Athena Resources Limited (AHN.AX) Drilling Commences at Narryer Project

Perth, June 29, 2026 AEST (ABN Newswire) - Athena Resources Limited (ASX:AHN) announced a multi-phase drilling program has commenced at the Narryer Project at the Company's 100%-owned flagship Byro Magnetite Project in Western Australia's Midwest Iron province.

HIGHLIGHTS

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

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

- The program will provide essential structural, mineralogical, metallurgical, and geotechnical information to support the planned development of the Narryer Project.

- Mt Magnet Drilling 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.

- The Narryer deposit has a known strike length of ~1,200m and is one of five prospects within Athena's Byro Magnetite Project, located on the Mt Narryer Pastoral Station ~336 km from Geraldton Port

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

"I am delighted to announce that drilling has commenced at the Narryer magnetite deposit. The drilling campaign represents an exciting phase for Athena with the planned RC and diamond holes expected to significantly advance our understanding of the mineralised system.

"Preparation for the exploration program included magnetic modelling, mapping surface outcrop, geochemical sampling, and a detailed revision of all previous drilling and metallurgical testwork results. This work has confirmed the potential for the Narryer deposit to host a fast-tracked premium magnetite development consistent with the Strategic Joint Venture announced in March 2026 with Terra Mining and Fenix Resources.

"We are excited to see the commencement of the present program and look forward to positive results to improve geological interpretation, mineralisation extent, improve geotechnical and structural understanding, all of which will potentially lead to the Company's maiden Mineral Resource Estimate at Narryer."

Narryer Project Drilling Program

The planned program includes approximately 35 new RC and diamond drill holes for an estimated total of approximately 2,900m. The drill program will build upon the 1,187.5m of previously drilled RC and diamond holes, which reported several significant iron intersections reported previously.

The objective of the program is to test the continuity and extent of the magnetite mineralisation defined by the previous drilling programs and refine geological interpretation. Outcropping magnetite units have been geologically mapped and provide further resolution of the target geometry. Mt Magnet Drilling have been engaged to execute both the RC and diamond programs, which commenced on the 25th June 2026.

Previous drilling at Narryer intersected consistent magnetite mineralisation that was initially located from aeromagnetic data, with follow up field reconnaissance and mapping. The mineralised unit strikes at approximately 15 to 25 degrees, with a westerly dip of approximately 60 degrees. With each of the previous 12 drill holes intersecting mineralisation, the magnetic modelling and imagery both provide accurate drill targeting of the contiguous iron formation. The planned drill spacing has been designed to improve the geological confidence and provide data suitable for assessing the potential for future resource estimation.

Previous Drilling and Metallurgical Testwork

11 RC holes and a single diamond drill hole have been previously completed at Narryer for a total of 1,187.5m. Davis Tube Recovery ("DTR") resulted in composite grades up to 69.19% Fe. Optimal Grind studies determined a size fraction of 90um with grind establishment times of under 10 minutes. (refer ASX announcement 26/08/2016).

The single diamond drill hole AHRC089D, drilled in 2016 was subject to metallurgical characterisation (refer ASX Announcement 19/01/2017). This included:

- Comminution Testwork;
- Dry Magnetic Separation Testwork;
- Wet Low Intensity Magnetic Separation Testwork;
- Davis Tube Recovery Testwork; and
- DTR calibration Testwork.

DTR Calibration Testwork resulted in concentrate grades up to 71.3% iron, these results are comparable to the high concentrate grades, with low impurities encountered at the Company's flagship FE1 magnetite deposit.

NARRYER PROJECT DEVELOPMENT

The Company announced a Strategic Joint Venture to accelerate the Byro Magnetite Development and outlined its intent to pursue the development potential of the Narryer Prospect (refer ASX Announcement 25 March 2026). The proposed 2026 work program includes:

- Approvals work and planning for project development - underway

- Drilling program - program commenced

- Potential mine planning and preliminary feasibility assessment - to commence during 2026

- Assaying and metallurgical test work - to commence from samples collected in current program

The Company continues to investigate options to advance the Narryer Project to an active mining operation as part of the broader Byro Magnetite Project. Narryer is the nearest of the Byro Prosects to port and as such it is the logical first development option for Athena's 100% owned Byro Magnetite Project.

The current drilling program will add to the previous work at Athena's Byro Project which includes the established Mineral Resource Estimates at both the FE1 magnetite deposit, and Byro South magnetite deposit, both approximately 50km to the north.

BYRO MAGNETITE PROJECT BACKGROUND

The Narryer deposit is one of five prospects within Athena's Byro Magnetite Project, located within Mining Lease M09/168 on the Mt Narryer Pastoral Station. At approximately 336 km from Geraldton Port, it is the closest of Athena's prospects to road and port infrastructure. The Byro Magnetite Project covers 265.7 km2 in Western Australia's Midwest Iron province. The Narryer Prospect sits within the Narryer Terrane in the southern portion of the project area.

NEXT STEPS

1. Progression of the 35-hole RC and diamond drilling program;

2. Submission of drill samples for assay, metallurgical, and geotechnical analysis; and

3. Geological modelling and assessment of the mineralisation.

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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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