How Athena’s New JV Could Fast-Track Byro Magnetite Production by 2028

• Non-binding JV with Terra Mining and Fenix Resources to develop Narryer Prospect
• Athena retains 40% profit share; partners provide capital and operational expertise
• Terra Mining to supply dry-processing technology; Fenix manages logistics and marketing
• Targeted production start in Q1 2028, pending approvals and binding agreements
• JV supports green steel market supply and aligns with WA’s green industrial strategy

Strategic Partnership to Accelerate Magnetite Development

Athena Resources Limited (ASX:AHN) has taken a significant step towards transforming its Byro Magnetite Project in Western Australia's Mid-West region from exploration to production. The company announced a non-binding joint venture agreement with Terra Mining Pty Ltd, a subsidiary of the Shanghai-listed JCHX Mining group, and Fenix Resources Limited (ASX:FEX), Athena's largest shareholder. This partnership aims to fast-track the development and production of premium magnetite concentrate at the Narryer Prospect, the closest Byro site to key infrastructure.

Leveraging Complementary Strengths

The joint venture structure allocates a 40% profit share to Athena, with Terra Mining and Fenix each holding 30%. Terra Mining brings to the table its unique dry-processing magnetite mining technology, currently operational at Australia's Extension Hill Mine, which promises lower capital and operating costs, faster commissioning, and a reduced environmental footprint by eliminating water usage and wet tailings. Meanwhile, Fenix contributes its established haulage and port logistics network, including access to Geraldton Port's capacity exceeding 5 million tonnes per annum, ensuring efficient transport and marketing of the product.

Pathway to Production and Market Positioning

The JV targets a production start in the first quarter of 2028, subject to shareholder and board approvals and the execution of binding agreements. Athena will retain ownership of the Narryer tenement and continue exploration and regulatory activities, while Terra Mining will operate mining and processing, and Fenix will manage logistics and marketing. This collaboration not only reduces capital intensity for Athena but also de-risks the broader Byro Project by providing operational learnings that will inform future development of the larger Byro South and FE1 deposits, which together hold over 76 million tonnes of mineral resources.

Aligning with Sustainability and Regional Development

The Byro Magnetite Project’s high-quality concentrate, grading above 70% iron, positions it well to supply the growing green steel industry, which demands ultra-high-grade feedstock for direct reduction processes. The JV’s adoption of dry-processing technology further enhances sustainability credentials by significantly lowering water consumption and environmental impact. Additionally, this initiative aligns with Western Australia’s green industrial corridor strategy, supporting economic diversification and the development of critical mineral supply chains within the Mid-West region.

Managing Director Peter Jones described the JV as a “transformative moment” for Athena, highlighting the strength of the partners and the strategic fit of their combined capabilities. The partnership is expected to provide a realistic and efficient pathway from prospect to production, underpinning Athena’s ambition to become a leading supplier of premium magnetite solutions for advanced manufacturing and specialty steel markets.

Bottom Line?

As Athena moves closer to production, the success of this JV could redefine its role in the green steel supply chain and regional mining landscape.

Questions in the middle?

• Will Athena secure shareholder approval and finalize binding agreements on schedule?
• How will Terra Mining’s dry-processing technology perform at scale in the Narryer environment?
• What are the potential market impacts if the JV accelerates Byro’s production ahead of competitors?