Athena Resources has reported a maiden inferred resource estimate for its Byro South Magnetite Project, boosting the global Byro resource by 160%. The company also strengthened its leadership with the appointment of former WA Minister Alannah MacTiernan.
- Maiden inferred resource of 47Mt at 29% iron for Byro South
- Global Byro Magnetite Project resource now 76Mt at 26% iron
- Former WA Minister Alannah MacTiernan joins Athena board
- Initial metallurgical tests show Byro South matches FE1 properties
- Cash balance at $575k with ongoing exploration and corporate costs
Resource Breakthrough at Byro South
Athena Resources Limited (ASX, AHN) has delivered a significant milestone with the maiden inferred Mineral Resource Estimate (MRE) for its Byro South Magnetite Project, reporting 47 million tonnes at 29% iron content. This new resource estimate has propelled the total Byro Magnetite Project resource to 76 million tonnes at 26% iron, marking a 160% increase in the global resource base when combined with the existing FE1 prospect.
The Byro South resource not only adds substantial tonnage but also boasts a higher iron grade compared to FE1, which was previously reported at 25.1% iron. Early metallurgical test work indicates that Byro South shares similar processing characteristics with FE1, suggesting promising potential for producing high-grade magnetite concentrates suitable for specialty steel markets.
Strategic Board Enhancements
Additionally, Chris Hunt joined as Company Secretary, bringing over three decades of corporate governance expertise. These appointments signal Athena’s commitment to strengthening its leadership as it progresses its magnetite projects and explores sustainable iron production pathways.
Advancing the Green Iron Opportunity
Athena is actively developing the Mid West Green Iron Project in partnership with Fenix Resources Ltd and Warradarge Energy. The project aims to produce direct reduced iron (DRI) using renewable energy sources, notably green hydrogen, to significantly reduce carbon emissions compared to traditional steelmaking methods.
In September 2025, Athena produced a concentrate sample from FE1 material with an iron grade exceeding 70%, which is currently undergoing testing in Europe to assess its suitability for green iron production. Success in this testing could position Athena as a key supplier in the emerging green steel supply chain, tapping into growing demand for environmentally sustainable iron products.
Financial Position and Next Steps
As of 31 December 2025, Athena held $575,000 in cash, reflecting a decrease driven by exploration and corporate expenditures. The company acknowledges the need to manage its funding carefully but remains confident in its ability to raise capital when necessary.
Looking ahead, Athena plans to focus on upgrading the confidence level of the Byro South resource from inferred to indicated or higher, which is critical for economic feasibility studies. Concurrently, work will commence at the Narryer Prospect, the southernmost deposit in the Byro Project, with activities including drilling, approvals, and preliminary mine planning aimed at optimising logistics and cost efficiencies.
These developments, combined with ongoing market engagement and metallurgical testing, position Athena Resources at the forefront of magnetite exploration and green iron innovation in Western Australia.
Bottom Line?
Athena’s resource expansion and strategic board appointments set the stage for advancing green iron ambitions, but funding and feasibility remain key hurdles ahead.
Questions in the middle?
- How soon can Athena upgrade Byro South’s resource classification to indicated or measured?
- What are the preliminary economic indicators from the upcoming Narryer Prospect feasibility work?
- Will metallurgical testing confirm the potential for high-grade green iron concentrate production?