ARV: Annual Report to Shareholders
Original announcement by asx on
- Company
- Artemis Resources Limited
- Ticker
- ARV
- Exchange
- ASX
- Region
- Western Australia
- Primary commodity
- Gold
- Secondary commodities
- Copper, Cobalt, Nickel, Palladium
- Document categories
- Drill results, Capital raise, Resource update
- Extracted
- 2026-09-23 23:21:22 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Artemis Resources Limited reported new high-grade gold drill results from its Titan East prospect in the West Pilbara, including 5m at 13.1 g/t Au. The company also completed significant capital raises totaling over $12.8 million to fund its exploration programs in the West Pilbara and Madura provinces. An update on the historical Carlow Gold-Copper-Cobalt Inferred Mineral Resource, effective October 2022, was provided, with no material changes noted.
Reasoning: Artemis Resources reported new high-grade gold drill intercepts at Titan East, including 5m at 13.1 g/t Au, and successfully completed significant capital raises to fund exploration. The company also provided an update on its historical Carlow Gold-Copper-Cobalt Inferred Mineral Resource, which remains unchanged since 2022. The capital raises, while dilutive, were oversubscribed and completed at a premium to the year-end share price, strengthening the company's financial position for future exploration.
Positive factors
- high_grade_intercept
- capital_raise_oversubscribed
- capital_raise_at_premium
- qaqc_disclosed
Negative factors
- apparent_width_only
- historical_estimate_only
- significant_dilution
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 10
Classification and evidence
Bonanza Interceptpositive
Exceptionally high-grade zone, well above the deposit-type norm.
Why it applies: The drill intercept of 5m @ 13.1 g/t Au is well above the exceptional threshold for gold (5 g/t Au).
Evidence · text
“5 m @ 13.1 g/t Au from 132 m in 25ARRC006.”
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The report states that 'The information in this report that relates to Exploration Results was prepared by Mr Oliver Hirst M.Sci (Hons), a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM).' and 'Mr Hirst consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.'
Evidence · text
“The information in this report that relates to Exploration Results was prepared by Mr Oliver Hirst M.Sci (Hons), a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM).”
Apparent Width Onlynegative
Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.
Why it applies: The drill intercepts are given as downhole lengths (e.g., '5 m @ 13.1 g/t Au') without any mention of true width or drill orientation.
Evidence · text
“5 m @ 13.1 g/t Au from 132 m in 25ARRC006.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The Carlow resource is explicitly stated as an 'Inferred Mineral Resource'.
Evidence · text
“The Carlow Gold – Copper – Cobalt Resource comprises of an Inferred Mineral Resource of 8.74 Mt at 2.5 g/t AuEq”
All Inferrednegative
100% of resource is Inferred category — very early stage, no engineering confidence.
Why it applies: The Carlow Gold – Copper – Cobalt Resource is entirely classified as 'Inferred Mineral Resource'.
Evidence · text
“The Carlow Gold – Copper – Cobalt Resource comprises of an Inferred Mineral Resource of 8.74 Mt at 2.5 g/t AuEq”
Historical Estimate Onlynegative
Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
Why it applies: The Carlow resource was announced on '13 October 2022' and the company states 'The Company confirms that the material assumptions and technical parameters underpinning the Resource estimate, which were announced to the ASX on 13 October 2022, have not materially changed.'
Evidence · text
“The Mineral Resource was announced on and remains open along strike and down plunge. The company has undertaken a review of the geology the broader Carlow-Titan geological model remained under review to inform future targeting across the Karratha Gold-Copper Project.”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The company explicitly states that it 'reports its Mineral Resources in accordance with the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code, 2012 Edition)'.
Evidence · text
“The Company reports its Mineral Resources in accordance with the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code, 2012 Edition).”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The report states that 'The Competent Persons named by the Company qualify as Competent Persons as defined in the JORC Code.'
Evidence · text
“The Competent Persons named by the Company qualify as Competent Persons as defined in the JORC Code.”
Significant Dilutionnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The company issued approximately 728 million shares in June 2026 and a further 1.27 billion shares post-period, significantly increasing the total number of ordinary shares outstanding.
Evidence · text
“The placement comprised approximately 728 million shares issued under the Company’s existing placement capacity, with the balance subject to shareholder approval.”
Extracted facts
Stored fact records: 10. Some facts used in scoring do not have a stored record.
