New Risk • May 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (35% average weekly change). Earnings have declined by 31% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (AU$14.2m market cap, or US$10.2m). Tillkännagivande • May 04
Athena Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 2.265957 million. Athena Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 2.265957 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 566,489,250
Price\Range: AUD 0.004
Transaction Features: Subsequent Direct Listing New Risk • Mar 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.0m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 31% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$9.06m market cap, or US$6.47m). New Risk • Nov 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.6m (US$8.84m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 29% per year over the past 5 years. Shareholders have been substantially diluted in the past year (112% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$13.6m market cap, or US$8.84m). Board Change • Nov 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Company Secretary & Executive Director Peter Newcomb is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Tillkännagivande • Oct 09
Athena Resources Limited, Annual General Meeting, Nov 27, 2025 Athena Resources Limited, Annual General Meeting, Nov 27, 2025. New Risk • Sep 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.3m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (112% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Market cap is less than US$100m (AU$15.9m market cap, or US$10.4m). New Risk • Aug 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.7m (US$9.51m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.3m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (112% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$14.7m market cap, or US$9.51m). Recent Insider Transactions • May 27
Independent Non-Executive Chairman recently bought AU$138k worth of stock On the 23rd of May, John Welborn bought around 30m shares on-market at roughly AU$0.0046 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was John's only on-market trade for the last 12 months. Board Change • Mar 26
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Company Secretary & Executive Director Peter Newcomb is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Mar 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$1.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.3m free cash flow). Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$6.38m market cap, or US$4.01m). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 49% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (34% average weekly change). Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$6.38m market cap, or US$3.97m). New Risk • Jan 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 49% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (34% average weekly change). Earnings have declined by 20% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$6.38m market cap, or US$3.92m). Minor Risk Shareholders have been diluted in the past year (49% increase in shares outstanding). Tillkännagivande • Dec 02
Athena Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 2.670935 million. Athena Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 2.670935 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 667,733,779
Price\Range: AUD 0.004
Transaction Features: Rights Offering New Risk • Oct 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$1.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$1.7m free cash flow). Share price has been highly volatile over the past 3 months (48% average weekly change). Earnings have declined by 20% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$6.42m market cap, or US$4.45m). New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (48% average weekly change). Earnings have declined by 19% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$5.35m market cap, or US$3.71m). Minor Risk Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Tillkännagivande • Jul 25
Athena Resources Limited Announces Board Changes Athena Resources Limited announce the appointments of Mr. John Welborn as Non-Executive Chairman and Mr. Garry Plowright as Non-Executive Director of Athena Resources with immediate effect. Mr. Ed Edwards and Mr. Hau Wan Wai have resigned as Directors of the Company. Mr. Peter Newcomb and Mr. Terry Weston remain on the Board of Athena. The new Board appointments follow the approval by Athena shareholders at a General Meeting held on 23rd May 2024 of the issue of $1 million in Convertible Notes to Fenix Resources Limited. Athena is investigating the opportunity to leverage Fenix's capabilities and experience to advance the Byro Magnetite Project and drive value for shareholders. Fenix has an
