Artemis Resources Limited ('Artemis' or 'the Company') (ASX: ARV, Frankfurt: ATY, US OTCQB: ARTTF) is pleased to provide an update on its recent capital raising.

Artemis's Non-Executive Chairman Mark Potter commented; 'We are pleased and greatly encouraged by the level of support Artemis has received with respect to the capital raise we announce today.

The capital raising received a substantial number of bids representing significantly more than the Company was seeking. We welcome several outstanding new institutional investors to the register, and thank existing shareholders for their continuing strong support in this capital raise.

These new funds allow us to pursue expanded exploration activities across the portfolio. At Paterson Central we have an exceptional exploration opportunity in one of the world's most exciting new gold-copper frontiers, adjacent to and surrounding on three sides, the Havieron gold and copper discovery being drilled by Newcrest and Greatland Gold.

As per our previous guidance we will soon be releasing details of our recent geological and geophysical interpretation of Paterson Central, and our final drill design plan. Drilling at Paterson Central is expected to commence in August.

At the Greater Carlow Project we continue to progress our exploration plans and will provide further details of our next drilling campaign in the near future.'

CAPITAL RAISING

Artemis has received firm commitments for a capital raising of $5.6 million. Artemis will issue 80 million shares at 7 cents per share (A$0.07) representing a 12.5% discount to the last trading price of 8 (A$0.08) cents. The Board had sought as a minimum to raise A$4.2m for 60m shares but retained discretion to issue an additional 20m shares should it decide to for another A$1.4m.

Given the quality of investors and large number of bids received the Board chose to exercise its' discretion and take the maximum of A$5.6m. These new shares will rank pari passu with existing shares and Artemis expects that the shares will be issued on 23 July 2020. GGT Ventures and Taylor Collison acted as lead managers.

Contact:

Alastair Clayton

Email: Alastair.clayton@artemisresources.com.au

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