Artemis Resources Expands Copper Footprint with Strategic Sharon Dam JV

Artemis locks in low-cost copper upside at Sharon Dam with Red Metal JV

Artemis Resources has signed an earn-in and joint venture with Red Metal over the Sharon Dam T1 intrusion, roughly 50 km south of its Cassowary Intrusion in Western Australia’s Madura Province. This gives Artemis a second large Iron Oxide Copper-Gold (IOCG) target in the same frontier belt, with drilling targeted for March-April 2026, subject to heritage clearance.

The structure is simple and shareholder friendly. Artemis can earn 60% by spending not less than $5,000,000 within three years, with an initial minimum of $400,000 for the first hole within 12 months. A Western Australian Government Exploration Incentive Scheme (EIS) grant of up to ~$220,000 will be transferred to Artemis, lowering the net cash outlay for the initial drill but not counting towards the $400,000 minimum.

In plain English: Artemis has bought an option on a potentially belt-scale copper discovery for a modest upfront spend, backed by government co-funding, and the flexibility to walk away after the first hole if the geology disappoints.

Why Sharon Dam on the Madura Crustal Boundary matters

Sharon Dam is a classic undrilled IOCG geophysical target, defined by strong coincident magnetic and gravity anomalies with modelled density around 3.5 specific gravity, suggesting an iron-rich source. The source is modelled at 500-600 m depth beneath shallow cover estimated at about 250 m, which is comparatively cost-effective for IOCG hunting in Australia.

The setting is compelling. Artemis interprets a more than 30 km wide rift zone with multiple intrusions along the Madura Crustal Boundary, a long-lived structure parallel to the Yilgarn margin. This corridor sits alongside districts that host Tropicana (multi-million-ounce gold) and Nova-Bollinger (nickel-copper), but Madura itself remains underexplored.

Importantly, Artemis now controls two big, intact intrusive targets in this belt – Cassowary to the north and Sharon Dam to the south – with regional tenement applications expected to be granted in Q1 2026. Activity is picking up too, with WA1 Resources and Teck lodging applications, and BHP having explored the southern belt for nickel until 2022.

Deal terms at a glance

Earn-in structure	Artemis can earn 60% by spending not less than $5,000,000 within 3 years
Initial commitment	$400,000 minimum within 12 months to fund the first hole
EIS co-funding	Up to \~$220,000 transferred from Red Metal to Artemis, reducing net outlay but not counting towards the $400,000 minimum
Flexibility	After meeting the $400,000 minimum, Artemis can continue or withdraw at any time
Safety valve on first hole	If the hole fails to reach target depth, or no favourable geology is intersected before 500 m, the minimum reduces to $250,000
JV formation	On earning 60%, an unincorporated JV is formed within 30 days
Path to 80%	Red Metal may elect to reduce to 20%; Artemis would increase to 80% and free carry Red Metal to a decision to mine
Tenure and access	Granted tenement, established drill access, existing heritage agreement
Financial disclosure	$51,212 of losses attributable to these assets in the year to 30 June 2025

What stands out geologically at Sharon Dam

• Strong coincident magnetic and gravity anomalies, with modelled density ~3.5 SG.
• NW-trending cross-cutting faults similar to Cassowary, potentially key structural controls.
• Main intrusion appears intact with a western satellite body and a surrounding cluster of intrusions on Artemis-held ground.
• Target sits central to a more than 20 km wide circular gravity low, hinting at a deeper granitic body.

There is no historic drilling or outcrop at Sharon Dam. It is a conceptual IOCG target based on geophysics, and the first drill test will simply verify what the anomaly represents.

Timeline and near-term catalysts to watch

• Lodgement of work programme with the Pila Nguru Native Title holders.
• Heritage survey of the drill site and confirmation of access and water supply.
• Initial drilling targeted for March-April 2026, using RC through cover and diamond in basement.
• Most of Artemis’s additional tenement applications expected to be granted in Q1 2026, which could expand the news flow across the belt.

My take: high-leverage copper exploration with sensible risk control

On the positive side, this is classic asymmetric exploration exposure. For a relatively modest $400,000 first-hole commitment – partially offset by an ~$220,000 EIS refund – Artemis gets a shot at a large, intact IOCG system in an emerging province, with a clear pathway to drilling. The optionality to withdraw after meeting the minimum keeps capital discipline front and centre.

The strategic overlay is smart. Combining Cassowary and Sharon Dam gives Artemis two shots on goal across about 50-70 km of strike along a major structure, while competitors move in. That belt-scale footprint could matter if either target lights up.

The flip side is straightforward. Sharon Dam is untested. There is no drilling or surface expression, and the target is defined purely by geophysics. Heritage clearance and logistics can also push timelines. Investors should treat this as high-risk, high-reward frontier exploration until the first core comes up with something meaningful.

How this JV fits Artemis’s broader strategy

Artemis is building a copper-gold and critical minerals portfolio in WA, with the large-scale Cassowary Project and various Pilbara prospects, plus the strategic Radio Hill processing asset. The Sharon Dam JV strengthens its hand on the Madura Crustal Boundary and tilts the near-term story toward copper discovery potential.

If the first hole at Sharon Dam confirms a mineralised intrusion, the ability to ramp to 60% and potentially 80% underlines the leverage. If not, the company can redeploy capital across the belt, including Cassowary, as more tenements are granted and the district heats up.

Jargon buster

• IOCG: Iron Oxide Copper-Gold – a deposit style that can host very large copper-gold systems associated with iron oxides and distinctive geophysical signatures.
• EIS grant: Western Australia’s Exploration Incentive Scheme – co-funding from the state to support greenfields drilling.
• Cover: Younger sediments sitting above the target rocks; shallow cover (c. 250 m) reduces drilling costs versus deeper cover terrains.
• Free carry to decision to mine: One party funds the other’s share of costs until a formal decision to develop a mine is made.

Bottom line for shareholders

This is a tidy, high-leverage entry into a second, large IOCG target with a credible funding assist and clear drill timetable. The upside case is obvious if Sharon Dam proves mineralised. The risk is equally clear given there is no historical drilling. For now, the market will likely focus on heritage clearance, final programme details, and that all-important first hole in early 2026.

In short: disciplined spend, strong optionality, and genuine discovery potential, balanced by frontier risk. Exactly the kind of copper exploration swing that can move the dial if the geology plays ball.