ATHENA RESOURCES LIMITED 5 February 2021
The Company Announcements Office
Australian Stock Exchange Limited
4 Floor, Bridge Street
SYDNEY, NSW 2000
Resources
ACN 113 758 900
Objections to Applications for Exemption from Expenditure
On the 18 December 2020 Byro Exploration Pty Ltd and Complex Exploration Pty Ltd being wholly owned subsidiaries of Athena Resources Limited lodged Applications with the Department of Mines, Industry Regulation and Safety (the Department") for exemption of expenditure obligations ("Exemption Applications") in respect of two Exploration Licences held by them (E091552 and E09/1507 ("the Tenements"). The Tenements are part of the Byro Project.
On the same date Alexander Creek Pty Ltd filed Objections to the Exemption Applications together with Applications for Forfeiture in respect of the Tenements.
The Forfeiture Applications allege non-compliance by the tenement holders with the minimum expenditure obligations for the Tenements.
The Exemption Applications have been made on various grounds under section 102(2), 102(3) and 102(4) of the Mining Act 1978 (WA) and will, if granted, provide a complete defence to the Applications for Forfeiture. The grounds are:
Section 102(2)(b)
Time is required to evaluate work done on the mining tenement, to plan future exploration or mining or raise capital.
Section 102(2)(f)
The ground contains mineral ore required to sustain future operations or an existing or proposed mining operation.
Section 102(3)
Funding has been delayed by Covid-19 giving rise to the shortfall in expenditure.
Section 102(4)
Money spent on the Byro Project from its inception to date is well above minimum expenditure requirements.
Athena has actively explored its Tenements (including those the subject of the Forfeiture Applications) and reported to the Department the significant expenditure during the relevant expenditure periods. Athena will present detailed evidence of proposed drilling and related expenditure in support of the Exemption Applications, before the Warden and, in due course, for consideration by the Minister, as detailed in Athena's various quarterly activity reports.
Athena Resources Limited
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21 Millstream Rise І Hillarys І Western Australia І 6025
PO Box 1970 І West Perth І Western Australia І 6872 Ph +61 (0)8 9307 7902 E ahn@athenaresources.com.au W athenaresources.com.au
Athena considers that the Objections to Exemption Applications are opportunistic. All matters come on for first mention in the Wardens Court on the 14 May 2021. The Exemption Applications will be vigorously pursued and the Company is confident based on legal advice that they will be granted thereby defeating the Forfeiture Applications.
This announcement is authorized by E W Edwards Executive Director.
Yours faithfully
E W Edwards
Executive Director
Athena Resources Limited
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21 Millstream Rise І Hillarys І Western Australia І 6025
PO Box 1970 І West Perth І Western Australia І 6872 Ph +61 (0)8 93077 902 E ahn@athenaresources.com.au W athenaresources.com.au
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Athena Resources Limited published this content on 05 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 February 2021 03:45:01 UTC.
