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Artemis Resources Limited High-Grade Resource at Greater Carlow

13/10/2022 7:00am

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RNS Number : 7046C

Artemis Resources Limited

13 October 2022

13 October 2022

Artemis Resources Limited

("Artemis" or the "Company")

(ASX/AIM: ARV, FRA: ATY, US: ARTTF)

High-Grade Resource at Greater Carlow

Artemis Resources Limited is pleased to provide an update on a new Inferred JORC Mineral Resource at its 100%-owned Greater Carlow Project, located in the Pilbara Region of Western Australia.

Highlights

704,000 oz Au Eq. at 2.5 g/t Au Eq[1] from 8.74 Mt, combined open pit and underground.

A high-grade gold copper cobalt project primed for further growth:

-- Conservative assumptions underlying the new resource estimate reflect the robust nature of the project and take into consideration the recent rising cost environment.

-- The Greater Carlow resource compares very favourably to other gold mining projects on a grade equivalent basis.

-- Inferred Mineral Resource completed for the Greater Carlow gold copper cobalt project reported in accordance with The JORC Code 2012.

   --    Total Inferred Mineral Resource of 8.74 Mt at 2.5 g/t Au Eq comprises: 

o Open pit resource of 7.25 Mt at 2.4 g/t Au Eq. for 557 Koz Au Eq.

-- (using a 0.7 g/t Au Eq. cut-off grade).

     o   Underground resource of 1.49 Mt at 3.1 g/t Au Eq. for 146 Koz Au Eq. 

-- (using a 2 g/t Au Eq. cut-off grade).

-- With this high-grade resource open in multiple directions exploration will now push on to seek to grow resources further.

Alastair Clayton, Executive Director, commented: "On behalf of Artemis I am delighted to report to shareholders the results of our updated resource model. What we have now established at the Greater Carlow Project is a robust, credible, high-grade multi-metal resource from which our exploration team can now seek to continue to grow via drilling. The next phase at Greater Carlow is to drill and add more high-grade tonnes to the open pit and underground resources, including the high-grade Keel Zone which is not included in this resource statement.

Importantly, this resource has taken into consideration recent industry cost escalation and still returned robust results. There is an adage used in mining that "grade is king", we believe this is as relevant today as it ever was.

With a diverse potential product stream of gold and the key battery metals of copper and cobalt we believe Greater Carlow grade ranks very favourably against other comparable Western Australian pre-development resource projects. Furthermore, Greater Carlow's enviable project location likely obviates the need for a future development to finance and operate a range of expensive capital items such as airstrip, accommodation village, power station, water plant etc. as well as contribute strongly to local communities by utilizing a non-FIFO workforce.

With one of the world's largest green energy projects, the Asian Renewable Energy Hub supporting 26 GW of combined solar and wind power generating capacity being proposed by BP in the Pilbara, the Greater Carlow project also has potential to further garner its ESG credentials as a sustainable battery metals and gold producer.

We look forward to updating shareholders with our next steps for the project and I would like to thank our geological team and consultants for the resource update delivered today."

The resource has significant scope to grow in the near term

http://www.rns-pdf.londonstockexchange.com/rns/7046C_1-2022-10-12.pdf

Figure 1 . Oblique view of the model showing potential continuations of known mineralised zones.

http://www.rns-pdf.londonstockexchange.com/rns/7046C_1-2022-10-12.pdf

Figure 2 . Long Section (looking north) model showing key domains and potential continuations of known mineralised zones.

Resource modelling has identified immediate opportunities to grow the open pit and underground resource with further drilling

   --    Scope to grow the open pit resource, Figures 1 and 2. 

o Crosscut zone remains open to the north.

o High-grade shoots have been identified in the block model that will benefit from additional drilling.

o Additional RC and diamond core drilling to increase the open pit resource is currently being planned.

o Additional core drilling for samples for metallurgical test work.

   --    Scope to grow the underground resource, Figures 1 and 2. 

o Gold and copper mineralisation open at depth as demonstrated by previous drilling at Carlow Deeps (or Carlow Keel) (refer to Artemis press release dated 23 November 2020).

o Additional RC and diamond core drilling to test depth extensions at Crosscut and Carlow Main eastern zones are currently being planned.

o Additional core drilling for samples for metallurgical test work.

Tier 1 location

-- Western Australia was ranked the No. 1 mining investment jurisdiction in the 2021 Fraser Institute Annual Survey of Mining Companies.

-- The Greater Carlow project is superbly located 25 km due east of the city of Karratha and 9 km to the west of the town of Roebourne.

   --    Access is via the North West Coastal National Highway and established haul road. 

-- Any future mine development would benefit from proximity to a resident skilled labour pool, established mining contractors, as well as adjacent high voltage power lines, gas, water, a nearby rail line, port and 17 daily jet flights from Karratha to Perth.

Independent Mineral Resource estimate

-- Resource estimation undertaken by mining consultants Snowden Optiro in collaboration with Artemis.

   --    Exhaustive estimation process, including: 

o Data verification - site visit for geological familiarisation, review of on-site processes, high level review of drillhole database, and review of sampling, assaying and QAQC.

o Resource estimation and reporting - new mineralisation wireframes, data analysis, kriging neighbourhood optimisation, cut-off grade determinations, and block model reported considering reasonable prospects for eventual economic extraction (RPEEE) using Whittle for open pit and Datamine Mineable Shape Optimiser (MSO) for underground reportable resources.

o Classification - reported in accordance with the Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves (The JORC Code, 2012).

o Internal peer review by Snowden Optiro.

Greater Carlow - Mineral Resource statement

The Mineral Resource for Greater Carlow as at 13 October 2022 is presented in Tables 1 to 4 and Figures 1-4. All three deposits forming Greater Carlow are open at depth, and Quod Est and Crosscut are open along strike (Figure 1 and 2).

Table 1 . Greater Carlow Inferred Mineral Resources by assumed mining method reported above a cut-off of 0.7 g/t Au Eq. within an optimised open pit shell and above a 2 g/t Au Eq. cut-off for underground using MSO shapes (current as at 13 October 2022). The entire resource is classified as an Inferred Mineral Resource in accordance with The JORC Code, 2012. All tonnes are dry metric tonnes. Figures may not compute due to rounding.

 
 OP or          Au Eq.     Tonnes   Au Eq.   Au (g/t)   Cu (%)   Co (%)   Au (oz)   Cu (t)   Co (t) 
  UG             cut-off    (Mt)     (g/t) 
                 (g/t) 
 Open pit       0.7        7.25     2.4      1.3        0.73     0.09     296,000   53,000   6,500 
               ---------  -------  -------  ---------  -------  -------  --------  -------  ------- 
 Underground    2.0        1.49     3.1      1.6        0.72     0.12     78,000    11,000   1,800 
               ---------  -------  -------  ---------  -------  -------  --------  -------  ------- 
 Total          -          8.74     2.5      1.3        0.73     0.09     374,000   64,000   8,000 
               ---------  -------  -------  ---------  -------  -------  --------  -------  ------- 
 

http://www.rns-pdf.londonstockexchange.com/rns/7046C_1-2022-10-12.pdf

Figure 3 . Oblique view showing potential open pit (grey) and underground (blue) mining method for Inferred Mineral resource.

Table 2. Greater Carlow Mineral Resources by weathering state reported above a cut-off of 0.7 g/t Au Eq. within an optimised open pit shell and above a 2 g/t Au Eq. cut-off for underground using MSO shapes (current as at 13 October 2022). The entire resource is classified as an Inferred Mineral Resource in accordance with The JORC Code, 2012. All tonnes are dry metric tonnes. Figures may not compute due to rounding.

 
 Domain        Tonnes   Au Eq.   Au (g/t)   Cu (%)   Co (%)   Au (oz)   Cu (t)   Co (t) 
                (Mt)     (g/t) 
 Oxide         1.29     1.5      0.8        0.59     0.07     34,000    8,000    1,000 
              -------  -------  ---------  -------  -------  --------  -------  ------- 
 Transition    1.49     2.0      1.2        0.84     0.09     56,000    13,000   1,000 
              -------  -------  ---------  -------  -------  --------  -------  ------- 
 Fresh         5.96     2.8      1.5        0.73     0.10     285,000   44,000   6,000 
              -------  -------  ---------  -------  -------  --------  -------  ------- 
 Total         8.74     2.5      1.3        0.73     0.09     374,000   64,000   8,000 
              -------  -------  ---------  -------  -------  --------  -------  ------- 
 

Table 3. Greater Carlow Mineral Resources reported by area above a cut-off of 0.7 g/t Au Eq. within an optimised pit shell (current as at 13 October 2022). The entire resource is classified as an Inferred Mineral Resource in accordance with The JORC Code, 2012. All tonnes are dry metric tonnes. Figures may not compute due to rounding.

 
 Area        Tonnes   Au Eq.   Au (g/t)   Cu (%)   Co (%)   Au (oz)   Cu (t)   Co (t) 
              (Mt)     (g/t) 
 Main        6.33     2.4      1.3        0.70     0.08     271,000   44,300   5,100 
            -------  -------  ---------  -------  -------  --------  -------  ------- 
 Quod 
  Est        0.19     3.2      1.5        0.85     0.24     9,000     1,600    450 
            -------  -------  ---------  -------  -------  --------  -------  ------- 
 Crosscut    0.73     2.2      0.7        0.99     0.09     16,000    7,300    650 
            -------  -------  ---------  -------  -------  --------  -------  ------- 
 Total       7.25     2.4      1.3        0.73     0.09     296,000   53,200   6,200 
            -------  -------  ---------  -------  -------  --------  -------  ------- 
 

Table 4. Greater Carlow Mineral Resources reported by area above a cut-off of 2 g/t Au Eq. for underground using MSO shapes (current as at 13 October 2022). The entire resource is classified as an Inferred Mineral Resource in accordance with The JORC Code, 2012. All tonnes are dry metric tonnes. Figures may not compute due to rounding.

 
 Area        Tonnes   Au Eq.   Au (g/t)   Cu (%)   Co (%)   Au (oz)   Cu (t)   Co (t) 
              (Mt)     (g/t) 
 Main        1.09     3.1      1.9        0.57     0.11     66,000    6,250    1,200 
            -------  -------  ---------  -------  -------  --------  -------  ------- 
 Crosscut    0.39     3.1      1.0        1.14     0.14     12,500    4,450    550 
            -------  -------  ---------  -------  -------  --------  -------  ------- 
 Total       1.49     3.1      1.6        0.72     0.12     78,500    10,700   1,750 
            -------  -------  ---------  -------  -------  --------  -------  ------- 
 

http://www.rns-pdf.londonstockexchange.com/rns/7046C_1-2022-10-12.pdf

Figure 4. Block model long section (looking north) coloured on resource classification where Green = Inferred and Blue = Unclassified.

The following sections have been provided in fulfilment of ASX Listing Rule 5.8.1.

Geology and mineralisation

The Greater Carlow project is hosted by mafic Archaean volcanic arc rocks. The Carlow Main and Quod Est deposits are hosted within structurally controlled, mineralised zones occurring at right-angles to each other. The recently defined Crosscut deposit is located approximately 200 m north of Carlow Main and strikes north-south, sub-parallel to Quod Est (Figure 5). Mineralisation is hosted within chloritic shear zones in basalts and is focussed along contacts between the host basalt and footwall and hangingwall gabbro units. At Carlow Main, mineralisation dips steeply north at the western end, while at the eastern end the mineralisation dips steeply south. The Carlow Main deposit strikes over 1.2 km and is partially oxidised from depths of 40 m to as much as 100 m in the east. Mineralisation trends are complex, with gold, copper and cobalt occurring across multiple lithologies. Some structural control on mineralisation is likely, with high-grade trends identified within Carlow Main (Figure 2). The Quod Est and Crosscut mineralisation is hosted by north-south chloritic shear zones, and is partially oxidised above 25 m.

http://www.rns-pdf.londonstockexchange.com/rns/7046C_1-2022-10-12.pdf

Figure 5. Oblique overview of Greater Carlow area showing Carlow Main, Quod Est and Crosscut.

Drilling, sampling, analysis and QAQC

Both Reverse Circulation (RC) and diamond core has been used to drill out the geological sequences and identify zones of mineralisation. RC samples comprised 58,261 m or 89% and HQ3 quarter (1,116: 33%) and half (3,685: 77%) core samples comprised 7,094 m or 11% of the total drilling at Greater Carlow.

RC drilling was used to obtain one metre samples, using a 4.5" (112.5 mm) or 5.25" (131.2 mm) face sampling hammer. The entire RC sample was extracted prior to subsampling at surface next to the rig. Field duplicates were taken on selected intervals within the interpreted mineralised horizons. Duplicates were collected at the rig from a static cone splitter, with the primary and duplicate sample simultaneously collected from separate outlets. The cyclone was cleaned between rod changes to minimise contamination. Samples were collected via a rig-mounted splitter to yield sub-samples of approximately 3 kg per 1 m sample length. If any mineralised samples were collected wet, they were noted in the drill logs and database. The rig splitter provided a primary sample of 20-30 kg, and a sub-sample of 2-4 kg for every metre drilled. RC sample recoveries were recorded by the field geologist in the field during logging and sampling. If poor sample recovery was encountered during drilling, the supervising geologist and driller endeavoured to rectify the problem to ensure maximum and representative sample recovery. Visual assessments for moisture and possible contamination were made by a field geologist. Minor damp samples were encountered, with the field geologist and driller ensuring the cleanliness of the cyclone and splitter. A cyclone and static cone splitter were used to ensure representative RC sampling and were routinely inspected and cleaned during drilling. Sample recoveries during drilling completed by Artemis were high, with average overall recovery at 97%. Almost all samples were dry.

Diamond sampling techniques employed at the Artemis core facility include saw cut HQ3 (63 mm) half drill core samples. Sample intervals for diamond ranged from 0.3 m to 1.5 m of which 97% are 1 m length. Triple-tube HQ3 core drilling was completed to maximise diamond core recoveries. For drilling in 2017 and 2018 diamond core was cut into two quarters and one half using a core saw. One of the quarter core segments was placed into a numbered calico bag, which was then tied and placed in a plastic/polyweave bag. For drilling in 2020 and 2021, diamond core was cut into two halves using a diamond core saw. One of the halves was placed into a numbered calico bag, which was tied and placed in a plastic/polyweave bag. Drill core sample recoveries were recorded by the field geologist in the field during logging and sampling. Core recoveries were calculated based on nominal run lengths versus measured lengths of recovered core. Sample recoveries during drilling completed by Artemis were high, with average overall recovery for diamond core 1 m samples at 97%.

For all samples, laboratory preparation consisted of drying, coarse crushing to c. 10 mm, riffle splitting 2-4 kg followed by pulverisation in an LM5 or equivalent pulverising mill to a grind size of 85% passing 75 microns. All assays were by 30-50 g fire assay.

QC procedures involve the insertion of Internal Reference Materials (IRM), along with duplicates and blank samples. IRMs are based on material with a local matrix matched composition which underwent a round-robin process involving five laboratories analysing ten 100 g pouches for Au, Cu and Co. The insertion rate of each these was approximately 1 in 20. For RC and diamond drilling, field duplicates were collected at the rig at a rate of approximately 1 in 20.

Geological and mineralisation modelling and grade estimation methodology

Geological modelling of mineralised domains was undertaken in Leapfrog Geo using the vein modelling tools (Figure 6). Separate mineralised vein domains were built from a merged table using assay data. An interval selection table was derived from the merged table to selectively code the drillholes to facilitate the construction of vein systems. The mineralised vein system used a nominal lower grade cut-off of both 0.3% Cu and 0.5 g/t Au as determined from exploratory data analysis. Three separate mineralised vein systems were created for Main Trend, Crosscut and Quod Est. Main Trend comprises 22 domains (1010-1220), Crosscut comprises six domains (2010-2060) and Quod Est comprises three domains (3010-3030). The wireframes can be considered as hard-wireframed solids and are not derived from a grade shell interpolant process. A mineralised envelope was created using the distance to object function, set at +25 m from the final vein merged systems; this represented the approximate volume of a 0.2% copper halo identified within the Greater Carlow mineralised system. A separate mineralised halo was created for Main Trend (9990) and a combined halo created for Crosscut and Quod Est (9980). Veins were visually checked for thickness, continuity, and extents. Areas of extrapolation used half the drill spacing as a limiting distance. Vein relationships were assessed individually and a priority, i.e. termination on adjacent domains, was set. Vein pinch-outs and pinch-outs around drillholes were used where data supported this requirement.

http://www.rns-pdf.londonstockexchange.com/rns/7046C_1-2022-10-12.pdf

Figure 6. Plan displaying the new wireframes.

