Athena Resources Limited (AHN.AX) Quarterly Activities and Cash Flow Report

Perth, July 17, 2026 AEST (ABN Newswire) - Athena Resources Limited (ASX:AHN) released its June 2026 Quarterly Report, reporting the start of drilling at its Narryer Project to define a maiden magnetite Mineral Resource Estimate. A $3.5 million placement was completed with shareholder approval. Cash at 30 June 2026 was A$1.8m, supported by the existing 76.3 Mt Byro iron resource and pending results from its other projects.

Highlights:

- $3.5M Capital Raise to advance the Narryer Project development via a two Tranche Placement

- Exploration drilling program commenced at Athena's 100% owned Narryer Project

- Narryer Drilling to target the potential to define a maiden Mineral Resource Estimate by extending the historically identified magnetite mineralisation

- Drilling expected to include ~35 drill holes for ~2,900m and include both diamond drilling and reverse circulation (RC) drilling

- Share placement and share consolidation approved by shareholders

- Cash at Bank at 30 June 2026 A$1.8m

Athena's Managing Director & CEO, Mr Peter Jones, commented:

"Athena took an important strategic step forward this quarter with the commencement of drilling at the Narryer project. Athena's obligations under the Narryer Joint Venture include the definition of a mineral resource capable of supporting future production and the completion of a study to deliver the project. Commencement of drilling is the first step towards fulfilling these obligations.

"Athena aspires to commence mining at Narryer as the springboard for larger scale development of the Byro Project. Byro currently has 76 million tonnes of existing mineral resources at Byro South and FE1 where concentrate samples demonstrate exceptional quality above 70% Fe. The Narryer JV provides an opportunity to build a platform to supply premium magnetite for the Mid West Green Iron Project and other high value and growth markets."

Exploration and Development

Narryer Project

Athena's obligations under the non-binding Narryer Project Joint Venture include providing a mineral resource estimate and to complete a study for the project. During the June Quarter Athena took a major step towards achieving those objectives as drilling commenced at the 100% owned Narryer Project.

The drill program is targeting the potential to define a maiden Mineral Resource Estimate at the Narryer deposit by extending the magnetite mineralisation defined by previous drilling programs in 2014 and 2016. Drilling is expected to include ~35 drill holes for ~2,900m and includes both diamond drilling and reverse circulation (RC) drilling, with the program providing essential structural, mineralogical, metallurgical, and geotechnical information to support the planned development of the Narryer Project.

Mt Magnet Drilling has been engaged to carry out both the RC and diamond components of the drilling program, which is expected to be completed during the September 2026 Quarter. Refer Figure 1*, RC Drilling in progress.

The indicative timeline for the advancement of the Narryer Project is outlined in Table 1*.

Heritage Survey

During the June Quarter Athena completed a heritage survey to enable the current exploration program and identify any potential heritage issues with a potential mine footprint at the Narryer site. There were four sites identified during the survey which are outside the areas of interest to the Narryer Project.

The sites are not expected to be disturbed during exploration or potential mining phases at Narryer (refer Figure 2*) with all sites outside areas of interest shown by the hatched zones.

Mid West Green Iron Project

Further work on the Mid West Green Iron Project is awaiting test results on samples undergoing reduction testing at specialist laboratories in Europe. Once the results are received, plans for a demonstration plant will be further defined.

The Mid West Green Iron Project is also waiting on results of a funding submission made to the Federal Government Green Iron Investment Fund in March.

Milly Milly Rare Earths Potential - Tenement E09/1637

During the June Quarter testing results on approximately 262 soil samples were received from Athena's Milly Milly tenement to enable understanding of rare earths and niobium potential on the site. Analysis of the results is awaiting the completion of the drilling program at Narryer which has taken precedence over Milly Milly.

Corporate

Capital Raise

During the June Quarter Athena launched a two-tranche placement of new shares to raise up to $3.5 million through the issue of a maximum of 875 million shares at an issue price of $0.004 per share (Placement). Binding commitments were received for $3.0 million which included strong support from major shareholder Fenix Resources Ltd (Fenix) and new strategic investor Resource Invest AG (ResInvest). The funds raised will be used to accelerate development of the Narryer project, general working capital and administrative costs.

Tranche 1 of the Placement was completed on 11 May 2026, with $2,265,900 raised, with Tranche 2 to be completed subsequent to 30 June 2026.

General Meeting

A General Meeting of shareholders was held on 29 June 2026 to approve amongst other matters Tranche 2 of the Placement and a consolidation of share capital (Consolidation).

The purpose of the Consolidation is to reduce the number of Shares on issue. The Board considered this will provide the best path forward for continued growth and a capital structure that is more in line with the Company's size and peer group companies. The Consolidation metrics are to consolidate the Company's issued capital by consolidating every 20 existing Shares into one new share.

Shareholders voted overwhelmingly in favour of all resolutions, including the Consolidation, with the Consolidation to occur in the 2nd half of July 2026.

Financials

As at 30 June 2026, the Company's cash balance was $1,752k an increase of $1,728k from the 31 March 2026 balance of $24k. The primary cash movements for the quarter were as follows:

- Funds received from Tranche 1 Placement $2,236k (net of costs);
- Funds received in advance for Tranche 2 $300k;
- Exploration and evaluation expenditure $508k; and
- Administration and corporate costs $300k.

Payments to related parties of the entity or their associates totalled $132k for the June Quarter which included payments relating to Director's fees and salaries and Accounting and Company Secretarial services.

Outlook

Narryer Project

Following on from the commencement of drilling the next steps in relation to the advancement of the Narryer Project are:

1) Completion of the 35-hole RC and diamond drilling program;
2) Submission of drill samples for assay, metallurgical, and geotechnical analysis;
3) Geological modelling and assessment of the mineralisation;
4) Mine design work;
5) Metallurgical testing of samples and process design; and
6) Approvals commencement according to Mine design.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/J7S08WFT

About Athena Resources Limited

Athena Resources (ASX:AHN) is developing premium magnetite solutions for advanced manufacturing and specialty steel markets. The Company's flagship Byro Magnetite Project in Western Australia has produced concentrate samples of exceptional quality at 70%+ Fe concentrate. Through technical excellence and strategic market positioning, Athena is seeking to build a resilient, multi-industry minerals business focused on quality and innovation. 

    

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