Athena Resources Limited - Drilling Commences at Narryer Project

About this update from Athena Resources Limited

Athena Resources Limited (ASX: AHN) ('Athena' or the 'Company') is pleased to advise 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. 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 previously1,2,3,4. 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 . 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 km-2 in Western Australia's Midwest Iron province. The Narryer Prospect sits within the Narryer Terrane in the southern portion of the project area. This announcement has been authorised for release by the Board of Athena Resources Limited . For further information: Peter Jones Managing Director & CEO +61 8 6285 0458 [email protected] Forward Looking Statements This announcement may include forward-looking statements. When used in this document, the words such as 'could,' 'plan,' 'estimate,' 'expect,' 'intend,' 'may', 'potential,' 'should,' and similar expressions may be forward-looking statements. Although Athena Resources Ltd (ASX: 'AHN') believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements. Previously announced Metallurgical Results: The information in this announcement that relates to previously announced metallurgical results has been extracted from the Company's ASX announcement titled 'Athena confirms Byro produces ultra high-quality iron ore concentrate product grading 70.55% iron' released on 22 August 2025 and which is available at www.asx.com.au. The competent person for the metallurgical results in that announcement was Mr Terence Weston. The Company confirms it is not aware of any new information or data that materially affects the metallurgical results information set out in the original announcement and confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the announcement. The information in this Announcement that relates to previous Exploration Results was prepared and first disclosed under the JORC Code 2012 and has properly and extensively cross-referenced immediately above, or in the text, to the date of the original announcement to the ASX. (C) 2026 Electronic News Publishing, source ENP Newswire

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