Wireframes were exported from Leapfrog Geo to Datamine Studio RM Pro software for the purposes of data coding and estimation. Exploratory data analysis was undertaken on coded samples, using Snowden Supervisor software, to understand data distribution, boundary analysis for weathering relationships, elemental correlation within modelled domains and sample lengths. Samples were composited within domained surfaces (weathering and domain boundaries) to 1 m representing the typical sample length of the data at Greater Carlow. 97% of the sample data occurs within the 0.93-1.02 m range.

Weathering domains were coded to the mineralised domain intercepts covering overburden, oxide, transitional and fresh profiles. For the purposes of estimation the overburden and oxide domains were combined, and the transitional and fresh domains were also combined based on contact boundary analysis. This is expected to honour the mineral speciation between the two principal weathering domains.

Dynamic Anisotropy, a process of locally rotating search orientations with the strike/dip and plunge of the domain, was applied and directions were estimated into the block model prior to grade estimation. The dip and dip direction were derived from a central domain reference surface built from sample point centroids in Leapfrog Geo and exported to Datamine Studio RM Pro.

Top-cutting was undertaken on composited samples, with each coded domain being treated as a separate population. Top-cuts were applied to high Au, Cu and Co grades following statistical and geospatial review.

Exploratory data analysis (EDA) was also undertaken on density data. The amount of density data was not deemed sufficient to effectively estimate density into the model given its spatial distribution within the modelled domains. Density was therefore hard coded based on weathering state and whether a domain was mineralised or waste. Default density values were derived from the EDA analysis.

Variography was undertaken on grouped data that reflected the domains' spatial position and orientation. Seven main mineralised domain areas were grouped, with variography undertaken for each element (Au, Cu and Co) for a total of 21 variograms modelled. Variography was borrowed for domains deemed to be similar in geometry and grade tenor.

Quantitative Kriging neighbourhood analysis (QKNA) was undertaken using Snowden Supervisor software to assess several parameters i.e., block size, estimation volume, sample numbers and discretisation points. This process was undertaken for the 21 variograms. The cross-validation tool was used to quantify how well a theoretical continuity model (variogram) was likely to perform by comparing estimates produced using the model to the original sample values.

A block model was built using a 20 m(E) x 20 m(N) x 10 m(RL) parent cell size covering the full volume of the Greater Carlow deposit. Sub-celling was permitted to 0.5 m in the X and Y directions and 1 m in the Z direction to facilitate a high-resolution filling of the wireframes. The model was further coded by weathering, using the same surfaces as the drillhole database. Discretisation on a grid of 5 x 5 x 3 per parent cell was applied. A three-pass search strategy was used. The first search extended to the full range of the modelled variogram, the second pass was 1.5 times the range of the first search using the sample minima and maxima as per the first search listed above. The final and third pass used 3 times the range of the variogram, halving the sample numbers defined in searches 1 and 2. Where insufficient samples were available for small domains, search parameters were changed on an individual domain basis. The maximum number of samples allowed from any one drillhole was 3 or 4 and the number of samples used ranged from 6-12 to 12-24, depending on domain.

Estimation was by 3D Ordinary Kriging (OK) with dynamic anisotropy (DA) enabled. Check estimates were carried out using OK without DA, and inverse distance squared with DA enabled.

In comparison to the 2021 resource (refer to Artemis press release dated 20(th) May 2021), the 2022 resource is based on a higher-grade width-constrained interpretation, which includes new drilling from 2021 and 2022. This is a change from the 2021 low-grade bulk volume interpretation. The implication being a more selective mining approach for the 2022 resource. The 2021 and 2022 models are also therefore not directly comparable.

The resource estimate was classified in accordance with the Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves (JORC Code, 2012).

Reasonable Prospects for Eventual Economic Extraction (RPEEE) parameters

Pit optimisations were generated to constrain the Mineral Resource in the context of Reasonable Prospects for Eventual Economic Extraction (RPEEE), as required by the JORC Code. Whittle was used for the open pit resource and Datamine MSO for the underground resource, as described below:

Open Pit

-- Selective mining units have not been defined for open pit mining; however, for the open pit a typical bench height approximates 5 m, with the parent block being double that at 10 m in the Z direction.

Underground

-- Sub-level long hole open stoping is the expected mining method and is appropriate for the orebody widths and orientations.

   --   Stope dimensions were assumed to be 10 m along strike and 20 m between levels. 

-- A minimum mining width of 1.5 m was applied, with 0.25 m dilution applied on both the footwall and the hangingwall (thus the minimum mining width of a diluted shape equates to 2.0 m).

Metallurgical factors

In 2019, ALS Metallurgy in Perth completed preliminary metallurgical testwork on two drill core composite samples. The metallurgical testwork demonstrated a potential Greater Carlow flowsheet utilising gravity and cyanide leach for gold, and flotation to produce copper and cobalt concentrates.

Details are:

-- 48% of the gold in testwork on metallurgical samples was recovered using gravity separation, and most of the balance of the non-gravity gold is recoverable in sulphide concentrates as a by-product, using standard flotation. The total recovery of gold achieved was 94.8%.

-- Quick floating copper minerals produced a high-grade copper concentrate of approximately 30% Cu.

-- Deleterious elements, including arsenic, could be managed with a light concentrate polishing using regrind or blend control. Recoveries depended on mineralogy, with 77-85% copper recoveries achieved.

-- Unrecovered copper minerals are predominantly non-floating silicates or secondary oxide copper minerals.

-- Cobalt recoveries ranged from 73-79%. Saleable cobalt concentrate grades ranging from 2.3-5.3% Co were produced. Cobaltite (CoAsS) is the dominant cobalt bearing mineral, and is therefore intrinsically linked to arsenic, affecting its refining route and ultimate sale price.

The mining and metallurgical factors used for the current resource estimate are presented in Table 5.

Table 5. Mining and metallurgical factors used for RPEEE assumptions.

 
          Parameter                            Input Value 
 Overall Slope Angles                          Oxide 40deg 
                                             Transition 45deg 
                                                Fresh 50deg 
-----------------------------  ------------------------------------------- 
 Processing Cost                                AU$50 / t 
-----------------------------  ------------------------------------------- 
 Gold Recovery                                 Oxide: 96% 
                                           Transitional: 93.5% 
                                                Fresh:93% 
-----------------------------  ------------------------------------------- 
 Copper Recovery                               Oxide: 61% 
                                            Transitional: 56% 
                                               Fresh: 90.5% 
-----------------------------  ------------------------------------------- 
 Cobalt Recovery                               Oxide: 47% 
                                            Transitional: 43% 
                                                Fresh: 78% 
-----------------------------  ------------------------------------------- 
 Mining Costs                   AU$2.70 / t +0.5c / t per m below 30 m RL, 
                                                thereafter 
                                                    add 
                                         Transitional AU$0.25 / t 
                                                    and 
                                             Fresh AU$0.50 / t 
-----------------------------  ------------------------------------------- 
 NSRs (incl. payability,                        Gold: 94% 
  royalty and treatment                         Copper: 84% 
  and refining costs)                           Cobalt: 41% 
-----------------------------  ------------------------------------------- 
 Gold Price                                   AU$2,600 / oz 
-----------------------------  ------------------------------------------- 
 Copper Price                                 AU$12,699 / t 
-----------------------------  ------------------------------------------- 
 Cobalt Price                                 AU$90,478 / t 
-----------------------------  ------------------------------------------- 
 Au Royalty (in dore)                              2.5% 
-----------------------------  ------------------------------------------- 
 Au Royalty (in concentrate)                        5% 
-----------------------------  ------------------------------------------- 
 Cu Royalty                                         5% 
-----------------------------  ------------------------------------------- 
 Co Royalty                                         5% 
-----------------------------  ------------------------------------------- 
 

In the Competent Persons' opinion all elements have reasonable potential to be recoverable and sold.

Gold Equivalent formula

The gold equivalent formula used in the calculation of an Au Eq. grade has the following parameters:

 
                      Au Eq. equation = Au (g/t) + Cu(%) x 0.86 
 Overburden/Oxide      + Co(%) x 2.31 
                      Au Eq equation = Au (g/t) + Cu(%) x 0.81 + 
 Transitional          Co(%) x 2.17 
                      Au Eq equation = Au (g/t) + Cu(%) x 1.31 + 
 Fresh                 Co(%) x 3.96 
 
 

It is the Competent Persons' view that all elements contributing to the gold equivalent calculation have the potential to be extracted and sold.

Resource Classification

The Mineral Resource has been classified as Inferred. The classification level is based upon assessment of geological understanding of the deposit, geological and mineralisation continuity, drill spacing, QC results, search and interpolation parameters, analysis of available density information and current metallurgical test work.

COMPETENT PERSONS STATEMENT:

The information in this announcement that relates to Exploration Results and Exploration Targets is based on information compiled or reviewed by Mr. Steve Boda, who is a Member of the Australasian Institute Geoscientists. Mr. Boda is an employee of Artemis Resources Limited. Mr. Boda has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Boda consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

This announcement was approved for release by the Board.

For further information on the Company, please visit www.artemisresources.com.au or contact:

 
  Artemis Resources Limited                     via Camarco 
  Alastair Clayton 
 
  WH Ireland Limited 
   (Nominated Adviser and Broker) 
  Antonio Bossi / Megan Liddell (Corporate      Tel: +44 20 7220 1666 
   Finance)                                      Tel: +44 20 7220 1648 
   Harry Ansell / Daniel Bristowe (Corporate 
   Broking) 
 
  Camarco (Public Relations)                    Tel: +44 20 3781 9244 
  Gordon Poole / James Crothers                 Email: artemis@camarco.co.uk 
   Emily Hall / Rebecca Waterworth 
 

About Artemis Resources

Artemis Resources (ASX: ARV; AIM: ARV, FRA: ATY; US: ARTTF) is an Australian-based exploration and development company, led by an experienced team that has a singular focus on delivering shareholder value from its Pilbara gold projects - the Greater Carlow Gold Project in the West Pilbara and the Paterson Central exploration project in the East Pilbara.

MAR

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

JORC Code, 2012 Edition Table 1

JORC (2012) Table 1 - Section 1 Sampling Techniques and Data

 
 Criteria       JORC Code explanation                                         Commentary 
 Sampling 
  techniques     *    Nature and quality of sampling (e.g. cut channels,             *    Both Reverse Circulation (RC) and diamond core has 
                      random chips, or specific specialised industry                      been used to drill out the geological sequences and 
                      standard measurement tools appropriate to the                       identify zones of mineralisation. RC samples 
                      minerals under investigation, such as down hole gamma               comprised 58,261 m or 89% and HQ3 quarter (1,116: 
                      sondes, or handheld XRF instruments, etc.). These                   33%) and half (3,685: 77%) core samples comprised 
                      examples should not be taken as limiting the broad                  7,094 m or 11% of the total drilling at Greater 
                      meaning of sampling.                                                Carlow. 
 
 
                 *    Include reference to measures taken to ensure sample           *    RC drilling was used to obtain one metre samples, 
                      representivity and the appropriate calibration of any               using a 4.5" (112.5 mm) or 5.25" (131.2 mm) face 
                      measurement tools or systems used.                                  sampling hammer. The entire RC sample was extracted 
                                                                                          prior to subsampling at surface next to the rig. 
                                                                                          Field duplicates were taken on selected intervals 
                 *    Aspects of the determination of mineralisation that                 within the interpreted mineralised horizons. 
                      are Material to the Public Report.                                  Duplicates were collected at the rig from a static 
                                                                                          cone splitter, with the primary and duplicate sample 
                                                                                          simultaneously collected from separate outlets. The 
                 *    In cases where 'industry standard' work has been done               cyclone was cleaned between rod changes to minimise 
                      this would be relatively simple (e.g. 'reverse                      contamination. Samples were collected via the 
                      circulation drilling was used to obtain 1 m samples                 rig-mounted cone splitter to yield sub-samples of 
                      from which 3 kg was pulverised to produce a 30 g                    approximately 3 kg per 1 m sample length. If any 
                      charge for fire assay'). In other cases more                        mineralised samples were collected wet, they were 
                      explanation may be required, such as where there is                 noted in the drill logs and database. The rig 
                      coarse gold that has inherent sampling problems.                    splitter provided a primary sample of 20-30 kg, and a 
                      Unusual commodities or mineralisation types (e.g.                   sub-sample of 2-4 kg for every metre drilled. RC 
                      submarine nodules) may warrant disclosure of detailed               sample recoveries were recorded by the geologist in 
                      information.                                                        the field during logging and sampling. If poor sample 
                                                                                          recovery was encountered during drilling, the 
                                                                                          supervising geologist and driller endeavoured to 
                                                                                          rectify the problem to ensure maximum and 
                                                                                          representative sample recovery. Visual assessments 
                                                                                          for moisture and contamination were made by the field 
                                                                                          geologist. Minor damp samples were encountered, with 
                                                                                          the field geologist and driller ensuring the 
                                                                                          cleanliness of the cyclone and splitter. Sample 
                                                                                          recoveries during the drilling completed by Artemis 
                                                                                          were high, with the average overall recovery at 97%. 
                                                                                          All samples were dry. 
 
 
                                                                                     *    Diamond sampling techniques employed at the Artemis 
                                                                                          core facility include saw cut HQ3 (63 mm) half drill 
                                                                                          core samples. Sample intervals for diamond holes 
                                                                                          ranged from 0.3 m to 1.5 m, of which 97% are 1 m 
                                                                                          length. Triple-tube HQ3 core drilling was completed 
                                                                                          to maximise diamond core recoveries. For drilling in 
                                                                                          2017 and 2018, diamond core was cut into two quarters 
                                                                                          and one half using a core saw. One of the quarter 
                                                                                          core segments was placed into a numbered calico bag, 
                                                                                          which was then tied and placed in a plastic/polyweave 
                                                                                          bag. For drilling in 2020 and 2021, diamond core was 
                                                                                          cut in half using a diamond core saw. One of the 
                                                                                          halves was placed into a numbered calico bag, which 
                                                                                          was tied and placed in a plastic/polyweave bag. Drill 
                                                                                          core sample recoveries were recorded by the geologist 
                                                                                          in the field during logging and sampling. Core 
                                                                                          recoveries were calculated based on nominal run 
                                                                                          lengths versus measured lengths of recovered core. 
                                                                                          Drill core recoveries during drilling completed by 
                                                                                          Artemis were high, with average overall recovery for 
                                                                                          diamond core 1 m samples at 97%. 
               ------------------------------------------------------------  ----------------------------------------------------------------------------------------- 
 Drilling 
  techniques     *    Drill type (e.g. core, reverse circulation, open-hole          *    Drillhole data comprised 65,355 m, consisting of 
                      hammer, rotary air blast, auger, Bangka, sonic, etc.)               58,261 m of RC and 7,094 m diamond holes. Holes were 
                      and details (e.g. core diameter, triple or standard                 drilled by TopDrill, with RC by a Schramm TD685 rig 
                      tube, depth of diamond tails, face-sampling bit or                  and diamond by an Evolution FH3000 rig. 
                      other type, whether core is oriented and if so, by 
                      what method, etc.). 
                                                                                     *    RC samples were collected using a face-sampling bit 
                                                                                          via the inner return tube to a rig-mounted Sandvik 
                                                                                          cone splitter. 
 
 
                                                                                     *    All diamond core was collected by HQ3 sized 
                                                                                          triple-splitter core barrels. Core was orientated by 
                                                                                          Reflex orientation tools. 
               ------------------------------------------------------------  ----------------------------------------------------------------------------------------- 
 Drill sample 
  recovery       *    Method of recording and assessing core and chip                *    The Competent Persons did not supervise previous 
                      sample recoveries and results assessed.                             drill programs; however Artemis have provided the 
                                                                                          following guidelines for drill sample recovery which 
                                                                                          are considered as adequate. 
                 *    Measures taken to maximise sample recovery and ensure 
                      representative nature of the samples. 
                                                                                     *    Sample recoveries were recorded by the geologist in 
                                                                                          the field during logging and sampling. Core 
                 *    Whether a relationship exists between sample recovery               recoveries were calculated based on nominal run 
                      and grade and whether sample bias may have occurred                 lengths versus measured length of recovered core. 
                      due to preferential loss/gain of fine/coarse 
                      material. 
                                                                                     *    If poor sample recovery was encountered during 
                                                                                          drilling, the supervising geologist and driller 
                                                                                          endeavoured to rectify the problem to ensure maximum 
                                                                                          and representative sample recovery. 
 