excellent track record of unlocking value from stranded resource projects in Western Australia's Mid-West region where Athena's Byro Magnetite Project is located. Mr. Welborn is the Executive Chairman of Fenix Resources Limited and a Non- Executive Director of Equatorial Resources Limited and Orbital Corporation Limited. Since joining Fenix, Mr. Welborn has been responsible for the expansion of the business to include the Newhaul Road Logistics and Newhaul Port Logistics operations, the acquisition of Mount Gibson Iron Limited's Mid-West iron ore assets including the Shine Iron Ore Mine and securing a Right-to-Mine agreement with Sinosteel Midwest Corporation over the Beebyn-W11 deposit. Mr. Welborn is a Chartered Accountant with a Commerce degree from the University of Western Australia, a Fellow of the Institute of Chartered Accountants in Australia, and a member of the Australian Institute of Mining and Metallurgy. A former professional rugby player who represented the Wallabies, Mr. Welborn is currently President of Rugby WA. Mr. Plowright is an experienced executive with over 25 years' experience in finance, commercial and technical development within the mining and exploration industry. Mr. Plowright is a Non-Executive Director of Fenix Resources Limited and has held global Operational and corporate roles with Gindalbie Metals Ltd, Mt Edon Gold Ltd, Pacmin Mining, Atlas Iron Ltd, Tigris Gold (South Korea) and Westland Titanium (New Zealand). Ed Edwards - resigned: Founder and Managing Director of Athena, Mr. Ed Edwards resigned to embark on his transition to retirement. Hau Wan Wai - resigned: Hong Kong based Director Mr. Hau Wan Wai has also tendered his resignation to pursue other business interests. Currently operating the Iron Ridge Iron Ore mine, Fenix owns Newhaul, a transport logistics business which includes a road haulage logistics business, rail sidings, and extensive on-wharf storage and loading infrastructure at Geraldton Port. The Board intends to immediately commence a comprehensive review of the Company's operations, strategy and funding arrangements. This review will consider a restructure of the Company and the appointment of a new Chief Executive Officer who will be tasked with advancing a focused strategy for the exploration and development of the Byro Magnetite Project and the creation of shareholder value. Tillkännagivande • Apr 24
Athena Resources Limited, Annual General Meeting, May 23, 2024 Athena Resources Limited, Annual General Meeting, May 23, 2024, at 11:30 W. Australia Standard Time. Location: Perth Flying Squadron Yacht Club, Esplanade Dalkeith Western Australia Australia Agenda: To consider the ratification of issue of convertible notes; and to consider the approval of issue of convertible notes;. New Risk • Feb 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.0m free cash flow). Earnings have declined by 16% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$3.21m market cap, or US$2.10m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Tillkännagivande • Nov 29
Athena Resources Limited Elects Anthony Nelson Short as Director Athena Resources Limited at its AGM held on November 29, 2023, approved election of Anthony Nelson Short as Director. New Risk • Oct 21
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: AU$211k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.0m free cash flow). Share price has been highly volatile over the past 3 months (35% average weekly change). Earnings have declined by 16% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$3.21m market cap, or US$2.03m). Minor Risks Shareholders have been diluted in the past year (23% increase in shares outstanding). Significant insider selling over the past 3 months (AU$211k sold). Tillkännagivande • Oct 10
Athena Resources Limited, Annual General Meeting, Nov 29, 2023 Athena Resources Limited, Annual General Meeting, Nov 29, 2023. Tillkännagivande • Jun 29
Athena Resources Limited Announces Not Approve Removal of Directors Athena Resources Limited announced that at its AGM held on 28 June 2023, the shareholders not approved removal of directors: Mr. Edmond William Edwards and Mr. Peter John Newcomb. Recent Insider Transactions • Jun 17
Insider recently bought AU$524k worth of stock On the 16th of June, Peter Nelson bought around 64m shares on-market at roughly AU$0.0082 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$117k more in shares than they have sold in the last 12 months. Tillkännagivande • May 23
Athena Resources Limited, Annual General Meeting, Jun 28, 2023 Athena Resources Limited, Annual General Meeting, Jun 28, 2023, at 11:30 W. Australia Standard Time. Location: Perth Flying Squadron Yacht Club, Esplanade Dalkeith Western Australia Australia Agenda: To appoint Mr John Scott Thomson as a director; to appoint Mr Roy Bismuth Jansan as a director; to consider Removal of Director Mr Edmond William Edwards; and to discuss other matters. Tillkännagivande • Feb 13
