ANNUAL
REPORT
2025
ABN 80 107 051 749
www.artemisresources.com.au
Artemis Resources Limited
CONTENTS
Page
Chairman’s Letter ......................................................................................................................................................... 1
Operating and Financial Review ................................................................................................................................... 2
Directors’ Report ........................................................................................................................................................ 14
Auditor’s Independence Declaration .......................................................................................................................... 33
Consolidated Statement of Profit or Loss and Other Comprehensive Income .......................................................... 35
Consolidated Statement of Financial Position ............................................................................................................ 36
Consolidated Statement of Changes in Equity ........................................................................................................... 38
Consolidated Statement of Cash Flows ...................................................................................................................... 39
Notes to the Consolidated Financial Report ............................................................................................................... 40
Consolidated Entity Disclosure Statement ................................................................................................................. 81
Directors’ Declaration ................................................................................................................................................. 82
Independent Auditor’s Report .................................................................................................................................... 83
Securities Exchange Information ................................................................................................................................ 88
Corporate Directory .................................................................................................................................................... 92
Chairman’s Letter
Artemis Resources Limited
For the year ended 30 June 2025
Page | 1
CHAIRMAN’S LETTER
Dear fellow 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, and dual listed on ASX and the
London Stock Exchange, I am pleased to report on the activities of the Group for the year ended 30 June 2025.
FY2025 saw significant on-field exploration as we expanded the footprint of the Carlow mineralisation. Surface
sampling at Titan and Thorpe prospects yielded exceptional gold and copper assays. These results were followed
up with a Phase One drilling programme, targeting Marillion, Carlow East, and Titan. Drilling commenced in
February 2025 and was successful in intersecting high grade gold in two areas, 600m east of the Carlow resource
and at Titan, 2km west of the Carlow resource. The drilling also resulted in a new geological interpretation of the
Carlow area which has opened potential for additional gold mineralisation along strike and below previous drilling
and on previously untested shallow targets, notably at Titan where high grade gold occurrences were reported from
sampling of widely spaced outcrops during 2024.
Encouraged by these results we will in Q2 FY2026 undertake diamond drilling to scope out potential for significant
extensions to the Carlow Mineral Resource which contains 374koz gold and 64,000t copper1. At Titan we have
commenced shallow low-cost RC drilling of geophysical anomalies in areas with high-grade surface gold occurrences
and a brecciated host sequence near previous gold mineralisation encountered in the Phase One programme.
In addition to the Carlow Project, in December 2024 Artemis applied for a 340km2 exploration licence to cover a
large, interpreted intrusion (Cassowary Intrusion) in a unique setting along a major crustal boundary, 450km east
of Kalgoorlie. This licence was granted in August 2025. The Cassowary Intrusion is undrilled and has the potential
to host intrusion related IOCG type copper/gold mineralisation and other types of intrusion hosted mineralisation.
Post the reporting period, Artemis has expanded its holdings to over 1,000km2 to cover other interpreted intrusions
at the Cassowary Project.
With the Cassowary Project showing significant early potential, the Company is seeking to sell or joint venture its
Paterson project which tenement surrounds the Haverion 8moz Au deposit. We have also undertaken a number of
studies during the year to determine how to extract maximum value from the Radio Hill processing plant.
In January 2025, we welcomed Julian Hanna as the Managing Director of Artemis. Julian was instrumental in
bringing the Cassowary project to Artemis and in driving the exploration success we have achieved in the FY2025
year. I would like to thank fellow board members, the Artemis team in Perth and on site in Karratha and the
Company’s advisers for their ongoing contributions to the success of the Company.
To our shareholders, including existing and new shareholders who supported the capital raises in February and
September 2025, we appreciate your confidence and commitment in Artemis which has allowed us to advance our
valuable projects and plan for an exciting programme of exploration in the year ahead.
Mr Guy Robertson
Executive Chairman
29 September 2025
1 Refer to Artemis ASX announcement on 13 October 2022
Operating and Financial Review
Artemis Resources Limited
For the year ended 30 June 2025
Page | 2
OPERATING AND FINANCIAL REVIEW
REVIEW OF OPERATIONS
Artemis Resources Limited (‘Artemis”) is a gold, copper and lithium focused resource exploration company with
projects in the West Pilbara, the Eucla Basin and the Central Paterson Region of Western Australia. The Company’s
assets include the Carlow Project Gold-Copper-Cobalt resource and Radio Hill processing plant (“Radio Hill”) located
within 35km radius of Karratha, and the Cassowary Copper/Gold Exploration Project located 450km east of
Kalgoorlie.
The primary focus during the year was on gold exploration, notably on the 100% Carlow Tenement (E 47/1797-1).
In addition, Artemis consolidated a substantial tenement holding at the Cassowary Exploration Project (comprising
>1,000km2 in granted and applied tenements at ate of this report).
Figure 1. Artemis Resources tenements near Karratha
Operating and Financial Review
Artemis Resources Limited
For the year ended 30 June 2025
Page | 3
Karratha Gold Project (ARV 100%)
Carlow Tenement
Exploration activities during the year within the Carlow Tenement consisted of detailed geological and structural
mapping, geophysical interpretations and selective rock chip sampling of surface quartz veins and chert outcrops
at the Titan Prospect in the central part of the Carlow Tenement.
This was followed by a diamond drilling program in February and March 2025 designed to test potential extensions
of gold and copper mineralisation east of the Carlow resource and to test below one of the surface gold occurrences
in the eastern part of the Titan Prospects (Titan East). This drilling program was successful with elevated to high
grade gold or copper reported in all holes and a revised geological interpretation of the Carlow-Titan area opening
further potential.
Interpretations of the Carlow tenement which combine outcrop mapping, gravity date, key structural elements and
the location of high-grade surface gold results announced in 2024 from selected rock chip sampling of outcrops are
shown in Figures 2 and 3. (Note: a list of Artemis ASX announcements relating to rock chip samples referred to in
this report is listed in the report).
Figure 2. Simplified geological and structural interpretation of Carlow Tenement showing the outline of Carlow
resource model, three priority satellite targets and four gravity anomalies (G1-G4) within the Titan with
prospect area. The long section is shown in Figure 4 in this report.
Operating and Financial Review
Artemis Resources Limited
For the year ended 30 June 2025
Page | 4
Figure 3. Gravity image of Carlow Tenement showing gravity-low feature at Titan with selected gold assays
from surface rock chip samples. Shows outline of the Carlow resource model within an interpreted 4km long
northwest trending prospective zone, in red dash outline.
In addition to the drilling program during the March 2025 quarter, a review of approximately 410 historic drill holes
into the Carlow gold/copper deposit was conducted to evaluate the potential for high grade gold extensions along
strike and below the current limit of drilling at the Carlow deposit.
This review concluded that potential high grade strike extensions to the Carlow deposit may exist in the undrilled
area (the ‘Gap’) extending >600m between the eastern end of the Carlow resource and hole 25ARDD001 which
intersected 7m @ 2.9g/t Au (Refer to Figure 4).
The review also highlighted the potential for extensions below the resource which is based on drilling down to
380m vertical depth. Only one historic diamond hole (20CCDD003) has tested below the resource, intersecting 4m
@ 11.1g/t Au and 2.01% Cu above the interpreted contact of the Regal Thrust (Refer to Figure 4). The potential
for resource extensions below the resource and above the interpreted Regal Thrust may extend >1km and is
effectively untested.
Operating and Financial Review
Artemis Resources Limited
For the year ended 30 June 2025
Page | 5
Figure 4. Schematic long section through Carlow Resource and Titan East showing the location of hole 25ARDD001
and revised the geological model for the area
Following the diamond drilling program in the Carlow-Titan area a revised geological and structural interpretation
was prepared and is summarised on Figure 3. The main conclusions are:
•
Andover Intrusion previously interpreted to cut off the eastern end of the Carlow resource is now
interpreted as a flat lying sill overlying the Carlow basalt hosting gold and copper
•
Regal Thrust which outcrops as a steep dipping chert ridge north and east of Carlow and regarded as the
gold conduit now interpreted as a shallow dipping thrust below Carlow
•
Three holes at Titan East intersected elevated gold (peak 1m @ at 16.4g/t Au) within chrome rich
ultramafics overlying a previously unrecognised sequence of altered sediments
Operating and Financial Review
Artemis Resources Limited
For the year ended 30 June 2025
Page | 6
Andover Lithium JV Project (ARV 50%)
On 3 April 2025, the Company announced Artemis and Greentech Metals had executed a binding agreement to
consolidate the lithium mineral rights to their respective tenement holdings near Karratha in the West Pilbara. The
lithium mineral rights were combined into a lithium exploration joint venture company called Andover Lithium Pty
Ltd (Andover Lithium) with GreenTech and Artemis each owning 50% of the shares of Andover Lithium.
Andover Lithium is the largest lithium exploration tenement package in the West Pilbara covering over 420 km2
along strike from the Azure Minerals lithium discovery. The tenement package represents a large portion of the
Karratha-Roebourne lithium corridor and includes six known lithium prospective areas, four with significant
outcropping spodumene bearing pegmatites.
Consolidation of the extensive lithium interests of GreenTech and Artemis provides an opportunity to attract a
major funding partner into the Andover Lithium JV and will allow the two companies to focus on their core
exploration and resource expansion activities in the Karratha region, respectively for copper/zinc and gold.
Despite current lithium market sentiment, GreenTech and Artemis believe the lithium prospectivity of their
combined tenements remains compelling. The combined tenements contain undrilled outcropping lithium bearing
pegmatites within the same corridor which hosts the Tier 1 lithium pegmatite project discovered by Azure Minerals
which has a reported Exploration Target of 100 - 240Mt @ 1.0 – 1.5% Li2O 2. The consolidation of the lithium rights
into a 50:50 joint venture is not anticipated to require substantial management resources or material costs for
either company.
Figure 5: Andover Lithium Joint Venture Tenements
2 Refer to Azure Minerals ASX Announcements dated 2 May 2024 and 7 August 2023
Operating and Financial Review
Artemis Resources Limited
For the year ended 30 June 2025
Page | 7
Figure 6. Osborne tenement within Andover Lithium JV showing mapped pegmatites
and lithium soil anomalies
Paterson Gold Project
A strategic review of the Company’s 100% owned Paterson Gold Project in Western Australia continued with the
aim to extract maximum value for shareholders. Several options are currently being considered to advance the
Project, including joint ventures, third-party funding or sale.
Cassowary Copper-Gold Exploration Project
While the Karratha Gold Project is expected to continue as Artemis’s core asset, the Company strategy includes
identifying other exploration targets considered to have potential for discovery of major mineral deposits. Priorities
are for targets which can be acquired and tested at relatively low cost and show potential for IOCG type copper/gold
or intrusive hosted nickel/copper/PGE deposits.
As part of this strategy, Artemis’s subsidiary (KML No 2 Pty Ltd) applied for a 340km2 exploration licence (E69/4266)
in December 2024 to cover a large, interpreted intrusion (“Cassowary Intrusion”) below the Eucla Basin sediments,
440km east of Kalgoorlie (refer to figure 7). E69/4266 was granted on 11 August 2025, and the Company is awaiting
sign-off of a negotiated Access Agreement with the objective to commence a surface gravity survey and possibly
initial drilling prior to the end of December 2025.
The Cassowary Intrusion occurs in a rare geological setting, being located on the margin of a wide, >400km long
northeast trending crustal boundary (Madura West Crustal Boundary) where the surrounding geological formations
are interpreted to be disrupted for kilometres by the intrusion. There is no known drilling at Cassowary.
Exploration will test the potential for IOCG type copper/gold mineralisation which may be associated with the
intrusion. A high-resolution gravity survey is planned to assist drill targeting.
Operating and Financial Review
Artemis Resources Limited
For the year ended 30 June 2025
Page | 8
The Madura West Crustal Boundary has attracted major companies: BHP Nickel West previously explored for nickel,
global copper producer Teck (Australia) has applied for exploration licences south of Cassowary and niobium
company WA1 has applied for 2 exploration licences immediately south of Cassowary to explore for IOCG type
copper/gold deposits. (Refer WA1 website).
Figure 7. Magnetic image with Artemis granted
exploration licence (E69/4266) in yellow covering
interpreted Cassowary Intrusion. Madura West
crustal boundary in black. Source: GSWA
Post the reporting period, KML No 2 Pty Ltd applied for additional tenements to cover other interpreted intrusions
and targets east of the Madura Crustal Boundary. Refer to Figure 8 below.
Operating and Financial Review
Artemis Resources Limited
For the year ended 30 June 2025
Page | 9
Figure 8: Magnetic image3 showing Madura Crustal Boundary, interpreted
rift zone, Artemis and WA1 Resources tenements and priority targets within
the area of Northern Intrusions. Source: TMI image from Geoscience
Australia survey P1208 (Eucla Basin 1, 2009) at 200 m line spacing. Magnetic
data locally enhanced to assist geological/structural interpretation
Artemis ASX announcements relating to surface rock chip results from the Karratha Gold Project referred
to in this announcement;
High grade rock chip gold assays, 12 June 2024
High grade gold vein discovery at Titan prospect, 16 August 2024
High grade gold vein discovery at Titan prospect amended, 16 August 2024
Titan prospect results – clarification statement, 17 September 2024
Titan delivers further high-grade rock chip results, 10 October 2024
New Regional Discovery High-Grade Cu, Au, Ag Chapman Prospect, 6 December 2021
3 Source of magnetic image: Geoscience Australia survey P1208 (Eucla Basin 1, 2009)
Operating and Financial Review
Artemis Resources Limited
For the year ended 30 June 2025
Page | 10
Caution regarding Forward Looking Information
This document contains forward looking statements concerning Artemis Resources Limited. Forward looking
statements are not statements of historical fact and actual events and results may differ materially from those
described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward
looking statements in this document are based on Artemis’s beliefs, opinions and estimates as of the dates the
forward-looking statements are made, and no obligation is assumed to update forward looking statements if these
beliefs, opinions or estimates should change or to reflect other future developments.
COMPETENT PERSONS’ STATEMENT
The information in this report that relates to exploration results is based on and fairly represents information
supporting documentation prepared by Mr Julian Hanna, a Competent Person who is a member of the Australian
Institute of Mining and Metallurgy (AusIMM). Mr Hanna is the Managing Director of Artemis Resources and 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 Hanna consents to the inclusion
in this report of the matters based on his information in the form and context in which it appears.
TRADITIONAL OWNERS
Artemis would not be able to operate successfully without the support of the Traditional Owners and the local
communities in which we operate. We continue to build trust and respect between Artemis and our key
stakeholders through transparency, listening, acting on concerns, and looking for innovative and sustainable ways
of ensuring that the Traditional Owners are participating in the journey to explore and develop, responsibly and
sensitively. We are working closely with our Native Title holders to identify mutually supportive initiatives which
will see a growing range of business and employment opportunities being developed and importantly ensuring that
the local community has the capability and opportunity to grow with the Company.
FINANCIAL RESULTS AND CONDITION
The loss for the financial year ended 30 June 2025 attributable to members of Artemis Resources Limited after income
tax was $6,329,313 (2024: $16,591,769). The loss includes a non-cash write-off of exploration expenditure in the
amount of $4,245,026 (2024: $nil).