 
                                                                                     *    Visual assessments by a field geologist were made for 
                                                                                          moisture, and possible contamination. Minor damp 
                                                                                          samples were encountered, and the field geologist and 
                                                                                          driller ensured that the cleanliness of cyclone and 
                                                                                          splitter was maintained. 
 
 
                                                                                     *    For RC drilling, a cyclone and static cone splitter 
                                                                                          were used to ensure representative sampling and were 
                                                                                          routinely inspected and cleaned. 
 
 
                                                                                     *    Sample recoveries during drilling completed by 
                                                                                          Artemis were high, with average recovery of 97% for 
                                                                                          DD and RC samples. Almost all samples were dry. 
 
 
                                                                                     *    Triple-tube HQ3 core drilling was completed to 
                                                                                          maximise diamond core recoveries. Diamond drilling 
                                                                                          was completed to assist in validating the results 
                                                                                          from the RC samples; no identifiable bias was 
                                                                                          observed. 
 
 
                                                                                     *    No relationship exists between sample recovery and 
                                                                                          grade. 
               ------------------------------------------------------------  ----------------------------------------------------------------------------------------- 
 Logging 
                 *    Whether core and chip samples have been geologically           *    All RC and diamond drillholes were geologically 
                      and geotechnically logged to a level of detail to                   logged to industry standards for the mineralisation 
                      support appropriate Mineral Resource estimation,                    present at the project. 
                      mining studies and metallurgical studies. 
 
                                                                                     *    All drill chip samples were geologically logged at 1 
                 *    Whether logging is qualitative or quantitative in                   m intervals from surface to the end of each 
                      nature. Core (or costean, channel, etc.) photography.               drillhole. 
 
 
                 *    The total length and percentage of the relevant                *    Diamond core was photographed, and RC chips were 
                      intersections logged.                                               retained in chip trays for future reference. 
 
 
                                                                                     *    RC sample bags are placed in rows of 50 bags each. 
                                                                                          clear of the rig. A field technician mixes the bag by 
                                                                                          hand before taking a sample using a sieve and sieves 
                                                                                          the sample to remove fines. The sieved sample is then 
                                                                                          transferred to a wet sieve in a bucket of water, and 
                                                                                          the sample is sieved further until rock fragments are 
                                                                                          clearly visible. These rock fragments are then logged 
                                                                                          by the site geologist, taking note of colour, 
                                                                                          grainsize, rock type, alteration if any, 
                                                                                          mineralisation if any, veining if any, structural 
                                                                                          information if notable and any other relevant 
                                                                                          information. This information is then written down on 
                                                                                          pre-printed logging sheets, using codes to describe 
                                                                                          the attributes of the geology. A representative 
                                                                                          sample is transferred to pre-labelled chip trays into 
                                                                                          the corresponding depth from where the sample was 
                                                                                          drilled from. The remainder of the sample from the 
                                                                                          sieve is then transferred into a tray that has been 
                                                                                          marked up by depths at metre intervals. An 
                                                                                          identification sheet noting the hole number and 
                                                                                          from-to depths that correspond to each tray is then 
                                                                                          written up and placed above the tray and a photograph 
                                                                                          is taken of the chips. 
 
 
                                                                                     *    The Competent Persons consider that the level of 
                                                                                          detail is sufficient for the reporting of Mineral 
                                                                                          Resources. Logging data provides information to 
                                                                                          support geological modelling, including 
                                                                                          weathering/oxidation and water table surfaces and 
                                                                                          rock type. 
               ------------------------------------------------------------  ----------------------------------------------------------------------------------------- 
 Sub-sampling 
  techniques      *    If core, whether cut or sawn and whether quarter,             *    For drilling in 2017 and 2018 diamond core was cut 
  and sample           half or all core taken.                                            into two quarters and one half using a diamond core 
  preparation                                                                             saw. One of the quarters was placed into a numbered 
                                                                                          calico bag, which was tied and placed in a 
                  *    If non-core, whether riffled, tube sampled, rotary                 plastic/polyweave bag. 
                       split, etc. and whether sampled wet or dry. 
 
                                                                                     *    For drilling in 2020 and 2021 diamond core was cut in 
                  *    For all sample types, the nature, quality and                      half using a diamond core saw. One of the halves was 
                       appropriateness of the sample preparation technique.               placed into a numbered calico bag, which was tied and 
                                                                                          placed in a plastic/polyweave bag. 
 
                  *    Quality control procedures adopted for all 
                       sub-sampling stages to maximise representivity of             *    RC samples were collected via a rig-mounted, Sandvik 
                       samples.                                                           cone splitter to yield sub-samples of approximately 3 
                                                                                          kg per 1 m sample length. If any mineralised samples 
                                                                                          were collected wet, they were noted in the drill logs 
                  *    Measures taken to ensure that the sampling is                      and database. The rig splitter provided a primary 
                       representative of the in-situ material collected,                  sample of 20-30 kg, and a sub-sample of 2-4 kg for 
                       including for instance results for field                           every metre drilled. 
                       duplicate/second-half sampling. 
 
                                                                                     *    Sample preparation consisted of drying, coarse 
                  *    Whether sample sizes are appropriate to the grain                  crushing to c. 10 mm, riffle splitting the 2-4 kg 
                       size of the material being sampled.                                followed by pulverisation in an LM5 or equivalent 
                                                                                          pulverising mill to a grind size of 85% passing 75 
                                                                                          microns. 
 
 
                                                                                     *    QC procedures involve the insertion of Internal 
                                                                                          Reference Materials (IRM), along with duplicates and 
                                                                                          blank samples. IRMs are based on material with a 
                                                                                          local matrix matched composition which underwent a 
                                                                                          round-robin process, involving five laboratories 
                                                                                          analysing 10 x 100 g pouches for Au, Cu and Co. The 
                                                                                          insertion rate of each these was approximately 1 in 
                                                                                          20. For RC and diamond drilling, field duplicates 
                                                                                          were collected at the rig at a rate of c. 1 in 20. 
                                                                                          For RC drilling, field duplicates were taken on a 
                                                                                          routine basis at approximately a 1:20 ratio using the 
                                                                                          same sampling techniques (i.e. cone splitter) and 
                                                                                          inserted into the sample run. 
 
 
                                                                                     *    The Competent Persons consider the sampling, sample 
                                                                                          preparation and assay methods are reasonable for the 
                                                                                          stage of the project and resource classification; 
                                                                                          however, they are not optimised for coarse gold, 
                                                                                          which may be present based on the observations of; 
                                                                                          (1) high RC field duplicate pair precision of 51%; 
                                                                                          (2) the presence of occasional visible gold and (3) 
                                                                                          metallurgical testwork which displays GRG values of 
                                                                                          up to 48%. 
               ------------------------------------------------------------  ----------------------------------------------------------------------------------------- 
 Quality 
  of assay       *    The nature, quality and appropriateness of the                 *    A certified laboratory, ALS Chemex, was used for all 
  data and            assaying and laboratory procedures used and whether                 analysis of drill samples. 
  laboratory          the technique is considered partial or total. 
  tests 
                                                                                     *    Sample preparation consisted of drying, coarse 
                 *    For geophysical tools, spectrometers, handheld XRF                  crushing to c. 10 mm, riffle splitting the 2-4 kg 
                      instruments, etc., the parameters used in determining               followed by pulverisation in an LM5 or equivalent 
                      the analysis including instrument make and model,                   pulverising mill to a grind size of 85% passing 75 
                      reading times, calibrations factors applied and their               microns. 
                      derivation, etc. 
 
                                                                                     *    This fraction was split again down to a 50 g charge 
                 *    Nature of quality control procedures adopted (e.g.                  for fire assay (Au-AA26) with ICP finish. 
                      standards, blanks, duplicates, external laboratory 
                      checks) and whether acceptable levels of accuracy 
                      (i.e. lack of bias) and precision have been                    *    All samples were dried, crushed, pulverised, and 
                      established.                                                        split to produce a sub-sample of 50 g which was 
                                                                                          digested in hydrofluoric, nitric, hydrochloric and 
                                                                                          perchloric acid (4 acid digest). This digest is 
                                                                                          considered a total dissolution for most minerals. 
                                                                                          Analysis was performed using ICP-OES finish 
                                                                                          (ME-ICP61) for Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, 
                                                                                          Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, 
                                                                                          Sc, Sr, Th, Ti, Tl, U, V, W, Zn. Additional ore grade 
                                                                                          ICP-OES finish (ME-OG62) was used for Cu reporting 
                                                                                          out of range. 
 
 
                                                                                     *    IRMs are matrix matched by using previous pulps from 
                                                                                          drilling programs and homogenised using certified 
                                                                                          laboratories. Standards were analysed by round robins 
                                                                                          to determine grade. Standards were routinely inserted 
                                                                                          into the sample run at 1:20. Artemis inserted IRMs, 
                                                                                          of which 11 were used in the Mineral Resource 
                                                                                          estimate. IRMs "18A" to "18F" and "A" to "F". 
 
 
                                                                                     *    RC and diamond field (quarter core) duplicates for 
                                                                                          2021-2022 totalled 923 and 94, respectively. 1,010 
                                                                                          IRMs and 171 blank samples were inserted with routine 
                                                                                          samples at the rate of approximately one standard, 
                                                                                          blank or duplicate in every 20 samples. 
 
 
                                                                                     *    Campaign-based analysis and reporting of quality 
                                                                                          control (QC) data was undertaken of blanks, field 
                                                                                          duplicates, laboratory repeats, laboratory blanks, 
                                                                                          repeats and IRMs in several groups of batches, and as 
                                                                                          a project-wide group of all results. 
 
 
                                                                                     *    Laboratory internal duplicate checks (pulp 
                                                                                          duplicates) numbered 1,672, which represents 
                                                                                          duplication of 11% of the 2020 to 2022 dataset. 
                                                                                          Repeatability between duplicate pairs was acceptable, 
                                                                                          though with a pairwise precision of 22% which 
                                                                                          indicates a potential coarse gold content. 
 
 
                                                                                     *    IRMs for Au display bias between -5% to +9%. For the 
                                                                                          2021-22 programme the key 18A-C IRMs are +8%, +6% and 
                                                                                          +9% respectively which is high (expectation 
 
 
                                                                                     *    The Competent Persons consider the sampling, sample 
                                                                                          preparation and assay methods are reasonable for the 
                                                                                          stage of the project and resource classification; 
                                                                                          however, they are not optimised for coarse gold, 
                                                                                          which may be present based on the observations of; 
                                                                                          (1) high RC field duplicate precision of 51%; (2) the 
                                                                                          presence of occasional visible gold observed in core 
                                                                                          and RC chips; and (3) metallurgical testwork which 
                                                                                          displays GRG (gravity recoverable gold) values of 
                                                                                          48%. The application of IRMs is not considered to be 
                                                                                          optimal, and the use of commercial CRMs for future 
                                                                                          drilling is recommended. 
               ------------------------------------------------------------  ----------------------------------------------------------------------------------------- 
 Verification 
 of sampling     *    The verification of significant intersections by               *    Artemis geological staff collected and submitted all 
 and assaying         either independent or alternative company personnel.                samples to the laboratory. 
 
 
                 *    The use of twinned holes.                                      *    The independent Competent Person, Ms Janice Graham, 
                                                                                          inspected RC drilling residues and drill core during 
                                                                                          her site visit in May 2022. 
                 *    Documentation of primary data, data entry procedures, 
                      data verification, data storage (physical and 
                      electronic) protocols.                                         *    The non-independent Competent Person, Dr Simon Dominy, 
                                                                                          inspected limited drill core and observed RC residue 
                                                                                          bags during a site visit in November 2019. At this 
                 *    Discuss any adjustment to assay data.                               time, Dr Dominy was not a Director of Artemis. 
 
 
                                                                                     *    Diamond holes were drilled to infill areas of RC 
                                                                                          holes, and diamond sample results showed moderate 
                                                                                          correlation to the nearest RC sample results. A 
                                                                                          slight bias was observed for Au, Cu and Co in a 
                                                                                          comparison of RC versus diamond assay grades. 
 
 
                                                                                     *    Electronic data capture is on MS Excel spreadsheets 
                                                                                          which are then uploaded as .csv files and routinely 
                                                                                          sent to certified database management provider. 
 
 
                                                                                     *    PDF laboratory certificates are stored on the server 
                                                                                          and are checked by the Exploration Manager. 
 
 
                                                                                     *    No adjustments or calibrations have been made to any 
                                                                                          assay data. 
 
 
                                                                                     *    The Competent Persons consider that the information 
                                                                                          provided to them by Artemis geological staff allows 
                                                                                          them to appropriately consider the necessary factors 
                                                                                          in establishing Mineral Resources for the confidence 
                                                                                          estimated. 
               ------------------------------------------------------------  ----------------------------------------------------------------------------------------- 
 Location 
  of data         *    Accuracy and quality of surveys used to locate                *    A Garmin GPSMap62 hand-held GPS was used to define 
  points               drillholes (collar and down-hole surveys), trenches,               the location of the initial drillhole collars. 
                       mine workings and other locations used in Mineral                  Standard practice is for the GPS to be left at the 
                       Resource estimation.                                               site of the collar for a period of 5 minutes to 
                                                                                          obtain a steady reading. Collar locations are 
                                                                                          accurate to within 5 m. 
                  *    Specification of the grid system used. 
 
                                                                                     *    All hole collars were surveyed by differential global 
                  *    Quality and adequacy of topographic control.                       positioning system (DGPS). The topographic surface 
                                                                                          was calculated from the onsite mine survey pickups 
                                                                                          and subsequently verified by RTK GNSS collar surveys. 
 
 
                                                                                     *    Zone 50 (GDA 94) is the relevant grid. Surface collar 
                                                                                          coordinates are surveyed via RTK GNSS with 1 cm 
                                                                                          accuracy by a professional surveying contractor. 
 
 
                                                                                     *    Downhole locations were predominantly surveyed by 
                                                                                          gyroscope, covering 95% of the total metres surveyed. 
                                                                                          Gyroscope values in the database were recorded every 
                                                                                          30 m, except in diamond hole 18CCAD001, and RC holes 
                                                                                          ARC190 to ARC222 (inclusive) which include records 
                                                                                          every 10 m. Holes were also surveyed by Reflex EZ 
                                                                                          TracTM down-hole camera. 
 
 
                                                                                     *    Another unknown method ("UNK") existed in the 
                                                                                          database for the survey records of the collar of RC 
                                                                                          holes ARC033 and ARC105, and another record of the 
                                                                                          latter at 66 m, both of which had no additional 
                                                                                          records. The maximum depths of these holes were 22 m 
                                                                                          and 66 m. The survey data for ARC033 has been derived 
                                                                                          from the planned hole azimuth and dip, and the survey 
                                                                                          data for ARC105 was derived from the DGPS collar 
                                                                                          survey measurement, which has been copied to the 
                                                                                          maximum depth. 
 
 
                                                                                     *    Topographic data were captured in GDA94 MGA Zone 50 
                                                                                          grid system. A topographic surface was built from 
                                                                                          high-resolution 5 m Unmanned Aerial Vehicle (UAV or 
                                                                                          drone) point data, with a resolution of 10 cm. 
 
 
                                                                                     *    The Competent Persons consider that the topographic 
                                                                                          control is suitable to support the Mineral Resource 
                                                                                          estimate. 
               ------------------------------------------------------------  ----------------------------------------------------------------------------------------- 
 Data spacing 
 and             *    Data spacing for reporting of Exploration Results.             *    The mineralisation has been defined by two orthogonal 
 distribution                                                                             drilling grids to intersect the east-striking Carlow 
                                                                                          Main lodes and the north-striking Quod Est lodes. The 
                 *    Whether the data spacing, and distribution is                       southern boundary of the Quod Est drilling grid 
                      sufficient to establish the degree of geological and                adjoins the northern boundary of the Carlow Main grid 
                      grade continuity appropriate for the Mineral Resource               at its central-western area. Aside from minor 
                      and Ore Reserve estimation procedure(s) and                         mineralisation extensions, infill drillholes and 
                      classifications applied.                                            several interpretation-controlling scissor holes, 
                                                                                          drilling is regularly spaced 20 m apart on 40 m 
                                                                                          spaced sections, nominally averaging -60deg dips, and 
                 *    Whether sample compositing has been applied.                        this has provided consistent support to intersections 
                                                                                          of mineralisation and eliminated any influence of 
                                                                                          hole angles on grade. 
 
