Athena Resources Limited announced that an Exploration Target Estimate for the advanced magnetite targets at the Byro Project has been completed. The advanced targets include those with drilling and limited metallurgical test-work supporting the high purity of contained magnetite. The Exploration Target Estimate includes the Byro South, Whitmarsh Find, Whistlejack, and Mount Narryer Prospects.

The Exploration Target Estimate builds on the foundation of the FE1 indicated Mineral Resource Estimate (MRE), released January 2023. The overall target derived is from 48.60mt to 140.66mt at a grade between 25.5% and 35.6% Fe. Advanced Targets were selected for estimation based on assay drilling intersections.

Airborne magnetic imagery was also utilised to continuity of magnetite units in areas where drilling was not previously extended. The Targets are conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain that further exploration will result in the estimation of a Mineral Resource. Previous drilling and metallurgical studies by the Company have increased the confidence in the four advanced Prospects with plans underway to implement further resource definition drilling campaigns scheduled for the coming year.

This strategy enables the Company to increase the Mineral Resource inventory at the Byro Project and support future feasibility studies for a high purity magnetite product. The highest iron grade and lowest iron grade weighted average intersections within a target were also utilised to identify minimum and maximum ranges. Target Parameters for these mineral occurrences are based on maximum and minimum parameters in accordance with JORC (2012) guidelines and are as defined below.

Width (m) True width intersections were calculated from drill angle against stratigraphic dip. Within a target area, the minimum was determined as the narrowest intersection along strike, while the maximum value was determined as the thickest intersection along strike. Vertical Depth (m) Depth was estimated vertically from surface RL to an arbitrary extent.

Minimum parameter was determined by depth of drill intersection, while maximum was extended a nominal amount beyond. All drill intersections are considered open at depth. Strike Length (m) Strike length was determined by the extent of the drilling, typically open in each direction along strike, with a greater or lesser extension governed by airborne magnetic data greater than a 1,500 nanoTesla response.

Strike length was also supported by presence of iron mineralisation in outcrops. Average Specific Gravity (SG t/m3) Specific Gravity was estimated from limited RC chip samples measured using the wet/dry method within drilling intersections. Fe Grades (%) Fe grade was estimated using the calculated weighted average from XRF assayed intervals that made up each drill intersection within each target area.

Minimums were determined as the lowest weighted average iron intersection along strike, while maximums were determined as the highest value weighted average drill intersection. Exploration Strategy and Proposed Drilling Decarbonising the steel industry now includes the whole supply chain from exploration to mining to the final product. With this, interest, and demand in targeting for high-grade, low impurity discoveries is growing.

Demand for increased removal of impurities and high purity concentrates before manufacturing is placing pressure on explorers and mine processing systems. In most cases necessitating logistically challenging and expensive upgrades causing concern over future demand and lagging supply trends. The Company's exploration and targeting strategy is allied to industry decarbonising by exploring for and discovering high purity magnetite occurrences. The strategy of increasing high quality resources conforms with industry and social pressures for explorers to develop low impact projects in response to demand and quality requirements from established manufacturing, and new technologies.

The Company is currently assessing detailed requirements for project specific drilling programs within the Byro South and Mt Narryer Regions to confirm the Exploration Target Estimate in support of the FE1 2023 Mineral Resource Estimate and aspire to the broader goal for the Byro Magnetite Project of 100mt. Athena Resources anticipates an ongoing and comprehensive phase of drilling with a staged approach. The Company anticipates confirming the revised Exploration Target over the next 12 months with focus on the Byro South and Mt Narryer Regions.

It is anticipated drilling will be undertaken incrementally while maintaining a focus on metallurgy, beneficiation and high purity as the project areas develop. Program of work (PoW) approvals are granted to 2025 covering the proposed development of the magnetite occurrences as follows. Byro South, E09/1781, PoW Registration ID 95863; Whitmarsh Find, E09/1781, PoW Registration ID 95863; Whistlejack, E09/1781, PoW Registration ID 95863 and spans tenement E09/1507, PoW ID 92853; Mt Narryer, M09/168, PoW Registration ID 96377 Drilling programs are currently being developed.

This work is being undertaken in consultation with Entech Mining Limited to ensure sufficient data is acquired to support a future mineral resource estimate. The estimated Magnetite Mineral Resource is contained within the whole rock Mineral Resource, and they are not cumulative. The magnetite ore at FE1 commonly occurs in a near bimodal form of dominantly magnetite and quartz with low primary impurities.

Metallurgical work demonstrates the FE1 ore can be processed to high purity with improved processing outcomes because processing bimodal ore is logistically simpler, uses lower energy, lower water requirements, and has lower environmental impacts. Within the Byro tenements the Company has identified magnetite mineralisation of similar characteristic to the FE1 resource in the Byro South Region and the Mt Narryer Region. The Byro South, Whistlejack and Whitmarsh Find, and the Mt Narryer North projects have been identified as prospective low impurity occurrences.

The prospectivity of these occurrences have been identified through drilling and preliminary metallurgy with beneficiation tests demonstrating the occurrences have potential to be processed to a high purity concentrate of >70%Fe, Table 5. Metallurgy on Byro South and Mt Narryer Satellite Occurrences Metallurgical results have previously been completed to determine the ore quality at the four advanced Exploration Targets The Byro South and Whistlejack projects have had grind optimisation techniques applied and Davis Tube Recovery analysis, (DTR) for concentrate grades to determine ore quality. This work is currently underway on the Whitmarsh Find Project. Metallurgy has also been completed on the Mt Narryer Project using grind optimisation techniques to determine concentrate grades from DTR of >71%Fe.