On 1 April 2025, the Company and GreenTech Metals Limited executed a binding agreement to consolidate the
lithium mineral rights from their respective tenement holdings into a new incorporated joint venture company,
Andover Lithium Pty Ltd, in which each party holds a 50% shareholding. Each partner retains all other mineral rights
over the tenements for which they are the registered holder. At signing, each party transferred lithium exploration
tenements with a fair value of $1,850,000 to the joint venture; with the difference between carrying values and
this amount recognised as a gain on contribution of $351,037.
The Group has a working capital surplus of $434,659 (2024: surplus of $376,659) and had net cash inflows of
$581,358 (2024: net cash outflows of $1,128,535).
Subsequent to year end, the Company completed two capital raisings totalling $4.925 million before costs. These
funds are expected to support the Company’s planned exploration and working capital requirements.
Operating and Financial Review
Artemis Resources Limited
For the year ended 30 June 2025
Page | 11
BOARD CHANGES
George Ventouras, who had served as an Executive Director since 10 October 2023, resigned on 8 January 2025.
On 8 January 2025, Julian Hanna was appointed as Managing Director. Julian was the co-founder and Managing
Director of Western Areas Limited for 12 years from 2000, followed by his appointment as Managing Director of
Botswana copper company MOD Resources Limited for seven years. He is a highly experienced geologist and gold,
copper and nickel industry executive.
In addition, the Board appointed two non-executive directors: Bruce Garlick on 5 April 2025 and Jozsef Patarica on
17 September 2025.
OPERATING AND FINANCIAL RISK
The Company’s activities have inherent risk, and the Board is unable to provide certainty of the expected results of
activities, or that any or all the likely activities will be achieved. The material business risks faced by the Group that
could influence the Group’s prospects, and how the Group manages these risks, are detailed below:
Operational risks
The Company may be affected by various operational factors. If any of these potential risks eventuate, the
Company’s operational and financial performance may be adversely affected. No assurances can be given that the
Company will achieve commercial viability through the successful exploration and/or mining of its tenement
interests. Until the Company can realise value from its projects, it is likely to incur ongoing operating losses.
The operations of the Company may be affected by various factors, including failure to locate or identify mineral
deposits, failure to achieve predicted grades in exploration and mining, operational and technical difficulties
encountered in mining, insufficient or unreliable infrastructure such as power, water and transport, difficulties in
commissioning and operating plant and equipment, unanticipated metallurgical problems which may affect
extraction costs, adverse weather conditions, industrial and environmental accidents, industrial disputes and
unexpected shortages or increases in the costs of consumables, spare parts, plant and equipment.
The Company’s Mineral Resource estimates are made in accordance with the 2012 edition of the JORC Code.
Mineral resources are estimates only. An estimate is an expression of judgement based on knowledge, experience
and industry practice. Estimates which were valid when originally calculated may alter significantly when new
information or techniques become available. In addition, by their very nature, resource estimates are imprecise
and depend to some extent on interpretations, which may prove to be inaccurate.
The tenements are at various stages of exploration, and potential investors should understand that mineral
exploration and development are speculative and high-risk undertakings that may be impeded by circumstances
and factors beyond the control of the Company.
There can be no assurance that exploration of the tenements, or any other exploration properties that may be
acquired in the future, will result in the discovery of an economic mineral resource. Even if an apparently viable
deposit is identified, there is no guarantee that it can be economically exploited.
Operating and Financial Review
Artemis Resources Limited
For the year ended 30 June 2025
Page | 12
OPERATING AND FINANCIAL RISK (continued)
Further capital requirements
The Company’s projects may require additional funding to progress activities. There can be no assurance that
additional capital or other types of financing will be available if needed to further exploration or possible
development activities and operations or that, if available, the terms of such financing will be favourable to the
Company.
Native title and Aboriginal Heritage
There are areas of the Company’s projects over which legitimate common law and/or statutory Native Title rights
of Aboriginal Australians exist. Where Native Title rights do exist, the Company must obtain consent of the relevant
landowner to progress the exploration, development and mining phases of operations. Where there is an
Aboriginal Site for the purposes of the Aboriginal Heritage legislation, the Company must obtain consents in
accordance with the legislation.
The Company’s activities are subject to Government regulations and approvals
The Company is subject to certain Government regulations and approvals. Any material adverse change in
government policies or legislation in Western Australian and Australia that affect mining, processing, development
and mineral exploration activities, export activities, income tax laws, royalty regulations, government subsidiaries
and environmental issues may affect the viability and profitability of any planned exploration or possible
development of the Company’s portfolio of projects.
Global conditions
General economic conditions may also affect the value of the Company and its market valuation regardless of its
actual performance.
Operating and Financial Review
Artemis Resources Limited
For the year ended 30 June 2025
Page | 13
Schedule of tenement holdings at end of Q4 CY2025. All are in Western Australia
Tenement
Project
Holder
Holding
Status
E47/1797
Greater Carlow
KML No 2 Pty Ltd
100%
Live
E47/1746
Cherratta
KML No 2 Pty Ltd
100%
Live
E47/3719
Osbourne
KML No 2 Pty Ltd
49%
Live
P47/1972
Cherratta
KML No 2 Pty Ltd
100%
Live
M47/337
Radio Hill
Fox Radio Hill Pty Ltd
100%
Live
M47/161
Radio Hill
Fox Radio Hill Pty Ltd
100%
Live
E47/3361
Radio Hill
Fox Radio Hill Pty Ltd
100%
Live
L47/93
Radio Hill
Fox Radio Hill Pty Ltd
100%
Live
E45/5276
Central Paterson
Elysian Resources Pty Ltd
100%
Live
E69/4266
Madura West
KML No 2 Pty Ltd
100%
Pending
E69/4317
Madura West
KML No 2 Pty Ltd
100%
Pending
E69/4318
Madura West
KML No 2 Pty Ltd
100%
Pending
Carlow mineral resource estimate - Refer to Artemis ASX announcement 13 October 2022.
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 14
DIRECTORS’ REPORT
Your directors submit their Annual Report of the Group comprising Artemis Resources Limited (“the Company”,
“ARV” or “Artemis”) and its controlled entities (“the Group”) for the year ended 30 June 2025. To comply with the
provisions of the Corporations Act 2001, the Directors report as follows:
DIRECTORS
The names of the directors who held office during the whole of the financial year and up to the date of this report
are noted below. Directors were in office for the entire period unless otherwise stated.
Guy Robertson
Executive Chairman
Appointed 17 January 2022
Julian Hanna
Executive Director
Appointed 8 January 2025
Vivienne Powe
Non-executive Director
Appointed 4 July 2022
Elizabeth Henson
Non-executive Director
Appointed 22 April 2024
Bruce Garlick
Non-executive Director
Appointed 5 March 2025
Jozsef Patarica
Non-executive Director
Appointed 17 September 2025
George Ventouras
Executive Director
Appointed 31 October 2023, Resigned 8 January 2025
PRINCIPAL ACTIVITIES
During the financial year the principal activities of the Group consisted of exploration and evaluation of the Group’s
exploration tenements situated in Western Australia.
DIVIDENDS
The Directors recommend that no dividend be provided for the year ended 30 June 2025 (2024: Nil).
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
In the opinion of the Directors there were no matters that significantly affected the affairs of the Group during the
financial year, other than those matters referred to in the Review of Operations above.
LIKELY DEVELOPMENTS
The Group is focussed on exploration within its current portfolio of base metals tenement interests and will also
continue to assess other opportunities which may offer value enhancing opportunities for shareholders.
ENVIRONMENTAL REGULATIONS
The Group is required to carry out the exploration and evaluation of its exploration tenements in accordance with
various Government laws and regulations.
The Group conducts its exploration activities in an environmentally sensitive manner and in compliance with all
relevant laws and regulations. The Group is not aware of any significant breaches of these laws and regulations.
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 15
INFORMATION ON DIRECTORS
Name
Experience, qualifications, and other directorships
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (past 3 years):
Interests in shares:
Interests in options:
Guy Robertson
Non-executive Director and Company Secretary
B.Com (Hons) CA
Guy Robertson has 30 years’ experience as a Director, CFO and Company
Secretary of both ASX-listed and private companies in Australia and Hong
Kong. Guy is experienced in corporate aggregation, IPO, capital raising and
acquisition due diligence. In addition to experience in the resources
sector, previous roles include Finance Director and NSW MD of Jardine
Lloyd Thomson, Group Director Finance and COO of Colliers Jardine Asia
Pacific (based in Hong Kong) and GM Finance of Franklins Limited.
Executive Chairman of Alien Metals (AIM: UFO)
Appointed 26 April 2023
Non-executive Director of Hastings Technology Metals Limited (ASX: HAS)
Appointed 23 August 2019
Non-executive Director of Metal Bank Limited (ASX: MBK)
Appointed 17 September 2012
Non-executive Director of GreenTech Metals Limited (ASX:GRE)
Appointed 1 September 2021
Executive Director of Bioxyne Limited (ASX: BXN)
Appointed 30 June 2022, Resigned 19 May 2023
10,250,002
5,000,000
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 16
INFORMATION ON DIRECTORS (continued)
Name
Experience, qualifications, and other directorships
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (past 3 years):
Interests in shares:
Interests in options:
Julian Hanna
Executive Director
BSc (Geology)
Julian Hanna is a highly experienced geologist and gold, copper and nickel
industry executive.
Julian led Western Areas Limited (ASX: WSA) from start-up to become a
high margin, underground nickel miner and concentrate producer for
12 years until 2012. Western Areas was subsequently acquired by IGO
(ASX: IGO) in June 2022.
In 2013, Julian joined junior explorer MOD Resources Limited as Managing
Director and went onto oversee consolidation of a 300km long holding in
the Kalahari Copper Belt in Botswana and the discovery of two substantial
open pit copper deposits. Sandfire Resources Limited (ASX: SFR) acquired
MOD in late 2019.
None
None
18,000,000
10,000,000
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 17
INFORMATION ON DIRECTORS (continued)
Name
Experience, qualifications, and other directorships
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (past 3 years):
Interests in shares:
Interests in options:
Vivienne Powe
Non-executive Director
BE (Metallurgical Engineering, with Distinction), Graduate Diploma in
Applied
Finance
and
Investment
(FINSIA),
MBA
(Technology
Management), FAusIMM, F FIN, GAICD
Vivienne 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 and gas companies.
Vivienne is currently CEO USA for Lynas Rare Earths Limited (ASX: LYC) and
was previously Chief Executive Officer, Investments for Perenti Group
(ASX: PRN). She 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.
Vivienne’s
expertise
spans
operations,
project
development and M&A across a wide range of commodities.
Non-executive Director of VBX Limited (ASX: VBX)
Appointed 8 July 2022
None
7,250,000
2,500,000
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 18
INFORMATION ON DIRECTORS (continued)
Name
Experience, qualifications, and other directorships
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (past 3 years):
Interests in shares:
Interests in options:
Elizabeth Henson
Non-executive Director
BA, LLB (Hons), LLM, MA
Elizabeth Henson is an international lawyer with over 40 years of global
experience in corporate governance, business and professional services.
Liz 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, Elizabeth 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.
Non-Executive Director of Alien Metals Limited (LSE: UFO)
Appointed 4 August 2023
Non-Executive Director of Alba Mineral Resources plc (LSE: ALBA)
Appointed 3 December 2020
Non-Executive Director of Future Metals NL (ASX: FME, LSE: FME)
Appointed 21 October 2021, Resigned 22 March 2024
nil
2,500,000
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 19
INFORMATION ON DIRECTORS (continued)
Name
Experience, qualifications, and other directorships
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (past 3 years):
Interests in shares:
Interests in options:
Bruce Garlick
Non-executive Director
BCom, LLB, CPA
Bruce Garlick is a Finance Executive with over 30 years of experience in
mining, exploration, and engineering. Bruce has extensive knowledge of
the Pilbara and is a current Director of Fox Resources, which previously
held significant exploration tenements in the Pilbara.
Bruce has worked both in Australia and internationally on large open pit,
and underground mining operations including base metals and gold.
Bruce graduated from the University of Natal South Africa.
Executive Director of Fox Resources Limited (In Administration) (ASX: FXR)
Appointed: 24 July 2023
Non-Executive Director of West Coast Silver (ASX: WCE)
Appointed 23 October 2023
Non-executive Director of Alien Metals Limited (AIM: UFO)
Appointed 11 September 2025
Non-executive Director of Iron Bark Zinc Limited (ASX: IBG)
Appointed 11 December 2023, Resigned 28 November 2024
957,468
5,000,000
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 20
INFORMATION ON DIRECTORS (continued)
Name
Experience, qualifications, and other directorships
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (past 3 years):
Interests in shares:
Interests in options:
Jozsef Patarica
Non-executive Director
BE (Mechanical)
Jozsef Patarica is a mining executive with over 30 years’ experience
developing projects in Australia and overseas successfully transitioning
them into sustainable operations.
Jozsef holds a Bachelor of Engineering (Mechanical) from Curtin
University, a Master of Business Administration, Technology Management
from La Trobe University, and a Diploma from the Australian Institute of
Company Directors.
Jozsef was Chief Executive of the Grand Cote Operations, a mineral sands
producer in Senegal, West Africa for Minerals Deposits Limited and
managed the development of the Fosterville Gold Mine, the largest gold
producer in Victoria.
He has held several board positions throughout his career with Australian
and overseas companies including various roles with major private equity
funds.
Non-executive Director of GreenTech Metals Limited (ASX: GRE)
Appointed: 18 August 2025
Executive Director of Strandline Resources Limited (ASX: STA)
Appointed: 3 September 2023
Company is in external administration and has been delisted
None
Nil
Nil
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 21
INFORMATION ON DIRECTORS (continued)
FORMER DIRECTOR
Name
Experience, qualifications, and other directorships
Name:
Title:
Qualifications:
Experience and expertise:
Other current directorships:
Former directorships (past 3 years):
Interests in shares:
Interests in options:
George Ventouras
Executive Director
B.Bus
George 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 was joint-
founder, non-executive director and General Manager of Apollo
Consolidated Limited, and ASX listed exploration company which was the
subject of a successful $180 million takeover.
George resigned on 10 January 2025.
None
Non-executive Director of West Coast Silver Limited, formerly
Errawarra Resources Limited (ASX: WCE)
Appointed: 18 December 2022, Resigned 10 January 2025
n/a
n/a
‘Other current directorships’ stated above are current directorships for listed entities only and exclude directorships
of all other types of entities.
‘Former directorships’ stated above are directorships held in the last three years for listed entities only and exclude
directorships of all other types of entities.
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 22
COMPANY SECRETARY
Guy Robertson is a Chartered Accountant and was appointed to the position of Company Secretary on
12 November 2009. Mr Robertson has over 30 years’ experience in the corporate management of publicly listed
companies.
MEETINGS OF DIRECTORS
The number of meetings of the Company’s Board of Directors (“the Board”) held during the year ended
30 June 2025, and the number of meetings attended by each director was:
Full board
Attended
Held
Julian Hanna
3
3
Guy Robertson
5
5
Vivienne Powe
5
5
Elizabeth Henson
5
5
Bruce Garlick
2
2
George Ventouras
2
2
Held: represents the number of meetings held during the time the director held office.
The small size of the Board means that members of the Board meet informally on a regular basis to discuss company
operations, risks, and strategies, and as required formalise key actions through circular resolutions.
The audit and risk management, finance and environmental functions were handled during the year by the full
board of the Company, but with the addition of new directors re-activated the Audit and Risk Committee and the
Remuneration and Nominations Committee post year end.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
The Company announced and completed a capital raise of $4.925 million post year end, issuing 1,231,249,999
shares at $0.004 each.
