28 April 2020

The Company Announcements Office

ASX Limited

4 Floor, 20 Bridge Street

SYDNEY NSW 2000

BYRO INDUSTRIAL MAGNETITE PROJECT

PRODUCT DEVELOPMENT

Athena Resources Limited is pleased to announce the Company has completed test work in cooperation with ALS Laboratories to manufacture a dense aggregate composite for use in heavy machinery counterweights and special purpose heavy construction concrete.

Key Aggregate Characteristics

  1. High Degree of Particle Size Control and Distribution, (PSD).
  2. Compaction Ratio Suitable for Addition of Cements
  3. Low Water Requirement to Achieve High Strength Concrete.
  4. Relative Density of 4.05t/m3
  5. Low Impurities

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

Sample Preparation

Sample was prepared from reverse circulation (RC) drilling completed in September 2017 from the Mt Narryer Mining Lease. The drill holes (AHRC0091 and AHRC0092), targeted the natural iron ore oxide, magnetite.

AHRC0091: Collar, 396017mE, 7062836mN. End of hole 90m, RL 310m, Ore Zone 40m, in fresh rock at depth of 44m.

AHRC0092: Collar 396017mE, 7062859mN. End of hole 66m, RL 310m Ore Zone 24m in fresh rock at depth of 42m.

.

Applied Technology

1: Particle Size Distribution

RC chips retrieved from drill return were washed and screened to 13 size fractions from 20mm to <0.075mm, shaken through a nest of sieves from largest down to smallest. Each fraction was then subject to a single pass of low intensity magnetic separation (900 Gauss), discarding the nonmagnetic aggregates.

Products of the various size fractions were then aggregated according to percent by weight to achieve an aggregate requirement meeting the concrete additive standard of AS2758.1.

The aggregated target composite was then tested by ALS laboratories sieving the combined sample in accordance with the requirements of AS 1141.11.1. The sample of aggregate was shaken through a nest of sieves from largest down to smallest. The product was reported as the percentage passing each individual sieve size. The test was performed in a dry state ('dry grading').

Table 1: Sample Composite Target

Byro Industrial Heavy Aggregate Composite (8mm)

Product Composition

AHN Constituents

AHN Sieve mm

component 2Kg % Split

2Kg Amount in

grams

grams

11% of Product

12.5>8

20.0

220

8.0>5.0

200.0

5.0>4.0

180.0

53% of Product

4.0>3.0

480.0

1060

3.0>1.0

400.0

12% of Product

1>0.850

138.0

240

0.85>0.300

102.0

0.300>0.25

66.7

24% of Product

0.250>0.15

33.3

480

0.150>0.075

100.0

0.075

280.0

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

Table 2: Product Particle Size Distribution Result

A20448

ATHENA RESOURCES (DRY SIZING ON COMP#1)

Operation

Size

Weight

Weight

Weight

(mm)

(g)

(%)

% <

Screening

12.500

0.0

0.0

100.0

8.000

10.9

0.7

99.3

5.000

141.3

9.6

89.7

4.000

192.8

13.1

76.6

3.150

242.6

16.5

60.1

1.000

418.1

28.4

31.8

0.850

22.3

1.5

30.2

0.300

80.1

5.4

24.8

0.250

25.2

1.7

23.1

0.150

39.6

2.7

20.4

0.075

112.7

7.6

12.8

-0.075

188.0

12.8

Initial

1473.6

100.0

The results of the particle size distribution (Table 2), are shown in a PSD curve, Figure 1 below, and can be compared to the typical concrete grading curve in Figure 2.

Mt NARRYER SIZE DISTRIBUTION CURVE

% PASSING

0.010

0.100

1.000

10.000

SIZE (mm)

Figure 1: Mt Narryer size distribution curve

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

Figure 2: Typical concrete grading curve.

The Mt Narryer heavy aggregate product PSD conforms within grading deviation specifications in accordance with industry standard AS 2758.1. The aggregate PSD can also be custom manufactured to meet the requirement of special industry needs.

2. Compaction Ratio

The Mt Narryer heavy aggregate product was subject to compaction tests identifying "Uncompacted Bulk Density", (Table 3), and "Compacted Bulk Density", (Table 4).

Table 3. Uncompacted Bulk Density.