 
                                                                                     *    Drillholes that define the Carlow Main mineralisation 
                                                                                          lie on 35 sections that shift north or south 
                                                                                          perpendicular to the sigmoidal curve that defines the 
                                                                                          mineralisation trend. Drillholes in the western 
                                                                                          section of the Carlow Main lodes have been drilled to 
                                                                                          the south to intersect the very steeply north-dipping 
                                                                                          lodes, until section 507,640 mE, where the holes have 
                                                                                          been drilled to the north to intersect the very 
                                                                                          steeply south-dipping lodes. 
 
 
                                                                                     *    Drilling into the Quod Est mineralisation has been 
                                                                                          intersected by east-west orientated holes lying on 
                                                                                          eight sections - two of which are infill sections - 
                                                                                          perpendicular to a central easting of 506,650 mE. 
 
 
                                                                                     *    Drilling into the Crosscut mineralisation has been 
                                                                                          intersected by three sections with east-west 
                                                                                          orientated drillholes, two sections with north-south 
                                                                                          orientated drillholes, and three sections with 
                                                                                          south-west orientated drillholes. 
 
 
                                                                                     *    The downhole intervals logged by the geologist as 
                                                                                          being mineralised or showing significant alteration 
                                                                                          were sampled and assayed at 1 m intervals. 
                                                                                          Compositing of RC chip samples occurred for holes 
                                                                                          ARC036 to ARC081 only. All unmineralised intervals 
                                                                                          (based on the field portable XRF readings for Cu, Co 
                                                                                          and As) were composited and assayed over 3 m 
                                                                                          intervals. Mineralised intervals based on the field 
                                                                                          XRF readings were assayed in 1 m intervals. 
 
 
                                                                                     *    If a 3 m RC composite returned assays above normal 
                                                                                          background levels, these intervals were re-sampled 
                                                                                          and assayed at 1 m intervals. 
 
 
                                                                                     *    The Competent Persons believe that the mineralised 
                                                                                          wireframes have sufficient geological and grade 
                                                                                          continuity to support the classification applied to 
                                                                                          the Mineral Resources given the current drill 
                                                                                          pattern. 
               ------------------------------------------------------------  ----------------------------------------------------------------------------------------- 
 Orientation 
 of data         *    Whether the orientation of sampling achieves unbiased     *    The regularly-spaced drilling on consistent sections, 
 in relation          sampling of possible structures and the extent to              and the orientations orthogonal to the strike of the 
 to                   which this is known, considering the deposit type.             lodes, have provided consistent support to 
 geological                                                                          intersections of mineralisation such as to minimise 
 structure                                                                           any bias or influence of hole angles on grades. 
                 *    If the relationship between the drilling orientation 
                      and the orientation of key mineralised structures is 
                      considered to have introduced a sampling bias, this       *    No relationship has been noted between drillhole dip 
                      should be assessed and reported if material.                   angle and mineralisation. 
 
 
                                                                                *    A positive bias has been noted for Au, Cu, and Co for 
                                                                                     drillholes with azimuths oriented sub-parallel to 
                                                                                     mineralisation compared to similar holes normal to 
                                                                                     mineralisation. The bias was limited to the eastern 
                                                                                     section of Carlow Main and influence of high-grade 
                                                                                     sub-parallel drillholes on the estimation controlled 
                                                                                     using a small volume wireframe. 
               ------------------------------------------------------------  ----------------------------------------------------------------------------------------- 
 Sample 
  security        *    The measures taken to ensure sample security.                                        *    Samples were bagged, and cable tied upon collection. 
                                                                                                                 The chain of custody was managed by the supervising 
                                                                                                                 geologist, who placed up to 10 calico sample bags in 
                                                                                                                 polyweave sacks, clearly labelled with: 
 
 
                                                                                                            *    Artemis Resources Ltd 
 
 
                                                                                                            *    Address of laboratory 
 
 
                                                                                                            *    Sample range 
 
 
                                                                                                            *    The polyweave sacks were then loaded directly into a 
                                                                                                                 bulka bag. Each hole was placed in a separate bag, 
                                                                                                                 and twice a week the labelled bags would be collected 
                                                                                                                 and delivered to a transport depot. These were then 
                                                                                                                 loaded directly onto a truck and delivered direct to 
                                                                                                                 the laboratory. Each bulka bag or hole had a separate 
                                                                                                                 sample dispatch, which became a separate analytical 
                                                                                                                 batch at the laboratory. 
 
 
                                                                                                            *    Sample security was maintained through short 
                                                                                                                 collection and delivery turnarounds and the use of 
                                                                                                                 secured transport yards. 
               ------------------------------------------------------------  ----------------------------------------------------------------------------------------- 
 Audits 
  or reviews      *    The results of any audits or reviews of sampling         *    No external audit of sampling techniques and data has 
                       techniques and data.                                          been undertaken. 
 
 
                                                                                *    The Competent Persons strongly recommend that a study 
                                                                                     is undertaken to optimise the Greater Carlow sampling 
                                                                                     protocols in the light of the potential presence of 
                                                                                     coarse gold and relatively poor QC results. 
               ------------------------------------------------------------  ----------------------------------------------------------------------------------------- 
 

JORC (2012) Table 1 - Section 2 Reporting of Exploration Results

 
 Criteria         JORC Code explanation                                            Commentary 
 Mineral 
  tenement          *    Type, reference name/number, location and ownership         *    The project lies on tenement E47/1797-I, which is 
  and land               including agreements or material issues with third               held by KML No. 2 Pty Ltd (KML), a 100% owned 
  tenure status          parties such as joint ventures, partnerships,                    subsidiary of Artemis. The tenement was granted on 
                         overriding royalties, native title interests,                    07/05/2008 and is held in good standing. 
                         historical sites, wilderness or national park and 
                         environmental settings. 
                                                                                     *    According to the Department of Mines, Industry and 
                                                                                          Regulation (DMIRS) of WA Mineral Titles Online system, 
                    *    The security of the tenure held at the time of                   the tenement has an excised portion of land for the 
                         reporting along with any known impediments to                    expired tenement M47/385 (DMIRS, 2019). 
                         obtaining a licence to operate in the area. 
 
                                                                                     *    The tenement is overlapped by a miscellaneous licence, 
                                                                                          granted tenement L47/416 held conjointly by Stirling 
                                                                                          Bay Holdings and Swan Bay Holdings. 
 
 
                                                                                     *    The tenement is securely held by a 100% owned 
                                                                                          subsidiary of Artemis and there are no impediments 
                                                                                          preventing the operation of the Lease. 
                 ---------------------------------------------------------------  ----------------------------------------------------------------- 
 Exploration                                                                            Prior to its naming as Greater 
  done by           *    Acknowledgment and appraisal of exploration by other           Carlow, the Project area was 
  other parties          parties.                                                       known first as Cooper's. 
                                                                                        Pre- 1968 
                                                                                        As early as the 1870s, copper 
                                                                                        ore was mined at the area formerly 
                                                                                        known as Glen Roebourne. Gold 
                                                                                        was discovered in the district 
                                                                                        in the late 1880s and numerous, 
                                                                                        small gold and gold-copper 
                                                                                        prospects, and minor silver, 
                                                                                        were worked to 1960. In the 
                                                                                        1930s, the area was investigated 
                                                                                        by North Australian Aerial 
                                                                                        Geological, Geophysical Survey. 
                                                                                        In 1964, Westfield Minerals 
                                                                                        NL undertook extensive regional 
                                                                                        mapping and stream-soil sampling, 
                                                                                        and identified and drilled 
                                                                                        geochemical, magnetic and induced 
                                                                                        polarisation (IP) anomalies. 
                                                                                        The Geological Survey of Western 
                                                                                        Australia (GSWA) published 
                                                                                        a regional geology map in 1965. 
                                                                                        1968 - 1972 
                                                                                        In 1968, Consolidated Gold 
                                                                                        Mining Areas NL drilled seven 
                                                                                        DD holes for 759 over mining 
                                                                                        claims MC387 and MC410, which 
                                                                                        are now within E47/1797-I. 
                                                                                        The holes intersected mineralisation 
                                                                                        containing three main chalcopyrite 
                                                                                        veins ranging from 23 cm to 
                                                                                        76 cm thickness and hosted 
                                                                                        up to 5.36% Cu, 17.14 g/t Au 
                                                                                        and 1.42% cobalt in separate 
                                                                                        2 ft samples. Geophysical work 
                                                                                        was carried out to improve 
                                                                                        mineralisation targeting included 
                                                                                        magnetometer, self- potential 
                                                                                        and IP surveys. 
                                                                                        In 1969, in partnership with 
                                                                                        Roebourne Exploration and Mining 
                                                                                        Ltd, Amax commenced exploration 
                                                                                        of the area by 275 wide-spaced 
                                                                                        magnetometer survey lines and 
                                                                                        141 line- miles of IP survey, 
                                                                                        2,800 ft of auger drilling, 
                                                                                        14,000 ft of percussion drilling, 
                                                                                        2,800 ft of DD and 475 ft costean/trench. 
                                                                                        The details of the exploration 
                                                                                        program completed are unclear, 
                                                                                        as the financing arrangements 
                                                                                        only allowed for partial program 
                                                                                        completion. The trench revealed 
                                                                                        two vein structures of high-grade 
                                                                                        mineralisation, with 8 m at 
                                                                                        1.73% Cu and 14 m at 2.2% Cu 
                                                                                        within a wide low-grade copper 
                                                                                        mineralisation halo grading 
                                                                                        0.38% Cu that contained numerous 
                                                                                        anomalous gold and cobalt results. 
                                                                                        However, Amax's primary focus 
                                                                                        for the drilling program was 
                                                                                        targeting IP anomalies to the 
                                                                                        north of Greater Carlow that 
                                                                                        were coincident with a chert 
                                                                                        band formed from a felsic volcanic 
                                                                                        horizon that yielded 10 ft 
                                                                                        at 2.5% zinc. The target was 
                                                                                        a stratiform zinc deposit, 
                                                                                        but instead the source of the 
                                                                                        IP anomalies was identified 
                                                                                        as pyrite, and so Amax lost 
                                                                                        interest in the project area. 
                                                                                        1986 - Openpit Mining Ltd 
                                                                                        In a report for Artemis inserted 
                                                                                        into the annual report for 
                                                                                        the combined reporting group 
                                                                                        to the GSWA, Torbinup Resources 
                                                                                        Pty Ltd noted that Openpit 
                                                                                        Mining Ltd explored the known 
                                                                                        base metal mineralized areas 
                                                                                        for gold mineralisation in 
                                                                                        1986 and 1987, which included 
                                                                                        detailed mapping of the main 
                                                                                        workings at Greater Carlow 
                                                                                        and the drilling of 31 RC holes 
                                                                                        for 1,527 m in the Greater 
                                                                                        Carlow, Good Luck and Little 
                                                                                        Fortune areas (Cahill, 2011, 
                                                                                        cited in Voermans, 2012). One 
                                                                                        hole, GC04, intercepted 22 
                                                                                        m at 10.7 g/t Au below the 
                                                                                        No 1 Lode, which included a 
                                                                                        6 m interval at 30.97 g/t Au. 
                                                                                        1995 - 2008: Legend Mining 
                                                                                        Pty Ltd and others 
                                                                                        The following has been taken 
                                                                                        from Cahill (2011), cited in 
                                                                                        Voermans (2012). 
                                                                                        Legend commenced exploration 
                                                                                        of the area in 1995, initially 
                                                                                        concentrating on areas of historic 
                                                                                        workings. 
                                                                                        Dragon Mining NL, ("Dragon") 
                                                                                        and Titan Mining NL ("Titan") 
                                                                                        commissioned an Airborne Electromagnetic 
                                                                                        ("AEM") survey over a large 
                                                                                        portion of the West Pilbara 
                                                                                        in 1996 and 2001 respectively. 
                                                                                        In 1999 and 2000, Legend explored 
                                                                                        the copper anomaly identified 
                                                                                        by AMAX in 1969, which led 
                                                                                        to the discovery of high-grade 
                                                                                        copper-gold mineralisation 
                                                                                        in a soil covered area of Carlow 
                                                                                        South, south of the main workings. 
                                                                                        Further field activities included 
                                                                                        RC drilling, soil geochemical 
                                                                                        sampling, detailed ground magnetic 
                                                                                        surveys, trenching, preliminary 
                                                                                        metallurgical testwork, gradient 
                                                                                        array induced polarization 
                                                                                        ("IP"), transient electromagnetic 
                                                                                        ("TEM") surveys and resource 
                                                                                        estimates. This program was 
                                                                                        successful in identifying a 
                                                                                        high-grade pod of gold mineralisation 
                                                                                        which plunges 60deg easterly 
                                                                                        within a broad shear zone and 
                                                                                        remains open at depth. This 
                                                                                        pod is surrounded by an extensive 
                                                                                        halo of lower grade gold and 
                                                                                        copper mineralisation over 
                                                                                        a strike length of 400 m which 
                                                                                        is open to the west. 
                                                                                        In 2000 estimates of mineralisation 
                                                                                        within 100 m of the surface 
                                                                                        were produced using a sectional 
                                                                                        polygonal method. 
                                                                                        Several other prospects within 
                                                                                        a 500 m radius of the old Greater 
                                                                                        Carlow workings were subject 
                                                                                        to first-pass RC drilling, 
                                                                                        and results confirm the widespread 
                                                                                        presence of copper and gold 
                                                                                        mineralisation in the area. 
                                                                                        Approximately 400 m east of 
                                                                                        the main workings, drillhole 
                                                                                        CC54 in Carlow East intersected 
                                                                                        two mineralised horizons within 
                                                                                        a 20 m thick highly altered 
                                                                                        zone. The intersections included 
                                                                                        4 m grading 1.32% Cu and 4.55 
                                                                                        g/t Au from 38 m, and 48 m 
                                                                                        5.66% Cu and 1.87 g/t Au, which 
                                                                                        included 8 m at 0.16% Co. 
                                                                                        Following orientation TEM and 
                                                                                        IP surveys over the Carlow 
                                                                                        South resource, a detailed 
                                                                                        IP survey was completed over 
                                                                                        the main area of interest. 
                                                                                        A detailed interpretation of 
                                                                                        the data resulted in the identification 
                                                                                        of numerous IP and resistivity 
                                                                                        targets. A total of 28 IP targets 
                                                                                        and nine resistivity targets 
                                                                                        were selected and assigned 
                                                                                        a follow-up priority for immediate 
                                                                                        drilling. This planned drilling 
                                                                                        was never undertaken. 
 
                                                                                        Small scale mining of the green 
                                                                                        chrysoprase was undertaken 
                                                                                        in the past on M47/385 just 
                                                                                        north of the Greater Carlow 
                                                                                        main workings and several large 
                                                                                        boulders were mined and subsequently 
                                                                                        cut and polished for marketing 
                                                                                        purposes. Polished hand specimens 
                                                                                        show a translucent pattern 
                                                                                        of fine grained, apple green 
                                                                                        colour chert, transected by 
                                                                                        milky- white to blackish quartz 
                                                                                        veins and veinlets. 
 
                                                                                        In 2007 and 2008, Legend undertook 
                                                                                        geophysical exploration surveys 
                                                                                        over the project area, which 
                                                                                        used a combination of AEM and 
                                                                                        ground-based geophysics, and 
                                                                                        consisted of: 
 
                                                                                         *    Compilation and processing of regional aeromagnetic 
                                                                                              and radiometric datasets covering the entire the 
                                                                                              project area. The compilation involved several 
                                                                                              historic datasets with line spacing varying from 25 m 
                                                                                              to 400 m. 
 
 
                                                                                         *    Three Versatile Time Domain Electromagnetic ("VTEM") 
                                                                                              surveys covered an area of approximately 410 km(2) , 
                                                                                              with flight directions ranging from E-W to NW-SE to 
                                                                                              N-S depending on the orientation of stratigraphy. 
                                                                                              Line spacing was either 200 m or 100 m with infill 
                                                                                              lines of 100 m or 50 m respectively if conductive 
                                                                                              features of interest were identified. 
 