The Company appointed Mr Jozeph Patarica as a Non-executive Director on 17 September 2025.
On 29 September 2025, the Company announced the following board and management changes effective
1 October 2025; Jozsef Patarica will transition from Non-Executive Director to Executive Director, Julian Hanna will
transition from Managing Director to Technical Director, Guy Robertson will resign as Director and Company
Secretary on 30 September 2025, and Henko Vos and Jennifer Voon will be appointed as Joint Company Secretaries.
As previously announced, Vivienne Powe will continue as Non-Executive Director until the Company’s Annual
General Meeting in November 2025 and will resign from the board at the Annual General Meeting.
Other than as outlined above there have been no matters or circumstances that have arisen since the end of the
financial year that have significantly affected, or may significantly affect, the operations of the Group, the results
of these operations, or the state of affairs of the Group in future financial years.
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 23
INDEMNITY AND INSURANCE OF OFFICERS
The Company has agreed to indemnify all Directors and Company Secretaries against any liability arising from a
claim brought by a third party against the Company. The Company has paid premiums to insure each Director and
Company Secretary against liabilities for costs and expenses incurred by them in defending any legal proceedings
arising out of their conduct whilst acting in the capacity of Director or Company Secretary of the Company, other
than conduct involving wilful breach of duty in relation to the Company. The current premium is $22,000
(2024: $24,500) to insure the Directors and Company Secretary of the Company.
INDEMNITY AND INSURANCE OF AUDITOR
The Group has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of
the Company or any related entity against a liability incurred by the auditor.
During the financial year, the Group has not paid a premium in respect of a contract to insure the auditor of the
Company or any related entity.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings
on behalf of the Group, or to intervene in any proceedings to which the Group is a party, for the purpose of taking
responsibility on behalf of the Group for all or part of those proceedings.
SHARES UNDER OPTION
Unissued ordinary shares of Artemis Resources Limited under option at the date of this report are as follows:
Grant date
Expiry date
Exercise Price
cents
Number
under option
08-Mar-2023
09-Mar-2026
2.5
262,732,039
29-Oct-2023
09-Mar-2026
2.5
16,000,000
30-Sep-2024
09-Mar-2026
2.5
35,000,000
25-Nov-2024
20-Dec-2027
2.0
15,000,000
10-Feb-2025
20-Dec-2027
2.0
10,000,000
10-Feb-2025
04-Mar-2027
1.5
67,321,429
406,053,468
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share
issue of the Company or of any other body corporate.
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 24
SHARES ISSUED ON THE EXERCISE OF OPTIONS
No ordinary shares of Artemis Resources Limited were issued during the year ended 30 June 2025 on the exercise
of options granted. No shares on the exercise of options were issued during the year ended 30 June 2024.
AUDIT AND NON-AUDIT SERVICES
During the year the auditor of the Company, HLB Mann Judd provided non-audit services in addition to their
statutory duties. The Directors are satisfied that the provision of those non-audit services is compatible with the
general standard of independence for auditors imposed by the Corporations Act 2001. The nature and scope of
each type of non-audit service provided does not compromise auditor independence.
Details of the amounts paid or payable to the auditor for audit and non-audit services provided during the year are
set out below:
2025
2024
$
$
Audit and review of financial statements
59,828
64,000
Taxation compliance services
7,000
10,000
Total
66,828
74,000
ROUNDING
The amounts contained in the financial report have been rounded to the nearest $1 (unless otherwise stated)
pursuant to the option available to the Company under ASIC Class Order 2016/191. The Company is an entity to
which the class order applies.
AUDITOR INDEPENDENCE
A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 is
set out on page 33.
AUDITOR
HLB Mann Judd continues in office in accordance with section 327 of the Corporations Act 2001.
AUDITED REMUNERATION REPORT
This report, which forms part of the Directors’ Report, outlines the remuneration arrangements in place for the
Directors of Artemis Resources Limited for the year ended 30 June 2025. There were no other key management
personnel during the year. The information provided in this remuneration report has been audited as required by
Section 308(3C) of the Corporations Act 2001 and its Regulations.
The Remuneration Report details the remuneration arrangements for the Directors who are defined as those
persons having authority and responsibility for planning, directing, and controlling the major activities of the Group,
directly or indirectly, whether executive or otherwise.
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 25
Remuneration philosophy
The objective of the Group’s executive reward framework is to ensure reward for performance is competitive and
appropriate for the results achieved. The framework aligns executive reward with the achievement of strategic
objectives and the creation of value for shareholders, and it is considered to conform to the market best practice
for the delivery of reward. The Board of Directors (“the Board”) ensures that executive reward satisfies the
following key criteria for good reward governance practices:
•
competitiveness and reasonableness
•
acceptability to shareholders
•
performance linkage / alignment of executive compensation
•
transparency
The Nomination and Remuneration Committee is responsible for determining and reviewing remuneration
arrangements for its directors. The performance of the Group depends on the quality of its key management
personnel. The remuneration philosophy is to attract, motivate and retain high performance and high-quality
personnel.
The reward framework is designed to align executive reward to shareholders’ interest. The Board has considered
that it should seek to enhance shareholders’ interests by:
•
rewarding capability and experience
•
reflecting competitive reward for contribution to growth in shareholder wealth
•
providing a clear structure for earning rewards
Remuneration structure
In accordance with best practice corporate governance, the structure of non-executive director and executive
director remuneration is separate and distinct.
Non-Executive Directors’ Remuneration
Fees and payments to non-executive directors reflect the demands and responsibilities of their role. Non-executive
directors’ fees and payments are reviewed annually by the Nomination and Remuneration Committee. The
Nomination and Remuneration Committee may, from time to time, receive advice from independent remuneration
consultants to ensure non-executive directors’ fees and payments are appropriate and in line with the market. The
Chairman’s fees are determined independently to the fees of other non-executive directors based on comparative
roles in the external market. The Chairman is not present at any discussions relating to the determination of his
own remuneration.
ASX Listing Rules require the aggregate non-executive directors’ remuneration be determined periodically by a
general meeting. The most recent determination was at the Annual General Meeting held in 2008, where the
shareholders approved a maximum annual aggregate remuneration of $250,000.
Each Non-Executive Director receives a fee for being a Director of the Company which is inclusive of sub-committee
memberships:
•
Non-Executive Directors
$50,000 p.a. to $78,050 p.a. inclusive of statutory superannuation
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 26
Remuneration structure (continued)
Executive Directors’ Remuneration
The Group aims to reward executives based on their position and responsibility, with a level and mix of
remuneration which has both fixed and variable components.
There are three components to the executive remuneration and reward framework:
•
base pay and non-monetary benefits
•
share-based payments
•
other remuneration such as superannuation and long-service leave
The combination of these comprises the executive’s total remuneration.
Fixed remuneration
Fixed remuneration, consisting of base salary, superannuation, and non-monetary benefits, are reviewed annually
by the Nomination and Remuneration Committee. The process consists of a review of relevant comparative
remuneration in the market and internally and, where appropriate, external advice on policies and practices. The
Nomination and Remuneration Committee has access to external, independent advice where necessary.
Executives may receive their fixed remuneration in the form of cash or other fringe benefits where it does not
create any additional costs to the Group and provides additional value to the executive.
Short-term incentive scheme
The short-term incentives (“STI”) program is designed to align the targets of the business units with the
performance hurdles of key management. STI payments are granted to executives based on specific annual targets
and key performance indicators (“KPIs”) being achieved. At this stage, the Group does not award any STIs.
Long-term incentive scheme
The long-term incentives (“LTIs”) include long-service leave and share-based payments. Share options are awarded
to executives based on long-term incentive measures. These include increase in shareholder’s value relative to the
entire market and the increase compared to similar companies.
The Company has adopted an Employee Incentive Option Plan (Plan). Under the Plan, the Company may grant
options to Company eligible employees and consultants to attract, motivate and retain key employees over a period
of three years up to a maximum of 10% of the Company’s total issued ordinary shares at the date of the grant.
Director options are granted at the discretion of the Board and approved by shareholders. Performance hurdles
are not attached to vesting periods however the Board determines appropriate vesting periods to provide rewards
over time.
Group performance and link to remuneration
The remuneration of the Group’s key management personnel, including any component of remuneration that
consists of securities in the Company, is not formally linked to the prior performance of the Group. The rationale
for this approach is that the Group is in the exploration phase, and it is currently not appropriate to link
remuneration to factors such as profitability or share price.
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 27
Remuneration structure (continued)
Group performance and link to remuneration (continued)
2025
2024
2023
2022
2021
Other income ($)
327,679
232,740
80,169
33,389
133,815
Loss before income tax ($)
(6,329,313)
(16,591,769)
(16,923,543)
(7,529,345)
(10,483,611)
Loss attributable to equity holders ($)
(6,329,313)
(16,591,769)
(16,923,543)
(7,529,345)
(10,483,611)
Share price at year end (cents)
0.5
1.3
1.4
2.7
5.2
Number of listed ordinary shares
2,535,672,165
1,764,196,149
1,569,918,371
1,388,330,984
114,927,239
Weighted average number of shares
2,183,269,321
1,651,590,000
1,444,629,567
1,307,235,094
1,131,789,115
Basic loss per share EPS (cents)
(0.29)
(1.00)
(1.17)
(0.58)
(0.93)
Listed options
313,732,039
278,732,039
262,732,039
-
-
Unlisted options
99,321,429
139,888,884
99,500,000
138,729,195
145,300,624
Market capitalisation ($)
12,678,361
22,915,908
21,978,857
37,471,053
5,975,067
During the financial years noted above, there were no dividends paid, or other returns of capital made by the
Company to shareholders.
Use of remuneration consultants
No remuneration consultants provided services during the year.
Voting and comments made at the Company’s 2024 Annual General Meeting (“AGM”)
At the 2024 AGM, 98.88% of the votes received, supported the adoption of the remuneration report for the year
ended 30 June 2024. The Company did not receive any specific feedback at the AGM regarding its remuneration
practices.
Employment Contracts
Remuneration and other terms of employment for key management personnel are formalised in contracts of
employment. Details of these contracts are as follows:
Name:
Title:
Agreement commenced:
Details:
Julian Hanna
Executive Director and Chief Executive Officer
8 January 2025
Base salary for the year ending 30 June 2025 of $220,000 plus statutory
superannuation. Termination benefits are payable upon termination by the
Company, other than for gross misconduct, equal to base salary for the notice
period. Three months termination notice by either party.
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 28
Employment Contracts (continued)
Name:
Title:
Agreement commenced:
Details:
Guy Robertson
Executive Chairman and Company Secretary
17 January 2022
Fixed fee for the year ending 30 June 2025 of $120,000, inclusive of company
secretarial services, with no superannuation contributions or termination
benefits payable. Three-months termination notice by either party.
Name:
Title:
Agreement commenced:
Details:
George Ventouras
Executive Director and Chief Executive Officer
31 October 2023, Resigned 8 January 2025
Base salary for the year ending 30 June 2025 of $200,400 inclusive of
superannuation, with three months’ termination notice by either party.
Resignation submitted on 8 January 2025, and in accordance with the agreed
notice period, fees were paid until 8 April 2025.
Key management personnel have no entitlement to termination payments in the event of removal for misconduct.
Details of remuneration
Details of the remuneration of key management personnel of the Group are set out in the following tables.
Short-term
benefits
Post
employment
benefits
Share-based payments
Total
2025
Cash salary
and fees
$
Super-
annuation
$
Shares
$
Equity-
settled
options
$
$
Non-executive Directors
Vivienne Powe
64,999
7,475
-
17,852
90,326
Elizabeth Henson
67,499
-
-
17,853
85,352
Bruce Garlick
15,995
-
-
-
15,995
Executive Directors
Guy Robertson (A)
120,000
-
-
35,705
155,705
Julian Hanna
118,462
12,650
-
34,800
165,912
Former Directors
George Ventouras
150,300
-
25,000
35,705
211,005
537,255
20,125
25,000
141,915
724,295
(A)
Included in Guy Robertson’s cash salary and fees is $60,000 of company secretarial fees (2024: $60,000)
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 29
Details of remuneration (continued)
Short-term
benefits
Post
employment
benefits
Share-based payments
Total
2024
Cash salary
and fees
$
Super-
annuation
$
Shares
$
Equity-
settled
options
$
$
Non-executive Directors
Vivienne Powe
56,712
6,238
-
-
62,950
Elizabeth Henson
17,250
-
-
-
17,250
Executive Directors
Guy Robertson (A)
120,000
-
-
-
120,000
Former Directors
George Ventouras
150,300
-
-
-
150,300
Simon Dominy
115,103
-
-
-
115,103
Dan Smith
35,000
-
-
-
35,000
Christopher Kelsall
10,806
-
-
-
10,806
500,471
6,238
-
-
506,709
The proportion of remuneration linked to performance, and the fixed proportion are as follows:
Fixed remuneration
At risk - LTI
Name
2025
%
2024
%
2025
%
2024
%
Non-executive Directors
Vivienne Powe
80
100
20
-
Elizabeth Henson
79
100
21
-
Bruce Garlick
100
-
-
-
Executive Directors
Guy Robertson
77
100
23
-
Julian Hanna
79
-
21
-
Non-executive Directors
George Ventouras
71
29
-
-
Simon Dominy
-
100
-
-
Dan Smith
-
100
-
-
Christopher Kelsall
-
100
-
-
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 30
Additional disclosures relating to key management personnel
Shareholdings
The number of shares in the Company held during the financial year by each director, including their personally related parties, is set out below:
Held at
30 June
2024
Number
Held on
Appointment
Number
Purchases
Number
Held
on
resignation
Number
Held at
30 June
2025
Number
Guy Robertson
4,000,002
-
-
-
4,000,002
Julian Hanna
-
-
3,000,000
-
3,000,000
Vivienne Powe
1,000,000
-
-
-
1,000,000
Elizabeth Henson
-
-
-
-
-
Bruce Garlick
-
957,468
-
-
957,468
George Ventouras
-
-
-
-
-
5,000,002
957,468
3,000,000
-
8,957,470
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 31
Additional disclosures relating to key management personnel
Option holdings
The number of options over ordinary shares in the Company held during the financial year by each director, including their personally related parties, is set out
below:
Held at
30 June
2024
Number
Held on
appointment
Number
Granted
Number
Held on
resignation
Number
Held at
30 June
2025
Number
Vested and
exercisable
at
30 June
2025
Number
Value of
options
expired
during the
year
$
Guy Robertson
3,000,000
-
5,000,000
-
8,000,000
8,000,000
-
Julian Hanna
-
-
10,000,000
-
10,000,000
10,000,000
-
Vivienne Powe
2,000,000
-
2,500,000
-
4,500,000
4,500,000
-
Elizabeth Henson
2,000,000
-
2,500,000
-
4,500,000
4,500,000
-
Bruce Garlick
-
-
-
-
-
-
-
George Ventouras
5,166,667
-
5,000,000
(10,166,667)
-
-
-
12,166,667
-
25,000,000
(10,166,667)
27,000,000
27,000,000
-
No options granted as compensation in the current or prior years were exercised.