Athena Resources Limited Announces Completion of Exploration Target Estimate for the Advanced Magnetite Targets at the Byro Project Athena Resources Limited announced that an Exploration Target Estimate for the advanced magnetite targets at the Byro Project has been completed. The advanced targets include those with drilling and limited metallurgical test-work supporting the high purity of contained magnetite. The Exploration Target Estimate includes the Byro South, Whitmarsh Find, Whistlejack, and Mount Narryer Prospects. The Exploration Target Estimate builds on the foundation of the FE1 indicated Mineral Resource Estimate (MRE), released January 2023. The overall target derived is from 48.60mt to 140.66mt at a grade between 25.5% and 35.6% Fe. Advanced Targets were selected for estimation based on assay drilling intersections. Airborne magnetic imagery was also utilised to continuity of magnetite units in areas where drilling was not previously extended. The Targets are conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain that further exploration will result in the estimation of a Mineral Resource. Previous drilling and metallurgical studies by the Company have increased the confidence in the four advanced Prospects with plans underway to implement further resource definition drilling campaigns scheduled for the coming year. This strategy enables the Company to increase the Mineral Resource inventory at the Byro Project and support future feasibility studies for a high purity magnetite product. The highest iron grade and lowest iron grade weighted average intersections within a target were also utilised to identify minimum and maximum ranges. Target Parameters for these mineral occurrences are based on maximum and minimum parameters in accordance with JORC (2012) guidelines and are as defined below. Width (m) True width intersections were calculated from drill angle against stratigraphic dip. Within a target area, the minimum was determined as the narrowest intersection along strike, while the maximum value was determined as the thickest intersection along strike. Vertical Depth (m) Depth was estimated vertically from surface RL to an arbitrary extent. Minimum parameter was determined by depth of drill intersection, while maximum was extended a nominal amount beyond. All drill intersections are considered open at depth. Strike Length (m) Strike length was determined by the extent of the drilling, typically open in each direction along strike, with a greater or lesser extension governed by airborne magnetic data greater than a 1,500 nanoTesla response. Strike length was also supported by presence of iron mineralisation in outcrops. Average Specific Gravity (SG t/m3) Specific Gravity was estimated from limited RC chip samples measured using the wet/dry method within drilling intersections. Fe Grades (%) Fe grade was estimated using the calculated weighted average from XRF assayed intervals that made up each drill intersection within each target area. Minimums were determined as the lowest weighted average iron intersection along strike, while maximums were determined as the highest value weighted average drill intersection. Exploration Strategy and Proposed Drilling Decarbonising the steel industry now includes the whole supply chain from exploration to mining to the final product. With this, interest, and demand in targeting for high-grade, low impurity discoveries is growing. Demand for increased removal of impurities and high purity concentrates before manufacturing is placing pressure on explorers and mine processing systems. In most cases necessitating logistically challenging and expensive upgrades causing concern over future demand and lagging supply trends. The Company's exploration and targeting strategy is allied to industry decarbonising by exploring for and discovering high purity magnetite occurrences. The strategy of increasing high quality resources conforms with industry and social pressures for explorers to develop low impact projects in response to demand and quality requirements from established manufacturing, and new technologies. The Company is currently assessing detailed requirements for project specific drilling programs within the Byro South and Mt Narryer Regions to confirm the Exploration Target Estimate in support of the FE1 2023 Mineral Resource Estimate and aspire to the broader goal for the Byro Magnetite Project of 100mt. Athena Resources anticipates an ongoing and comprehensive phase of drilling with a staged approach. The Company anticipates confirming the revised Exploration Target over the next 12 months with focus on the Byro South and Mt Narryer Regions. It is anticipated drilling