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27 January 2022

The Company Announcements Office

Australian Stock Exchange Limited

4 Floor, 20 Bridge Street

SYDNEY, NSW 2000

COMPLETION OF 3D GRAVITY MODELLING OVER THE MOONBOROUGH

INTRUSION

Further to the completion of a Gravity Infill Survey, announced on 23 October 2021, Athena Resources Limited (the Company) (ASX:AHN) is pleased to announce 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.

The gravity anomaly occurs within the interpreted extent of the Moonborough intrusion where prospective rock types with elevated base metals and path finder elements have been identified. Refer ASX announcement Base Metal Review, results announced 23 March 2021.

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.

Athena Resources Limited

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Level 3 І 101 St Georges Terrace І Perth І Western Australia І 6000 PO Box 2704 І Perth І Western Australia І 6001 Ph +61 411 649 551 E joe@pathwayscorporate.com.au W athenaresources.com.au

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Figure 1. Updated Gravity Data on Magnetic Imagery with drill Collars,

Athena Resources Limited

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Level 3 І 101 St Georges Terrace І Perth І Western Australia І 6000 PO Box 2704 І Perth І Western Australia І 6001 Ph +61 411 649 551 E joe@pathwayscorporate.com.au W athenaresources.com.au

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Exploration to date at the Moonborough intrusion is at an early stage and has identified a compelling data set of prospective lithologies within a layered mafic/ultramafic sequence. Analysis of the gravity data clearly confirms a discrete large body of relatively high density rock mass compared to the surrounding gneissic terrain, which is consistent with a layered intrusive complex. The gravity survey has highlighted three areas of anomalism within the enveloping high density zone. Area 4 and Area 5 Targets have recently been drill tested with the central region yet to be drill tested. Assay results from the completed drilling are delayed due to interstate COVID-19 staffing issues and are currently expected at the end of February

Figure 2. Plan View of the 3D Inversion Footprint

Athena Resources Limited

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Level 3 І 101 St Georges Terrace І Perth І Western Australia І 6000 PO Box 2704 І Perth І Western Australia І 6001 Ph +61 411 649 551 E joe@pathwayscorporate.com.au W athenaresources.com.au

For personal use only

Figure 3. 3D View of the Gravity Inversion Showing Interpreted Depth Extent of the Intrusion

A VTEM conductor was identified within the untested central region coincident with the now refined gravity anomaly. The surface expressions of the VTEM anomaly was initially interpreted to be within the regolith. The 3D inversion of the gravity data highlights the potential that the relatively shallow (<100m) depth of the VTEM anomaly could be associated with the layered intrusion bedrock.

Planned drilling will test this area once heritage survey and Native Title clearance is complete.

Athena Resources Limited

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Level 3 І 101 St Georges Terrace І Perth І Western Australia І 6000 PO Box 2704 І Perth І Western Australia І 6001 Ph +61 411 649 551 E joe@pathwayscorporate.com.au W athenaresources.com.au

For personal use only

ABOUT ATHENA RESOURCES LIMITED

Athena Resources Limited (ASX:AHN), which is based in Perth was listed on the ASX in 2006 and currently has 813 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.

Figure 4. Project Location

INTERESTS IN MINING TENEMENTS

Table 1. Mineral tenement and land tenure status

Athena Resources Limited 100%

Tenement Type

Byro Exploration

E - Exploration License

E09/1507

E09/1552

E09/1637

E09/1781

E09/1938

Byro Project Mining

M - Mining Lease

M09/166

M09/168

Submissions for extension of terms for tenements E09/1507 and E09/1552 were granted by the Department of Mines, Industry Regulation and Safety for a further 2-year term.

Athena Resources Limited

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Level 3 І 101 St Georges Terrace І Perth І Western Australia І 6000 PO Box 2704 І Perth І Western Australia І 6001 Ph +61 411 649 551 E joe@pathwayscorporate.com.au W athenaresources.com.au

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Athena Resources Limited published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 02:48:07 UTC.