Directors’ Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 32
Additional disclosures relating to key management personnel
Share-based remuneration granted as compensation
Details on options over ordinary shares in the Company that were granted as compensation to each director during
the reporting period and vested immediately are as follows:
Number of
options
granted
Exercise
Price
(cents)
Grant
date
Expiry
Date
Fair value
at grant
date
(cents)
Guy Robertson
5,000,000
2
25-Nov-2024
20-Dec-2027
0.714
George Ventouras
5,000,000
2
25-Nov-2024
20-Dec-2027
0.714
Vivienne Powe
2,500,000
2
25-Nov-2024
20-Dec-2027
0.714
Elizabeth Henson
2,500,000
2
25-Nov-2024
20-Dec-2027
0.714
Julian Hanna
10,000,000
2
25-Nov-2024
20-Dec-2027
0.348
Other transactions with key management personnel
Integrated CFO Solutions Pty Ltd, a company for which Mr Robertson is a director, received $60,000 (2024: $60,000)
in repayment for commercial, arms-length company secretarial services. The balance outstanding on 30 June 2025
was $10,000 (2024: $5,000).
Royal Corporate Services Pty Ltd, a company for which Bruce Garlick is a director, received $102,924 (2024: $nil) in
repayment for commercial, arms-length accounting services and office rent. The balance outstanding on
30 June 2025 was $25,144 (2024: $nil). Royal Corporate Services Pty Ltd also purchased gold during the year for
$6,705 (2024: $nil) on commercial arm’s length terms. The balance outstanding on 30 June 2025 was $nil (2024:
$nil).
END OF AUDITED REMUNERATION REPORT
This report is made in accordance with a resolution of the Directors, pursuant to section 298(2)(a) of the
Corporations Act 2001.
On behalf of the Directors.
GUY ROBERTSON
Executive Chairman
29 September 2025
Page | 33
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 2025, I declare that to the best of my knowledge and belief, there have
been no contraventions of:
a)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
and
b)
any applicable code of professional conduct in relation to the audit.
Perth, Western Australia
29 September 2025
D B Healy
Partner
Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 34
CONTENTS
Consolidated Statement Of Profit Or Loss And Other Comprehensive Income ......................................................... 35
Consolidated Statement Of Financial Position ........................................................................................................... 36
Consolidated Statement Of Changes In Equity ........................................................................................................... 38
Consolidated Statement Of Cash Flows ..................................................................................................................... 39
Notes To The Consolidated Financial Report ............................................................................................................. 40
GENERAL INFORMATION
The consolidated financial statements cover Artemis Resources Limited as a Group consisting of Artemis Resources
Limited and the entities it controlled at the end of, or during, the year. The financial statements are presented in
Australian dollars, which is Artemis Resources Limited’s functional and presentation currency.
Artemis Resources Limited is a listed public company limited by shares, incorporated, and domiciled in Australia.
Its registered and principal place of business is:
Registered office
Level 2,
10 Ord Street
West Perth WA 6005
A description of the nature of the Group’s operations and its principal activities is included in the Directors’ Report,
which is not part of the financial statements.
The financial statements were authorised for issued, in accordance with a resolution of directors, on
29 September 2025. The directors have the power to amend and reissue the financial statements.
Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 35
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 30 June 2025
2025
2024
Note
$
$
Other income
4
327,679
232,740
Finance income
5
14,996
7,638
Gain on contribution of exploration assets
16
351,037
-
Exploration expenditure written off
13
(4,245,026)
(55,572)
Exploration expenditure expensed through profit or loss
(77,941)
-
Impairment of development assets
-
(12,128,289)
Marketing and business development costs
(212,030)
(483,090)
Personnel expenses
6
(806,018)
(579,768)
Professional fees
(558,119)
(425,161)
Statutory fees
(111,474)
(163,197)
Occupancy costs
(45,947)
(29,359)
Travel expenses
(40,545)
(47,695)
Other general and administration expenses
(40,882)
(215,037)
Net fair value loss on revaluation of financial assets
12
(761,531)
(2,666,250)
Depreciation expense
(28,056)
(35,406)
Amortisation expense
(66,141)
-
Other losses
7
(22,673)
(3,323)
Finance costs
5
(6,642)
-
Loss before income tax
(6,329,313)
(16,591,769)
Income tax expense
9
-
-
Loss for the year
(6,329,313)
(16,591,769)
Other comprehensive loss, net of tax
-
-
Total comprehensive loss for the year
(6,329,313)
(16,591,769)
Total comprehensive loss attributable to owners
of the Company
(6,329,313)
(16,591,769)
Loss per share (cents per share)
Basic and diluted
8
(0.29)
(1.00)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes.
Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 36
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2025
2025
2024
Note
$
$
Assets
Cash and cash equivalents
10(a)
1,153,986
572,628
Trade and other receivables
11
117,369
46,177
Other financial assets
12
468,469
1,080,000
Prepayments
44,892
88,221
Total current assets
1,784,716
1,787,026
Capitalised exploration and evaluation
13
31,915,047
34,213,548
Development expenditure
14
509,950
3,042,873
Investment in incorporated joint venture
16
1,850,000
-
Property, plant, and equipment
15
67,541
34,335
Right-of-use assets
17
160,616
44,999
Term deposit
12
42,290
42,290
Total non-current assets
34,545,444
37,378,045
Total assets
36,330,160
39,165,071
Liabilities
Trade and other payables
18
1,212,435
1,335,006
Right-of-use lease liabilities
20
113,894
47,792
Employee benefits
6
23,728
27,569
Total current liabilities
1,350,057
1,410,367
Provisions
19
3,459,773
5,923,259
Right-of-use lease liabilities
20
49,505
-
Total non-current liabilities
3,509,278
5,923,259
Total liabilities
4,859,335
7,333,626
Net assets
31,470,825
31,831,445
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 37
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
As at 30 June 2025
2025
2024
Note
$
$
Equity
Share capital
21
125,661,826
120,237,759
Reserves
22
962,137
499,111
Accumulated losses
(95,153,138)
(88,905,425)
Total equity attributable to equity holders
of the Company
31,470,825
31,831,445
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 38
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2025
Issued
capital
$
Options
reserves
$
Shares
reserves
$
Accumulated
losses
$
Total equity
$
Balance on 1 July 2023
117,396,554
389,358
-
(72,420,854)
45,365,058
Loss after income tax expense for the year
-
-
(16,591,769)
(16,591,769)
Total comprehensive loss for the year
-
-
(16,591,769)
(16,591,769)
Transactions with owners in their capacity
as owners
Contributions of equity, net of transaction
costs (note 21)
2,988,152
-
-
-
2,988,152
Transfer to accumulated losses on expiry
of options
-
(107,198)
-
107,198
-
Share-based payments (note 22)
(146,947)
216,951
-
-
70,004
Balance on 30 June 2024
120,237,759
499,111
-
(88,905,425)
31,831,445
Balance on 1 July 2024
120,237,759
499,111
-
(88,905,425)
31,831,445
Loss after income tax expense for the year
-
-
-
(6,329,313)
(6,329,313)
Total comprehensive loss for the year
-
-
-
(6,329,313)
(6,329,313)
Transactions with owners in their capacity
as owners
Contributions of equity, net of transaction
costs (note 21)
5,424,067
-
-
-
5,424,067
Transfer to accumulated losses on expiry
of options
-
(81,600)
81,600
-
Share-based payments (note 22)
-
526,256
18,370
-
544,626
Balance on 30 June 2025
125,661,826
943,767
18,370
(95,153,138)
31,470,825
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 39
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2025
2025
2024
Note
$
$
Cash flows from operating activities
Receipts from customers
275,647
-
Receipts from joint venture partners
77,025
232,740
Cash paid to suppliers and employers
(1,988,889)
(2,045,331)
Interest received
14,996
7,639
Interest paid
(6,642)
(4,757)
Payments for exploration and evaluation
(78,188)
-
Net cash used in operating activities
10(b)
(1,706,051)
(1,809,709)
Cash flows from investing activities
Payments for financial assets at fair value through profit or loss
12
(150,000)
-
Payments for capitalised exploration
13
(2,685,275)
(2,453,488)
Net cash used in investing activities
(2,835,275)
(2,453,488)
Cash flows from financing activities
Proceeds from issue of shares
21
5,687,491
3,429,683
Repayment of right-of-use lease liability
17
(111,150)
(109,924)
Payment of capital raising costs
(453,657)
(185,097)
Net cash from financing activities
5,122,684
3,134,662
Net increase / (decrease) in cash and cash equivalents
581,358
(1,128,535)
Effects of exchange rate fluctuations on cash held
-
(1,853)
Cash and cash equivalents on 1 July
572,628
1,703,016
Cash and cash equivalents on 30 June
10(a)
1,153,986
572,628
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 40
NOTES TO THE CONSOLIDATED FINANCIAL REPORT
For the year ended 30 June 2025
1
MATERIAL ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.
1.1
NEW OR AMENDED ACCOUNTING STANDARDS AND INTERPRETATIONS ADOPTED
The Group has adopted all the new or amended Accounting Standards and Interpretations issued by the Australian
Accounting Standards Board (“AASB”) that are mandatory for the current reporting period.
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the Group for the annual reporting period ended 30 June 2025. The
Group has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
1.2
BASIS OF PREPARATION
These general-purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian Accounting Standards Board (“AASB”) and the Corporations
Act 2001, as appropriate for, for-profit oriented entities. These financial statements also comply with International
Financial Reporting Standards as issued by the International Accounting Standards Board (“IASB”).
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where applicable,
the revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value
through other comprehensive income, certain classes of property, plant, and equipment and derivative financial
instruments.
Critical accounting estimates
The preparation of the financial statements requires the use of certain accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group’s accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to
the financial statements, are disclosed in note 2.
1.3
PARENT ENTITY INFORMATION
In accordance with the Corporations Act 2001, these financial statements present the results of the Group only.
Supplementary information about the parent entity is disclosed in note 27.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 41
1.4
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Artemis Resources
Limited (“company” or “parent entity”) as of 30 June 2025 and the results of all subsidiaries for the year then ended.
Artemis Resources Limited and its subsidiaries together are referred to in these financial statements as the ‘Group’.
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns
through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which
control is transferred to the Group. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances, and unrealised gains on transactions between entities in the Group are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of
the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership
interest, without the loss of control, is accounted for as an equity transaction, where the difference between the
consideration transferred and the book value of the share of the non-controlling interest acquired, is recognised
directly in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or
loss and other comprehensive income, statement of financial position, and statement of changes in equity of the
Group. Losses incurred by the Group are attributed to the non-controlling interest in full, even if that results in a
deficit balance.
When the Group loses control over a subsidiary, it derecognises the assets including goodwill, liabilities, and non-
controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The
Group recognises the fair value of the consideration received and the fair value of any investment retained together
with any gain or loss in profit or loss.
1.5
CURRENT AND NON-CURRENT CLASSIFICATION
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is classified as current when it is either expected to be realised or intended to be sold or consumed in the
Group’s normal operating cycle, it is held primarily for the purpose of trading, it is expected to be realised within
12 months after the reporting date, or the asset is cash or cash equivalent unless restricted from being exchanged
or used to settle a liability for at least 12 months after the reporting date. All other assets are classified as non-
current.
A liability is classified as current when it is either expected to be settled in the Group’s normal operating cycle, it is
held primarily for the purpose of trading, it is due to be settle within 12 months after the reporting date, or there
is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting date. All
other liabilities are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 42
1.6
GOING CONCERN
The consolidated financial statements have been prepared on a going concern basis which contemplates continuity
of normal business activities and realisation of assets and settlement of liabilities in the normal course of business.
For the year ended 30 June 2025, the Group incurred an operating loss of $6,329,313 and had net cash outflows
from operating activities of $1,706,051. On 30 June 2025, the Group had net assets of $31,470,825, with total cash
on hand of $1,153,986.
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 Company has raised $5,705,198 before costs, in new capital during the year
•
Directors are of the view that should the Company require additional capital, it can raise further capital to
enable the Group to meet schedule exploration expenditure requirements
•
The ability of the Group to scale back certain parts of its activities that are non-essential to conserve cash;
and
•
The Group retains the ability, if required, to wholly or in part dispose of interests in mineral exploration
and assets.
Subsequent to year end, the Company completed a further capital raise totalling $4,925,000 before costs. These
funds are expected to support the Company’s planned exploration and working capital requirements in the medium
term. However, should the Company be unable to secure additional capital in a sufficiently timely manner and/or
reduce its expenditure profile, a material uncertainty remains that 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.
2
CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts in the financial statements. Management continually evaluates its judgements
and estimates in relation to assets, liabilities, revenue, and expenses. Management bases its judgements, estimates
and assumptions on historical experience and on other various factors, including expectations of future events,
management believes to be reasonable under the circumstances. The resulting accounting judgements and
estimates will seldom equal the related actual results. Judgements estimates and assumptions that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the
respective notes) within the next financial year are discussed below.
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.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 43
2
CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS (continued)
Exploration and evaluation, and development expenditure carried forward (continued)
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
•
Estimate production and sales levels
•
Estimated 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.
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
considering the age and condition of the asset is used to estimate the fair value of the asset. The fair value is a level
3 input on the fair value hierarchy. Refer to note 14.
Site rehabilitation
The provision for site rehabilitation requires significant judgement in estimating the timing and cost of future
restoration activities. These estimates include assumptions about discount rates, inflation, the expected life and
the extent of work required, all of which may change as circumstances evolve.
During the year, management engaged an independent expert to reassess the rehabilitation provision. Based on
this review, the provision has been updated to reflect revised cost estimates and current market assumptions. The
reassessment incorporated a discount rate of 4.21% and an inflation assumption of 2.1%. Changes in these
assumptions could result in material adjustments to the provision. For example, a 1% change in the discount rate
would change the provision by approximately $300,000. Refer to note 19.
Depreciation
Judgement is applied in determining the useful lives and residual values of property, plant and equipment.
Estimates are based on expected usage, technological developments and future economic benefits. Changes in
these assumptions may result in material adjustments to depreciation expense. Refer to note 15.
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 using a Black-Scholes model,
using the assumptions detailed in note 22.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 44
2
CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS (continued)
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.
Management bases its assumption on observable data as far as possible, but this is not always available. In that
case, management uses the best information available. Estimated fair values may vary from the actual prices that
would be achieved in an arm’s length transaction at the reporting date. Refer note 23.
3
OPERATING SEGMENTS
Accounting Policy
Operating segments are presented using the ‘management approach’, where the information presented is on
the same basis as the internal reports provided to the Chief Operating Decision Makers (‘CODM’). The CODM,
who is responsible for allocating resources and assessing performance of the operating segments, has been
identified as the Board of Directors of Artemis Resources Limited.
For management purposes, the Group is organised into two operating segments based on the operations each
performs, being:
•
Mineral exploration
•
Development
The Board (who is identified as the CODM) 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 regarding the
Group and its ongoing exploration activities.
During the year, the Group established an incorporated joint venture to explore for lithium. As the joint venture
has not yet commenced operations, it does not constitute a separate operating segment. The Group’s interest is
accounted for using the equity method (refer to note 16).