will be undertaken incrementally while maintaining a focus on metallurgy, beneficiation and high purity as the project areas develop. Program of work (PoW) approvals are granted to 2025 covering the proposed development of the magnetite occurrences as follows. Byro South, E09/1781, PoW Registration ID 95863; Whitmarsh Find, E09/1781, PoW Registration ID 95863; Whistlejack, E09/1781, PoW Registration ID 95863 and spans tenement E09/1507, PoW ID 92853; Mt Narryer, M09/168, PoW Registration ID 96377 Drilling programs are currently being developed. This work is being undertaken in consultation with Entech Mining Limited to ensure sufficient data is acquired to support a future mineral resource estimate. The estimated Magnetite Mineral Resource is contained within the whole rock Mineral Resource, and they are not cumulative. The magnetite ore at FE1 commonly occurs in a near bimodal form of dominantly magnetite and quartz with low primary impurities. Metallurgical work demonstrates the FE1 ore can be processed to high purity with improved processing outcomes because processing bimodal ore is logistically simpler, uses lower energy, lower water requirements, and has lower environmental impacts. Within the Byro tenements the Company has identified magnetite mineralisation of similar characteristic to the FE1 resource in the Byro South Region and the Mt Narryer Region. The Byro South, Whistlejack and Whitmarsh Find, and the Mt Narryer North projects have been identified as prospective low impurity occurrences. The prospectivity of these occurrences have been identified through drilling and preliminary metallurgy with beneficiation tests demonstrating the occurrences have potential to be processed to a high purity concentrate of >70%Fe, Table 5. Metallurgy on Byro South and Mt Narryer Satellite Occurrences Metallurgical results have previously been completed to determine the ore quality at the four advanced Exploration Targets The Byro South and Whistlejack projects have had grind optimisation techniques applied and Davis Tube Recovery analysis, (DTR) for concentrate grades to determine ore quality. This work is currently underway on the Whitmarsh Find Project. Metallurgy has also been completed on the Mt Narryer Project using grind optimisation techniques to determine concentrate grades from DTR of >71%Fe. Tillkännagivande • Dec 20
Athena Resources Limited Announces Progress Towards the Completion of A 2012 JORC Compliant Updated MRE for the Unique FE1 Magnetite Project Athena Resources Limited announced progress towards the completion of a 2012 JORC compliant updated MRE for the unique FE1 magnetite project. All data has been validated and assimilated with previous drill data. Entech Mining consultancy have commenced geological and domaining of ore lenses and lithologies. Variogram modelling is now under way to measure the variation in iron percentage between drill holes and down hole samples. There is an apparent increase in mineralisation beyond the inferred resource on some sections. At this stage there is no estimate completed for tonnes and grade until the final MRE ore block has been resolved and statistical analysis of variogram data is completed. Preliminary assessment of modelling to date has already highlighted several positive aspects. Infill drilling and detailed sampling of diamond core correlated with historic data has allowed greater resolution to include a second discrete surface spanning above the main ore body. The new discrete surface spanning the ore body falls within the existing pit model and may carry a positive effect on economic development if the grade and volume is sufficient. In addition to the added discrete surface, the mid and southern parts of the ore body display a variable increase in interpreted depth to the mineralised footwall contact and extensions to the ore envelope to the west. This has been observed in the north and south portions of the ore body from 2D and 3D modelling, The increased mineralisation below the current 150m deep pit model may require the company to remodel the open pit to cater for additional depth of up to 50m in some locations. There are three sections with mineralisation beyond the modelled 150 depth. These are 7,110,200mN ~20m below, 7,110,025mN ~50m below, and 7,109,970mN ~10m below. The sections above extracted from the MRE preliminary ore model can be directly compared to the equivalent section extracted from the historic inferred model on which early pit modelling was completed. Reinterpretation from diamond drilling has advanced understanding of the ore origin indicating the the unique magnetite ore at Byro is more accurately described as part of a a mafic layered intrusive system subject to high level of metamorphism. This confirms the ore as primary magnetite compared to the more common sedimentary banded iron formations