Byro South Drilling Yields 68.8% Average Iron Concentrate Grade

Strong Assay Results Reinforce Byro South Potential

Athena Resources Limited (ASX – AHN) has unveiled compelling assay and metallurgical test results from its recent Reverse Circulation drilling campaign at the Byro South Prospect, part of the broader Byro Magnetite Project in Western Australia's Mid-West region. The drilling program, completed in May 2025, has confirmed consistent magnetite mineralisation with iron grades ranging from 67.28% to 71.15% Fe in concentrate samples.

The standout results include a weighted average iron concentrate grade of 68.84% Fe, supported by Davis Tube Recovery (DTR) metallurgical testing that demonstrated a magnetite concentrate recovery of 32.44% at a relatively coarse grind size (P80 of 90 microns). This combination of high-grade and efficient recovery underscores the prospect’s potential to deliver premium iron products.

Towards a Maiden Mineral Resource Estimate

Encouraged by these findings, Athena Resources is progressing work to estimate a maiden Mineral Resource Estimate (MRE) for the Byro South Prospect. This will be a critical step in integrating the new data into the economic assessment of the Byro Magnetite Project, which already includes the FE1 Deposit located approximately 20 kilometres to the northwest.

Managing Director and CEO Peter Jones highlighted the significance of the results, noting that the high-quality magnetite concentrate grades validate the company’s exploration strategy and provide a strong foundation for future resource definition and project development.

Strategic Positioning in Premium Iron Markets

The Byro Magnetite Project is strategically situated within Western Australia’s Mid-West iron ore region, an area gaining prominence due to its proximity to established infrastructure and major players such as Fenix Resources Limited. Athena’s focus on producing premium magnetite concentrates aligns with emerging market demands for high-purity iron products, particularly in advanced manufacturing sectors including automotive, aerospace, and green steel initiatives.

The company’s metallurgical test work supports the production of magnetite concentrates suitable for specialised applications such as dense media separation, industrial energy storage technologies, and medical-grade iron compounds. This diversification into high-value markets could position Athena favourably amid evolving global steelmaking and sustainability trends.

Looking Ahead

While the results are promising, Athena cautions that the maiden resource estimate and subsequent economic evaluations remain subject to further analysis and confirmation. The company continues to advance its technical studies and anticipates that the Byro South Prospect could materially enhance the overall project’s scale and value proposition.

Investors and industry observers will be watching closely as Athena moves towards formal resource declaration and deeper metallurgical characterisation, milestones that will clarify the project’s commercial viability and strategic fit within the premium magnetite sector.