 
                                                                                         *    Three Ground Fixed-Loop Transient Electromagnetic 
                                                                                              ("FLTEM") surveys were carried out to investigate 16 
                                                                                              conductors identified by the airborne VTEM surveys. 
                                                                                              Thirteen of the 16 VTEM targets surveyed identified 
                                                                                              conductors considered significant enough to warrant 
                                                                                              future drill testing. 
 
 
 
                                                                                        2008 - 2016: 
                                                                                        No on ground exploration activities 
                                                                                        were conducted between 2008 
                                                                                        and 2016 as a native title 
                                                                                        agreement was being negotiated. 
 
                                                                                        2017 - 2019: 
                                                                                        Artemis commenced resource 
                                                                                        development drilling at Greater 
                                                                                        Carlow in 2017 with 81 RC holes 
                                                                                        for 7,357 m. 
                                                                                        A sub-audio magnetic (SAM) 
                                                                                        survey over the Carlow South 
                                                                                        area in 2018 confirmed the 
                                                                                        1.2 km strike of the Greater 
                                                                                        Carlow Mineral Resource. Resource 
                                                                                        development drilling in 2018 
                                                                                        included 108 RC holes for 15,882 
                                                                                        m, and 12 DD holes for 1,505 
                                                                                        m. Drilling focussed on the 
                                                                                        Carlow South and Quod Est areas 
                                                                                        with drillholes nominally spaced 
                                                                                        20 m apart on 40 m spaced sections. 
                                                                                        The drilling results were incorporated 
                                                                                        into mineral resource estimates 
                                                                                        in February 2019 and updated 
                                                                                        in November 2019 and May 2021. 
 
                                                                                        In 2019, ALS Metallurgy in 
                                                                                        Perth completed preliminary 
                                                                                        metallurgical testwork on two 
                                                                                        100 kg drill core composite 
                                                                                        samples. The metallurgical 
                                                                                        testwork demonstrated a potential 
                                                                                        Greater Carlow ore flowsheet 
                                                                                        utilising gravity and cyanide 
                                                                                        leach for gold, and flotation 
                                                                                        to produce copper and cobalt 
                                                                                        concentrates. 
 
                                                                                        2020 - 2022: 
                                                                                        In 2020, Artemis completed 
                                                                                        follow-up resource development 
                                                                                        drilling at Greater Carlow 
                                                                                        targeting infill and extensions 
                                                                                        at depth in the Main (East 
                                                                                        and West), Quod Est and Crosscut 
                                                                                        areas. A total of 62 RC holes 
                                                                                        for 7,574 m and 11 DD holes 
                                                                                        for 3,788 m were completed 
                                                                                        and successfully intersected 
                                                                                        mineralisation up to 250 m 
                                                                                        below the November 2019 
                                                                                        Mineral Resource. 
                 ---------------------------------------------------------------  ----------------------------------------------------------------- 
 Geology 
                         *    Deposit type, geological setting and style of          *    The mineralisation system at Greater Carlow is 
                              mineralisation.                                             currently understood to represent a hydrothermal 
                                                                                          Cu-Co-Au system. Mineralisation is hosted by 
                                                                                          sulphide-rich quartz-carbonate veins within a 
                                                                                          pervasively chloritised shear zone of the Ruth Well 
                                                                                          Formation, consisting of mafic volcano-sedimentary 
                                                                                          host rocks. 
 
 
                                                                                     *    The project area lies on Archaean volcanic arc rocks, 
                                                                                          which overly two unconformable sequences of mainly 
                                                                                          volcanic and intrusive rocks. Amphibolites and 
                                                                                          undifferentiated mafic and ultramafic rocks dominate 
                                                                                          the older sequence, which have been metasomatised by 
                                                                                          intrusive activity. Gabbros and calcrete-covered 
                                                                                          serpentinites have been recognised in the area. 
 
 
                                                                                     *    The Greater Carlow gold-copper-cobalt (Au-Cu-Co) 
                                                                                          deposit is located 28 km northeast of the Radio Hill 
                                                                                          processing plant. Carlow Main and Quod Est are 
                                                                                          structurally controlled mineralised zones occurring 
                                                                                          almost at right angles to each other. 
 
 
                                                                                     *    The Quod Est portion strikes approximately 
                                                                                          north-south, dipping steeply east with a strike 
                                                                                          length of about 200 m and is fault-terminated to the 
                                                                                          north and potentially at depth. 
 
 
                                                                                     *    The Carlow Main portion strikes east-west, being 
                                                                                          fault disrupted at each end. Drill definition has 
                                                                                          been completed over the 1,200 m strike length which 
                                                                                          has a flattened sinusoidal form. At the western end 
                                                                                          mineralisation dips steeply north; at the eastern end 
                                                                                          the mineralisation dips steeply south. Mineralisation 
                                                                                          at Carlow Main has been shown to extend to at least 
                                                                                          550 m below surface. 
 
 
                                                                                     *    The Crosscut mineralisation strikes approximately 
                                                                                          north- south, dipping steeply east, with a strike of 
                                                                                          about 150 m. 
                 ---------------------------------------------------------------  ----------------------------------------------------------------- 
 Drillhole 
  Information          *    A summary of all information material to the             *    Exploration results are not being reported in this 
                            understanding of the exploration results including a          Mineral Resource declaration. 
                            tabulation of the following information for all 
                            Material drillholes: 
 
 
                      o easting and northing of 
                      the drillhole collar 
                      o elevation or RL (Reduced 
                      Level - elevation above sea 
                      level in metres) of the drillhole 
                      collar 
                      o dip and azimuth of the hole 
                      o down hole length and interception 
                      depth 
                      o hole length. 
                       *    If the exclusion of this information is justified on 
                            the basis that the information is not Material and 
                            this exclusion does not detract from the 
                            understanding of the report, the Competent Person 
                            should clearly explain why this is the case. 
                 ---------------------------------------------------------------  ----------------------------------------------------------------- 
 Data 
 aggregation        *    In reporting Exploration Results, weighting averaging       *    Exploration results are not being reported. 
 methods                 techniques, maximum and/or minimum grade truncations 
                         (e.g. cutting of high grades) and cut-off grades are 
                         usually Material and should be stated. 
 
 
                    *    Where aggregate intercepts incorporate short lengths 
                         of high-grade results and longer lengths of low-grade 
                         results, the procedure used for such aggregation 
                         should be stated and some typical examples of such 
                         aggregations should be shown in detail. 
 
 
                    *    The assumptions used for any reporting of metal 
                         equivalent values should be clearly stated. 
                 ---------------------------------------------------------------  ----------------------------------------------------------------- 
 Relationship 
 between            *    These relationships are particularly important in the       *    The bulk of the Carlow Main mineralisation lodes dip 
 mineralisation          reporting of Exploration Results.                                sub- vertically or steeply to the north and steeply 
 widths and                                                                               to the south in the eastern 20%, while Quod Est and 
 intercept                                                                                Crosscut lodes dip steeply to the east. Other than a 
 lengths            *    If the geometry of the mineralisation with respect to            low proportion of scissor holes that provided volume 
                         the drillhole angle is known, its nature should be               control, drillholes were angled near to 60deg and 
                         reported.                                                        with an azimuth perpendicular to the lodes strike to 
                                                                                          provide as near a 'true' intercept thickness as 
                                                                                          realistically possibly. 
                    *    If it is not known and only the down hole lengths are 
                         reported, there should be a clear statement to this 
                         effect (e.g. 'down hole length, true width not 
                         known'). 
                 ---------------------------------------------------------------  ----------------------------------------------------------------- 
 Diagrams                                                                          *    See the body of the release 
                    *    Appropriate maps and sections (with scales) and 
                         tabulations of intercepts should be included for any 
                         significant discovery being reported These should 
                         include, but not be limited to a plan view of 
                         drillhole collar locations and appropriate sectional 
                         views. 
                 ---------------------------------------------------------------  ----------------------------------------------------------------- 
 Balanced 
  reporting         *    Exploration results are not being reported.                 *    Exploration results are not being reported. 
                 ---------------------------------------------------------------  ----------------------------------------------------------------- 
 Other 
 substantive        *    Other exploration data, if meaningful and material,         *    Surface geological observations have been 
 exploration             should be reported including (but not limited to):               incorporated into the geological interpretation and, 
 data                    geological observations; geophysical survey results;             in concert with the results of geochemical assays, 
                         geochemical survey results; bulk samples - size and              are considered reasonable for this style of 
                         method of treatment; metallurgical test results; bulk            mineralisation. 
                         density, groundwater, geotechnical and rock 
                         characteristics; potential deleterious or 
                         contaminating substances. 
                 ---------------------------------------------------------------  ----------------------------------------------------------------- 
 Further 
  work              *    The nature and scale of planned further work (e.g.          *    Infill drilling around the higher-grade zones is 
                         tests for lateral extensions or depth extensions or              planned to improve the geological understanding of 
                         large-scale step-out drilling).                                  the host structures and the confidence of the 
                                                                                          geological model, grade estimate and Mineral Resource 
                                                                                          classification in these zones. 
                    *    Diagrams clearly highlighting the areas of possible 
                         extensions, including the main geological 
                         interpretations and future drilling areas, provided         *    Metallurgical testwork samples are planned from the 
                         this information is not commercially sensitive.                  oxide, transitional, and fresh weathering zones to 
                                                                                          optimise the process flowsheet and allow accurate 
                                                                                          cutoff grades to be determined. 
 
 
                                                                                     *    Scoping-level studies are planned to increase the 
                                                                                          confidence in the input parameters for an economic 
                                                                                          evaluation of the project. 
                 ---------------------------------------------------------------  ----------------------------------------------------------------- 
 

JORC (2012) Table 1 - Section 3 Estimation and Reporting of Mineral Resources

 
 Criteria         JORC Code explanation                                         Commentary 
 Database 
 integrity          *    Measures taken to ensure that data has not been          *    Artemis Resources is responsible for all primary data 
                         corrupted by, for example, transcription or keying            collection. 
                         errors, between its initial collection and its use 
                         for Mineral Resource estimation purposes. 
                                                                                  *    Core/chip logging utilised project specific codes and 
                                                                                       was stored using the database management system 
                                                                                       DataShed(TM). The software uses primary key fields 
                                                                                       and look-up tables. 
 
 
                                                                                  *    Project specific validation rules and data integrity 
                                                                                       processes are deemed adequate for database control of 
                                                                                       transcription or keying errors. 
 
 
                                                                                  *    Expedio, an external database partner, is responsible 
                                                                                       for loading and exporting drillhole data. An 
                                                                                       accompanying PDF document is provided with each 
                                                                                       database export detailing relevant changes and 
                                                                                       geologist accountable. 
 
 
                                                                                  *    Missing or incomplete data is flagged during export 
                                                                                       and is rectified by site geologists. 
 
 
                                                                                  *    Validation errors and summary files were generated 
                                                                                       during the drillhole database creation using output 
                                                                                       reports in Datamine Studio RM Pro software. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                    *    Data validation procedures used.                         *    Snowden Optiro undertook a review of the database 
                                                                                       provided on 07 August 2022. No material flaws were 
                                                                                       identified, and the database was deemed of sufficient 
                                                                                       quality to inform the October 2022 MRE. 
 
 
                                                                                 Database integrity checks: 
                                                                                  *    Cut-off date and database file names 
 
 
                                                                                  *    Location plot of drillholes and collar elevation 
                                                                                       checks against high resolution topographic surface 
 
 
                                                                                  *    Number of drillholes, hole type used 
 
 
                                                                                  *    Assay field and assay determination method 
 
 
                                                                                  *    Historical data review, suitability, and limitations 
                                                                                       of use 
 
 
                                                                                  *    Excluded drillholes and reasons 
 
 
                                                                                  *    Geological fields, and if used 
 
 
                                                                                  *    Treatment of below detection limit data and missing 
                                                                                       values 
 
 
                                                                                  *    All validation changes listed 
 
 
                                                                                  *    Survey method and visual validation for artificial 
                                                                                       drillhole traces. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 Site visits 
                    *    Comment on any site visits undertaken by the             *    Geological staff from Artemis were responsible for 
                         Competent Person and the outcome of those visits.             the logging and sampling of drill data from the 
                                                                                       Greater Carlow deposit. 
 
                    *    If no site visits have been undertaken indicate why 
                         this is the case.                                        *    The Snowden Optiro Competent Person, Ms Janice Graham, 
                                                                                       visited the Greater Carlow deposit on 13 July 2022, 
                                                                                       observing the local geology, core logging, drilling, 
                                                                                       and sampling practices of diamond and reverse 
                                                                                       circulation (RC) programmes. The CP was shown example 
                                                                                       diamond core and RC chips from the three main 
                                                                                       mineralised areas at Greater Carlow (Carlow Main, 
                                                                                       Crosscut and Quod Est). 
 
 
                                                                                  *    The Artemis Competent Person, Dr Simon Dominy, 
                                                                                       visited the Greater Carlow site in November 2019. Dr 
                                                                                       Dominy walked the Greater Carlow site and viewed 
                                                                                       limited drill core at the Radio Hill site. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 Geological 
 interpretation    *    Confidence in (or conversely, the uncertainty of) the     *    The mineralisation system at Greater Carlow is 
                        geological interpretation of the mineral deposit.              currently understood to represent a hydrothermal 
                                                                                       Au-Cu-Co system. Mineralisation is hosted by 
                                                                                       sulphide-rich quartz-carbonate veins within a 
                                                                                       pervasively chloritised shear zone of the Ruth Well 
                                                                                       Formation, consisting of mafic volcano-sedimentary 
                                                                                       host rocks. 
 
 
                                                                                  *    The Competent Persons are of the opinion that the 
                                                                                       geology of the deposit and mineralisation model is 
                                                                                       sufficiently understood consummate to the current 
                                                                                       drill spacing, data density and stage of the project. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                    *    Nature of the data used and of any assumptions made.     *    All drillholes used in the interpretation and 
                                                                                       estimation are either reverse circulation or diamond 
                                                                                       drill core. No assumptions have been made that will 
                                                                                       affect the Mineral Resource estimate reported. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                   *    The effect, if any, of alternative interpretations on     *    Alternative interpretations were presented and 
                        Mineral Resource estimation.                                   reviewed prior to the October 2022 geological 
                                                                                       interpretation. Snowden Optiro has worked closely 
                                                                                       with Artemis Resources' technical team to create a 
                                                                                       mineralised model that reflects the current 
                                                                                       understanding of the deposit based on structural and 
                                                                                       mineralogical studies. Snowden Optiro is of the 
                                                                                       opinion that the current interpretation is 
                                                                                       appropriate for the stage of the project and is 
                                                                                       globally reasonable. Further drilling may lead to a 
                                                                                       change in the interpretation.. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                   *    The use of geology in guiding and controlling Mineral     *    Geological modelling of mineralised system at Greater 
                        Resource estimation.                                           Carlow used a 0.3% Cu and 0.5 g/t Au cut-off. 
 
 
                                                                                  *    At these cut-offs sufficient continuity is shown, 
                                                                                       allowing an anastomosing vein system to be modelled. 
                                                                                       A broad 0.2% Cu halo can be identified in the sample 
                                                                                       population, which is indicated visually and by 
                                                                                       inflections in the copper log-probability plots. 
 
 
                                                                                  *    Structural data and logging of massive sulphide veins 
                                                                                       from diamond core indicate that a hard-wireframed 
                                                                                       methodology appropriately represents the underlying 
                                                                                       shoot geometry of the mineralisation. Existing 
                                                                                       research supports a single mineralised system for all 
                                                                                       three elements modelled (Au-Cu-Co). 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                    *    The factors affecting continuity both of grade and       *    The co-occurrence of Au-Cu-Co bearing minerals within 
                         geology.                                                      the hypogene and supergene show no evidence of 
                                                                                       successive overprinting phases of mineralisation. 
                                                                                       This indicates that the ore fluid must have been 
                                                                                       capable of simultaneously transporting these metals. 
                                                                                       As such Au, Cu and Co have been domained together to 
                                                                                       represent a single, continuous, coincidental 
                                                                                       mineralisation event. Sufficient continuity is 
                                                                                       achieved at the current drill spacing to model 
                                                                                       continuous vein systems for Carlow Main, Crosscut and 
                                                                                       Quod Est. 
 