and also explains the purity of the ore. The following sections are modelled based on detailed litho-geochemical evaluation. The hanging wall above and to the west of the orebody is dominated by a felsic granitic-gneiss rock type while the magnetite mineralization is largely confined and associated with a mafic lithology. Although structurally overprinted and highly metamorphosed the mafic body has been identified by a litho-geochemical signature as largely confined within the mafic intrusive horizon with magnesium, chrome, nickel, cobalt and titanium in the non-mineralized domains. The most significant signature is the magnesium with a common 1.5 < 6% MgO component throughout the magnetite mineralized ore profile. Within the central part of the orebody on section 7,110,200mN a Proterozoic dyke has intruded and stoped the mafic layered intrusive which is identified by an elevated signature of calcium, sodium and potassium. Tillkännagivande • Nov 28
Athena Resources Limited Announces Further Assay Results from Infill Drilling for Indicated MRE Athena Resources Limited announced further results for the unique FE1 magnetite project. Preliminary results show continued high-grade Davis Tube Recovery (DTR) from infill drilling. These results support the milestone MRE for the upgrade of the existing inferred resource to an indicated mineral resource. DTR results reported in this announcement include drilling along east-west traverses on northings (MGA94 zone 50) 7,110,200mN, 7,110,300mN, 7,110,400mN, 7,110,500mN Collar location). These holes were designed to infill existing drill holes, including three twinned holes. Infill holes AHRC0108D, AHRC0107D (7,110,303mN) and AHRC0118 (7,110,205mN) on the below cross sections, graphically demonstrate mineralisation outside the Inferred Resource block model. This new mineralisation will be incorporated into the new Mineral Resource Estimate to be completed in the coming weeks. Twinned holes also intersected further mineralisation. The purpose of twinning these holes with HQ diamond drilling was to identify contamination within and between intercepts and gain accurate understanding of internal dilution not achievable because of contamination inherent with reverse circulation drilling. The company is very pleased with the results which show each twinned hole intercepted greater mineralisation widths than the original hole while maintaining ore grade, with an average grade increase of 0.98%Fe. AHRC0118D an increase of 22.0m of magnetite mineralisation. AHRC0112D an increase of 83.0m of magnetite mineralisation. AHRC0121D an increase of 5.3m of magnetite mineralisation. All intercepts are calculated using weighted average Fe grade for each interval within a continuous intercept above 10% Fe. Through the process of continuous data interrogation, the intercepts have now been checked using concentrate mass recovery /Fe recovery, over each interval. The correlation was accurate for all intersections excluding AHRC0112D for composites 15-18. The concentrate mass recovery /Fe recovery calculation table for the intersection from 136.0m to 152.4m. The revised intercept following addition of 12.4m of mineralisation omitted in error from the AHRC0112D intercept of 4m @ 17.9% Fe from 136.0m. The recalculated intersection now shows 16.4m @ 17.6% Fe from 136.0m with a DTR concentrate of 71.5% Fe. Tillkännagivande • Nov 16
Athena Resources Limited Announces Preliminary Results for FE1high grade Grade Davis Tube Recovery from Infill Drilling At the Globally Unique FE1 magnetite project Athena Resources Limited announced the preliminary results for FE1high grade Davis Tube Recovery (DTR) from infill drilling at the globally unique FE1 magnetite project. These results support the milestone MRE for the upgrade of the existing inferred resource to an indicated mineral resource. It is anticipated the remaining DTR analysis will be available for publication within the next two weeks and will be announced once validated and added to the Mineral Resource Estimation (MRE), data set. The relationship of DTR magnetite iron grade - Magnetic Susceptibility (MagSus) and Specific Gravity (SG) data are routinely used in correlation for modelling variation and internal dilution within magnetite ore bodies. MagSus and SG data were collected onsite for every sample assayed. ALS Laboratories completed independent SG analysis of 1 in every 27 determinations and confirmed a 99.9% accuracy. Analysis of SG Data to date highlights an average SG within ore of 3.43g/cm3 and an average SG of 2.74 g/cm3 outside the ore allowing detailed modelling of the internal variation within the ore body. The MRE data set is well advanced, already including geological, structural, and geotechnical logging of all core, photography, magnetic susceptibility, and specific gravity measurements. The company