viewArtemis Resources Ltd

Artemis Resources to sell non-core gold projects for $4.8 million

The deal will provide a capital injection for the company’s priority projects Carlow Castle and Patersons Central.

Artemis Resources Ltd - Artemis Resources to sell non-core gold projects for $4.8 million
The transaction delivers a simplified project portfolio ownership for Artemis in West Pilbara

Artemis Resources Ltd (ASX:ARV) (FRA:ATY) (OTCQB:ARTTF) has executed a binding term sheet with Novo Resources Corp (CVE:NVO) relating to the sale of Artemis’ interests in the Purdy’s Reward and 47K Patch (ARV 70%) gold projects for a total consideration of ~$4.8 million.

On completion of the transaction, the current joint venture agreement between Artemis and Novo will terminate, with Artemis retaining 100% in all projects other than Purdy’s Reward that formed part of the Novo joint-venture.

The transaction with Novo will deliver $0.82 million cash and ~1.6 million shares in Novo (worth about ~$4 million).

Artemis will use the cash proceeds from the transaction towards ongoing exploration work at Carlow Castle, as well as geochemistry at Patersons Central.

It is anticipated that definitive agreements for the transaction will be executed in the coming weeks.

Additional capital for key objectives

Artemis executive director Alastair Clayton said: “The company has been working hard to rationalise the Artemis project portfolio.

“While the Novo Joint-venture was a key catalyst for the company in driving investment into the Radio Hill plant refurbishment and growing Carlow Castle, this transaction simplifies project ownership, and importantly provides additional capital for delivery on key objectives at Carlow Castle and at Patersons Central.

“It has been a pleasure to work with Novo in the past few years and we wish them success in moving forward on 47 Patch and Purdy’s.”

Quick facts: Artemis Resources Ltd

Price: 0.032 AUD

Market: ASX
Market Cap: $33.08 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Artemis Resources Ltd named herein, including the promotion by the Company of Artemis Resources Ltd in any Content on the Site, the Company...



Gold producers and 'favoured explorers' enjoying continued strong run

Mining Capital's Alastair Ford discusses the continued strength of the gold price. ''Gold has been one of the big winners out of the coronavirus crisis ... everyone can see there's more money being printed because of the massive economic uncertainty and in the medium term President Trump is...

1 week, 6 days ago

2 min read