There have been no other changes to the basis of segmentation or the measurement basis for the segment profit
or loss since 30 June 2024.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 45
3
OPERATING SEGMENTS (continued)
Segment information provided to the Board:
Exploration Activities
Development
Activities
Unallocated
West Pilbara
$
East Pilbara
Lithium JV
$
Radio Hill
$
Corporate
$
Total
$
30 June 2025
Segment revenue
-
-
-
-
327,679
327,679
Fair value loss on financial assets
-
-
-
-
(761,531)
(761,531)
Gain on contribution of exploration assets
351,037
-
-
-
-
351,037
Segment expenses
(102,877)
-
-
-
(1,898,595)
(2,001,472)
Project and exploration expenditure write off
(903,531)
(3,341,495)
-
-
-
(4,245,026)
Reportable segment loss
(655,371)
(3,341,495)
-
-
(2,332,447)
(6,329,313)
Reportable segment assets
26,994,563
-
1,850,000
5,567,751
1,917,846
36,330,160
Reportable segment liabilities
(408,460)
-
-
(3,459,773)
(991,102)
(4,859,335)
Additions to non-current assets
3,445,488
-
1,850,000
-
227,437
5,522,925
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
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 46
3
OPERATING SEGMENTS (continued)
For monitoring segment performance and allocating resources between segments:
•
All assets are allocated to reportable segments, other than corporate office assets, and
•
All liabilities are allocated to reportable segments, other than Group entity liabilities
The CODM monitors cash, receivables, and payables position. This is the information that the CODM receives and
reviews to make decisions.
Geographical information
All the Group’s operations and non-current assets are in Western Australia.
4
OTHER INCOME
Accounting Policy
Other income is recognised when the amount can be reliably measured and control of the right to receive the
income be passed to the Group.
Government grants relating to costs are deferred and recognised in the profit or loss over the period necessary
to match them with the costs that they are intended to compensate.
2025
2024
$
$
Settlement of tenement sale agreement (1)
250,000
150,000
Sale of gold
25,647
-
Other sundry income
52,031
82,740
327,679
232,740
(1) On 27 June 2024, Karratha Metals Pty Ltd, a subsidiary of the Company, executed a Deed of Settlement and Release with
Archipelago Nominees Pty Ltd following the sale of tenements sold in 2012/2013. Under the terms of the agreement,
the parties agreed to terminate the associated royalties and mineral rights and release all claims in relation to the
tenement.
5
NET FINANCE INCOME
2025
2024
Note
$
$
Interest income on deposits
14,996
7,638
Interest expense on financial liabilities measured at
amortised cost
Interest on right of use lease liabilities
20
(6,642)
-
Net finance income
8,354
7,638
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 47
6
PERSONNEL EXPENSES AND EMPLOYEE BENEFITS
Accounting Policy
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual long service leave expected to be
settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when
the liabilities are settled.
Other long-term employee benefits
The liability for annual and long service leave, not expected to settle within 12 months of the reporting date,
are measured at the present value of expected future payments to be made in respect of services provided by
employees up to the reporting date using the projected unit credit method. Consideration is given to expected
future wage and salary levels, experience of employee departures and periods of service. Expected future
payments are discounted using market yields at the reporting date on corporate bonds with terms to maturity
and currency that match, as closely as possible, the estimated future cash outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are
incurred.
The table below sets out personnel costs expensed during the year.
2025
2024
Note
$
$
Directors’ remuneration (1)
24
724,295
506,709
Staff salaries
89,640
340,979
Superannuation
7,668
37,508
Annual leave
15,266
-
Other associated personnel expenses
5,113
-
Reversal of legacy employee accruals (2)
(35,964)
-
806,018
885,196
Expensed in capitalised exploration and evaluation
-
305,428
Expensed in personnel expenses
806,018
579,768
806,018
885,196
(1) Director share-based payments expense of $166,915 is included in Directors’ Remuneration.
(2) The reversal relates to legacy employee entitlement accruals in a dormant subsidiary following the closure of
its office in prior years.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 48
6
PERSONNEL EXPENSES AND EMPLOYEE BENEFITS (continued)
The table below sets out employee benefits at the reporting date.
2025
2024
$
$
Current
Salary accrual
-
6,692
Superannuation
-
6,143
Liability for annual leave
23,728
14,734
23,728
27,569
7
OTHER LOSSES
2025
2024
Note
$
$
Loss on sale of property, plant, and equipment
5,540
-
Bad debt expense
9,633
-
Foreign exchange loss
7,500
3,323
22,673
3,323
8
LOSS PER SHARE
Accounting Policy
Basic earnings per share
Basic earnings per share is calculated by dividing the profit / (loss) attributable to the owners of Artemis
Resources Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average
number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary
shares issued during the year.
Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to accounts
for the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary
shares and the weighted average number of shares assumed to have been issued for no consideration in
relation to dilutive potential ordinary shares.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 49
8
LOSS PER SHARE (continued)
2025
2024
$
$
Basic and diluted loss per share
Loss after income tax attributable to owners of Artemis Resources Limited
(6,329,313)
(16,591,769)
Cents
Cents
Basic loss per share
(0.29)
(1.00)
Diluted loss per share
(0.29)
(1.00)
Number
Number
Weighted average number of ordinary shares
Issued ordinary shares on 1 July
1,764,196,149
1,569,918,371
Effect of shares issued
417,947,145
81,671,629
Weighted average number of ordinary shares on 30 June
2,182,143,294
1,651,590,000
9
INCOME TAX EXPENSE
Accounting Policy
The income tax expense or benefit for the period is the tax payable on that period’s taxable income based on
the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities
attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods,
where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be
applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or
substantively enacted, except for:
•
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an
asset or liability in as transaction that is not a business combination and that, at the time of the
transaction, affects neither the accounting nor taxable profits, or
•
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint
ventures, and the timing of the reversal can be controlled, and it is probable that the temporary
difference will not reverse in the foreseeable future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is
probably that future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date.
Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits
will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are
recognised to the extent that it is probable that there are future taxable profits available to recover the asset.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 50
9
INCOME TAX EXPENSE (continued)
Accounting Policy (continued)
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax
assets against current tax liabilities and deferred tax assets against deferred tax liabilities, and they relate to
the same taxable authority on either the same taxable entity or different taxable entities which intend to settle
simultaneously.
Artemis Resources Limited (“the head entity”) and its wholly owned Australian subsidiaries have formed an
income tax consolidated group under the tax consolidation regime. The head entity and each subsidiary in the
tax consolidated group continue to account for their own current and deferred tax amounts. The tax
consolidated group has applied the ‘separate taxpayer within group’ approach in determining the appropriate
amount of taxes to allocate to members of the tax consolidated group.
Goods and Services Tax (‘GST’) and other similar taxes
Revenues, expenses, and assets are recognised net of the amount of, unless the GST incurred is not recoverable
from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part
of the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of
GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the
statement of financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or
financing activities which are recoverable from or payable to the tax authority, are presented as operating cash
flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the
taxation authority.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 51
9
INCOME TAX EXPENSE (continued)
(a)
Amounts recognised in profit or loss
2025
2024
$
$
Current tax expense
-
-
Deferred tax expense
-
-
Income tax expense
-
-
Numerical reconciliation of income tax expense to prima facie tax
payable
Loss from continuing operations before income tax
(6,329,313)
(16,591,769)
Tax at the Australian tax rate of 30% (2024: 30%)
(1,898,794)
(4,977,531)
Non-deductible expenses
194,426
831,438
Timing differences
(86,488)
3,655,158
Tax losses utilised not brought to account
1,790,856
490,935
Income tax expense
-
-
Tax losses
Potential future income tax benefits attributed to tax losses,
not brought to account
14,949,548
12,766,220
All unused tax losses were incurred by Australian entities.
The benefit of these tax losses will only be obtained if:
i)
future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be
realised
ii)
the conditions for deductibility imposed by tax legalisation continue to be complied with
iii)
no changes in tax legislation adversely affect the Group in realising the benefit, and
iv)
satisfaction of either the continuity of ownership or the same business test.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 52
9
INCOME TAX EXPENSE (continued)
(b)
Unrecognised deferred tax assets and liabilities
Deferred tax liabilities have not been recognised in respect of the following items:
2025
2024
$
$
Deferred tax assets
Tax losses carry forward
14,949,548
12,766,220
Employee benefits obligation
7,118
-
Provisions
1,037,932
1,776,977
15,994,598
14,543,197
Deferred tax liabilities
Capitalised exploration costs
8,632,856
10,264,063
Net unrecognised deferred tax assets
7,361,742
4,279,134
10
CASH AND CASH EQUIVALENTS
Accounting Policy
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-
term, highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash, and which are subject to an insignificant risk of changes in value. For the statement of
cash flows presentation purposes, cash and cash equivalent also includes, bank overdrafts, which are shown
within borrowings in current liabilities on the statement of financial position.
(a)
Reconciliation of cash recorded in Statement of Financial Position to Statement of Cash Flows
2025
2024
$
$
Cash and cash equivalents in the statement of cash flows
1,153,986
572,628
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 53
10
CASH AND CASH EQUIVALENTS (continued)
(b)
Reconciliation of cash flows from operating activities
2025
2024
$
$
Cash flows from operating activities
Loss for the period
(6,329,313)
(16,591,769)
Adjustments for:
Exploration expenditure impaired
4,245,026
55,572
Impairment of development asset
-
12,128,289
Gain on disposal of exploration assets
(351,037)
-
Net profit on foreign exchange translation
(7)
-
Equity-settled share-based payments
485,313
70,004
Depreciation and amortisation
94,197
123,906
Bad debts expense
9,633
-
Loss on disposal of property, plant, and equipment
5,540
-
Loss on revaluation of financial assets
761,531
2,666,250
Change in trade and other receivables
(6,995)
(53,584)
Change in prepayments and deposits
1,039
-
Change in trade and other payables
(617,137)
(408,377)
Change in employee benefits provision
(3,841)
-
Change in site restoration provision
-
200,000
Net cash used in operating activities
(1,706,051)
(1,809,709)
(c)
Changes in liabilities arising from financing activities
2025
2024
$
$
Opening balance
47,792
152,959
Net cash used in financing activities
(111,150)
(109,924)
Right-of-use lease liabilities
226,757
4,757
163,399
47,792
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 54
11
TRADE AND OTHER RECEIVABLES
2025
2024
$
$
Current
Amounts due from joint venture partners
104,447
31,150
Authorised government agencies
12,475
14,915
Other receivables
447
112
117,369
46,177
Other receivables are non-interest bearing. Note 23 includes disclosures relating to the credit risk exposures and
analysis relating to the allowance for expected credit losses.
12
OTHER FINANCIAL ASSETS
Accounting Policy
Investments and other financial assets are initially measured at fair value. Transaction costs are included as part
of the initial measurement, except for financial assets at fair value through profit or loss. Such assets are
subsequently measured at either amortised cost or fair value depending on their classification. Classification is
determined based on both the business model within which such assets are held and the contractual cash flow
characteristics of the financial asset unless an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred
and the Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable
expectation of recovering part, or all, of a financial asset, the carrying value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are
classified as financial assets at fair value through profit or loss. Typically, such financial assets will be either: (i)
held for trading, where they are acquired for the purpose of selling in the short-term with an intention of making
a profit, or a derivative; or (ii) designated as such upon initial recognition where permitted. Fair value movements
are recognised in profit or loss.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which the Group
intends to hold for the foreseeable future and has irrevocably elected to classify them as such upon initial
recognition.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on financial assets which are either measured
at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance
depends upon the Group’s assessment at the end of each reporting period as to whether the financial
instrument’s credit risk has increase significantly since initial recognition, based on reasonable and supportable
information that is available, without undue cost or effort to obtain.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 55
12
OTHER FINANCIAL ASSETS (continued)
Accounting Policy (continued)
Where there has not been a significant increase in exposure to credit risk since initial recognition, as 12-month
expected credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit
losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset
has become credit impaired, or where it is determined that credit risk has increased significantly, the loss
allowance is based on the asset’s lifetime expected credit losses. The amount of expected credit loss recognised
is measure on the probably weighted present value of anticipated cash shortfalls over the life of the instrument
discounted at the original effective interest rate.
For financial assets mandatorily measured at fair value through other comprehensive income, the loss allowance
is recognised in other comprehensive income with a corresponding expense through profit or loss. In all other
cases, the loss allowance reduces the asset’s carrying value with a corresponding expense through profit or loss.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on financial assets which are either measured
at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance
depends upon the Group’s assessment at the end of each reporting period as to whether the financial
instrument’s credit risk has increase significantly since initial recognition, based on reasonable and supportable
information that is available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, as 12-month
expected credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit
losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset
has become credit impaired, or where it is determined that credit risk has increased significantly, the loss
allowance is based on the asset’s lifetime expected credit losses. The amount of expected credit loss recognised
is measure on the probably weighted present value of anticipated cash shortfalls over the life of the instrument
discounted at the original effective interest rate.
For financial assets mandatorily measured at fair value through other comprehensive income, the loss allowance
is recognised in other comprehensive income with a corresponding expense through profit or loss. In all other
cases, the loss allowance reduces the asset’s carrying value with a corresponding expense through profit or loss.
2025
2024
$
$
Current
468,469
1,080,000
Non-current
42,290
42,290
510,759
1,122,290
Listed ordinary shares – designated at fair value through
profit or loss
448,500
1,080,000
Unlisted options – designated at fair value through profit or loss
19,969
-
Deposits and bonds
42,290
42,290
510,759
1,122,290
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 56
12
OTHER FINANCIAL ASSETS (continued)
Reconciliation
Reconciliation of the fair values at the beginning and end of the current and previous financial year are set out
below:
Listed
shares
Unlisted
options
Deposits and
bonds
Total
$
$
$
$
Balance on 1 July 2023
3,746,250
-
42,290
3,788,540
Fair value revaluation of 6,750,000 GRE shares at
$0.16 per share
(2,666,250)
-
-
(2,666,250)
Balance on 30 June 2024
1,080,000
-
42,290
1,122,290
Issue of 688,705 GRE shares at $0.08 per share (1)
55,096
-
-
55,096
Gain on initial recognition of 688,705 GRE at
$0.085 per share
3,444
-
-
3,444
Issue of 1,186,295 GRE shares at $0.08 per share (1)
94,904
-
-
94,904
Issue of 937,500 free-attaching GRE options at fair
value of $0.04 per share (2)
-
37,500
-
37,500
Loss on initial recognition of 1,186,295 GRE shares at
$0.074 per share (2)
(7,118)
-
-
(7,118)
Fair value revaluation of 8,625,000 GRE shares
(777,826)
-
-
(777,826)
Fair value revaluation of 937,500 GRE options
-
(17,531)
-
(17,531)
Balance on 30 June 2025
448,500
19,969
42,290
510,759
(1)
The issue of 688,705 fully paid ordinary GRE shares were calculated based on the capital raising announced in
November 2024 (8 cents per share). On the date of issue, the share price was 8.5 cents per share resulting in a fair
value gain of $3,444 on Day 1.
(2)
The issue of 1,186,295 fully paid ordinary GRE shares were calculated based on the capital raising announced in
November 2024 (8 cents per share). On the date of issue, the share price was 7.4 cents per share resulting in a fair
value loss of $7,118 on Day 1.
2025
2024
$
$
Fair value movement on revaluation of fully paid listed shares
781,500
2,666,250
Fair value movement on revaluation of unlisted options
(19,969)
-
Net fair value loss on revaluation of financial assets
761,531
2,666,250
Refer to note 23 for further information on financial instruments.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 57
13
CAPITALISED EXPLORATION AND EVALUATION
Accounting Policy
Exploration and evaluation expenditure incurred is capitalised as an exploration and evaluation asset in respect
of each separate area of interest for which the rights of tenure are current, and where:
•
Such expenditure is expected to be recouped through successful development and exploitation of the
area of interest, or alternatively, by its sale; or
•
Exploration activities in the area of interest have not yet reached a stage that permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves, and active and
significant operations in, or relating to, the area are continuing.