 
                                                                                  *    Artemis Resources provided weathering surfaces for 
                                                                                       overburden, base of complete oxidation, top of fresh 
                                                                                       rock and transitional zones 
 
 
                                                                                  *    Surfaces are modelled from regolith logging and 
                                                                                       geochemical data notably that of sulphur ratios to 
                                                                                       Cu. 
 
 
                                                                                  *    The weathering surfaces are considered of moderate to 
                                                                                       high confidence based on project stage and available 
                                                                                       data density. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 Dimensions 
                   *    The extent and variability of the Mineral Resource        *    The deposit is split into three areas, Carlow Main, 
                        expressed as length (along strike or otherwise), plan          Crosscut and Quod Est. 
                        width, and depth below surface to the upper and lower 
                        limits of the Mineral Resource. 
                                                                                  *    Carlow Main is further split into three sub areas, 
                                                                                       east, west, and far west, with mineralisation 
                                                                                       striking east-west with a broad sigmoidal shape 
                                                                                       (approximating a 1.2 km strike). A southerly dip is 
                                                                                       exhibited in the east of Carlow Main, with 
                                                                                       mineralisation modelled to a depth of approximately 
                                                                                       600 m below datum with appropriate drill support. The 
                                                                                       average depth of Carlow Main mineralisation occurs to 
                                                                                       a depth of 240 m below datum. Towards the west dip 
                                                                                       reverts to the north and repeated in the far west. 
 
 
                                                                                  *    Carlow Main is modelled as a series of veins with 
                                                                                       widths ranging from 0.3 m to 33 m 
 
 
                                                                                  *    Crosscut and Quod Est are orthogonal vein arrays 
                                                                                       located north of the Carlow Main shear zone, striking 
                                                                                       north-south occurring as narrower vein array (0.3 
                                                                                       m-12 m) than that of Carlow Main. There is a general 
                                                                                       step down of veins (representing distinct/individual 
                                                                                       pods) gradually increasing in depth to the south. 
                                                                                       Crosscut is modelled to a depth of 300 m and Quod Est 
                                                                                       modelled to a depth of 140 m below datum where drill 
                                                                                       support allows. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 Estimation and 
 modelling         *    The nature and appropriateness of the estimation                          *    In comparison to the 2021 resource (refer to Artemis 
 techniques             technique(s) applied and key assumptions, including                            press release dated 20th May 2021), the 2022 resource 
                        treatment of extreme grade values, domaining,                                  is based on a higher-grade width-constrained 
                        interpolation parameters and maximum distance of                               interpretation, which includes new drilling from 2021 
                        extrapolation from data points. If a computer                                  and 2022. This is a change from the 2021 low-grade 
                        assisted estimation method was chosen include a                                bulk interpretation. The implication being a more 
                        description of computer software and parameters used.                          selective mining approach for the 2022 resource. The 
                                                                                                       2021 and 2022 models are also therefore not directly 
                                                                                                       comparable. 
 
 
                                                                                                  *    Geological modelling of mineralised domains was 
                                                                                                       undertaken in Leapfrog Geo using the vein modelling 
                                                                                                       tools. 
 
 
                                                                                                  *    Separate mineralised vein domains were built from a 
                                                                                                       merged table using assay data. An interval selection 
                                                                                                       table was derived from the merged table to 
                                                                                                       selectively code the drillholes to facilitate vein 
                                                                                                       systems to be built. 
 
 
                                                                                                  *    The mineralised vein system utilised a lower guide 
                                                                                                       cut-off of 0.3% Cu and 0.5 g/t Au as determined from 
                                                                                                       exploratory data analysis. Three separate mineralised 
                                                                                                       vein systems were created for Carlow Main, Crosscut 
                                                                                                       and Quod Est. 
 
 
                                                                                                  *    Carlow Main comprises 22 domains (1010-1220), 
                                                                                                       Crosscut comprises six domains (2010-2060) and Quod 
                                                                                                       Est comprises three domains (3010-3030). The 
                                                                                                       wireframes can be considered hard-wireframed domains 
                                                                                                       and are not derived from grade shell interpolant 
                                                                                                       process. 
 
 
                                                                                                  *    A mineralised envelope was created using the distance 
                                                                                                       to object function, set at +25 m from the final vein 
                                                                                                       merged systems, this represented the approximate 
                                                                                                       distance of a 0.2% Cu halo identified within the 
                                                                                                       Greater Carlow mineralised system. A separate 
                                                                                                       mineralised halo was created for Carlow Main (9990) 
                                                                                                       and a combined halo for Crosscut and Quod Est (9980). 
 
 
                                                                                                  *    Veins were visually checked for thickness, continuity 
                                                                                                 , 
                                                                                                       and extents. Areas of extrapolation used half the 
                                                                                                       drill spacing as a terminal distance. Veins were 
                                                                                                       checked for any unflagged drillholes to ensure no 
                                                                                                       incorrect data is inadvertently selected. If required 
                                                                                                       veins were modified using control polylines to 
                                                                                                       prevent unrealistic volume extrapolation. 
 
 
                                                                                                  *    Vein terminations were set to Boolean on the base of 
                                                                                                       the topographic surface. 
 
 
                                                                                                  *    Vein relationships were assessed individually and a 
                                                                                                       priority i.e., termination on adjacent domains set. 
                                                                                                       Vein pinch outs and pinch outs around drillhole were 
                                                                                                       used where data supported this requirement. 
 
 
                                                                                                  *    Wireframes were exported from Leapfrog Geo to 
                                                                                                       Datamine Studio RM Pro software for the purposes of 
                                                                                                       data coding and estimation. 
 
 
                                                                                                  *    Exploratory data analysis undertaken on coded 
                                                                                                       drillholes using the Snowden Supervisor software to 
                                                                                                       understand density data distribution, boundary 
                                                                                                       analysis for weathering relationships, elemental 
                                                                                                       correlation within modelled domains and sample 
                                                                                                       lengths. 
 
 
                                                                                                  *    Samples were composited within domained surfaces 
                                                                                                       (weathering and domain boundaries) to 1 m 
                                                                                                       representing the typical sample length of the data at 
                                                                                                       Greater Carlow. 97% of the sample data occurs within 
                                                                                                       the 0.93 - 1.02 m range. 
 
 
                                                                                                  *    Weathering domains were coded to the mineralised 
                                                                                                       domain intercepts covering overburden, oxide, and 
                                                                                                       transitional and fresh profiles. 
 
 
                                                                                                  *    For the purposes of estimation overburden/oxide 
                                                                                                       domains were combined, and transitional/fresh domains 
                                                                                                       combined based contact boundary analysis. This is 
                                                                                                       expected to honour the mineral speciation between the 
                                                                                                       two principal weathering domains 
 
 
                                                                                                  *    A block model was built using a 20 m(E) by 20 m(N) by 
                                                                                                       10 m(RL) parent cell size covering the full volume of 
                                                                                                       the Greater Carlow deposit. Sub-celling was permitted 
                                                                                                       to 0.5 m X/Y directions and 1 m in the Z direction to 
                                                                                                       facilitate a high-resolution fill of the wireframes. 
                                                                                                       The model was further coded by weathering, using the 
                                                                                                       same surfaces as the drillhole database. 
 
 
                                                                                                  *    Dynamic Anisotropy, a process of locally rotating 
                                                                                                       search orientation with strike/dip and plunge of the 
                                                                                                       domain was utilised and estimated into the block 
                                                                                                       model prior to grade estimation. The dip and dip 
                                                                                                       direction were derived from a central domain 
                                                                                                       reference surface built from sample point centroids 
                                                                                                       in Leapfrog Geo and exported to Datamine Studio RM 
                                                                                                       Pro. An isotropic search was applied at 50 m by 50 m 
                                                                                                       by 50 m ranges using 2-5 samples. The estimated 
                                                                                                       TRDIP/TRDIPDIR was visually validated against input 
                                                                                                       data. TRPLUNGE was hard coded into each domain based 
                                                                                                       on variography modelling of direction of maximum 
                                                                                                       continuity. Rotations were checked by creating 
                                                                                                       ellipses in Datamine Studio RM Pro to ensure correct 
                                                                                                       search rotations were being applied. 
 
 
                                                                                                  *    Top-cutting was undertaken on composited samples, 
                                                                                                       with each coded domain being treated as a separate 
                                                                                                       population. Top-cuts were applied to high grades for 
                                                                                                       Au, Cu and Co following statistical and geospatial 
                                                                                                       review. 
 
 
                                                                                                  *    Exploratory data analysis was undertaken on density 
                                                                                                       data. Density data was deemed insufficient to 
                                                                                                       effectively estimate density into the model given the 
                                                                                                       spatial distribution within the modelled domains. 
                                                                                                       Density was elected to be hard coded based on 
                                                                                                       weathering surface and whether a mineralised domain 
                                                                                                       or waste domain (country rock). Density data was 
                                                                                                       derived from the EDA analysis. 
 
 
                                                                                                  *    Variography was undertaken on grouped data that 
                                                                                                       reflected the domains spatial position and 
                                                                                                       orientation. Seven main mineralised domain areas were 
                                                                                                       grouped, with variography undertaken for each element 
                                                                                                       (Au, Cu and Co) for a total of 21 variograms 
                                                                                                       modelled. Grouped estimation domains are listed 
                                                                                                       below: 
 
 
                                                                                                 o Carlow Main East - 1013,1015,1023,1025,1033 and 1035 
                                                                                                 o Carlow Main West - 1043,1045,1053,1055,1063 and 1065 
                                                                                                 o Carlow Main Far West - 1073,1075,1083,1085,1093,1095 
                                                                                                 o Crosscut - 2015-2065 
                                                                                                 o Quod Est - 3015-3035 
                                                                                                 o Carlow Main Mineralised Waste - 9993 and 9995 
                                                                                                 o Crosscut/Quod Est Mineralised Waste - 9983 and 9995 
                                                                                                  *    Variography was borrowed for domains deemed to be 
                                                                                                       similar in geometry and grade tenor. 
 
 
                                                                                                  *    Quantitative Kriging neighbourhood analysis (QKNA) 
                                                                                                       was undertaken using the Snowden Supervisor software 
                                                                                                       to assess several parameters i.e., block size, sample 
                                                                                                       pairs, discretisation points. This process was 
                                                                                                       undertaken for the twenty-one variograms. The 
                                                                                                       cross-validation tool was used to understand how well 
                                                                                                       a theoretical continuity model (variogram) was likely 
                                                                                                       to perform by comparing estimates produced using the 
                                                                                                       model to the original sample values. A cross 
                                                                                                       validation histogram was used to understand the 
                                                                                                       estimated population distribution against the 
                                                                                                       histogram for composited estimation points (degree of 
                                                                                                       smoothing) A summary of each grouped domains QKNA is 
                                                                                                       listed below: 
 
 
                                                                                                 o Carlow Main East (Au, Cu and Co) - 12-24, using a max key 
                                                                                                 of four samples per hole identifier 
                                                                                                 o Carlow Main West (Au, Cu and Co) - 12-24, using a max key 
                                                                                                 of four samples per hole identifier 
                                                                                                 o Carlow Main Far West (Au, Cu and Co) - 8-16, using a max 
                                                                                                 key of four samples per hole identifier 
                                                                                                 o Crosscut (Au, Cu and Co) - 8-16, using a max key of four 
                                                                                                 samples per hole identifier 
                                                                                                 o Quod Est (Au, Cu and Co) - 6-12, using a max key of three 
                                                                                                 samples per hole identifier 
                                                                                                 o Carlow Main Mineralised Waste (Au, Cu and Co) - 12-24, 
                                                                                                 using a max key of four samples per 
                                                                                                 hole identifier 
                                                                                                 o Crosscut/Quod Est Mineralised Waste (Au, Cu and Co) - 
                                                                                                 12-24, using a max key of four samples 
                                                                                                 per hole identifier 
                                                                                                  *    Discretisation was used nodes on grid of 5 by 5 by 3 
                                                                                                       m. 
 
 
                                                                                                  *    A three-pass search strategy was used. The first 
                                                                                                       distance to the full range of the modelled variogram, 
                                                                                                       the second pass, 1.5 times the range of the first 
                                                                                                       search using the sample pairs listed above. The final 
                                                                                                 , 
                                                                                                       third pass using 3 times the range of the variogram 
                                                                                                       halving the sample numbers defined in search 1 and 2. 
 
 
                                                                                                  *    Where insufficient samples criteria were met for 
                                                                                                       small domains, search populations were changed for 
                                                                                                       individual domains. 
 
 
                                                                                                  *    Mineralised waste domains used a two-pass strategy, 
                                                                                                       where if grade was not estimated in pass 1 or 2, 
                                                                                                       grade at half the detection limits was assigned to 
                                                                                                       absent grade blocks. 
 
 
                                                                                                  *    Estimation utilised 3D Ordinary Kriging (OK) with 
                                                                                                       dynamic anisotropy (DA) enabled. Check estimates 
                                                                                                       using OK without DA, and inverse distance squared 
                                                                                                       with DA enabled. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
                                                                                                 No production data is available as the deposit is unmined, 
                    *    The availability of check estimates, previous                           bar some minor historic workings, 
                         estimates and/or mine production records and whether                    with no stated production figures. 
                         the Mineral Resource estimate takes appropriate 
                         account of such data.                                                   Previous Mineral Resource estimates were available to the 
                                                                                                 Competent Persons for comparison. 
                                                                                                 In comparison to the 2021 resource (refer to Artemis press 
                                                                                                 release dated 20th May 2021), the 
                                                                                                 2022 resource is based on a higher-grade width-constrained 
                                                                                                 interpretation, which includes 
                                                                                                 new drilling from 2021 and 2022. This is a change from the 
                                                                                                 2021 low-grade bulk interpretation. 
                                                                                                 The implication being a more selective mining approach for 
                                                                                                 the 2022 resource. The 2021 and 
                                                                                                 2022 models are also therefore not directly comparable. 
 
                                                                                                 2018 
                                                                                                  *    Mr Philip Jones estimated an Inferred Mineral 
                                                                                                       Resource for Carlow South of 3.9 Mt at 0.9 g/t Au, 
                                                                                                       0.06% Co and 0.4% Cu using an inverse distance cubed 
                                                                                                       method (ID(3) ). The estimate was reported above a 
                                                                                                       0.5 metal content, where metal content defined using 
                                                                                                       Au g/t + Cu% + Co ppm / 1,000. Drilling data was 
                                                                                                       provided by Artemis Resources to model mineralisation 
                                                                                                       wireframes that were based on a total net smelter 
                                                                                                       return of >US$30 using the following metal factors: 
 
 
                                                                                                 o Copper: prices - US$4.473/lb; recoveries - 75% (mining 
                                                                                                 and metallurgical) 
                                                                                                 o Gold; price - US$1,282.10/oz; recoveries - 90% (mining 
                                                                                                 and metallurgical) 
                                                                                                 o Cobalt: price - US$54,000/t; recoveries - 75% (mining and 
                                                                                                 metallurgical) 
                                                                                                 2019 
                                                                                                  *    January 2019, Al Maynard & Associates estimated an 
                                                                                                       Inferred Mineral Resource at Carlow South and Quod 
                                                                                                       Est of 7.7 Mt at 0.51% Cu, 1.06 g/t Au and 0.08% Co. 
                                                                                                       Four domains were identified, based on strike of the 
                                                                                                       mineralisation. High-grade cuts were also applied 
                                                                                                       using mean grades +2 standard deviations of copper, 
                                                                                                       gold, and cobalt per domain. Grades were interpolated 
                                                                                                       by using inverse distance squared (ID(2) ). 
 