considers the data collected to date is integral and of sufficient quality to add to the confidence of the mineral resource. The company anticipates once the data set has been completed and submitted, Entech Mining will take up to 4 weeks to complete the MRE. These latest DTR results in excess of 70%Fe further confirm the unique, high grade, low impurity nature of the Byro magnetite concentrate and potential product supply to high purity "Green Steel" production and other premium industrial processes with the uppermost grade and purity available. Development timelines of the Byro project have become aligned with increasing industry action driven by environmental awareness and goals set by major steel producers towards low carbon emission steel production and decarbonisation of the mining industry. Work towards upgrade of existing furnaces and increase in the number of hydrogen reduction Electric Arc Furnace, (EAF) systems to cater for green steel demand is underway. The Institute for Energy Economics and Financial Analysis reported in June 2022, ThyssenKrupp, one of the large global steel manufacturers, is planning to begin replacing blast furnaces with DRI plants with integrated melting units from 2025. As hydrogen reduction Electric Arc Furnace, (EAF) systems come online so too will the demand for suitable high grade feed stock. The Company has set a goal to be in a position to meet this demand and aims to complete the MRE and Pre-Feasibility Study (PFS) as soon as possible in order to undertake a full Definitive Feasibility Study (DFS) in 2023, allowing two years to make applications for mining approvals by late 2025. High grade Magnetite concentrate is rarely greater than 68% in iron content compared to the Byro magnetite product at greater than 70%Fe. Every tonne of 68%Fe concentrate contains just over 40kg of impurities which harbour processing and quality problems. Engineering design and refined processing pilot trials completed on the Byro magnetite show it can deliver 71.5% iron ore with about 28% Oxygen, and include only 5 kg of impurities, approximately one eighth (12.5%) of the impurities of most producers around the world. Byro magnetite far exceeds the minimum requirement for hydrogen reduction Electric Arc Furnace, (EAF) systems. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Non-Executive Director Peter Newcomb was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Oct 14
Athena Resources Limited, Annual General Meeting, Nov 30, 2022 Athena Resources Limited, Annual General Meeting, Nov 30, 2022. Agenda: To consider for election of Directors. Tillkännagivande • Sep 24
Athena Resources Limited Announces Directorate Changes Athena Resources Limited announced that Mr. Clint Moxham has resigned his position as Non-Executive Director effective September 30, 2022. Also, Mr. Peter John Newcomb has been appointed as Non-Executive Director with immediate effect. Tillkännagivande • Sep 22
Athena Resources Limited Announces Management Changes Athena Resources Limited announced that Mr. David Wheeler has resigned his position as Non-Executive Director effective 30 September 2022 and Mr. Joe Graziano has resigned his position as Company Secretary effective 30 September 2022. The company also announced that Mr. Ed Edwards has been appointed Company Secretary with immediate effect. Tillkännagivande • Sep 19
Athena Resources Limited Announces Completion of All Data Acquisition from the Recent Drilling Program At the FE1 Deposit At the Companies Byro Industrial Minerals Project Athena Resources Limited announced completion of all data acquisition from the recent drilling program at the FE1 Deposit at the Companies Byro Industrial Minerals Project. Acquisition and compilation of data has included geological, structural, and geotechnical logging of all core, photography, magnetic susceptibility, and specific gravity measurements. This data will be integral and of sufficient quality to upgrade the confidence of the mineral resource when the MRE is completed. A total of 849 samples were taken from chips and drill core and submitted to ALS Global for multi-element X-ray fluorescence (XRF) analysis which includes a suite of 24 elements. From this assay data, intervals will be determined for DTR test work. Previous DTR test work from drill samples at FE1 has shown that the grade increases substantially with magnetic separation. The drilling program, completed during July 2022, included 15 Reverse Circulation (RC) drill holes, of which eleven were diamond tailed. Each of the diamond tails were cut, sampled, and submitted for assay. A total of 1,304.95m of HQ diameter diamond core, and 1,038.3m of RC was drilled. The program will satisfy data gaps within the existing Inferred Mineral Resource and provide evidence to further establish geological continuity of magnetite mineralisation. Magnetic