Drill Results (7)
25ARRC006Karratha · goldGrade: 13.1Grade Unit: g/tIntercept: 5 mView all detailsHide details
Identity
- Hole ID
- 25ARRC006
- Project
- Karratha
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- ARV
Geometry
- Grade
- 13.1
- Grade Unit
- g/t
- Intercept
- 5 m
- From
- 132 m
- To
- 137 m
- Intercept Depth
- 132 m
Classification
- Program
- exploration
- Sample Type
- drill
- Group ID
- 25ARRC006:132-137
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: This intercept of 5m at 13.1 g/t Au is an exceptionally high-grade gold result, significantly above the bonanza threshold for gold, indicating strong mineralization at Titan East.
Positive factors
- high_grade_intercept
- qaqc_disclosed
Negative factors
- apparent_width_only
Evidence · text
“5 m @ 13.1 g/t Au from 132 m in 25ARRC006.”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
25ARRC025Karratha · goldGrade: 1.6Grade Unit: g/tIntercept: 19 mView all detailsHide details
Identity
- Hole ID
- 25ARRC025
- Project
- Karratha
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- ARV
Geometry
- Grade
- 1.6
- Grade Unit
- g/t
- Intercept
- 19 m
- From
- 127 m
- To
- 146 m
- Intercept Depth
- 127 m
Classification
- Program
- exploration
- Sample Type
- drill
- Group ID
- 25ARRC025:127-146
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: This intercept of 19m at 1.6 g/t Au represents a good width and moderate grade, contributing to the understanding of the mineralized shear zone at Titan East.
Positive factors
- strong_continuity
- qaqc_disclosed
Negative factors
- apparent_width_only
Evidence · text
“19 m @ 1.6 g/t Au from 127 m in 25ARRC025.”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
25ARDD006Karratha · goldGrade: 2.3Grade Unit: g/tIntercept: 4.7 mView all detailsHide details
Identity
- Hole ID
- 25ARDD006
- Project
- Karratha
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- ARV
Geometry
- Grade
- 2.3
- Grade Unit
- g/t
- Intercept
- 4.7 m
- From
- 175.27 m
- To
- 179.97 m
- Intercept Depth
- 175.27 m
Classification
- Program
- exploration
- Sample Type
- drill
- Group ID
- 25ARDD006:175.27-179.97
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: This intercept of 4.7m at 2.3 g/t Au confirms down-dip continuity of the mineralized structure, which is a positive for resource potential.
Positive factors
- qaqc_disclosed
Negative factors
- apparent_width_only
Evidence · text
“4.7 m @ 2.3 g/t Au from 175.27 m in 25ARDD006”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
25ARDD006Karratha · goldGrade: 6.38Grade Unit: g/tIntercept: 1.3 mView all detailsHide details
Identity
- Hole ID
- 25ARDD006
- Project
- Karratha
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- ARV
Geometry
- Grade
- 6.38
- Grade Unit
- g/t
- Intercept
- 1.3 m
Classification
- Program
- exploration
- Sample Type
- drill
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The sub-interval of 1.3m at 6.38 g/t Au is a high-grade component within the broader intercept, further supporting the quality of mineralization.
Positive factors
- high_grade_intercept
- qaqc_disclosed
Negative factors
- apparent_width_only
Evidence · text
“including 1.3 m @ 6.38 g/t Au.”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
26ARDD001Karratha · goldGrade: 1.3Grade Unit: g/tIntercept: 5 mView all detailsHide details
Identity
- Hole ID
- 26ARDD001
- Project
- Karratha
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- australia_wa
- Ticker
- ARV
Geometry
- Grade
- 1.3
- Grade Unit
- g/t
- Intercept
- 5 m
- From
- 256 m
- To
- 261 m
- Intercept Depth
- 256 m
Classification
- Program
- exploration
- Sample Type
- drill
- Group ID
- 26ARDD001:256-261
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: This intercept of 5m at 1.3 g/t Au from diamond drilling further extends the emerging gold zone at Titan East, indicating continued mineralization at depth.
Positive factors
- qaqc_disclosed
Negative factors
- apparent_width_only
Evidence · text
“5 m @ 1.3 g/t Au from 256 m in 26ARDD001.”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Fact 6Needs review: drill_no_hole_idView all detailsHide details
Identity
- Region
- australia
- Reported Region
- australia
- Ticker
- ARV
Classification
- Sample Type
- drill
Review
- Needs Review
- Yes
- Review Reason
- drill_no_hole_id
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: This placement provided significant funding to the company, strengthening its financial position for exploration activities.
Evidence · text
“During the September 2025 quarter, Artemis completed a placement raising $4,875,000 before costs from institutional and sophisticated investors.”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Fact 7Needs review: drill_no_hole_idView all detailsHide details
Identity
- Region
- australia
- Reported Region
- australia
- Ticker
- ARV
Classification
- Sample Type
- drill
Review
- Needs Review
- Yes
- Review Reason
- drill_no_hole_id
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The heavily oversubscribed $8 million placement, completed at a premium to the year-end share price, significantly strengthened the company's financial capacity for exploration, despite the substantial share dilution.