 
                                                                                                  *    November 2019, CSA Global estimated an Inferred 
                                                                                                       Mineral Resource at Carlow South and Quod Est of 8 Mt 
                                                                                                       at 0.6% Cu, 1.6 g/t Au and 0.08% Co, reported above a 
                                                                                                       lower cut-off of 0.3% Cu, and within an optimised pit 
                                                                                                       shell. Two estimation domains for Carlow Main and 
                                                                                                       Quod Est were used in the modelling based on a lower 
                                                                                                       cut-off grade of 500 ppm copper. Grade interpolation 
                                                                                                       was achieved initially by ordinary Kriging into 
                                                                                                       panels, with post-processing using localised uniform 
                                                                                                       conditioning (LUC) within the panels to derive an 
                                                                                                       estimate at the smaller selective mining unit (SMU) 
                                                                                                       scale. Grade limiting was employed in the panel 
                                                                                                       estimates to restrict the influence of extremely high 
                                                                                                       grades to 10 m. The optimised pit shell for the 
                                                                                                       Mineral Resource reporting used the following 
                                                                                                       parameters: 
 
 
                                                                                                 o 50deg overall slope angle 
                                                                                                 o Oxide and Fresh used same recoveries/processing costs 
                                                                                                 o A$48.1/t processing cost 
                                                                                                 o 85% copper recovery 
                                                                                                 o 94.8% gold recovery 
                                                                                                 o 73% cobalt recovery 
                                                                                                 o Mining costs A$/t incremented by depth ranging from 
                                                                                                 A$2.57 through to A$5.77 inclusive 
                                                                                                 o Copper: A$9,000/t 
                                                                                                 o Gold: A$2,000/oz 
                                                                                                 o Cobalt: A$48,000/t 
                                                                                                 2021 
                                                                                                  *    May 2021, CSA Global estimated an Inferred Mineral 
                                                                                                       Resource at Greater Carlow Main, Crosscut and Quod 
                                                                                                       Est of 14.3 Mt at 1.4 g/t Au Eq., 0.7 g/t Au, 0.4% Cu 
                                                                                                       and 0.05% Co within an optimised pit shell. 
                                                                                                       Geological modelling utilised Leapfrog Geo to 
                                                                                                       generate estimation domains by indicator interpolants 
                                                                                                       at a nominal 200 ppm/500 ppm Cu and 0.5 g/t Au 
                                                                                                       cut-offs. 9 estimation domains resulted with a 
                                                                                                       corresponding minzon code, listed below: 
 
 
                                                                                                 o Carlow Main (minzon 10 - low-grade zone - Cu, Co +/- Au, 
                                                                                                 minzon 11 - high-grade zone - Au, 
                                                                                                 Cu and Co, minzon 12 - very high-grade zone - Au, Cu and 
                                                                                                 Co) 
                                                                                                 o Quod Est (minzon 20 - low-grade - Cu, Co +/- Au, minzon 
                                                                                                 21 - high-grade zone Au, Cu and 
                                                                                                 Co) 
                                                                                                 o Crosscut (minzon 30 - low-grade Cu, Co +/- Au, minzon 31 
                                                                                                 - low-grade zone - Au, Cu and Co, 
                                                                                                 minezon 32 - Low-grade zone - Cu, Co +/- Au and minzon 33 - 
                                                                                                 Au, Cu, Co) 
                                                                                                  *    High-grade cuts were used to constrain high grades in 
                                                                                                       the dataset. 
 
 
                                                                                                  *    Grade interpolation for gold, copper, cobalt, arsenic 
                                                                                                 , 
                                                                                                       and sulphur was completed using ordinary Kriging (OK) 
                                                                                                       using dynamic anisotropy. Low-grade minzon domains 
                                                                                                       (10,20,30 and 32) were estimated using indicator 
                                                                                                       Kriging based on a single 0.1 g/t Au indicator, the 
                                                                                                       resulting Kriged indicator was multiplied by 0.6 g/t 
                                                                                                       Au to get the final block estimate grade. 
 
 
                                                                                                  *    Acid soluble copper variable Cu_Spct (sulphuric acid 
                                                                                                       soluble), Cu_Cpct (cyanide soluble), Cu_Rpct 
                                                                                                       (residual copper), were estimated using inverse 
                                                                                                       distance squared (ID(2) ) with a two-pass search 
                                                                                                       ellipse strategy. 
 
 
                                                                                                  *    An open pit optimisation undertaken using Whittle 
                                                                                                       software and assumed the following parameters: 
 
 
                                                                                                 o 50deg overall slope angle 
                                                                                                 o Oxide, transitional and fresh use same recoveries and 
                                                                                                 processing costs 
                                                                                                 o Processing costs of A$48.1/t (includes refining, 
                                                                                                 insurance and general and administration). 
                                                                                                 o Recoveries, which in Artemis' opinion have a reasonable 
                                                                                                 potential to be achieved of; 94.8% 
                                                                                                 gold recovery, 85% copper recovery and 73% cobalt recovery. 
                                                                                                 o Mining costs A$/t incremented by depth, ranging from 
                                                                                                 A$2.57/t through to A$6.35 inclusive. 
                                                                                                 o Commodity prices (A$) Gold - A$2,200/oz, copper A$9,400/t 
                                                                                                 and cobalt A$50,000t. 
                                                                                                 o Royalties per tonne payable on both copper and cobalt 
                                                                                                 produced of 5%. Gold royalty of 2.5% 
                                                                                                 per ounce produced. 
                                                                                                 o Mineral Resource reported above a 0.3 g/t gold 
                                                                                                 equivalent, and calculated by a weighted 
                                                                                                 average of the three components of gold, copper, and 
                                                                                                 cobalt, using the same commodity prices 
                                                                                                 and metallurgical recoveries as the optimisation 
                                                                                                 o AuEq equation - Au (g/t) + ((Cu (%) x ((Cu$/t x Cu 
                                                                                                 recovery x 0.01) / (Au $/g x Au recovery)) 
                                                                                                 + (Co (%) x ((Co $/t x Co recovery x 0.01) / (Au $/g x Au 
                                                                                                 recovery)). 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                    *    The assumptions made regarding recovery of               *    Mineralised domains were modelled using a combined 
                         by-products.                                                  0.3% copper cut-off and 0.5 g/t gold cut-off. Cobalt 
                                                                                       is constrained to this domain demonstrating 
                                                                                       sufficient correlation with copper and gold. 
 
 
                                                                                  *    Gold can be recovered via gravity, prior to 
                                                                                       subsequent floatation for the copper. It is 
                                                                                       reasonable to expect residual gold may be recovered 
                                                                                       by conventional cyanide leach finish. 
 
 
                                                                                  *    Testwork for copper and cobalt demonstrate recovery 
                                                                                       via sequential floatation. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                   *    Estimation of deleterious elements or other non-grade     *    Three elements were estimated Au-Cu-Co. 
                        variables of economic significance (e.g., sulphur for 
                        acid mine drainage characterisation). 
                                                                                  *    Arsenic and sulphur have not been estimated at this 
                                                                                       stage, and further work is required to evaluate their 
                                                                                       impact on the project. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                    *    In the case of block model interpolation, the block      *    The dimensions of the block model selected represent 
                         size in relation to the average sample spacing and            the half the typical drill spacing as 40 m along 
                         the search employed.                                          strike and 20 m down-dip. Sub-celling was permitted 
                                                                                       to 0.5 m (X) by 0.5 m (Y) and 1 m (Z) to provide a 
                                                                                       suitable volume fill consummate to the drill spacing 
                                                                                       and selectivity. 
 
 
                                                                                  *    Block size was determined and validated using QKNA 
                                                                                       review observing slope of regression and kriging 
                                                                                       efficiencies, by moving the centroid of the block to 
                                                                                       different data densities. 
 
 
                                                                                  *    Estimations used a three-pass strategy, whereby the 
                                                                                       first search reflected the maximum modelled 
                                                                                       continuity, the second pass used 1.5 times the 
                                                                                       maximum modelled continuity and third pass was three 
                                                                                       times the primary ranges. 
 
 
                                                                                  *    Detailed sample pairs are listed in Estimation and 
                                                                                       Modelling Techniques (Table 1, Section 3). 
 
 
                                                                                  *    Resource classification has considered search volume 
                                                                                       as part of the resource classification process. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
                                                                                Open Pit 
                    *    Any assumptions behind modelling of selective mining     *    Selective mining units have not been defined for open 
                         units.                                                        pit mining, however, for the open pit a typical bench 
                                                                                       height approximates 5 m, with the parent block being 
                                                                                       double that at 10 m in the Z direction. 
 
 
                                                                                 Underground 
                                                                                  *    Sub-level long hole open stoping is an expected 
                                                                                       mining method appropriate for the ore body widths and 
                                                                                       dip. 
 
 
                                                                                  *    Stope dimensions utilised a strike of 10 m and a 20 m 
                                                                                       dip. 
 
 
                                                                                  *    Minimum mining width of 1.5 m with 0.25 m dilution on 
                                                                                       both FW and HW (minimum mining width of a diluted 
                                                                                       shape equates to 2.5 m). 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                    *    Any assumptions about correlation between variables.     *    A good correlation is shown for the primary elements 
                                                                                       Au-Cu-Co within the modelled domains. The three 
                                                                                       elements are modelled in the same mineralised 
                                                                                       domains. The estimation method has not specifically 
                                                                                       built in the correlation and the elements have been 
                                                                                       estimated independently. Pearsons correlation 
                                                                                       coefficients for the three elements are shown below: 
 
 
                                                                                  Element    Au_ppm   Cu_ppm   Co_ppm 
                                                                                   Au_ppm         1     0.66     0.67 
                                                                                            -------  -------  ------- 
                                                                                   Cu_ppm      0.66        1        2 
                                                                                            -------  -------  ------- 
                                                                                   Co_ppm      0.67     0.45        1 
                                                                                            -------  -------  ------- 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                    *    Description of how the geological interpretation was     *    Modelling of the mineralised domains utilised 
                         used to control the resource estimates.                       available data provided to Snowden Optiro including 
                                                                                       logged geology and structural data available on 
                                                                                       diamond core. 
 
 
                                                                                  *    Domains are considered hard wireframed with 
                                                                                       estimation taking place within a final derived 
                                                                                       estimation field grouped by weathering. 
 
 
                                                                                  *    The mineralised envelope utilised a hard top-cutting 
                                                                                       approach of the sample population to avoid material 
                                                                                       flagging as economic in non-hard wireframed 
                                                                                       constrained areas. The mineralised envelope 
                                                                                       correlated well with a broad lower 0.2% copper halo 
                                                                                       that surrounded the primary mineralised domains and a 
                                                                                       stoped out by the mineralisation, therefore no double 
                                                                                       counting of blocks can occur. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                    *    Discussion of basis for using or not using grade         *    A top-cutting methodology was used and undertaken on 
                         cutting or capping.                                           a domain-by-domain basis for Au, Cu and Co. Top-cuts 
                                                                                       were selectively chosen via statistical review along 
                                                                                       with a geospatial review of their location, with the 
                                                                                       likely effect of their influence on metal 
                                                                                       contribution considered. Where high grades were 
                                                                                       identified, populations were trimmed or cut back to 
                                                                                       an expected high-grade value. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                   *    The process of validation, the checking process used,     *    Models were validated using tonnage weighted output 
                        the comparison of model data to drillhole data, and            grades against equal weighted mean grades and 
                        use of reconciliation data if available.                       declustered top-cut sample grades. Models were 
                                                                                       subjected to visual interrogation against input data 
                                                                                       for response to grade changes both in plan, section 
                                                                                       and globally. Further validation utilised swath plot 
                                                                                       analysis to understand model responsiveness to 
                                                                                       underlying data support to determine areas of 
                                                                                       extrapolation over interpolation. 
 
 
                                                                                  *    Domains were ranked in order of metal contribution to 
                                                                                       the Greater Carlow project for materiality to the 
                                                                                       estimation. 
 
 
                                                                                  *    Domains that were to be split by resource 
                                                                                       classification, were validated using Inferred 
                                                                                       Resources solely, excluding extrapolated unclassified 
                                                                                       resources. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 Moisture                                                                       *    Tonnages have been estimated on a dry basis. 
                    *    Whether the tonnages are estimated on a dry basis or 
                         with natural moisture, and the method of 
                         determination of the moisture content. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 Cut-off                                                                                         Mineral Resources were reported separately for the open pit 
 parameters         *    The basis of the adopted cut-off grade(s) or quality                                  and underground using an Au Eq. 
                         parameters applied.                                                         calculation. Au Eq. factors include payability and 
                                                                                                          downstream costs (NSR). The global Au Eq. 
                                                                                                   formula follows, and includes payability and downstream 
                                                                                                                           costs: 
 
                                                                                                 Au Eq. = Au (g/t) + (Cu (%) x (Cu(NSR A$/t) / Au(NSR A$/t) 
                                                                                                               )) + (Co (%) x (Co(NSR A$/t) / 
                                                                                                                       Au(NSR A$/t) )) 
 
                                                                                                    The Table below summarises the inputs into the above 
                                                                                                                     equation for Au Eq. 
 
 
 
                                                                                                     The calculation was determined for each weathering 
                                                                                                        interface using the following formula (refer 
                                                                                                                 Table above)[Au Eq. = g/t]: 
 
                                                                                                   *    Oxide: Au Eq. = Au(g/t) + ((Cu%) x 0.86)) + (Co%) x 
                                                                                                                              2.31)) 
 
 
                                                                                                   o Recovery of 96.0% gold, 61.0% copper and 47.0% cobalt 
                                                                                                   *    Transitional: Au Eq. = Au(g/t) + ((Cu%) x 0.81)) + 
                                                                                                                          (Co%) x 2.17)) 
 
 
                                                                                                   o Recovery of 93.5% gold, 56.0% copper and 43.0% cobalt 
                                                                                                   *    Fresh: Au Eq. = Au(g/t) + ((Cu%) x 1.31)) + (Co%) x 
                                                                                                                              3.96)) 
 
 
                                                                                                   o Recovery of 93.0% gold, 90.5% copper and 78.0% cobalt 
 
 
 
 
                                                                                                        Open pit - OP cut-off grade - 0.70 g/t Au Eq. 
                                                                                                                            OXIDE 
                                                                                                               *    Processing cost: A$50.00/t 
 
 
                                                                                                                   *    Mining dilution: 5% 
 
 
                                                                                                         *    Gold royalty: 2.5%, copper royalty: 5% 
 
 
                                                                                                                 *    Gold price: A$2,600/oz 
 
 
                                                                                                                *    Copper price: A$12,699/t 
 
 
                                                                                                                *    Cobalt price: A$90,478/t 
 
 
                                                                                                         *    NSR: Au - 94.0% Cu - 84.0%, Co - 41.0% 
 
 
                                                                                                                        TRANSITIONAL 
                                                                                                               *    Processing cost: A$50.00/t 
 
 
                                                                                                                   *    Mining dilution: 5% 
 
 
                                                                                                         *    Gold royalty: 2.5%, copper royalty: 5% 
 
 
                                                                                                                 *    Gold price: A$2,600/oz 
 
 
                                                                                                                *    Copper price: A$12,699/t 
 
 
                                                                                                                *    Cobalt price: A$90,478/t 
 
 
                                                                                                         *    NSR: Au - 94.0% Cu - 84.0%, Co - 41.0% 
 
 
                                                                                                                            FRESH 
                                                                                                               *    Processing cost: A$50.00/t 
 
 
                                                                                                                   *    Mining dilution: 5% 
 
 
                                                                                                         *    Gold royalty: 2.5%, copper royalty: 5% 
 
 
                                                                                                                     *    NSR: A$66.64/t 
 
 
                                                                                                                 *    Gold price: A$2,600/oz 
 
 
                                                                                                                *    Copper price: A$12,699/t 
 
 
                                                                                                                *    Cobalt price: A$90,478/t 
 
 
                                                                                                         *    NSR: Au - 94.0% Cu - 84.0%, Co - 41.0% 
 
 
                                                                                                         Underground cut-off grade - 2.00 g/t Au Eq. 
                                                                                                                            FRESH 
                                                                                                                   *    Mining cost: A$80/t 
 
 
                                                                                                               *    Processing cost: A$50.00/t 
 
 
                                                                                                                  *    Mining dilution: 10% 
 
 
                                                                                                         *    Gold royalty: 2.5%, copper royalty: 5% 
 
 
                                                                                                                 *    Gold price: A$2,600/oz 
 
 
                                                                                                                *    Copper price: A$12,699/t 
 
 
                                                                                                                *    Cobalt price: A$90,478/t 
 
 
                                                                                                         *    NSR: Au - 94.0% Cu - 84.0%, Co - 41.0% 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 Mining factors 
 or assumptions    *    Assumptions made regarding possible mining methods,                       *    Open pit mining is considered as the appropriate 
                        minimum mining dimensions and internal (or, if                                 mining method for future studies with an underground 
                        applicable, external) mining dilution. It is always                            reported below the optimised pit outline. The 
                        necessary as part of the process of determining                                Competent Persons believe that there are Reasonable 
                        reasonable prospects for eventual economic extraction                          Prospects for Eventual Economic Extraction based on 
                        to consider potential mining methods, but the                                  the outputs of the Whittle(TM) and MSO optimisations. 
                        assumptions made regarding mining methods and 
                        parameters when estimating Mineral Resources may not 
                        always be rigorous. Where this is the case, this 
                        should be reported with an explanation of the basis                      Open pit optimisation parameters 
                        of the mining assumptions made.                                          Modifying factors: 
                                                                                                  *    Slope angles: 
 