Capitalised costs include costs directly related to exploration and evaluation activities, such as acquisition of
rights to explore, topographical, geological, geochemical and geophysical studies, exploratory drilling, trenching,
sampling, and associated activities. General and administrative costs are expensed as incurred.
When an area of interest is abandoned, or the directors decide that it is not commercially viable, any
accumulated costs in respect of that area are written off in the period the decision is made.
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the
carrying amount may exceed its recoverable amount. Any impairment loss is recognised as an expense in the
statement of profit or loss.
Once the technical feasibility and commercial viability of extracting a mineral resource are demonstrable, the
capitalised expenditure for the area of interest is reclassified to development assets and is tested for impairment
before reclassification.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 58
13
CAPITALISED EXPLORATION AND EVALUATION (continued)
Exploration
acquisition
costs
Exploration
Expenditure
costs
Total
Note
$
$
$
Balance on 1 July 2023
3,138,859
28,915,845
32,054,704
Additions
-
2,214,416
2,214,416
Impairment or write-offs
-
(55,572)
(55,572)
Balance on 30 June 2024
3,138,859
31,074,689
34,213,548
Additions
-
3,445,488
3,445,488
Transfer to investment in joint venture (1)
16
-
(1,498,963)
(1,498,963)
Exploration expenditure written off
current year (2)
-
(4,245,026)
(4,245,026)
Balance on 30 June 2025
3,138,859
28,776,188
31,915,047
(1) During the year, KML No. 2 Pty Ltd, a subsidiary of the Company, transferred its lithium rights into Andover Lithium Pty
Ltd, a joint venture with GreenTech Metals Limited, in which it holds a 50% joint venture interest. Refer to note 16.
(2) Exploration expenditure written off during the year relates to the Paterson project where Armada Mining Pty Ltd, a
subsidiary of the Company, relinquished non-prospective tenement blocks and the derecognition of capitalised
exploration and evaluation costs relating to tenements surrendered.
14
DEVELOPMENT EXPENDITURE
Accounting Policy
Development Assets
Development assets comprise costs directly attributable to the development of mining areas and are capitalised on an area-
by-area basis one technical feasibility and commercial viability have been established. Capitalised development costs
include acquisition costs, construction, installation, and other expenditure necessary to prepare the assets for their intended
use, together with the initial estimate of rehabilitation obligations.
Items of property, plant and equipment used in development activities are carried at cost less accumulated depreciation
and impairment losses. Capitalised development expenditure is not depreciated until the asset is available for use, at which
point it is depreciated over the useful life of the related mine or area of interest on a units-of-production basis.
Impairment
Development assets are tested for impairment in accordance with AASB 136 Impairment of Assets whenever indicators of
impairment exist. The recoverable amount is determined as the higher of fair value less costs of disposal and value in use,
which requires judgement in estimating future cash flows, commodity prices, operating and capital costs, discount rates
and inflation assumptions.
During the year, the Group engaged an independent expert to review the site rehabilitation provision. The reassessment
resulted in a reduction of the estimated rehabilitation obligation, which has been reflected as a corresponding reduction in
the carrying amount of development expenditure.
An independent assessment of the Group’s development asset was also undertaken during the year. Based on this
assessment, the recoverable amount exceeded the adjusted carrying amount, and accordingly no impairment was
recognised.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 59
14
DEVELOPMENT EXPENDITURE (continued)
2025
2024
Note
$
$
Opening balance
3,042,873
14,950,070
Additions
-
21,092
Impairment
-
(12,128,289)
Transfer to property, plant, and equipment
15
(69,437)
-
Change in site restoration estimates
19
(2,463,486)
200,000
Closing balance
509,950
3,042,873
15
PROPERTY, PLANT AND EQUIPMENT
Accounting Policy
Plant and equipment are stated at historical cost less accumulated depreciation and impairment. Historical
cost includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on systematic basis to write off the net cost of each item of property, plant, and
equipment (excluding land) over its expected useful life. The residual values, useful lives and deprecation
methods are reviewed, and adjusted if appropriate, at each reporting date.
Leasehold improvements are depreciated over the unexpired period of the lease or the estimated useful life of
the assets, whichever is shorter.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits
are expected from its use. Gains and losses between the carrying amount and the disposal proceeds are
recognised in profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred
directly to retained earnings / accumulated losses.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 60
15
PROPERTY, PLANT AND EQUIPMENT (continued)
2025
2024
$
$
Field equipment – at cost
107,424
-
Less: accumulated depreciation
(56,524)
-
50,900
-
Computer and office equipment – at cost
106,970
165,685
Less: accumulated depreciation
(100,715)
(151,044)
6,255
14,641
Mobile equipment and motor vehicles – at cost
51,683
55,955
Less: accumulated depreciation
(41,297)
(36,261)
10,386
19,694
67,541
34,335
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are
set out below:
Field
Equipment
Mobile
equipment
& motor
vehicles
Computer
& office
Equipment
Total
$
$
$
$
Balance on 1 July 2023
-
30,031
27,235
22,541
Additions
-
-
-
117,250
Disposals
-
-
(4,807)
(105)
Depreciation expense
-
(10,337)
(7,787)
(27,061)
Balance on 30 June 2024
-
19,694
14,641
34,335
Transfer from capitalised
development
69,437
-
-
69,437
Additions
-
-
680
680
Disposals
(15,578)
(4,272)
(59,394)
(79,244)
Depreciation write-back on disposals
8,877
5,301
56,211
70,389
Depreciation expense
(11,836)
(10,337)
(5,883)
(28,056)
Balance on 30 June 2025
50,900
10,386
6,255
67,541
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 61
16
INCORPORATED JOINT VENTURE
Accounting Policy
Interests in incorporated joint ventures are accounted for using the equity method in accordance with AASB
128 Investments in Associates and Joint Ventures. Under the equity method, the investment is initially
recognised at cost and adjusted thereafter for the Company’s share of the joint venture’s profit or loss and
other comprehensive income.
The cost of the investment includes the fair value of assets transferred to the joint venture. Any difference
between the carrying amount of the assets transferred and their fair value at the date of contribution is
recognised in profit or loss.
The Company’s share of the joint venture’s results is recognised from the date on which joint control
commences until the date that it ceases. Distributions received from the joint venture reduce the carrying
amount of the investment.
On 1 April 2025, the Company and GreenTech Metals Limited (GRE) executed a binding agreement to consolidate
the lithium mineral rights from their respective tenement holdings into a newly incorporated joint venture
company, Andover Lithium Pty Ltd (“Andover”), each holding 50% of the issued shares. The Osborne Joint Venture
currently in place between the parties (51% Artemis, 49% Artemis) retains all mineral rights other than gold and
lithium. Artemis retains all other mineral rights over the tenements for which the Company is the registered holder,
and any other mineral recovered.
The Company contributed lithium exploration assets to Andover with a carrying value of $1,498,963. An
independent valuation determined the fair value of the joint venture at $3,700,000, with each party’s interest
valued at $1,850,000.
Accordingly, the Company recognised:
•
An investment in Andover of $1,850,000, and
•
A gain on contribution of $351,037 in the statement of profit or loss for the year ended 30 June 2025.
The investment is accounted for using the equity method.
As Andover had not commenced operations or incurred any expenditure by 30 June 2025, no share of results has
been recognised during the reporting period.
The carrying value will be reviewed at each reporting period. Future contributions or recognition of the Company’s
share of Andover’s results will be reflected once operational activity commences.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 62
16
INCORPORATED JOINT VENTURE (continued)
Summarised Financial Information of Andover Lithium Pty Ltd
2025
2024
$
$
Total Assets
3,700,000
-
Total Liabilities
-
-
Net Assets
3,700,000
-
Issued Capital
3,700,000
-
Retained Earnings
-
-
Total equity
3,700,000
-
Profit / (loss) for the year
-
-
Total comprehensive income / (loss) for the year
-
-
17
RIGHT-OF-USE ASSETS
Accounting Policy
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at
cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments
made at or before the commencement date net of any lease incentives received, any initial direct costs
incurred, and, except when included in the cost of inventories, an estimate of costs expected to be incurred for
dismantling and removing the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the
estimated useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of
the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of-use
assets are subject to impairment or adjusted for any remeasurement of lease liabilities.
The Group has elected not to recognise a right-of-use asset and corresponding lease liability for short-term
leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are
expensed to profit or loss as incurred.
2025
2024
$
$
Land and buildings – right of use
226,757
150,781
Less: accumulated depreciation
(66,141)
(105,782)
160,616
44,999
Additions to the right-of-use assets during the year were $226,757.
The Group leases land and buildings as a storage facility for its field equipment and has various exploration
tenement leases under agreements of between five and fifteen years with, in some cases, options to extend. The
leases have various escalation clauses. On renewal, the terms of the leases are renegotiated.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 63
18
TRADE AND OTHER PAYABLES
2025
2024
$
$
Current
Trade payables
647,621
238,112
Other payables and accrued expenses
564,814
868,069
Cash received in advance of share issue
-
256,394
1,212,435
1,362,575
Refer to note 23 for further information on financial instruments.
19
SITE REHABILITATION PROVISION
Accounting Policy
Provisions for the costs of rehabilitation, decommissioning and restoration of the area disturbed during mineral
exploration and development activities depends on the legal requirements at the date of decommissioning, the
costs and timing of work and the discount rate applied.
The initial estimate of rehabilitation and restoration costs is capitalised as part of the cost of the related
development asset and amortised over the life of the related mine or plant. The provision is measured at the
present cost of future expenditures, with the unwinding of the discount recognised as a finance costs.
Subsequent changes in estimated restoration costs or in discount rates are adjusted against the carrying value
of the development asset, unless that asset has been written down below its recoverable amount, in which
case, any excess is recognised immediately in profit or loss.
2025
2024
Note
$
$
Opening balance
5,923,259
5,723,259
Adjustment to provision recognised against development asset
14
(2,463,486)
200,000
3,459,773
5,923,259
During the year, management engaged an independent expert to reassess the Group’s site rehabilitation obligation.
Based on this review, the estimated provision was revised downward by $2,463,486. The revision reflects updated
cost estimates, timing of expected closure, and revised discount and inflation assumptions.
Key assumptions applied in determining the provision are as follows:
•
Expected rehabilitation years: 2025 to 2035
•
Discount rate: 4.21%
•
Inflation rate: 2.1%
•
Source of estimates: independent expert engaged in June 2025
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 64
20
LEASE LIABILITIES
Accounting Policy
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at
the present value of the lease payments to be made over the term of the lease, discounted using the interest
rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate.
Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that
depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of
a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated
termination penalties. The variable lease payments that to not depend on an index or a rate are expensed in
the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are
remeasured if there is a change in the following:
•
future lease payments arising from a change in an index, or a rate used
•
residual guarantee
•
lease term, or
•
certainty of a purchase option and termination penalties.
When a lease liability is remeasured, an adjustment is made to the corresponding right-of-use asset, or to profit
or loss if the carrying amount of the right-of-use asset is fully written down.
2025
2024
$
$
Opening balance
47,792
152,959
Recognition of lease liabilities
226,757
-
Interest charged
6,642
4,757
Interest repaid
(6,642)
(4,757)
Less principal repayments
(111,150)
(105,167)
Lease liabilities included in the consolidated statement
of financial position
163,399
47,792
Current
113,894
47,792
Non-current
49,505
-
163,399
47,792
Refer to note 23 for further information on financial instruments.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 65
21
SHARE CAPITAL
Accounting Policy
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction,
net of tax, from the proceeds.
Issued capital
Ordinary shares
Number of shares
Amount in $
2025
2024
2025
2024
Balance on 1 July
1,764,196,149
1,569,918,371
120,237,759
117,396,554
Issue of fully paid shares for cash
727,114,848
194,277,778
5,942,862
3,173,250
Issue of shares in satisfaction of
service provider fees (1)
42,861,168
-
300,028
-
Issue of shares as bonus director fees (2)
1,500,000
-
25,000
-
Capital raising costs
-
-
(843,823)
(332,045)
Balance on 30 June
2,535,672,165
1,764,196,149
125,661,826
120,237,759
(1) 42,861,168 ordinary shares were issued to suppliers in settlement of trade payables totalling $300,028. The
issue price of $0.007 per share was consistent with the Company’s capital raisings in December 2024 and
February 2025.
(2) 1,500,000 ordinary shares were issued to a director as part of a contractual bonus arrangement. These shares
had a deemed fair value of $25,000, recognised as an expense in accordance with AASB 2 Share-based
payments. Further details are set out in note 22.
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company
in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par
value, and the company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll
each share shall have one vote.
There is no current on-market share buy-back.
Reserves
Share-based payments reserve
The share-based payments reserve represents the fair value of shares to be issued to directors, consultants, and
employees. This reserve will be transferred to capital once the shares are issued. Refer to note 22.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 66
22
SHARE-BASED PAYMENTS
Accounting Policy
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions also include the issue of shares to employees, directors or consultants in exchange for services.
Where shares are issued, the fair value is measured at the grant date, based on the Company’s share price (or the volume
weighted average price over a specified period, where applicable). The fair value of shares issued is recognised as an
expense in the period in which the related services are rendered, with a corresponding increase in equity.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for
the rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of
cash is determined by reference to the share price.
The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using
the Black-Scholes option pricing model that considers 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 share, the expected dividend yield and the risk-free
interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group
receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.
The cost of equity-settled transactions is recognised as an expense with a corresponding increase inequity over the vesting
period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best
estimate of the number of awards that are likely to vet and the expired portion of the vesting period. The amount
recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already
recognised in previous periods.
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying the Black-
Scholes option pricing model, taking into consideration the terms and conditions on which the award was granted. The
cumulative charge to profit or loss until settlement of the liability is calculated as follows:
•
during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied
by the expired portion of the vesting period
•
from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at
the reporting date.
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to
settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore, any awards subject to market
conditions are considered to vest irrespective of whether that market condition has been met or not, provided all other
conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An
additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value
of the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the Group or employee, the failure to satisfy the condition is treated as
a cancellation. If the condition is not within the control of the Group or employee, and is not satisfied during the vesting
period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense
is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award
is treated as if they were a modification.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 67
22
SHARE-BASED PAYMENTS (continued)
The share-based payment expense included within the consolidated financial statements can be broken down as
follows:
2025
2024
$
$
Expensed in Personnel Expenses and Other Employee Benefits
Options issued to directors
141,915
-
Shares issued to directors (1)
25,000
-
Expensed in Professional Fees
Shares to be issued to consultants (2)
18,370
70,004
Expensed in Statement of Financial Position
Capital raising costs
384,341
146,947
569,626
216,951
(1) 1,500,000 ordinary shares were issued to a director under a contractual bonus arrangement. The fair value
of the shares at grant date was determined with reference to the VWAP of the Company’s shares, being
$0.167 per share
(2) On 17 February 2025, the Company entered an arrangement with a consultant under which ordinary share
with a total fair value of $25,000 will be issued at the end of a six-month vesting period ending on 17 August
2025. An expense of $18,370 has been recognised on 30 June 2025, representing the pro-rata portion of the
vesting period completed. The remaining $6,630 will be recognised in the 2026 financial year.
Share-based payment programme
The Company has adopted an Employee Share Option Scheme (“ESOS”). Under the ESOS, the Company may grant
options and rights to Company eligible employees to acquire securities to a maximum of 10% of the Company’s
total issued ordinary shares at the date of the grant. The fair value of share options granted is measured using the
Black Scholes option pricing model.