susceptibility (MagSus) is a direct measurement of the concentration of magnetite minerals within the core and is an excellent tool in estimating the width and extent of mineralisation. Nearly every diamond hole drilled showed broadly elevated zones with readings frequently above the upper detection limit of the KT-10 instrument used. MagSus readings from current drilling clearly demonstrate magnetite mineralisation outside the modelled Inferred Resource parameters. MagSus readings on the same section line from Hole AHRC0107D show continued mineralisation of up to 50m below the inferred resource model while AHRC0108D shows a broad intersection of high MagSus to the west and outside the modelled Inferred Resource. These broad intersections correlate with heavily disseminated magnetite minerals that occasionally occur as a matrix within the host lithology. Due to the high metamorphic grade, such mineralisation is frequently banded with kinked and folded structures. Further support of the significant intersections was gained from the specific gravity results. Where heavily disseminated magnetite was present, the specific gravity measured was typically between 3.4 and 3.6. The 103.36m intersection of magnetite mineralisation in diamond drill hole AHRC0111D held and average SG of 3.36 across the entire intersection further substantiating the continuity of magnetite mineralisation. Assay data is expected to be returned to AHN over the coming weeks, with DTR test work results due a few weeks thereafter. All data will be validated, compiled, and provided to Entech Mining Consultancy. Entech Pty Ltd. have been commissioned by the Company to undertake the MRE, lifting the resource from inferred category to indicated. This will in turn reduce the risk and increase the confidence level for further economic studies, namely a pre-feasibility study (PFS) anticipated to commence shortly thereafter. Tillkännagivande • Aug 02
Athena Resources Limited Announces Executive Changes Athena Resources Limited has resigned his position as Non-Executive Director effective immediately and Mr. Clint Moxham has been appointed in his place as a Non-Executive Director. Mr. Graziano continues his role as Company Secretary. He has experience with iron ore, gold, uranium, molybdenum and copper. Clint has the following academia BSc. Mineral Exploration & Mining Geology, Grad Dip. Mining, MBA, MSc. Mineral Economics. Also a Western Australian unrestricted Quarry Managers ticket. The Board is very pleased to welcome Clint at this exciting stage of the company's development. Clint is a growth focused mining engineer, geologist and mineral economist, withexpertise ranging from mining strategy, risk management, data analysis, infrastructure development, geological understanding, option analysis and mining due diligence. Clint's success is demonstrated through the successful feasibility, permitting, construction and start-up of several operations. Ranging in size from 1mtpa to 10mtpa. A dedicated professional with great interpersonal, organisational and communication skills. Tillkännagivande • Jul 28
Athena Resources Limited Announces Completion of Drilling for Mineral Resource Estimation Athena Resources Limited announced completion of the infill resource drilling program to acquire data sufficient to upgrade the FE1 2004 inferred JORC compliant, magnetite, Mineral Resource Estimate, (MRE) to a 2012 JORC compliant Indicated Resource. Completion of the infill drilling program is a strategic development towards the Company's FE1 Project Feasibility Study (PFS), within 2022. The completion of drilling and preliminary data acquisition is a key component in the development of the Byro magnetite resource with many milestones already completed. The infill program supports major steps including grant of mining leases, native title mining agreement, thorough metallurgy repeated in Australia and China, process engineering design, Main Roads WA approved transport corridor, hydrology studies, advanced environmental studies and exploration drilling of supporting satellite ore bodies. The program was designed by the Company in consultation with Entech Pty Ltd. who have been appointed to undertake the Mineral Resource Estimation (MRE). The program was designed to satisfy the identified data gapsrequired to lift the resource from an inferred to indicated resource including required geotechnical data for pitoptimization for the PFS. The infill program consisted of 11 RC pre-collars followed by 11 diamond tails for solid core recovery and 3standalone RC holes. Several holes were drilled twinning historic holes. Data from the twinned holes will be usedto fulfill data gaps required by the 2012 JORC Code and define variability within the ore body while extending themodelled block to the west and to a depth of 200m. Infilling compliments 31 