Athena Resources Advances Narryer Drilling with $3.5m Placement

Narryer Drilling Program Commences Targeting Maiden Resource

Athena Resources (ASX:AHN) has embarked on a critical drilling campaign at its wholly owned Narryer Project, aiming to define a maiden Mineral Resource Estimate. The program, comprising approximately 35 drill holes totalling around 2,900 metres, blends diamond and reverse circulation drilling methods. This effort seeks to extend magnetite mineralisation identified in prior campaigns from 2014 and 2016, providing vital geological, metallurgical, and geotechnical data to underpin project advancement.

Mt Magnet Drilling is executing the program, expected to wrap up by late August 2026, with assay results anticipated in October. Athena plans to progress resource estimation by the March 2027 quarter and initiate mine design by mid-2027. This drilling marks a pivotal step towards meeting Athena’s joint venture obligations, which include resource definition and feasibility studies to support future production.

$3.5 Million Placement and Share Consolidation Back Project Development

To fund the Narryer development and bolster working capital, Athena secured shareholder approval for a two-tranche placement to raise up to $3.5 million at $0.004 per share. Tranche 1 completed in May 2026, raising approximately $2.27 million net, with Tranche 2 pending post-quarter. Major shareholder Fenix Resources Ltd and new strategic investor Resource Invest AG have provided strong backing, reflecting confidence in the project’s potential.

In tandem, shareholders overwhelmingly endorsed a share consolidation, reducing every 20 existing shares to one. Athena’s board views this as a strategic move to align the capital structure with the company’s scale and peer group, potentially enhancing market perception and liquidity.

Financial Position Strengthened Amid Exploration Spend

The company’s cash position improved markedly to A$1.75 million as of 30 June 2026, up from just A$24,000 at the end of March. This surge was driven primarily by the placement proceeds, offset by $508,000 spent on exploration and evaluation, and $300,000 on administration and corporate costs. Payments to related parties, including director fees and accounting services, totalled $132,000 for the quarter.

Heritage Survey Clears Exploration Footprint at Narryer

Athena completed a heritage survey during the quarter to identify and protect culturally significant sites around the Narryer Project. Four sites were recorded but all lie outside the current and planned exploration and mining areas, mitigating potential delays or conflicts in project development.

Other Projects Await Key Milestones

Progress on the Mid West Green Iron Project remains on hold pending reduction test results from European laboratories and the outcome of a funding application to the Federal Government’s Green Iron Investment Fund submitted in March. Meanwhile, rare earths and niobium potential at the Milly Milly tenement is under review, with analysis deferred until after the Narryer drilling concludes.