Athena Resources Limited (AHN.AX) FY2026 Report: Byro Resource Update, Narryer Drilling and Capital Raising Activity

Perth, Oct 1, 2026 AEST (ABN Newswire) - Athena Resources Limited reported a maiden Byro South Mineral Resource Estimate, progressed metallurgical test work at FE1, commenced drilling at Narryer and completed capital-raising activity.

Athena Resources Limited (ASX:AHN) has reported its results for the year ended 30 June 2026, during which the Company reported a maiden Mineral Resource Estimate at Byro South, advanced metallurgical test work at the FE1 deposit, commenced a drilling program at the Narryer Project and launched a $3.5 million capital raising.

During the year, Athena reported a maiden Mineral Resource Estimate for the Byro South Magnetite Prospect of 47.0 Mt at 29.0% Fe and 32.0% DTR (P80 90 um), classified as Inferred.

The Byro South Mineral Resource Estimate is reported above a 22% Fe cut-off and below the 300m RL for total iron content only.

The annual Mineral Resource Statement reports a combined Mineral Resource Estimate for the FE1 and Byro South deposits at the Byro Magnetite Project of 76.3 Mt at 26.1% Fe and 32.5% DTR (P80 90 um). The combined estimate comprises:

- 24.0 Mt at 25.1% Fe and 33.4% DTR, classified as Indicated.

- 52.3 Mt at 26.6% Fe and 32.0% DTR, classified as Inferred.

Athena also advanced metallurgical test work at the FE1 deposit during FY2026. The Company reported an iron ore concentrate grading 70.55% Fe, generated from drill-core samples using crushing, grinding and Low Intensity Magnetic Separation.

The Company stated that the 70.55% Fe concentrate sample was shipped to a specialist European direct reduced iron testing facility to assess pelletising performance and suitability for direct reduced iron production.

At the Narryer Project, Athena commenced a multi-phase drilling program during the year ended 30 June 2026. The planned program includes approximately 35 reverse-circulation and diamond drill holes for an estimated total of approximately 2,900m.

The stated objective of the program is to test the continuity and extent of magnetite mineralisation defined by previous drilling programs and refine geological interpretation.

Athena signed a non-binding term sheet with Terra Mining Pty Ltd and Fenix Resources Ltd to form a joint venture relating to the Narryer Prospect, part of the Byro Magnetite Project in Western Australia's Mid-West region.

The Company's principal activity during the year was mineral exploration in Australia. As at 30 June 2026, Athena held a 100% interest in the Byro Project tenements E09/1507, E09/1552, E09/1637, E09/1781 and M09/166; the Narryer Project tenements E09/1938 and M09/168; and Byro Project Water licence L09/112.

FINANCIAL RESULTS

For the year ended 30 June 2026, Athena recorded a loss after income tax of $1,111,103, compared with a loss after income tax of $804,757 for the year ended 30 June 2025.

Cash and cash equivalents were $1,751,537 at 30 June 2026, compared with $1,758,293 at 30 June 2025.

Net cash used in operating activities was $976,506. Net cash used in investing activities was $1,566,150, comprising payments for exploration and evaluation.

Net cash from financing activities was $2,535,900, comprising $2,265,900 in proceeds from the issue of shares and $300,000 in funds received in advance of share issuance, less $30,000 in share-issue transaction costs.

At 30 June 2026, Athena reported total assets of $17,294,718, total liabilities of $362,597 and net assets of $16,932,121.

The Company reported mineral exploration and evaluation expenditure of $15,324,993 at 30 June 2026, compared with $13,758,842 at 30 June 2025.

CAPITAL RAISING

During FY2026, Athena launched a capital raising totalling $3.5 million through the issue of a maximum of 875 million shares at an issue price of $0.004 per share.

The Company received binding commitments for $3.0 million, including $2.0 million from Resource Invest AG and, subject to shareholder approval, $500,000 from Fenix Resources Ltd.

As at 30 June 2026, $2.3 million had been received. The remaining balance was received in July 2026 following shareholder approval on 29 June 2026.

The Company stated that the funds raised were being used to accelerate the Narryer Project and for general working-capital purposes.

SUBSEQUENT EVENTS

Subsequent to 30 June 2026, Athena completed a 20:1 consolidation of its issued share capital.

The Company also completed a capital raising after the reporting date, issuing new shares to investors and raising $1,234,100 before associated costs. Of this amount, $300,000 had been received during FY2026 and recognised as unissued capital at 30 June 2026.

The Company stated that the post-balance-date funds raised would support ongoing operations, working-capital requirements and strategic growth initiatives through the Narryer Drilling Project.

*To view the Annual Report, please visit:
https://abnnewswire.net/lnk/IRZEUBJ6

Editorial Note:

This media release has been independently prepared by ABN Newswire editorial staff based on Athena Resources Limited Annual Report for 2026. It is intended as an editorial summary of information disclosed in that report and should be read in conjunction with Athena Resources Limited full ASX announcement. All financial, operational and post-reporting-period information in this editorial has been sourced from the Company's report.

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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