Athena Resources Limited · ASX:AHN
Athena Resources — Global Iron Ore and Steel Conference 2026
16 slides from Athena Resources's conference presentation, Mar 25, 2026
Slide 1: Global Iron Ore and Steel Conference
For personal use only Global Iron Ore and Steel Conference March 2026
Slide 2: Disclaimer
DISCLAIMER For personal use only This presentation (“Presentation”) is dated 25 March 2026 and has been prepared by Athena Resources Limited assumptions on which they are based. Recipients of this Presentation are cautioned to not place undue reliance on such (ACN 113 758 900) (ASX:AHN) (“Athena” or
Slide 3: Byro Magnetite Project: Premium Resource
BYRO MAGNETITE PROJECT PREMIUM RESOURCE • Exceptional Purity: Metallurgical testwork confirms For personal use only ability to produce over 70% Fe concentrate with only 1.2% silica • Leading Product: High Iron grade and low silica content is highly sought after by buyers • Established Resource: FE1
Slide 4: Comparative Magnetite Projects
BYRO MAGNETITE PROJECT COMPARATIVE MAGNETITE PROJECTS For personal use only 72% Mt Bevan 71% FIJV Yalgoo 70% Yerecoin FE1 Byro Conc Spec (Fe %) 69% Perenjori Iron Bridge 68% Mt Ida 67% Peak Hill Cashmere Downs 66% Mt Forrest Lake Giles Bloom Lake 65% 64% 63% 14% 12% 10% 8% 6% 4% 2% 0% Conc Spec (SiO
Slide 5: Narryer Joint Venture: One Resource. Three Partners.
NARRYER JOINT VENTURE ONE RESOURCE. THREE PARTNERS. Athena has entered into a non-binding term sheet with Terra Mining and Fenix Resources. The joint venture is subject to shareholder approval by Athena shareholders. For personal use only Athena Resources Terra Mining Fenix Resources • 40% profit sh
Slide 6: Why This JV Works
NARRYER JOINT VENTURE WHY THIS JV WORKS For personal use only Terra Mining’s Fenix’s Dry Processing Advantage Integrated Logistics Network • Operates Australia's only full dry-processing • Fully integrated pit-to-port supply chain built over magnetite mine (Extension Hill) years of Mid-West operatio
Slide 7: Narryer Joint Venture: The Springboard for More
NARRYER JOINT VENTURE THE SPRINGBOARD FOR MORE For personal use only • Why Narryer First • Closest Byro prospect to road and port infrastructure (~336 km to Geraldton) • High-quality magnetite mineralisation confirmed through previous exploration • Simple metallurgy suited to dry magnetic separation
Slide 8: Athena's Pathway to Green Iron
MID WEST GREEN IRON ATHENA'S PATHWAY TO GREEN IRON For personal use only • Athena holds 33% in Mid West Green Iron Pty Ltd (MWGI), entered June 2025 • Collaboration to produce Green Iron using: • 100% hydrogen from our project partner • Athena's high-grade magnetite concentrate (70.55% Fe produced f
Slide 9: Project Development Strategy
MID WEST GREEN IRON PROJECT DEVELOPMENT STRATEGY1 For personal use only • Start with high-quality magnetite feedstock (Athena's 70%+ Fe concentrate) • Bring product to high-quality, low-cost renewable energy sources • Use existing infrastructure- use existing rail, port and water • Reduce project-on
Slide 10: Start Small: Prove the Technology
MID WEST GREEN IRON START SMALL: PROVE THE TECHNOLOGY1 For personal use only • Starting with a demonstration plant • The process technology has been used to test a wide range of ores including Athena's Byro magnetite concentrate • De-risked scale-up as confidence levels increase with each stage • Ba
Slide 11: Staged Expansion
MID WEST GREEN IRON STAGED EXPANSION1 For personal use only Stage Activity Timeline and Impact Testing Athena's Byro magnetite samples Stage 1: for technical validity. Proving Australian Ongoing throughout Validate Green Iron from high-grade magnetite. 2026 Low-temperature pelletisation tests. Commi
Slide 12: Emissions
MID WEST GREEN IRON EMISSIONS For personal use only Emissions comparison (kg CO2 per tonne of liquid steel): Five drivers of the low emissions value-chain: • High-grade Athena magnetite: Low-energy beneficiation yields high grade feed using lower processing energy Production Route Emissions • Effici
Slide 13: Recap
Recap For personal use only Mid West Mid West Green Iron Mid West Green Green Iron Further Iron Expansion Expansion Narryer Demonstration Project Plant Development 13
Slide 14: Athena Resources Limited
For personal use only Athena Resources Limited ASX: AHN Level 33, Yellagonga Tower 3, 1 Spring Street, WA 6000 Peter Jones | Managing Director +61 8 6285 0456 peter.jones@athenaresources.com.au www.athenaresources.com.au +61 400 741 948
Slide 15: Comparative Magnetite Projects Data
BYRO MAGNETITE PROJECT COMPARATIVE MAGNETITE PROJECTS DATA For personal use only Project Mineral Resource Estimate Concentrate Product Quality Data Source Resource Resource Con Fe SiO2 Grind Size Owner - Company Project name Status Measured Indicated Inferred Mt Fe Year % % µm Name Source FE1 Byro S
Slide 16: Mineral Resource Estimate
Mineral Resource Estimate The MRE for FE1 Magnetite Project is shown below: FE1 Mineral Resource Estimate For personal use only Classification Mass Grade Fe Unit Mt % Indicated 24.0 25.1 Inferred 5.3 22.7 Total 29.3 24.7 The MRE for the Byro South Magnetite Project is shown below: Byro South Mineral
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