Table 4. Compacted Bulk Density

Uncompacted Bulk Density -

Compacted Bulk Density -

Head

Head

Bulk

Bulk

Sample ID

Density

Sample ID

Density

(kg/L)

(kg/L)

Comp#1

2.26

Comp#1

2.63

The result demonstrates pore space capacity for the aggregate to cater for cement binders. Importantly the result shows a low compaction ratio. Excess pore space requires excess cement binder and water.

3. Water Requirement.

Low uncompacted pore space demonstrates the Mt Narryer dense aggregate product has appropriate grading. Well graded aggregates have a lower water requirement, (Figure 3), a key factor in concrete strength. A lower water cement ratio produces higher strength concrete. The low compaction ratio of the Mt Narryer dense aggregate is suitable to be used in high strength concrete greater than 55 -100Mpa.

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

Figure 3. Low Water Requirement to Achieve High Strength Concrete. (AS2758.1.)

4: Relative Density

Results from a specific gravity test to determine the density of the Mt Narryer aggregate product was greater than 4 tonnes per cubic meter. The product, when used in heavy concrete will allow savings in concrete volume and excavation costs for construction as well as effective counterweight properties.

Table 5. A20448 - SG Results

SG - Head

Sample ID

SG

Comp#1 4.05

The very high density of the Mt Narryer aggregate producing a heavy concrete in excess of 4 tonnes per cubic meter has a collective quality with a high strength concrete. High strength concrete has a cement:aggregate ratio of 1:5. (Cement having a specific gravity of 3.15t/m3).

5. Low Impurities

The product chemical analysis was completed by ALS Laboratories using industry standard XRF assay techniques. The largest stable components from chemical analysis, (78%), was made up of mostly natural magnetite iron oxide and lesser silicate. Very low levels of impurities were recorded.

Table 6. Assay of the Mt Narryer Heavy Aggregate Product and Impurities

A20448 - Athena Resources - Head Assay (Comp#1)

Al2O3

Cl

CaO

K2O

Na2O

P

S

(%)

(%)

(%)

(%)

(%)

(%)

(%)

0.50

0.005

1.23

0.017

0.038

0.049

0.043

Elements such as sulphur, phosphorous, chloride and sodium reduce the durability of concrete and shorten the structural lifespan. Assays showing these elements are shown in Table 6 above.

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

The product development and test work described in this announcement demonstrate the Byro Industrial Magnetite Project can produce a heavy aggregate product suitable for heavy machinery counterweights and special purpose heavy construction concrete. Inherent advantages of the natural magnetite from the Byro Industrial Magnetite Project lends itself to many advantages, both economic and environmental, over standard concrete aggregates.

Advantages

  • Increased weight for a given volume
  • Reduced heat of hydration
  • High submerged/saturated density
  • High radiation shielding characteristics
  • Space saving
  • Noise and vibration dampening
  • Thermal energy storage

Although the test work was focused on heavy machinery counterweights and special purpose heavy construction concrete, there are a broad array of other applications for high density concrete aggregates.

Applications

  • Loose ballast:
  • Offshore ballasting of rigs and caissons
  • Scour protection for underwater structures of pipelines
  • Ground stabilization - to reduce piling
  • Heavy concrete:
  • Under water concrete (tunnels, pipeline mattresses)
  • Counterweights (bridges, locks, sluices, elevators, excavators)
  • Coastal protection (breakwaters, precast antifer cubes)
  • Pipe coating (negative buoyancy coatings)
  • Radiation shielding (medical & nuclear)

Athena Resources is continuing to develop the Byro Industrial Magnetite Project. The company holds a high priority on product and market development alongside encryption of the resource towards mining approvals. The heavy aggregate for concrete is included in the growing number of industrial magnetite products being developed by Athena from the Byro Industrial Magnetite Project.

Ongoing Product Development Includes

  • Byro Industrial Magnetite for DRI Feed for powder metals and alloys.
  • Byro Industrial Magnetite Catalyst Grade for ammonia and fuel synthesis.
  • Byro Industrial Magnetite DMS for coal washeries.
  • Byro Industrial Magnetite 3D Printing specification.
  • Byro Industrial Magnetite for Black Pigment.
  • Byro Industrial Magnetite for Water Filtration.

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

About Athena Resources Limited.