The options and rights vest on a time scale as specified in the ESOS and are granted for no consideration. Options
and rights granted under the plan carry no dividend or voting rights. When exercisable, each option is converted
into one ordinary share. The maximum term of an option is 5 years from grant date, and the exercise price is settled
in cash.
Options will not be transferable and will not be listed on the ASX unless the offer provides otherwise or the Board
in its absolute discretion approves.
Options
On 30 June 2025, a summary of the Group options issued and not exercised under the share-based payment
programme are as follows. Options are settled by the physical delivery of shares:
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2024
Page | 68
22
SHARE-BASED PAYMENT PLANS (continued)
Options (continued)
Grant
date
Vesting
date
Expiry
date
Exercise
Price
(cents)
Balance at
the start of
the year
Granted
during
the year
Exercised
during
the year
Expired /
forfeited
during
the year
Balance at
the end of
the year
Vested and
exercisable
at the end of
the year
01-Jul-22
01-Jul-22
31-Jul-25
5.0
2,000,000
-
-
-
2,000,000
2,000,000
05-Sep-22
05-Sep-22
31-Jul-25
5.0
3,000,000
-
-
-
3,000,000
3,000,000
08-Mar-23
08-Mar-23
09-Mar-26
2.5
17,000,000
-
-
-
17,000,000
17,000,000
28-Oct-23
28-Oct-23
09-Mar-26
2.5
11,000,000
-
-
-
11,000,000
11,000,000
29-Oct-23
29-Oct-23
09-Mar-26
2.5
5,000,000
-
-
-
5,000,000
5,000,000
28-Apr-24
28-Apr-24
31-Jul-25
5.0
2,000,000
-
-
-
2,000,000
2,000,000
30-Sep-24
30-Sep-24
09-Mar-26
2.5
-
35,000,000
-
-
35,000,000
35,000,000
25-Nov-24
20-Dec-24
20-Dec-27
2.0
-
15,000,000
-
-
15,000,000
15,000,000
10-Feb-25
25-Feb-25
20-Dec-27
2.0
-
10,000,000
-
-
10,000,000
10,000,000
10-Feb-25
06-Mar-25
04-Mar-27
1.5
-
67,321,429
-
-
67,321,429
67,321,429
Total
40,000,000
127,321,429
-
-
167,321,429
167,321,429
-
Weighted average exercise price (cents)
2.94
1.87
-
-
2.13
2.13
-
At the reporting date, the weighted average remaining contractual life of options outstanding at year end was 1.33 years.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2024
Page | 69
22
SHARE-BASED PAYMENT PLANS (continued)
Key valuation assumptions made at valuation date under the Black & Scholes option pricing model are summarised below:
Number of
Options
Exercise
Price
(cents)
Grant
date
Expiry
Date
Life of the
Options
(years)
Volatility
%
Risk free
Rate
%
Fair value
at grant
date
(cents)
Share price
at grant
date
(cents)
Tranche 1
2,000,000
5.0
01-Jul-22
31-Jul-25
3.08
100
3.13
1.40
2.7
Tranche 2
3,000,000
5.0
05-Sep-22
31-Jul-25
2.90
100
2.99
1.51
3.0
Tranche 3
17,000,000
2.5
08-Mar-23
09-Mar-26
3.01
100
3.48
0.73
1.4
Tranche 4
11,000,000
2.5
28-Oct-23
09-Mar-26
2.36
100
4.32
1.40
2.3
Tranche 5
5,000,000
2.5
29-Oct-23
09-Mar-26
2.36
100
4.32
1.29
2.3
Tranche 6
2,000,000
5.0
28-Apr-24
31-Jul-25
1.26
100
4.00
0.28
1.7
Tranche 7
35,000,000
2.5
30-Sep-24
09-Mar-26
1.44
100
3.50
0.38
1.3
Tranche 8
15,000,000
2.0
25-Nov-24
20-Dec-27
3.07
100
3.62
0.71
1.3
Tranche 9
10,000,000
2.0
10-Feb-25
20-Dec-27
2.86
100
3.91
0.348
0.8
Tranche 10
67,321,429
1.5
10-Feb-25
04-Mar-27
2.06
100
3.89
0.382
0.9
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2024
Page | 70
22
SHARE-BASED PAYMENT PLANS (continued)
Options (continued)
On 30 June 2024, a summary of the Group options issued and not exercised under the share-based payment programme are as follows. Options are settled by the
physical delivery of shares:
Grant
date
Vesting
date
Expiry
date
Exercise
Price
(cents)
Balance at
the start of
the year
Granted
during
the year
Exercised
during
the year
Expired /
forfeited
during
the year
Balance at
the end of
the year
Vested and
exercisable
at the end of
the year
20-Dec-21
20-Dec-21
20-Dec-23
15
2,000,000
-
-
(2,000,000)
-
-
01-Jul-22
01-Jul-22
31-Jul-25
5.0
2,000,000
-
-
-
2,000,000
2,000,000
05-Sep-22
05-Sep-22
31-Jul-25
5.0
3,000,000
-
-
-
3,000,000
3,000,000
08-Mar-23
08-Mar-23
09-Mar-26
2.5
17,000,000
-
-
-
17,000,000
17,000,000
28-Oct-23
28-Oct-23
09-Mar-26
2.5
-
11,000,000
-
-
11,000,000
11,000,000
29-Oct-23
29-Oct-23
09-Mar-26
2.5
-
5,000,000
-
-
5,000,000
5,000,000
28-Apr-24
28-Apr-24
31-Jul-25
5.0
-
2,000,000
-
-
2,000,000
2,000,000
01-Jul-22
01-Jul-22
31-Jul-25
5.0
-
2,000,000
-
-
2,000,000
2,000,000
Total
24,000,000
18,000,000
-
(2,000,000)
40,000,000
40,000,000
Weighted average exercise price (cents)
4.06
2.78
-
15.0
2.94
2.94
At the exercise date, the weighted average remaining contractual life of options outstanding at year end was 1.58 years.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 71
23
FINANCIAL INSTRUMENTS
Accounting Policy
Recognition and derecognition
Financial assets and 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 initial measurement of financial assets
Except for those trade receivables that do not contain a significant financing component and are measured at
the transaction price in accordance with AASB 15, all financial assets are initially measured at fair value adjusted
for transaction costs (where applicable).
For subsequent measurement, financial assets, other than those designated and effective as hedging
instruments, are classified into the following categories:
•
amortised cost
•
fair value through profit or loss (FVTPL)
•
equity instruments at fair value through other comprehensive income (FVOCI)
•
debt instruments at fair value through other comprehensive income (FVOCI).
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 trade receivables which is
presented within other expenses.
The classification is determined by both:
•
the entity’s business model for managing the financial asset; and
•
the contractual cash flow characteristics of the financial asset.
Subsequent remeasurement of financial assets
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.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 72
23
FINANCIAL INSTRUMENTS (continued)
Accounting Policy (continued)
After initial recognition, these are measured at amortised costs using the effective interest method.
Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents,
trade and most other receivables fall into this category of financial instruments as well as listed bonds that
were previously classified as held-to-maturity under AASB 139.
Impairment of financial assets
AASB 9’s impairment requirements use more forward-looking information to recognise expected credit losses
– the ‘expected credit loss (ECL) model’.
Instruments within the scope of the requirements included loans and other debt-type financial assets measured
at amortised cost and FVOCI, trade receivables, contract assets recognised and measured under AASB 15 and
loan commitments that are not measured at fair value through profit or loss.
The Group considers a broad range of information when assessing credit risk and measuring expected credit
losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected
collectability of the future cash flows of the instrument.
In applying this forward-looking approach, a distinction is made between:
•
financial instruments that have not deteriorated significantly in credit quality since initial recognition
or that have low credit risk (‘Level 1’); and
•
financial instruments that have deteriorated significantly in credit quality since initial recognition and
whose credit risk is not low (‘Level 2’).
•
‘Level 3’ would cover financial assets that have objective evidence of impairment at the reporting date.
’12-month expected credit losses’ are recognised for the first category whilst ‘lifetime expected credit losses’
are recognised for the second category. The Group does not have any material expected credit losses.
Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses
over the expected life of the financial instrument.
The Group makes use of a simplified approach in accounting for trade and other receivables and records the
loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows,
considering the potential for default at any point during the life of the financial instrument. In calculating, the
Group uses its historical experience, external indicators, and forward-looking information to calculate the
expected credit losses using a provision matrix.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 73
23
FINANCIAL INSTRUMENTS (continued)
Accounting Policy (continued)
Classification and measurement of financial liabilities
The Group’s financial liabilities include borrowings, trade and other payables and derivative financial
instruments.
Financial liabilities are initially measured at fair value, and where applicable, adjusted for transaction costs
unless the Group designated a financial liability at fair value through profit or loss.
Subsequently, financial liabilities are initially measured at amortised cost using the effective interest method
except for derivatives and financial liabilities designation 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.
Derivative financial instruments
Derivative financial instruments are accounted for at fair value through profit and loss (FVTPL).
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while
maximising the return to shareholders through the optimisation of the debt and equity balance.
The Group’s overall strategy remains unchanged from 2024.
The capital structure of the Group consists of cash and cash equivalents, borrowings, and equity attributable to
equity holders of the parent, comprising issued capital, reserves and retained earnings.
None of the Group’s entities are subject to externally imposed capital requirements.
Operating cash flows are used to maintain and expand operations, as well as to make routine expenditures such as
tax and general administrative outgoings.
Financial risk management objectives
The Group is exposed to market risk (including foreign currency exchange rate risk and interest rate risk), credit risk
and liquidity risk.
The Group’s risk management policies are established to identify and analyse the risks faced by the Group, to set
appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and
systems are reviewed on a continuous basis to reflect changes in market conditions and the Group’s activities. The
Group does not trade financial instruments, including derivative financial instruments, for speculative purposes.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 74
23
FINANCIAL INSTRUMENTS (continued)
Market risk
The Group’s activities expose it primarily to the financial risks of changes in interest rates.
There has been no change to the Group’s exposure to market risks or the manner it manages and measures the risk
from the previous period.
Interest rate risk management
The Group is exposed to interest rate risk as entities in the Group borrow funds at both fixed and floating interest
rates. The risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate
borrowings.
The Group’s exposure to interest rate on financial assets and financial liabilities are detailed in the liquidity risk
management section of this note.
Interest rate risk sensitivity analysis
The sensitivity analysis below has been determined based on the exposure to interest rates for non-derivative
instruments at the balance date.
At balance date, if interest rates had been 100 points higher or lower and all other variables were held constant,
the Group’s profit or loss would increase / (decrease) by $9,931.
The Group’s sensitivity to interest rates has increased during the year mainly due to the increase in cash held.
Credit risk management
Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group is exposed to
credit risk from financial assets including cash and cash equivalents held at banks and trade and other receivables.
The Group has adopted a policy of only dealing with creditworthy counterparties.
The Group only transacts with entities that are rated the equivalent of investment grade and above. This
information is supplied by independent rating agencies where available and, if not available, the Group uses publicly
available financial information and its own trading record to rate its customers.
The Group’s exposure and the credit ratings of its counterparties are continuously monitored, and the aggregate
value of transactions concluded is spread amongst approved counterparties.
The Group does not have any significant credit risk exposure to any single counterparty or any group of
counterparties having similar characteristics. The credit risk on liquid funds is limited because the counterparties
are banks or government agencies with high credit ratings assigned by international credit rating agencies.
The carrying amount of financial assets recorded in the financial statements, represents the Group’s maximum
exposure to credit risk.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 75
23
FINANCIAL INSTRUMENTS (continued)
Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board of Directors, who have built an
appropriate liquidity risk management framework for the management of the Group’s short, medium, and long-
term funding and liquidity management requirements.
The Group manages liquidity risk by maintaining adequate banking and borrowing facilities by continuously
monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
Non-derivative financial liabilities
The following table details the Group’s expected contractual maturities for its non-derivative financial liabilities.
These have been drawn up based on undiscounted contractual maturities of the financial liabilities based on the
earliest date the Group can be required to repay.
The table include both interest and principal cash flows.
Weighted
average
interest
rate
Less than
6 months
6 months
to 1 year
1 – 5 years
Total
%
$
$
$
$
30 June 2025
Trade and other payables
n/a
691,943
520,492
-
1,212,435
Right-of-use lease liabilities
5.40
60,000
60,000
50,000
170,000
n/a
751,943
580,492
50,000
1,382,435
30 June 2024
Trade and other payables
n/a
814,514
520,492
-
1,335,006
Right-of-use lease liabilities
47,792
-
-
47,792
n/a
862,306
520,492
-
1,382,798
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 76
23
FINANCIAL INSTRUMENTS (continued)
Fair value measurement
Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped
into three levels of a fair value hierarchy.
The three levels are defined based on the observability of significant inputs to the measurement, as follows:
•
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
•
Level 2: inputs other than quoted prices included within Level 1, that are observable for the asset or
liability, either directly (as prices) or indirectly (derived from prices); and
•
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
The carrying amounts of all financial assets and liabilities recognised in the financial statements approximate their
fair values other than those disclosed below:
Financial Asset
Level
2025
2024
$
$
Listed shares (8,625,000 / 6,750,000)
1
448,500
1,080,800
Unlisted options (937,500, Black-Scholes valuation)
3
19,969
-
468,469
1,080,800
Not measured at fair value
The Group has various financial instruments which are not measured at fair value on a recurring basis in the
statement of financial position.
The Directors consider that the carrying amounts of current receivables, current payables and current borrowings
are a reasonable approximation to their fair values.
The methods and valuation techniques used for the purposes of measuring fair values are unchanged compared to
the previous reporting period.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 77
24
RELATED PARTIES
Accounting Policy
Key management personnel compensation
Directors’ remuneration is expensed as the related service is provided. A liability is recognised for the amount
expected to be paid if the Group has a present legal or constructive obligation to pay this amount because of
past service provided by the employee and the obligation can be estimated reliably.
(a)
Key management personnel compensation
Key management personnel compensation comprises the following:
2025
2024
$
$
Short-term employee benefits
537,255
500,471
Post-employment benefits
20,125
6,238
Share-based payments – shares
25,000
-
Share-based payments – options
141,915
-
724,295
506,709
(b)
Other key management personnel transactions
Several key management personnel, or their related parties, hold positions in other companies that result in them
having control or significant influence over these companies.
A number of these companies transacted with the Group during the year. The terms and conditions of these
transactions were no more favourable than those available, or which might reasonably be expected to be available,
in similar transactions to non-key management personnel related companies on an arm’s length basis.
Guy Robertson
Integrated CFO Solutions, a company for which Mr Robertson is a director, received $60,000 (2024: $60,000) in
repayment for commercial, arms-length company secretarial services. The balance outstanding on 30 June 2025
was $10,000 (2024: $5,000).
Bruce Garlick
Royal Corporate Services Pty Ltd, a company for which Mr Garlick is a director, received $102,924 (2024: $nil) in
repayment for commercial, arms-length accounting services and office rent. The balance outstanding on 30 June
2025 was $25,144 (2024: $nil).
Royal Corporate Services Pty Ltd, a company for which Mr Garlick is a director, purchased gold from the Company
for total consideration of $6,705. The sale was conducted at prevailing market prices and on an arm's length basis.
