notes to the financial
statements, including material accounting policy information, the consolidated entity disclosure statement
and the directors’ declaration.
In our opinion, 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 2024 and of its financial
performance for the year then ended; and
(b) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
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
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.
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.
70
In addition to the matter described in the Material Uncertainty Related to Going Concern section, 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
$3,042,873 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.
An impairment assessment was conducted by
management due to the existence of impairment
indicators arising under AASB 136 Impairment of
Assets.
The impairment assessment involved a comparison of
the
recoverable
amount
of
the
development
expenditure asset with the carrying amount. The
recoverable
amount
was
determined
by
an
independent valuer on the basis of fair value less costs
of disposal. Based on this assessment, an impairment
expense of $12,128,289 was recognised during the
year.
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
statements
and
involved
significant
communication with management.
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 amount;
-
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;
-
Evaluated
the
appropriateness
of
management’s expert’s work as audit
evidence;
-
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 2024 had a deferred exploration and evaluation
expenditure balance of $34,213,548.
Exploration and evaluation expenditure was 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 significant audit effort and
communication with those charged with governance.
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;
-
Considered management’s assessment of
potential indicators of impairment in
addition to making our own assessment;
-
Obtained evidence that the Group has
current rights to tenure of its areas of
interest;
-
Considered the nature and extent of
planned ongoing activities with reference
71
to the forecast exploration expenditure for
FY25;
-
Substantiated a sample of expenditure by
agreeing to supporting documentation;
and
-
Examined the disclosures made in the
financial report.
Other Information
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 2024, 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:
(a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
(b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
(a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view and is free from material misstatement, whether due to fraud or error; and
(b) the consolidated entity disclosure statement that is true and correct 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.
72
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.
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.
73
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
2024.
In our opinion, the Remuneration Report of Artemis Resources Limited for the year ended 30 June 2024
complies with Section 300A of the Corporations Act 2001.
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
D B Healy
Chartered Accountants
Partner
Perth, Western Australia
27 September 2024
ADDITIONAL INFORMATION
Australian Securities Exchange
74
Artemis Resources Limited Annual Report 2024
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 16 September 2024.
(a) Distribution of shareholders
The distribution of shareholdings as at 16 September 2024 was:
Holdings Range Report
Artemis Resources Limited
Security Class:
ARV - ORDINARY FULLY PAID
SHARES
As at Date:
16-Sep-2024
Holding Ranges
Holders
Total Units
% Issued Share