Athena Resources Limited (ASX:AHN), which is based in Perth was listed on the ASX in 2006 and currently has 300,605,208 million shares on issue. Athena owns a 100% interest in the Byro Project through its subsidiaries Complex Exploration and Byro Exploration where it is exploring for copper, nickel, PGE's and iron ore. The Figure below, shows the current tenement holdings.

Regional Project Location

Edmond Edwards Executive Director of Athena has authorised release of this announcement to the ASX.

Yours faithfully

Ed Edwards

Executive Director

ATHENA RESOURCES LIMITED

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

JORC Code, 2012 Edition - Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria

JORC Code explanation

Commentary

Sampling

• Nature and quality of sampling (eg

• This Report refers to magnetic

cut channels, random chips, or

susceptibility readings taken

techniques

specific specialised industry standard

from RC drill hole AHRC0091

measurement tools appropriate to the

and AHRC0092. The

minerals under investigation, such as

measurement tool used for

down hole gamma sondes, or

Magnetic susceptibility was a

handheld XRF instruments, etc).

hand held KT-10 with serial

These examples should not be taken

number # 8791

as limiting the broad meaning of

sampling.

• Include reference to measures taken

•

Magnetic susceptibility readings

to ensure sample representivity and

were taken to determine

the appropriate calibration of any

appropriate samples with the

measurement tools or systems used.

average reading noted from

scanning mode

• Aspects of the determination of

• 'Reverse circulation drilling was

mineralisation that are Material to the

used to obtain 1 m samples

Public Report. In cases where

'industry standard' work has been

done this would be relatively simple

(eg 'reverse circulation drilling was

used to obtain 1 m samples from

which 3 kg was pulverised to produce

a 30 g charge for fire assay'). In other

cases more explanation may be

required, such as where there is

coarse gold that has inherent

sampling problems. Unusual

commodities or mineralisation types

(eg submarine nodules) may warrant

disclosure of detailed information.

Drilling

• Drill type (eg core, reverse

•

Reverse Circulation (RC)

circulation, open-hole hammer, rotary

techniques

air blast, auger, Bangka, sonic, etc)

and details (eg core diameter, triple

or standard tube, depth of diamond

tails, face-sampling bit or other type,

whether core is oriented and if so, by

what method, etc).

Drill sample

• Method of recording and assessing

•

Samples recovered from

core and chip sample recoveries and

cyclone splitter using 1m interval

recovery

results assessed.

composites

• Measures taken to maximise sample

• Collection of RC Chips from

recovery and ensure representative

sieved sample

nature of the samples.

• No bias was observed between

• Whether a relationship exists

recovery and sample quality or

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

Criteria

JORC Code explanation

Commentary

between sample recovery and grade

loss or gain

and whether sample bias may have

occurred due to preferential loss/gain

of fine/coarse material.

Logging

• Whether core and chip samples have

• Drill chips have been

been geologically and geotechnically

geologically logged as well as

logged to a level of detail to support

recording major geotechnical

appropriate Mineral Resource

features observable in chip over

estimation, mining studies and

the full depth of the holes.

metallurgical studies.

• Whether logging is qualitative or

quantitative in nature. Core (or

costean, channel, etc) photography.

• The total length and percentage of

the relevant intersections logged.

Sub-

• If core, whether cut or sawn and

•

RC Drilling

whether quarter, half or all core

sampling

taken.

techniques

• If non-core, whether riffled, tube

• Samples were dry rotary split

and sample

sampled, rotary split, etc and whether

preparation

sampled wet or dry.

• For all sample types, the nature,

•

Industry standard sampling

quality and appropriateness of the

preparation procedures were

sample preparation technique.

used

• Quality control procedures adopted

•

Industry standard sampling

for all sub-sampling stages to

preparation procedures were

maximise representivity of samples.

used

• Measures taken to ensure that the

•

Industry standard sampling

sampling is representative of the in

procedures were used

situ material collected, including for

•

No field duplicate/second-half

instance results for field

sampling

duplicate/second-half sampling.

• Whether sample sizes are

• Average sample size from

appropriate to the grain size of the

splitter was 5kg

material being sampled.

Quality of assay data and laboratory tests

  • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
  • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
  • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

The measurement tool used was

  1. handheld KT-10 with serial number # 8791 using units of 10*-3 Standard SI units

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

Criteria

JORC Code explanation

Commentary

Verification

• The verification of significant

• No adjustments have been

intersections by either independent

made to readings

of sampling

or alternative company personnel.