existing holes to bring the total drilling within the resource to 45 holes for 6,929.25m. Drillingalso completes the required grid spacing of 100m line spacing with hole positions 50m apart on each line.Magnetite ore intersections throughout the campaign were largely as predicted with high purity magnetite commonlyas coarse grain granulite and at times presenting as semi-massive to matrix ore as seen below.From completed drilling and geological logging, the Company is delighted toconfirm the magnetite ore drilled within the FE1 Resource is of the same qualityand genesis to that identified from previous drilling, metallurgy, and orecharacterisation. The image (left) is a section of PQ size whole core at 154m down hole in holeAHRC0115D. The magnetite is a silver color and consists of pure coarse grainsof magnetite with no inclusions. The darker mineral is biotite in silicate, alltogether a simple assemblage of minerals.Magnetic susceptibility data has been captured using a KT10 Magneticsusceptibility meter through the ore intersections with many intervals such asthat shown in Figure 1, reaching the maximum reading of 200010-3, standardunits correlating well with data from previous drilling.Whole core graphically confirms previous identification of the rock type as"Upper Granulite Facies Magnetite Gneiss". This means the ore has beenpurified by nature through intense geological processes. The classification setsthe Byro ore apart from lower facies and high impurity ores such as BandedIron Formations (BIF). This classification is fundamental in understanding thelevel of purity and unique quality of the Byro ore type and why it is ideal forsupply into the Green Steel Industry. Core cutting and sample preparation is underway to complete whole rock assay and DTR determinations for themineral resource estimate. Recent Insider Transactions • Jul 21
Insider recently sold AU$418k worth of stock On the 20th of July, Jason Peterson sold around 17m shares on-market at roughly AU$0.025 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Tillkännagivande • Jun 01
Athena Resources Limited Announces Board Changes Athena Resources Limited announced that Mr. Frank Knezovic has resigned his position as Non-Executive Director effective immediately and Mr. Joe Graziano has been appointed in his place as a Non-Executive Director. Mr. Graziano continues his role as Company Secretary. Tillkännagivande • May 26
Athena Resources Limited Announces Commencement of Resource Drilling Athena Resources Limited announced commencement of resource drilling to develop the FE1 2004 inferred JORC compliant magnetite Mineral Resource Estimate (MRE) to a 2012 JORC compliant Indicated Resource. Two drill rigs are onsite to complete Reverse Circulation (RC) pre-collars followed by diamond core through the ore body. The program was designed by the Company in consultation with Entech Pty Ltd. who have been appointed to undertake the Mineral Resource Estimation (MRE). The program was designed to satisfy the identified data gaps required to lift the resource from an inferred to indicated resource including required geotechnical data for pit optimization. The infill program consists of eleven holes. Infilling is within 31 existing holes to complete the required grid spacing of 100m line spacing with hole positions 50m apart on each line. Three of the diamond core holes will twin existing Reverse Circulation (RC) holes. Data from the twinned holes will be used to confirm the variability of the ore body from previous drilling and to extend the modelled block to a depth of 200m. This work is an important step to complete the indicated MRE and move forward to development of the Company's FE1 Project Feasibility Study, (PFS) within 2022. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director David Wheeler was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Jan 28
Athena Resources Limited Announces Completion of 3D Gravity Modelling - Moonborough Intrusion Athena Resources Limited announced the completion of data interpretation and development of a 3D inversion model at Moonborough within the Company's 100% owned Byro Base Metal Project. All gravity survey data acquired was quality assessed and modelled by Southern Geoscience Consultants. Results from data interpretation and modelling suggest the near surface gravity anomaly at the Moonborough Intrusion extends to depth and unlikely related to surface regolith conditions as previously interpreted. An untested central region of the Moonborough intrusion coincident with the gravity anomaly is also coincident with a VTEM anomaly. Planned drilling will test this area once heritage survey and Native Title clearance is complete. Board Change • Nov 04
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director David Wheeler was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