Capital
above 0 up to and including 1,000
223
52,646
0.00%
above 1,000 up to and including 5,000
552
1,730,459
0.09%
above 5,000 up to and including 10,000
499
4,032,499
0.21%
above 10,000 up to and including
100,000
1,693
70,667,637
3.69%
above 100,000
1,010
1,840,399,185
96.01%
Totals
3,977
1,916,882,426
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
148,281,604
7.73%
ADDITIONAL INFORMATION
Australian Securities Exchange
75
Artemis Resources Limited Annual Report 2024
(c) Top twenty (20) largest holders ordinary share
Security
class:
ARV - ORDINARY FULLY PAID SHARES
As at date:
16-Sep-2024
Display top:
20
Position
Holder Name
Holding
% IC
1
CITICORP NOMINEES PTY LIMITED
414,068,627
21.60%
2
COMPUTERSHARE CLEARING PTY LTD
185,838,339
9.69%
3
BNP PARIBAS NOMS PTY LTD
78,458,533
4.09%
4
BATTLE MOUNTAIN PTY LIMITED
68,803,700
3.59%
5
BENNELONG RESOURCE CAPITAL PTY LTD
64,988,976
3.39%
6
BNP PARIBAS NOMINEES PTY LTD
55,694,781
2.91%
7
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
54,249,799
2.83%
8
NORMANDY CORPORATION PTY LTD
36,632,357
1.91%
9
CYGNUS 1 NOMINEES PTY LTD
32,195,807
1.68%
10
INKESE PTY LTD
32,000,000
1.67%
11
MR GAVIN JEREMY DUNHILL
23,000,000
1.20%
12
SORRENTO RESOURCES PTY LTD
19,187,387
1.00%
13
ARREDO PTY LTD
18,676,469
0.97%
14
MR FUCHUN WEI
17,800,000
0.93%
15
GUN CAPITAL MANAGEMENT PTY LTD
17,427,778
0.91%
16
BNP PARIBAS NOMINEES PTY LTD
16,709,109
0.87%
17
RDA ASSET MANAGEMENT LIMITED
16,624,847
0.87%
18
MR ARTHUR JOHN CONOMOS
12,500,000
0.65%
18
DEUTSCHE BALATON AKTIENGESELLSCHAFT
12,500,000
0.65%
19
FINCLEAR SERVICES PTY LTD
10,873,830
0.57%
20
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED -
A/C 2
10,165,401
0.53%
Total
1,198,395,740
62.52%
Total issued capital - selected security class(es)
1,916,882,426
100.00%
ADDITIONAL INFORMATION
Australian Securities Exchange
76
Artemis Resources Limited Annual Report 2024
(d) Top twenty listed option holders
Security class:
ARVOC - LISTED OPTIONS EXP 09/03/2026 @ $0.025
As at date:
16-Sep-2024
Display top:
20
Position
Holder Name
Holding
% IC
1
CITICORP NOMINEES PTY LIMITED
59,224,141
21.25%
2
NORMANDY CORPORATION PTY LTD
12,916,668
4.63%
3
JBM TRADING PTY LTD
10,230,000
3.67%
4
GOFFACAN PTY LTD
9,983,002
3.58%
5
BATTLE MOUNTAIN PTY LIMITED
8,333,334
2.99%
6
BENNELONG RESOURCE CAPITAL PTY LTD
7,694,442
2.76%
7
NORMANDY CORPORATION PTY LTD
6,274,510
2.25%
8
CYGNUS 1 NOMINEES PTY LTD
5,916,665
2.12%
9
ARREDO PTY LTD
5,588,235
2.00%
10
MR MICHAEL STANLEY CARTER
5,464,444
1.96%
11
BNP PARIBAS NOMS PTY LTD
5,361,460
1.92%
12
STRATA INVESTMENT HOLDINGS PLC
5,310,458
1.91%
13
LINCHPIN CORPORATION PTY LTD
5,166,667
1.85%
14
WICKLOW CAPITAL PTY LTD
5,000,000
1.79%
14
INKESE PTY LTD
5,000,000
1.79%
15
SUNSET CAPITAL MANAGEMENT PTY LTD
4,205,243
1.51%
16
MR ANDREW DAVID WILSON
4,160,784
1.49%
17
RAB CAPITAL LIMITED
4,000,000
1.44%
18
MR RUSSELL FENSHAW TYRE
3,546,100
1.27%
19
BATTLE MOUNTAIN PTY LIMITED
3,529,412
1.27%
20
RAB CAPITAL LIMITED
3,500,000
1.26%
Total
180,405,565
64.72%
Total issued capital - selected security
class(es)
278,732,039
100.00%
(e) Unquoted securities
ASX security code and description
Total number of +securities on
issue
7,000,000
Director options exercisable at 5
cents with expiry 31 July 2025.
(e) The Company had 2,036 unmarketable parcels as at 16 September 2024.
ADDITIONAL INFORMATION
Australian Securities Exchange
77
Artemis Resources Limited Annual Report 2024
(f) There is currently no on-market buy-back.
1.
Company Secretary
The name of the company secretary is Guy Robertson.
2.
Address and telephone details
Registered Office
Level 2
10 Ord Street
West Perth WA 6005
AUSTRALIA
Ph: + 61(08) 6261 5463
Place of Business
Level 2
10 Ord Street
West Perth WA 6005
Mailing Address
PO Box 86
West Perth WA 6872
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.