Artemis Resources Ltd has completed an oversubscribed placement raising a total of A$4 million, with A$1.99 million received from the second tranche before costs, having also raised A$250,000 with a share issue at the same price as the placement.
The funding will go toward drill testing the Marillion target on the Karratha Gold Project, 500 metres east of the Carlow gold-copper deposit.
This drilling program has been temporarily paused due to the effects of Cyclone Zelia, with operations expected to resume on February 18.
Karratha Project drilling
Artemis is targeting several promising areas within the Carlow tenement of the Karratha Gold Project, with plans to explore:
- Carlow open pit potential – review previous drill data and possible options;
- Carlow underground potential – drill potential for high-grade extensions;
- Marillion – drill large, highly conductive electromagnetic (EM) anomaly;
- Europa – drill 2.5-kilometre geophysical and structural target, west of Carlow;
- Titan – test source of high-grade gold/silver results at surface, north of Carlow; and
- Thorpe – test source of gold/copper results at surface, south of Carlow.
Priority targets 1 to 6 at the Carlow tenement within the Karratha Gold Project.
Artemis issued ~284 million shares on February 14, 2025, being Tranche Two of the capital raise announced on December 16, 2025.
There were 287 million ordinary shares issued to professional and sophisticated investors on December 24, 2024, in Tranche One under listing rule 7.1.
The issue of Tranche Two shares was subject to shareholder approval at a general meeting on February 10, 2025.