Artemis Resources (ARV) H2 2024 earnings summary

Executive summary

• Focused on gold, copper, and lithium exploration in Western Australia, with key projects at Karratha (Carlow Castle), Paterson Central, and lithium prospects including Mt Marie and Osborne JV.

• Significant exploration success in high-grade lithium at Mt Marie and gold at the Titan prospect, with ongoing programs to expand drill-ready targets.

• The Radio Hill processing plant remains on care and maintenance and was written down to nominal value after an independent valuation.

• Board changes included the appointment of George Ventouras (Executive Director) and Elizabeth Henson (Non-Executive Director).

• Raised approximately $5 million in new equity capital during the year to fund exploration and operations.

Financial highlights

• Net loss after tax: $16,591,769 (2023: $16,923,543), including non-cash impairment of $12,128,289 for Radio Hill and fair value loss on financial assets of $2,666,250.

• Revenue increased to $240,378 (2023: $80,169), mainly from a $150,000 royalty sale.

• Operating expenses (excluding non-cash items) decreased to $1,912,035 (2023: $2,485,126).

• Cash and cash equivalents at year-end: $572,628 (2023: $1,703,016).

• Exploration and evaluation assets increased to $34,213,548 (2023: $32,054,704); development expenditure decreased to $3,042,873 (2023: $14,950,070) after Radio Hill impairment.

Outlook and guidance

• Continued focus on expanding gold and lithium resources, with drilling at Lulu Creek planned for Q4 2024.

• Seeking JV or sale opportunities for Paterson Central to secure additional funding.

• Ongoing capital management to ensure sufficient funding for exploration and corporate expenses.