The balance outstanding on 30 June 2025 was $nil (2024: $nil).
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 78
25
AUDITOR’S REMUNERATION
2025
2024
$
$
HLB Mann Judd
Audit and other assurance services
Audit and review of financial reports
59,828
64,000
Taxation compliance services
7,000
10,000
Total Auditor’s Remuneration
66,828
74,000
26
SUBSIDIARIES
The consolidated financial statements incorporate the assets, liabilities, and results of the following wholly owned
subsidiary in accordance with the accounting policy described in note 1.4:
Name of subsidiary
Place of incorporation
Equity Interests
2025
2024
%
%
Fox Radio Hill Pty Ltd
Australia
100
100
KML No2 Pty Ltd
Australia
100
100
Armada Mining Pty Ltd
Australia
100
100
Artemis Management Services Pty Ltd
Australia
100
100
Karratha Metals Pty Ltd
Australia
100
100
Elysian Resources Pty Ltd
Australia
100
100
Hard Rock Resources Pty Ltd
Australia
100
100
Artemis Graphite Pty Ltd
Australia
100
100
Balances and transactions between the Company and its subsidiary, which is a related party of the Company, have
been eliminated on consolidation.
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 79
27
PARENT COMPANY DISCLOSURES
Accounting Policy
The accounting policies of the parent entity, which has been applied in determining the financial information
shown below, are the same as those applied in the consolidated financial statements.
As at, and throughout the financial year ended 30 June 2025, the parent entity of the Group was Artemis
Resources Limited.
2025
2024
$
$
Result of the parent entity
Loss for the year
(5,324,531)
(6,459,561)
Total comprehensive loss for the year
(5,324,531)
(6,459,561)
Financial position of parent entity at year end
Current assets
1,764,251
1,812,367
Total assets
4,960,383
4,793,420
Current liabilities
1,349,721
1,336,704
Total liabilities
1,399,226
1,384,498
Total equity of the parent entity comprising of:
Share capital
125,661,826
120,237,759
Equity-settled benefits reserve
962,137
499,111
Accumulated losses
(123,062,806)
(117,327,948)
Total equity
3,561,157
3,408,922
The parent entity did not have any contingent liabilities or commitments as at 30 June 2025 (2024: nil).
Notes to the Consolidated Financial Report
Artemis Resources Limited
For the year ended 30 June 2025
Page | 80
28
CAPITAL AND OTHER COMMITMENTS
Exploration expenditure commitments
To maintain current rights of tenure to exploration tenements, the Group is required to perform minimum
exploration work to meet the requirements specified by the State Government. These obligations are not provided
for in the financial statements and are payable as follows:
2025
2024
$
$
Mineral exploration
Less than one year
639,400
747,330
Between one year and five years
1,374,400
2,094,187
Greater than five years
99,100
287,177
2,112,900
3,128,694
29
CONTINGENT LIABILITIES AND ASSETS
As at 30 June 2025, the Group is not aware of any contingent liabilities or contingent assets (2024: nil).
30
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
The Company announced and completed a capital raise of $4.925 million post year end, issuing 1,231,249,999
shares at $0.004 each.
The Company appointed Mr Jozeph Patarica as a Non-executive Director on 17 September 2025.
On 29 September 2025, the Company announced the following board and management changes effective
1 October 2025; Jozsef Patarica will transition from Non-Executive Director to Executive Director, Julian Hanna will
transition from Managing Director to Technical Director, Guy Robertson will resign as Director and Company
Secretary on 30 September 2025, and Henko Vos and Jennifer Voon will be appointed as Joint Company Secretaries.
As previously announced, Vivienne Powe will continue as Non-Executive Director until the Company’s Annual
General Meeting in November 2025 and will resign from the board at the Annual General Meeting.
Other than as outlined above, there have been no other matters or circumstances have arisen since the end of the
financial year that have significantly affected, or may significantly affect, the operations of the Group, the results of
these operations, or the state of affairs of the Group in future financial years.
Consolidated Entity Disclosure Statement
Artemis Resources Limited
As at 30 June 2025
Page | 81
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
As at 30 June 2025
Basis of preparation
The consolidated entity disclosure statement has been prepared in accordance with 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
interpretations that could be adopted, and which could give risk to different conclusions regarding residency.
In determining tax residency, the Group has applied the following interpretations:
Australian Tax Residency
Current legislation and judicial precedent have 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.
Name of entity
Type of entity
Place formed
or
incorporated
Percentage of
share capital
held
(if applicable)
Australian
tax resident
or foreign
tax resident
Parent Entity
Artemis Resources Limited
Body Corporate
Australia
n/a
Australian
Subsidiaries:
Fox Radio Hill Pty Limited
Body Corporate
Australia
100%
Australian
Karratha Metals Limited
Body Corporate
Australia
100%
Australian
KML No 2 Pty Limited
Body Corporate
Australia
100%
Australian
Armada Mining Pty Limited
Body Corporate
Australia
100%
Australian
Elysian Resources Pty Limited
Body Corporate
Australia
100%
Australian
Hard Rock Resources Pty Limited
Body Corporate
Australia
100%
Australian
Artemis Graphite Pty Ltd
Body Corporate
Australia
100%
Australian
Artemis Management Services Pty Ltd
Body Corporate
Australia
100%
Australian
Andover Lithium Pty Ltd
Joint Venture
Australia
50%
Australian
At the end of the financial year, no entity within the consolidated entity was a trustee of a trust within the consolidated entity,
a partner in a partnership within the consolidated entity, or a participant in a joint venture within the consolidated entity.
Directors’ Declaration
Artemis Resources Limited
For the year ended 30 June 2025
Page | 82
DIRECTORS’ DECLARATION
In accordance with a resolution of the Directors of Artemis Resources Limited, we state that:
In the directors’ opinion:
1.
The financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001, and other mandatory professional reporting requirements.
2.
The attached financial statements and notes comply with International Financial Reporting Standards as
issued by the International Accounting Standards Board as disclosed in note 1.2.
3.
The financial statements and notes give a true and fair view of the Group’s financial position as of
30 June 2025 and of its performance for the financial year ended on that date.
4.
There are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
5.
The Consolidated Entity Disclosure Statement on page 81 is true and correct.
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 year ended 30 June 2025.
On behalf of the Board
Guy Robertson
Executive Chairman
29 September 2025
Page | 83
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 2025,
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 2025 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 1.6 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.
Page | 84
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 Exploration and Evaluation
Expenditure
Refer to Note 13
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources, the Group capitalises
exploration and evaluation expenditure and as at 30
June 2025 had a deferred exploration and evaluation
expenditure balance of $31,915,047.
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 to the forecast exploration
expenditure for year ending 30 June
2026;
-
Substantiated a sample of expenditure
by
agreeing
to
supporting
documentation; and
-
Examined the disclosures made in the
financial report.
Site Rehabilitation Provision
Refer to Note 19
The Group has a provision for site rehabilitation of
$3,459,733 as at 30 June 2025. During the year, the
Group
reassessed
its
provision,
recording
an
adjustment to reduce the provision by $2,463,486 and
applying this reduction against its development asset.
The estimation of rehabilitation and restoration
provisions
involves
significant
judgment
and
complexity. Management must assess the future costs
required to dismantle, remove, and restore mining
sites, which are often long-term obligations. These
estimates are sensitive to assumptions about timing of
rehabilitation
activities,
regulatory
requirements,
inflation and discount rates, technological changes,
and environmental standards.
The site rehabilitation provision was determined to be
a key audit matter as it is important to the users’
Our procedures included but were not
limited to the following:
-
Obtained an understanding of the key
processes
associated
with
Management’s assessment of the site
rehabilitation provision;
-
Evaluated the methodology used by
Management to estimate future costs;
-
Assessed the assumptions and data
utilised by Management, including
discount rates and inflation;
-
Evaluated the competence, capabilities
and
objectivity
of
Management’s
expert;
-
Obtained an understanding of the work
of Management’s expert;
Page | 85
understanding of the financial statements as a whole
and was an area which involved significant audit effort
and
communication
with
those
charged
with
governance.
-
Evaluated
the
appropriateness
of
Management’s expert’s work as audit
evidence; and
-
Assessed the appropriateness of the
disclosures included in the relevant
notes to 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 2025, 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.
Page | 86
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.
Page | 87
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
2025.
In our opinion, the Remuneration Report of Artemis Resources Limited for the year ended 30 June 2025
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
29 September 2025
Securities Exchange Information
Artemis Resources Limited
Page | 88
SECURITIES EXCHANGE INFORMATION
The shareholder information set out below was applicable on 15 September 2025:
1.
Distribution of ordinary shares
Holding Ranges
Holders
Total Units
% Issued Share
Capital
above 0 up to and including 1,000
226
53,894
0.00%
above 1,000 up to and including 5,000
539
1,687,463
0.04%
above 5,000 up to and including 10,000
470
3,778,363
0.10%
above 10,000 up to and including 100,000
1,573
68,196,350
1.81%
above 100,000
1,374
3,690,956,094
98.04%
Totals
4,182
3,764,672,164
100.00%
There were 2,367 holders of less than a marketable parcel of ordinary shares.
2.
Voting rights
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll,
every member present or by proxy shall have one vote for every share held.
Options and rights
No voting rights.
3.
Corporate Governance Statement
In accordance with Listing Rule 4.10.3, the Company’s Corporate Governance Statement can be found on the
Company’s website.
Refer to https://artemisresources.com.au/corporate-governance/
Securities Exchange Information
Artemis Resources Limited
Page | 89
4.
Top twenty ordinary shareholders on 15 September 2025
Position
Holder Name
Holding
% IC
1
CITICORP NOMINEES PTY LIMITED
475,726,664
12.64%
2
COMPUTERSHARE CLEARING PTY LTD
354,101,109
9.41%
3
BNP PARIBAS NOMS PTY LTD
122,705,027
3.26%
4
EQUITY TRUSTEES LIMITED
118,750,000
3.15%
5
HSBC CUSTODY NOMINEES (AUSTRALIA)
LIMITED
117,951,963
3.13%
6
BENNELONG RESOURCE CAPITAL PTY LTD
84,631,832
2.25%
7
BATTLE MOUNTAIN PTY LIMITED
69,867,033
1.86%
8
BNP PARIBAS NOMINEES PTY LTD
63,927,310
1.70%
9
J P MORGAN NOMINEES AUSTRALIA PTY
LIMITED
53,755,824
1.43%
10
CYGNUS 1 NOMINEES PTY LTD
51,718,941
1.37%
11
MRS JUDITH SUZANNE PIGGIN &
MR DAMIEN JAYE PIGGIN &
MR GLENN ADAM PIGGIN
51,640,976
1.37%
12
NORMANDY CORPORATION PTY LTD
36,632,357
0.97%
13
SORRENTO RESOURCES PTY LTD
29,338,089
0.78%
14
SIXRED PTY LTD
25,000,000
0.66%
15
MR TIMOTHY JAMES TYLER &
MRS ANNA-MARIE TYLER
25,000,000
0.66%
16
MR NICHOLAS DERMOTT MCDONALD
25,000,000
0.66%
17
JEFF TOWLER BUILDING PTY LTD
25,000,000
0.66%
18
GILMORE CAPITAL LIMITED
25,000,000
0.66%
19
BNP PARIBAS NOMINEES PTY LTD
23,776,505
0.63%
20
GUN CAPITAL MANAGEMENT PTY LTD
22,340,047
0.59%
Total
1,801,863,677
47.86%
Total issued capital - selected security class(es)
3,764,672,164
100.00%
Securities Exchange Information
Artemis Resources Limited
Page | 90
5.
Distribution of listed options (expiring on 09-Mar-2026 at exercise price of $0.025)
Holding Ranges
Holders
Total Units
% Issued Share
Capital
above 0 up to and including 1,000
-
-
-
above 1,000 up to and including 5,000
-
-
-
above 5,000 up to and including 10,000
-
-
-
above 10,000 up to and including 100,000
8
719,131
0.23%
above 100,000
128
313,012,908
99.77%
Totals
136
313,732,039
100.00%
6.
Top twenty listed option holders
Position
Holder Name
Holding
% IC
1
CITICORP NOMINEES PTY LIMITED
50,810,700
16.20%
2
MR MICHAEL STANLEY CARTER
14,059,346
4.48%
3
NORMANDY CORPORATION PTY LTD
12,916,668
4.12%
4
BENNELONG RESOURCE CAPITAL PTY LTD
10,800,000
3.44%
5
GOFFACAN PTY LTD
10,120,000
3.23%
6
HSBC CUSTODY NOMINEES (AUSTRALIA)
LIMITED
9,483,156
3.02%
7
CPS CAPITAL NO 5 PTY LTD
9,163,530
2.92%
8
JBM TRADING PTY LTD
9,000,000
2.87%
9
MISS LOUISE LYKANNIS &
MR ILIA LYKANNIS
8,400,000
2.68%
10
BATTLE MOUNTAIN PTY LIMITED
8,333,334
2.66%
11
BENNELONG RESOURCE CAPITAL PTY LTD
7,694,442
2.45%
12
NORMANDY CORPORATION PTY LTD
6,274,510
2.00%
13
CYGNUS 1 NOMINEES PTY LTD
5,916,665
1.89%
14
BATTLE MOUNTAIN PTY LIMITED
5,612,745
1.79%
15
ARREDO PTY LTD
5,588,235
1.78%
16
LNW INVESTMENTS PTY LTD
5,517,500
1.76%
17
BNP PARIBAS NOMS PTY LTD
5,361,460
1.71%
18
STRATA INVESTMENT HOLDINGS PLC
5,310,458
1.69%
19
LINCHPIN CORPORATION PTY LTD
5,166,667
1.65%
20
WICKLOW CAPITAL PTY LTD
5,000,000
1.59%
20
MR ROY HOPKINS-DEACON
5,000,000
1.59%
20
MR ROBERT ANTHONY MCWILLIAM
5,000,000
1.59%
Total
210,529,416
67.10%
Total issued capital - selected security
class(es)
313,732,039
100.00%
Securities Exchange Information
Artemis Resources Limited
Page | 91
7.
Unlisted options
Number
Number of
holders
Expiry date
Exercise price
(cents)
67,321,429
21
4/3/2027
$0.015
20,000,000
4
20/12/2027
$0.02
5,000,000
1
8/9/2027
$0.02
Page | 92
CORPORATE DIRECTORY
Directors
Secretary
Guy Robertson
Guy Robertson
Julian Hanna
Vivienne Powe
Elizabeth Henson
Bruce Garlick
Jozsef Patarica
Registered and Principal Office
Postal Address
Level 2, 10 Ord Street
PO Box 86
West Perth WA 6005
West Perth WA 6872
Telephone: +61 8 6261 5463
Auditor
Bankers
HLB Mann Judd
Westpac Banking Corporation
Level 4, 130 Stirling Street
Royal Exchange
Perth WA 6000
Corner Pitt & Bridge Streets
Sydney NSW 2000
Share Registry
Nominated Advisers and Brokers
Automic Registry Service Pty Ltd
Zeus Capital Limited
Level 2, 267 St Georges Terrace
Telephone: +44 (0) 203 629 5000
Perth WA 6000
CPS Capital
Telephone: +61 (0) 8 9223 2222
Securities Exchange Listings
Australian Securities Exchange
ASX: ARV (shares) & ARVOC (options)
London Stock Exchange
AIM: ARV
Website and Email
Website:
www.artemisresources.com.au
Email:
info@artemisresources.com.au