Positive factors
- capital_raise_oversubscribed
- capital_raise_at_premium
Negative factors
- significant_dilution
Evidence · text
“In June 2026, Artemis announced a heavily oversubscribed $8 million placement at $0.004 per share to fund exploration at Cassowary and the Pilbara gold projects. The placement comprised approximately 728 million shares issued under the Company’s existing placement capacity, with the balance subject to shareholder approval.”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Resource Estimates (3)
inferredCarlow · goldTonnes: 8740000Grade: 2.5Grade Unit: g/tContained Metal: 374Contained Unit: kozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Carlow
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- ARV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:00095ebcdb7f2149938b
- Deposit or zone
- Carlow Gold-Copper-Cobalt Resource
Resource Data
- Category
- inferred
- Tonnes
- 8740000
- Grade
- 2.5
- Grade Unit
- g/t
- Contained Metal
- 374
- Contained Unit
- koz
Prior Estimate
- Resource Date
- 2022-10-13
Metal Equivalent
- Metal Eq. Grade
- 2.5
- Metal Eq. Unit
- g/t AuEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-10-13T00:00:00.000Z
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Carlow resource is an Inferred Mineral Resource, which is the lowest confidence category, and is historical, having been announced in October 2022 with no material changes since. While JORC compliant and QP signed, its age and category limit its current materiality and novelty.
Positive factors
- qp_signed
- jorc_compliant
Negative factors
- inferred_resource
- all_inferred
- stale_estimate
- historical_estimate_only
Evidence · text
“The Carlow Gold – Copper – Cobalt Resource comprises of an Inferred Mineral Resource of 8.74 Mt at 2.5 g/t AuEq, (containing 374 koz gold, 64 kt copper and 8 kt cobalt ASX 13 October 2022).”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.9 years before this release
inferredCarlow · copperTonnes: 8740000Contained Metal: 64Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Carlow
- Commodity
- copper
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- ARV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:00095ebcdb7f2149938b
- Deposit or zone
- Carlow Gold-Copper-Cobalt Resource
Resource Data
- Category
- inferred
- Tonnes
- 8740000
- Contained Metal
- 64
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2022-10-13
Metal Equivalent
- Metal Eq. Grade
- 2.5
- Metal Eq. Unit
- g/t AuEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-10-13T00:00:00.000Z
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Carlow resource is an Inferred Mineral Resource, which is the lowest confidence category, and is historical, having been announced in October 2022 with no material changes since. While JORC compliant and QP signed, its age and category limit its current materiality and novelty.
Positive factors
- qp_signed
- jorc_compliant
Negative factors
- inferred_resource
- all_inferred
- stale_estimate
- historical_estimate_only
Evidence · text
“The Carlow Gold – Copper – Cobalt Resource comprises of an Inferred Mineral Resource of 8.74 Mt at 2.5 g/t AuEq, (containing 374 koz gold, 64 kt copper and 8 kt cobalt ASX 13 October 2022).”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.9 years before this release
inferredCarlow · cobaltTonnes: 8740000Contained Metal: 8Contained Unit: ktHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Carlow
- Commodity
- cobalt
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- ARV
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:00095ebcdb7f2149938b
- Deposit or zone
- Carlow Gold-Copper-Cobalt Resource
Resource Data
- Category
- inferred
- Tonnes
- 8740000
- Contained Metal
- 8
- Contained Unit
- kt
Prior Estimate
- Resource Date
- 2022-10-13
Metal Equivalent
- Metal Eq. Grade
- 2.5
- Metal Eq. Unit
- g/t AuEq
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-10-13T00:00:00.000Z
Dates
- Event date
- 2026-09-23T00:00:00.000Z
Reasoning: The Carlow resource is an Inferred Mineral Resource, which is the lowest confidence category, and is historical, having been announced in October 2022 with no material changes since. While JORC compliant and QP signed, its age and category limit its current materiality and novelty.
Positive factors
- qp_signed
- jorc_compliant
Negative factors
- inferred_resource
- all_inferred
- stale_estimate
- historical_estimate_only
Evidence · text
“The Carlow Gold – Copper – Cobalt Resource comprises of an Inferred Mineral Resource of 8.74 Mt at 2.5 g/t AuEq, (containing 374 koz gold, 64 kt copper and 8 kt cobalt ASX 13 October 2022).”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.9 years before this release
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.