 
                                                                                                 o Overburden/oxide: 40deg 
                                                                                                 o Transitional: 45deg 
                                                                                                 o Fresh: 50deg 
                                                                                                  *    Dilution: 5% 
 
 
                                                                                                  *    Mining recovery: 95% 
 
 
                                                                                                  *    Processing recovery: 
 
 
                                                                                                 o Gold overburden/oxide: 96.0% 
                                                                                                 o Gold transitional: 93.5% 
                                                                                                 o Gold fresh:93.0% 
                                                                                                 o Copper overburden/oxide: 61.0% 
                                                                                                 o Copper transitional: 56.0% 
                                                                                                 o Copper fresh: 90.5% 
                                                                                                 o Cobalt overburden/oxide: 47.0% 
                                                                                                 o Cobalt transitional: 43.0% 
                                                                                                 o Cobalt fresh: 78.0% 
                                                                                                 Revenue factors: 
                                                                                                  *    Gold price: $A2,600/oz 
 
 
                                                                                                  *    Copper price: A$12,699/t 
 
 
                                                                                                  *    Cobalt price: A$90,478/t 
 
 
                                                                                                  *    NSR (including payability, royalty, and 
                                                                                                       transport/refining costs) 
 
 
                                                                                                 o Au 94.0% 
                                                                                                 o Cu 84.0% 
                                                                                                 o Co 41.0% 
                                                                                                 Costs: 
                                                                                                  *    Mining cost: A$2.70 +5c/m depth, below 30mRL/rock 
                                                                                                       transitional - A$0.25/t and fresh - A$0.5/t 
 
 
                                                                                                  *    Processing costs: A$50.00/t 
 
 
                                                                                                 Royalties: 
                                                                                                  *    Gold - 2.5% (in dore) 
 
 
                                                                                                  *    Gold - 5% (in concentrate) 
 
 
                                                                                                  *    Copper - 5% 
 
 
                                                                                                 Underground optimisation parameters 
                                                                                                  *    The Datamine Mining Stope Optimiser (MSO) was run 
                                                                                                       over Inferred Resource below the optimised pit. 
 
 
                                                                                                  *    MSO shapes were removed if they occurred in isolation 
                                                                                                       or presented a low likelihood of eventual economic 
                                                                                                       extraction. 
 
 
                                                                                                 MSO parameters: 
                                                                                                  *    Evaluation field: Au Eq. 
 
 
                                                                                                  *    Au Eq. cut-off grade: >=2.00 g/t 
 
 
                                                                                                  *    Minimum mining width of 1.5 m with 0.25 m HW and FW 
                                                                                                       dilution (2.0 m) minimum diluted stope shape 
 
 
                                                                                                  *    Stope geometry run for XZ (E-W) strike 10 m x dip 20 
                                                                                                       m - Carlow Main 
 
 
                                                                                                  *    Stope geometry run for YZ (N-S) strike 10 m x dip 20 
                                                                                                       m - Crosscut and Quod Est 
 
 
                                                                                                  *    Orebody wireframe used as a control surface 
 
 
                                                                                                  *    Strike max change of 20deg 
 
 
                                                                                                  *    Vertical side length ratio 1.5 (front/back and 
                                                                                                       top/bottom) 
 
 
                                                                                                  *    Stope waste dilution maximum permittable: 80% 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 Metallurgical 
 factors or        *    The basis for assumptions or predictions regarding        *    Chemech Consulting were engaged to undertake a 
 assumptions            metallurgical amenability. It is always necessary as           preliminary metallurgical review of the Greater 
                        part of the process of determining reasonable                  Carlow deposit (July 2022). A summary of the findings 
                        prospects for eventual economic extraction to                  is documented below: 
                        consider potential metallurgical methods, but the 
                        assumptions regarding metallurgical treatment 
                        processes and parameters made when reporting Mineral      *    Three testwork programmes have been undertaken on the 
                        Resources may not always be rigorous. Where this is            Greater Carlow deposit, two programmes using RC chips 
                        the case, this should be reported with an explanation          to generate three samples from three drillholes. The 
                        of the basis of the metallurgical assumptions made.            second using diamond to create two composite samples 
                                                                                       from twelve drillholes. This data has been used to 
                                                                                       develop the flowsheet and predict metallurgical 
                                                                                       performance (grade and recoveries). 
 
 
                                                                                  *    Testwork identified a flowsheet that includes a 
                                                                                       gravity gold circuit, followed by sulphide flotation 
                                                                                       (producing a separate copper/gold concentrate) 
 
 
                                                                                  *    Concentration circuits include separate cleaning 
                                                                                       circuits with regrinding. 
 
 
                                                                                  *    Cyanide leach of the flotation tail to recover 
                                                                                       residual gold. 
 
 
                                                                                  *    Preliminary metallurgical testwork was conducted by 
                                                                                       ALS Metallurgy in 2019 results are present below: 
 
 
                                                                                 Gold 
                                                                                  *    48% recovery of gold by using gravity separation. The 
                                                                                       remaining balance of non-gravity gold is recoverable 
                                                                                       in sulphide concentrates as a by-product of standard 
                                                                                       flotation or via CIL scavenging. 
 
 
                                                                                 Copper 
                                                                                  *    Quick floating copper minerals produced a high-grade 
                                                                                       copper concentrate of approximately 30% Cu. 
                                                                                       Deleterious elements including arsenic may be managed 
                                                                                       with a light concentrate polishing using regrind or 
                                                                                       blend control. Recoveries depending on mineralogy, 
                                                                                       with 77-85% copper recoveries achieved. Unrecovered 
                                                                                       copper minerals are represented by non-floating 
                                                                                       silicates or secondary oxide copper minerals. 
 
 
                                                                                 Cobalt 
                                                                                  *    Cobalt recoveries ranged from 73-79%. Potentially 
                                                                                       saleable cobalt concentrate grades ranging between 
                                                                                       2.3-5.3% Co were produced. Cobaltite (CoAsS) is the 
                                                                                       dominant cobalt-bearing mineral and therefore 
                                                                                       intrinsically linked to arsenic affecting its sale 
                                                                                       price. Given the potentially low-grade nature of the 
                                                                                       Co concentrate, Artemis believe that the route to Co 
                                                                                       monetization could include: (1) concentrate sale for 
                                                                                       blending into a higher-grade feed thus ameliorating 
                                                                                       the low Co and high As content; (2) potential route 
                                                                                       via oxidative hydrometallurgy involving concentrate 
                                                                                       roasting, acid leaching and solvent extraction to 
                                                                                       form a Co salt; or (3) via some other innovative 
                                                                                       leaching technique. 
 
 
                                                                                  *    Full and further testwork and evaluation is required 
                                                                                       to resolve the monetization of Co at Greater Carlow. 
 
 
                                                                                 Future Work 
                                                                                  *    It is recommended that additional metallurgical 
                                                                                       testwork be undertaken to understand how individual 
                                                                                       comminution and metallurgical responses may differ 
                                                                                       through the weathered zones for each proposed ore 
                                                                                       zone. 
 
 
                                                                                  *    Further metallurgical drilling at an approximate 50 m 
                                                                                       to 100 m spacing along strike of the deposit within 
                                                                                       the optimised pit shell. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 Environmental 
 factors or        *    Assumptions made regarding possible waste and process     *    No assumptions regarding waste and process residue 
 assumptions            residue disposal options. It is always necessary as            disposal have been made. 
                        part of the process of determining reasonable 
                        prospects for eventual economic extraction to 
                        consider the potential environmental impacts of the       *    No assumptions of arsenic or sulphur have been made 
                        mining and processing operation. While at this stage           at this stage of the project. 
                        the determination of potential environmental impacts, 
                        particularly for a greenfields project, may not 
                        always be well advanced, the status of early 
                        consideration of these potential environmental 
                        impacts should be reported. Where these aspects have 
                        not been considered this should be reported with an 
                        explanation of the environmental assumptions made. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 Bulk density 
                   *    Whether assumed or determined. If assumed, the basis      *    There was insufficient density data per domain to 
                        for the assumptions. If determined, the method used,           accurately estimate density. 
                        whether wet or dry, the frequency of the measurements 
                  , 
                        the nature, size and representativeness of the            *    Density was hard coded based on exploratory data 
                        samples.                                                       analysis, comparison to previous studies and 
                                                                                       empirical data density values. 
 
 
                                                                                  *    Bulk density data was derived from either downhole 
                                                                                       geophysical gamma density or from core using water 
                                                                                       immersion on HQ3 core. 
 
 
                                                                                  *    Good correlation of density between gamma density and 
                                                                                       diamond density determinations is recorded. 
 
 
                                                                                  *    Bulk density data was coded into the block model 
                                                                                       based on weathering and mineralised domain. A summary 
                                                                                       of the values used is shown below: 
 
 
 
                                                                                           Domain              Weathering     Bulk density assigned 
                                                                                                                                      (t/m3) 
                                                                                   Mineralised overburden      Overburden             1.94 
                                                                                                             --------------  ---------------------- 
                                                                                      Mineralised oxide           Oxide               2.51 
                                                                                                             --------------  ---------------------- 
                                                                                  Mineralised transitional    Transitional            2.73 
                                                                                                             --------------  ---------------------- 
                                                                                      Mineralised fresh           Fresh               2.88 
                                                                                                             --------------  ---------------------- 
                                                                                        Country rock 
                                                                                          overburden           Overburden             1.94 
                                                                                                             --------------  ---------------------- 
                                                                                        Country rock 
                                                                                            oxide                 Oxide               2.43 
                                                                                                             --------------  ---------------------- 
                                                                                        Country rock 
                                                                                            trans             Transitional            2.75 
                                                                                                             --------------  ---------------------- 
                                                                                        Country rock 
                                                                                            fresh                 Fresh               2.86 
                                                                                                             --------------  ---------------------- 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                    *    The bulk density for bulk material must have been        *    Gamma density is a quantitative, in-situ measurement 
                         measured by methods that adequately account for void          of density that accounts for void spaces. The 
                         spaces (vugs, porosity, etc.), moisture and                   measurements have been calibrated to regular 
                         differences between rock and alteration zones within          calibration holes in the iron ore deposits of the 
                         the deposit.                                                  Pilbara, and on material at the contractors' 
                                                                                       facilities. 
 
 
                                                                                  *    The water immersion method measurements were 
                                                                                       determined by measuring the weight of part or the 
                                                                                       entire sample in air and water and then applying the 
                                                                                       formula bulk density = weight (air)/ weight (air) - 
                                                                                       weight (water). 
 
 
                                                                                  *    Samples of drill core were sealed with masonry 
                                                                                       sealant/wax and allowed to dry prior to bulk density 
                                                                                       determination. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                   *    Discuss assumptions for bulk density estimates used       *    The gamma density data were considered sufficient in 
                        in the evaluation process of the different materials.          number for all material types, quantitative and 
                                                                                       unbiased. 
 
 
                                                                                  *    Calibration was undertaken using comparison to other 
                                                                                       holes and to density measured by water immersion. 
 
 
                                                                                  *    Density values assigned are robust considering the 
                                                                                       stage of the project and consummate resource 
                                                                                       classification. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 Classification 
                       *    The basis for the classification of the Mineral       *    The Greater Carlow deposit is classified as an 
                            Resources into varying confidence categories.              Inferred Mineral Resource. The cut-off boundary for 
                                                                                       Inferred to unclassified has been determined based on 
                                                                                       estimation quality parameters, drill spacing, 
                                                                                       estimation search pass, extrapolation, and 
                                                                                       qualitative risk in the underlying geological 
                                                                                       interpretation. The classification also takes into 
                                                                                       consideration the level of geological knowledge of 
                                                                                       the deposit, density data coverage, soluble/insoluble 
                                                                                       copper speciation and sampling/assaying protocols. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                   *    Whether appropriate account has been taken of all         *    The classification reflects the overall confidence in 
                        relevant factors (i.e., relative confidence in                 the Greater Carlow deposit based on observed 
                        tonnage/grade estimations, reliability of input data,          continuity at the current drill spacing. 
                        confidence in continuity of geology and metal values, 
                        quality, quantity, and distribution of the data). 
                                                                                  *    Continuity is consistent at the current drill spacing 
                                                                                       and orientation. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                    *    Whether the result appropriately reflects the            *    The Inferred Mineral Resource results are in line 
                         Competent Person's view of the deposit.                       with expectations of the Competent Persons. 
 
 
                                                                                  *    The Inferred Mineral Resource has been reported 
                                                                                       within an optimised pit shell and the underground 
                                                                                       resource constrained to a Mining Stope Optimiser 
                                                                                       (MSO) run, indicating reasonable prospects of 
                                                                                       eventual economic extraction. 
 
 
                                                                                  *    The Inferred Mineral Resource statement is in line 
                                                                                       with prior MRE estimations, notably grade and 
                                                                                       contained ounces. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 Audits or 
 reviews            *    The results of any audits or reviews of Mineral          *    The MRE has been peer reviewed as part of Snowden 
                         Resource estimates.                                           Optiro standard internal peer review process by Mr. 
                                                                                       Ian Glacken FAusIMM(CP) FAIG MIMMM(CEng). Covering, 
                                                                                       but not exclusive to geological interpretation of 
                                                                                       mineralised domains, domain coding and compositing, 
                                                                                       top-cuts, estimation method/suitability and input 
                                                                                       parameters to the resultant estimate. 
 
 
                                                                                  *    Snowden Optiro and Artemis have applied RPEEE factors 
                                                                                       to the Reportable Resource via the use of a Whittle 
                                                                                       Shell and MSO. 
 
 
                                                                                  *    No reviews external to Snowden Optiro or Artemis have 
                                                                                       been undertaken on this Mineral Resource estimate. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 Discussion of 
 relative          *    Where appropriate a statement of the relative             *    The relative accuracy of the Greater Carlow Mineral 
 accuracy/              accuracy and confidence level in the Mineral Resource          Resource Estimate is reflected in the reporting of 
 confidence             estimate using an approach or procedure deemed                 the Mineral Resource as per the guidelines of the 
                        appropriate by the Competent Person. For example, the          2012 JORC Code. 
                        application of statistical or geostatistical 
                        procedures to quantify the relative accuracy of the 
                        resource within stated confidence limits, or, if such     *    The Mineral Resource was validated against the input 
                        an approach is not deemed appropriate, a qualitative           composite data. 
                        discussion of the factors that could affect the 
                        relative accuracy and confidence of the estimate. 
                                                                                  *    The statement relates to a global estimate of tonnes 
                                                                                       and grade by combining Reportable Resource within the 
                                                                                       optimised open pit cut-off utilising a cut-off 0.7 
                                                                                       g/t Au Eq. and MSO constrained underground resource 
                                                                                       reported at a cut-off 2 g/t Au Eq. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 
                    *    The statement should specify whether it relates to       *    Confidence in the Mineral Resource estimate is 
                         global or local estimates, and, if local, state the           consummate to guidance in the JORC Code 2012. 
                         relevant tonnages, which should be relevant to 
                         technical and economic evaluation. Documentation 
                         should include assumptions made and the procedures       *    The Mineral Resource statement relates to a global 
                         used.                                                         estimate of in-situ tonnes and grade. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
                                                                                *    No production data is available for comparison. 
                    *    These statements of relative accuracy and confidence 
                         of the estimate should be compared with production 
                         data, where available. 
                 ------------------------------------------------------------  ----------------------------------------------------------------------------- 
 

[1] Gold equivalent equations for the oxide, transition and fresh domains are given below:

 
                  Au Eq. = Au(g/t) + Cu(%) x 0.86 + Co(%) 
 Oxide             x 2.31 
                  Au Eq. = Au(g/t) + Cu(%) x 0.81 + Co(%) 
 Transitional      x 2.17 
                  Au Eq. = Au(g/t) + Cu(%) x 1.31 + Co(%) 
 Fresh             x 3.96 
 
 

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