• Assays have been verified

and assaying

• The use of twinned holes.

using standard QA QC methods

• Documentation of primary data, data

entry procedures, data verification,

data storage (physical and electronic)

protocols.

• Discuss any adjustment to assay

data.

Location of

• Accuracy and quality of surveys used

• Hand held GPS

to locate drill holes (collar and down-

data points

hole surveys), trenches, mine

workings and other locations used in

Mineral Resource estimation.

• Specification of the grid system used.

• Quality and adequacy of topographic

control.

Data spacing

• Data spacing for reporting of

• Collar and end of hole surveys

Exploration Results.

were taken and combined with

and

• Whether the data spacing and

collar location at surface

distribution

distribution is sufficient to establish

the degree of geological and grade

continuity appropriate for the Mineral

Resource and Ore Reserve

estimation procedure(s) and

classifications applied.

• Whether sample compositing has

been applied.

Orientation of

• Whether the orientation of sampling

Both holes were drilled down dip

achieves unbiased sampling of

into the ore body. No bias

data in

possible structures and the extent to

applies.

relation to

which this is known, considering the

geological

deposit type.

structure

• If the relationship between the drilling

• No sampling bias was

orientation and the orientation of key

introduced by drilling orientation

mineralised structures is considered

to have introduced a sampling bias,

this should be assessed and reported

if material.

Sample

• The measures taken to ensure

• Sample security was maintained

sample security.

during all stages of preparation

security

Audits or

• The results of any audits or reviews

• Sample security was maintained

of sampling techniques and data.

during all stages of preparation

reviews

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Mineral

• Type, reference name/number,

• Tenement referred to in this

location and ownership including

report M09/168 is 100%

tenement and

agreements or material issues with

Athena owned and operated

land tenure

third parties such as joint ventures,

within native title claim WAD

status

partnerships, overriding royalties,

6033/98, made on behalf of

native title interests, historical sites,

the Wajarri Yamatji People.

wilderness or national park and

environmental settings.

• The security of the tenure held at the

• The tenements are in good

time of reporting along with any

standing and no known

known impediments to obtaining a

impediments exist.

licence to operate in the area.

• See tenement listing attached.

Exploration

• Acknowledgment and appraisal of

exploration by other parties.

done by

other parties

Geology

• Deposit type, geological setting and

style of mineralisation.

  • Historic exploration within the project area largely confined to south of a line extending from Imagi Well to the Byro East intrusion (Melun Bore). The earliest work with any bearing on Athena's activities is that of
    Electrolic Zinc Co (1969) exploring for chromatite at Imagi Well, followed closely by Jododex Australia (1970-1974) at Byro East. Much of the exploration of a more regional nature is of limited use either because of the vagaries of the accuracy of positional information and the limited range of elements analysed. More recent surveys pertinent to
    Athena's current investigations include that of Redback Mining (1996-2002), Yilgarn Mining Limited (2003-2008) and Mithril (2007, JV with Yilgarn) at Byro East, and Western Mining Corporation (1976-1979) and Precious Metals Australia at Imagi Well. Newcrest Mining carried out a limited reconnaissance RAB drilling programme for platinum just to the east of Byro homestead (1998-1990).
  • Upper amphibolite to granulite metamorphic facies with mafic to ultramafic intrusive. Granite and migmatite are common

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

Criteria

Drill hole Information

JORC Code explanation

Commentary

• A summary of all information material

•

AHRC0091,Collar,

to the understanding of the

396017mE, 7062836mN.

exploration results including a

End of hole 90m, RL 310m,

tabulation of the following information

Ore Zone 40m, in fresh rock

for all Material drill holes:

at depth of 44m.

o easting and northing of the drill

•

AHRC0043, Collar

hole collar

396017mE, 7062859mN.

o elevation or RL (Reduced Level -

End of hole 66m, RL 310m

elevation above sea level in

Ore Zone 24m in fresh rock

metres) of the drill hole collar

o dip and azimuth of the hole

at depth of 42m

o down hole length and interception

depth

o hole length.

• If the exclusion of this information is

•

No information has been

justified on the basis that the

excluded

information is not Material and this

exclusion does not detract from the

understanding of the report, the

Competent Person should clearly

explain why this is the case.

