onlyASX: AHN

Issued Capital

812,967,558 shares

75,000,000 @ $0.02 options

Athena Resources Limited

ACN 113 758 900

useEdmond Edwards Hau Wan Wai David Wheeler Joe Graziano

Directors

Company Secretary personalJoe Graziano

About Athena Resources

AHN is an Australian ASX listed expl rer and developer of high- grade iron ore assets in Western Au tralia.

The Company is focused on its Byro Project, strategically located in the Mid-West region 350km from the Port of Geraldton.

The Byro Iron Ore Project has

otential to mine and supply

premium

grade,

low

impurity

For

(>70%

Iron

Content)

magnetite

for the production of green steel, a fast-growing global market pp rtunity. The Byro Project also contains exciting base metal

potential.

Address

Level 3, 101 St Georges Terrace Perth WA 6000

Tel: +61 411 649 551

joe@pathwayscorporate.com.au

www.athenaresources.com.au

ASX Announcement | 28 July 2022

Byro Industrial Minerals Project

Completion of Infill Drilling Required for Indicated Mineral Resource Estimation.

Highlights:

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.

  • 14 Reverse Circulation (RC) holes were completed for
    1,037.5m including 11 diamond tails for 1,305.3m. The diamond tails were drilled in accordance with infill requirements to undertake a JORC compliant Indicated Mineral Resource Estimation, (MRE).
  • All logging and preliminary data acquisition has been completed covering lithology and ore domains including detailed geotechnical logging of the diamond core for pit optimisation.
  • Drilling has extended the boundary of the orebody interpreted from the existing JORC compliant Inferred Resource.
  • Logging and magnetic susceptibility readings show magnetite ore intersections of similar and higher quality than represented in the inferred resource estimation.
  • Diamond core and RC chip samples are being processed for assay and Davis Tube Recovery (DTR) procedures.
  • Independent international mining consultant Entech completed a positive site visit for review of data acquisition practices and compliance within the JORC Code.

For personal use only

ASX Announcement | 28 July 2022

Athena Resources ("AHN" or "the Company") is pleased to announce 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 gaps required to lift the resource from an inferred to indicated resource including required geotechnical data for pit optimization for the PFS.

The infill program consisted of 11 RC pre-collars followed by 11 diamond tails for solid core recovery and 3 standalone RC holes. Several holes were drilled twinning historic holes. Data from the twinned holes will be used to fulfill data gaps required by the 2012 JORC Code and define variability within the ore body while extending the modelled 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. Drilling also 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 commonly as coarse grain granulite and at times presenting as semi-massive to matrix ore as seen below.

Figure 1. Semi-Massive to Matrix Magnetite Ore

From completed drilling and geological logging, the Company is delighted to confirm the magnetite ore drilled within the FE1 Resource is of the same quality and genesis to that identified from previous drilling, metallurgy, and ore characterisation.

The image (left) is a section of PQ size whole core at 154m down hole in hole AHRC0115D. The magnetite is a silver color and consists of pure coarse grains of magnetite with no inclusions. The darker mineral is biotite in silicate, all together a simple assemblage of minerals.

Magnetic susceptibility data has been captured using a KT10 Magnetic susceptibility meter through the ore intersections with many intervals such as that shown in Figure 1, reaching the maximum reading of 200010-3, standard units 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 been purified by nature through intense geological processes. The classification sets the Byro ore apart from lower facies and high impurity ores such as Banded Iron Formations (BIF). This classification is fundamental in understanding the level of purity and unique quality of the Byro ore type and why it is ideal for supply into the Green Steel Industry.

Core cutting and sample preparation is underway to complete whole rock assay and DTR determinations for the mineral resource estimate,

Address

Tel: +61 411 649 551

Website

2

Level 3, 101 St Georges Terrace, Perth WA 6000

Email: joe@pathwayscorporate.com.au

www.athenaresources.com.au

For personal use only

ASX Announcement | 28 July 2022

Table 2. Collar Details

Hole ID

Type

MGA N

MGA E

RL

Dip

Azimuth

Depth

Final

Depth

AHRC0110

RC

7110036

431100

349.5

-60

90

40.5

AHRC0110D

DD

7110036

431100

349.5

-60

90

86.86

127.36

AHRC0111

RC

7110036

431000

349

-60

90

90.1

AHRC0111D

DD

7110036

431000

349

-60

90

108.16

198.26

AHRC112

RC

7110036

430950

349

-60

90

84.2

AHRC112D

DD

7110036

430950

349

-60

90

174.1

258.3

AHRC0113

RC

7109970

430950

348.5

-60

90

93.3

AHRC0113D

DD

7109970

430950

348.5

-60

90

116.6

209.9

AHRC0114

RC

7109970

431000

349

-60

90

90.3

AHRC0114D

DD

7109970

431000

349

-60

90

128.8

219.1

AHRC0115

RC

7109970

431050

349

-60

90

46.6

AHRC0115D

DD

7109970

431050

349

-60

90

139.67

186.27

AHRC0107

RC

7110303

431008

348.5

-60

90

66.5

AHRC0107D

DD

7110303

431008

348.5

-60

90

110.66

177.16

AHRC0108

RC

7110303

430910

347.5

-60

90

100

AHRC0108D

DD

7110303

430910

347.5

-60

90

95.4

195.4

AHRC0109

RC

7110303

430864

347

-60

90

102

102

AHRC0116

RC

7110407

430971

349

-60

90

102

AHRC0116D

DD

7110407

430971

349

-60

90

131.5

131.6

AHRC0117

RC

7110501

430952

348

-60

90

102

102

AHRC0118

RC

7110907

430990

348

-60

90

120

120

AHRC0119

RC

7109906

431010

348

-60

90

102

102

AHRC0120D

DD

7109975

431105

350

-60

90

138.6

165.3

AHRC0121D

DD

7110501

430958

348

-60

90

176.8

176.8

The map below shows locations of FE1 drill collars on magnetic signature overlaid with preliminary pit design.

Address

Tel: +61 411 649 551

Website

3

Level 3, 101 St Georges Terrace, Perth WA 6000

Email: joe@pathwayscorporate.com.au

www.athenaresources.com.au

ASX Announcement | 28 July 2022

For personal use only

Figure 1 FE1 drill collars on magnetic signature overlaid with preliminary pit design

(Red dots - existing drill holes, green dots - infill holes).

This announcement has been approved by the board.

Address

Tel: +61 411 649 551

Website

4

Level 3, 101 St Georges Terrace, Perth WA 6000

Email: joe@pathwayscorporate.com.au

www.athenaresources.com.au

For personal use only

CAUTIONARY NOTES AND DISCLOSURES

Disclosures

All data and Information of material nature referred to within this Report with reference to historical drilling have previously been reported on the ASX platform in compliance with the relevant JORC compliance reporting format at the time of data acquisition.

Cautionary Notes and 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.

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. Some 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 Disclosure

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

Competent Person Statement

The information included in the report was compiled by Mr Liam Kelly, an employee of Athena Resources Limited. Mr Kelly has had over twenty years' experience as a geologist in mining and exploration and is a Member of the Australasian Institute of Mining and Metallurgy, (306501). Mr Kelly 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)". The historical information included is compliant with the relevant JORC Code, 2004 Edition, and new information announced post that version of the JORC Code is compliant with the JORC Code 2012 Edition. Mr Kelly consents to the inclusion of the information in the report in the context and format in which it appears.

INTERESTS IN MINING TENEMENTS

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

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Athena Resources Limited published this content on 27 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2022 23:17:06 UTC.