Athena Resources Limited · ASX:AHN
Athena Resources — Investor Presentation (November 2025)
14 slides from Athena Resources's investor presentation, Nov 27, 2025
Slide 1: Corporate Presentation
For personal use only Corporate Presentation 27 November 2025
Slide 2: Disclaimer
DISCLAIMER For personal use only This presentation (“Presentation”) is dated 27 November 2025 and has been prepared by Athena Resources projects, production targets and financial forecasts. Any forward-looking statements and forward-looking information Limited (ACN 113 758 900) (ASX:AHN) (“Athena” o
Slide 3: Strategic vision: transforming high-grade iron into high-value products
For personal use only Unlike conventional iron ore miners who compete on commodity volume and grade, Athena’s strategic vision is to transform high-grade iron into high-value products that solve increasing challenges across multiple industries, from sustainable steel production to advanced battery t
Slide 4: Corporate Overview
CORPORATE OVERVIEW Athena Resources is aspiring to make a strategic shift from a For personal use only traditional iron ore explorer to a future provider of premium magnetite products that enable innovation and sustainability across • multiple industries. ASX Code: AHN • Market Cap: A$12.7M (as of 2
Slide 5: Byro Magnetite Project: Premium Resource
BYRO MAGNETITE PROJECT PREMIUM RESOURCE For personal use only • Exceptional Purity: Metallurgical testwork confirms ability to produce 70.7% Fe concentrate with only 1.2% silica • Industry-Leading Product: High purity Fe grade and low silica content among comparable Australian magnetite projects • E
Slide 6: Byro Magnetite Project: Competitive Advantage
BYRO MAGNETITE PROJECT COMPETITIVE ADVANTAGE For personal use only Byro Project stands out among Australian magnetite deposits: • Superior Grade: 70.7% Fe concentrate significantly exceeds industry peers (typically Oxygen 64-69% Fe) 26% • Lowest Silica Content: 1.2% SiO₂ compared to 2.3-9.9% for com
Slide 7: Comparative Magnetite Projects
BYRO MAGNETITE PROJECT COMPARATIVE MAGNETITE PROJECTS For personal use only 72.00% Mt Bevan 71.00% FIJV Yalgoo 70.00% FE1 Byro 69.00% Yerecoin Perenjori Conc Spec (Fe %) 68.00% Mt Ida 67.00% Peak Hill Lake Giles Cashmere Downs 66.00% 65.00% Mt Forrest 64.00% 63.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.
Slide 8: Multi-Industry Potential: Beyond Traditional Steel
MULTI - INDUSTRY POTENTIAL BEYOND TRADITIONAL STEEL For personal use only Our ultra-high-grade FE1 Prospect has potential to serve diverse markets: GREEN STEEL ENERGY INDUSTRIAL SPECIALISED ENABLER STORAGE APPLICATIONS SECTORS • DRI-Grade Feed: Ideal • Iron Flow Batteries: High- • Dense Media Separa
Slide 9: Byro Magnetite Project
BYRO MAGNETITE PROJECT For personal use only • FE1 Project • Resource 29.3Mt @ 24.7% Fe • Byro South Project • Resource Estimate (November 2025) 47Mt @ 29% Fe • Prospectivity potential • Whistlejack • Whitmarsh Find • Narryer Refer to ASX: AHN announcement dated 17 January 2023, ‘Mineral Resource Es
Slide 10: Regional Collaboration: Mid West Green Iron
Regional Collaboration Mid West Green Iron For personal use only • Athena entered collaboration June 2025 • Collaboration to produce Green direct reduced iron • Capture higher value DRI market • Concentrate produced for testing achieving 70.55% Iron • Premium DRI product These are aspirational state
Slide 11: Athena Pathway
Athena Pathway For personal use only Process Mid West innovation Progress Green Iron Studies Further increase resources 11
Slide 12: Investment Proposition: Why Athena Resources?
INVESTMENT PROPOSITION WHY ATHENA RESOURCES? For personal use only • Industry-Leading Product Quality: Demonstrated ability to produce 70% Fe concentrate with low silica, high quality concentrate magnetite product • Multi-Industry Exposure: Reducing market cyclicality through diversified application
Slide 13: Contact details
For personal use only Athena Resources Limited ASX: AHN Peter Jones | Managing Director Level 33, Yellagonga Tower 3, peter.jones@athenaresources.com.au 1 Spring Street, WA 6000 +61 400 741 948 +61 8 6285 0456 www.athenaresources.com.au Terry Weston | Metallurgist terry@athenaresources.com.au
Slide 14: Appendix 1 - Comparative Magnetite Projects Data
Appendix 1- COMPARATIVE MAGNETITE PROJECTS DATA For personal use only Project Concentrate Product Quality Data Source Grind Size Link to Link to Grind Project name Con Fe % SiO2 % Owner - Company Name Source Link to MRE µm Product Size FE1 Byro 70.7% 1.2% 125 Athena Resources Ltd 2024 ASX Release Li
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