Data aggregation methods

• In reporting Exploration Results,

• min max, ave, techniques were

weighting averaging techniques,

used, using magnetic

maximum and/or minimum grade

susceptibility data to blend

truncations (eg cutting of high

sample representative of the

grades) and cut-off grades are

average statistical magnetic

usually Material and should be

susceptibility of the ore.

stated.

• Where aggregate intercepts

• aggregation has been used and

incorporate short lengths of high

is restricted to sample intervals

grade results and longer lengths of

which do not overlap assayed

low grade results, the procedure

composite boundaries

used for such aggregation should be

stated and some typical examples of

such aggregations should be shown

in detail.

• The assumptions used for any

• No metal equivalent are referred

reporting of metal equivalent values

to in this report

should be clearly stated.

Relationship between mineralisatio n widths and intercept

These relationships are particularly

The results do not relate to

intercept width

important in the reporting of

Exploration Results.

• If the geometry of the mineralisation

The results do not relate to

with respect to the drill hole angle is

intercept width

known, its nature should be reported

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

Criteria

JORC Code explanation

Commentary

lengths

• .

• All reference to widths are down

• If it is not known and only the down

hole length, true width is not

hole lengths are reported, there

calculated. The results do not

should be a clear statement to this

relate to intercept width

effect (eg 'down hole length, true

width not known').

Diagrams

• Appropriate maps and sections (with

scales) and tabulations of intercepts

should be included for any significant

discovery being reported These

should include, but not be limited to a

plan view of drill hole collar locations

and appropriate sectional views.

  • Refer to Figures 1, 2, 3, 4 and 5 in the body of the report

Balanced

• Where comprehensive reporting of all

• This report contains all

Exploration Results is not

meaningful results for this report

reporting

practicable, representative reporting

of both low and high grades and/or

widths should be practiced to avoid

misleading reporting of Exploration

Results.

Other

• Other exploration data, if meaningful

• This report contains all

and material, should be reported

meaningful drilling results for this

substantive

including (but not limited to):

report

exploration

geological observations; geophysical

data

survey results; geochemical survey

results; bulk samples - size and

method of treatment; metallurgical

test results; bulk density,

groundwater, geotechnical and rock

characteristics; potential deleterious

or contaminating substances.

Further work

• The nature and scale of planned

Industrial magnetite product

further work (eg tests for lateral

development is ongoing

extensions or depth extensions or

large-scalestep-out drilling).

• Diagrams clearly highlighting the

na

areas of possible extensions,

including the main geological

interpretations and future drilling

areas, provided this information is not

commercially sensitive.

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

INTEREST IN MINING TENEMENTS

Athena Resources Limited 100%

Byro

E09/1507

E - Exploration License

E09/1552

E09/1637

E09/1781

E09/1938

M09/166

M- Mining Lease

M09/168

Cautionary Notes

Forward Looking Statements

This announcement contains certain statements that may constitute "forward looking statements". Such statements are only predictions and are subject to inherent risks and uncertainties, which could cause actual values, results, performance achievements to differ materially from those expressed, implied or projected in any forward looking statements.

Drilling to date supports aspects of the estimates in this report which were published earlier this year. The quantity and grade reported is conceptual in nature. There has been insufficient exploration to define a mineral resource. Further exploration is warranted to improve understanding and reduce uncertainty about this body.

JORC Code Compliance Statement

Some of the information contained in this announcement is historic data that have not been updated to comply with the 2012 JORC Code. The information referred to in the announcement was prepared and first disclosed under the JORC Code 2004 edition. It has not been updated since to comply with the JORC Code 2012 edition on the basis that the information has not materially changed since it was last reported.

Competent Persons Statement

The information included in the announcement was compiled by Mr Liam Kelly, an employee of Athena Resources Limited. Mr Kelly is a Member of the Australasian Institute of Mining and Metallurgy, and has sufficient relevant experience in the styles of mineralisation and deposit styles under consideration to qualify as a Competent Person as defined in "The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition)". Mr Kelly consents to the inclusion of the information in the announcement in the context and format in which it appears and that the historical information was compliant with the relevant JORC Code, 2004 Edition, and new information announced in this report is compliant with the JORC Code 2012 Edition.

Competent Persons Disclosure

Mr Kelly is an employee of Athena Resources and currently holds securities in the company.

BYRO - IRON ORE - HIGH GRADE MAGNETITE

April 2020

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Athena Resources Limited published this content on 28 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2020 08:32:03 UTC