Athena Resources Limited (AHN.AX) Strategic Joint Venture to Accelerate Byro Magnetite Development

Partnering with Terra Mining and Fenix Resources to Fast-Track Potential Production of Premium Magnetite Concentrate

Sydney, Mar 25, 2026 AEST (ABN Newswire) - Athena Resources Limited (ASX:AHN) announced it has signed a nonbinding term sheet to form a Joint Venture (JV) with Terra Mining Pty Ltd ("Terra Mining") and Fenix Resources Ltd ("Fenix") which has the potential to accelerate the development and production of premium magnetite concentrate at the Narryer Prospect, part of Athena's flagship Byro Magnetite Project in Western Australia's Mid-West region.

Highlights

- Non-Binding Joint Venture terms agreed with Terra Mining (part of JCHX Mining, Shanghai-listed, ~47.5 billion RMB market cap) and Fenix Resources (ASX:FEX), Athena's largest shareholder at 37.1%) to establish a joint venture to explore, develop and produce premium magnetite concentrate at the Narryer Prospect

- Athena retains 40% profit share (Terra Mining 30%, Fenix 30%) with all major mining, processing, and logistics capital provided by JV partners

- JV parties expertise Terra Mining provides all mining equipment, crushing, processing infrastructure, and site management. Fenix provides haulage and port services through its established Mid-West network and 5+ Mtpa

Geraldton Port capacity

- Targeting Q1 2028 start-up subject to completion of studies, approvals, and binding agreements

- Proven technology Terra Mining operates Australia's only full dry-processing magnetite mine at Extension Hill, delivering lower costs, faster commissioning, and low environmental footprint

- Narryer is Athena's closest Byro prospect to road and port infrastructure, approximately 336 km from Geraldton Port

- Springboard for the broader Byro Project Production at Narryer de-risks future development of Byro South and FE1 and generates operational learnings

- Fenix to manage product marketing with Terra retaining a right to match price on any shipment

- Subject to approvals Athena shareholder approval, Terra Mining and Fenix board approvals, and execution of binding JV, logistics, and right-to-mine agreements

The JV brings together three companies with complementary strengths: Athena's high-quality magnetite resource and development expertise, Terra Mining's proven dry-processing magnetite mining capability, and Fenix's fully integrated pit-to-port logistics network. Together, this partnership has the potential to provide an accelerated pathway to production that aligns with Athena's strategy of delivering premium magnetite solutions for growing global markets, including green steel, energy storage, and specialty industrial applications.

Athena's Managing Director & CEO, Mr Peter Jones, commented:

"This Joint Venture represents a transformative moment for Athena. By combining our high-quality magnetite resource with Terra Mining's proven dry-processing capability and Fenix's established logistics network, we have assembled a partnership that can take Narryer from prospect to potential production with major mining, processing, and logistics capital provided by Athena's JV partners.

What makes this JV compelling is the quality of our partners. Terra Mining brings the only operational dry-processing magnetite system in Australia, backed by the financial strength of the JCHX Mining group. Fenix brings a fully integrated supply chain from mine to port that has been refined through years of Mid-West operations. Together, they provide the operational backbone that allows Athena to focus on what we do best: developing our exceptional magnetite resource.

Narryer is the springboard for the broader Byro Project. With 76.3 Mt of existing Mineral Resource at Byro South and FE1, and demonstrated concentrate samples of quality above 70% Fe, we are building a platform to supply premium magnetite into some of the world's most important growth markets, from green steel to battery technology. This JV is the first step in making that vision a reality."

Joint Venture Structure and Terms

The parties have signed a non-binding term sheet to enter into a joint venture and have agreed to negotiate and execute binding agreements to document the transaction, including a Joint Venture Agreement, a Right-to-Mine Agreement, and a Logistics Agreement. The key terms are summarised below.

Athena will need to obtain shareholder approval pursuant to Listing Rule 10.1 prior to entering into the joint venture. Athena will prepare a notice of meeting and commission an independent expert to prepare an independent expert report in due course to opine on whether the transaction is fair and reasonable to non-associated shareholders.

Shared Costs: All other JV costs, including administration, shipping, and royalties, are borne by the parties in their respective profit-share proportions.

Conditions Precedent:

- Athena shareholder approval;

- Terra Mining board approval;

- Fenix Resources board approval; and

- Execution of binding JV Agreement, Right-to-Mine Agreement, and Logistics Agreement.

Strategic Significance

This JV represents a defining step in Athena's evolution from explorer to producer of premium magnetite solutions.

From Exploration to Revenue Generation. The Narryer Prospect has proximity to existing road infrastructure and its location approximately 336 km from Geraldton Port. By partnering with operators who already have the equipment, expertise, and infrastructure in place, the JV creates a realistic and efficient pathway to potential first production Springboard for the Broader Byro Project. Operational learnings from Narryer are expected to underpin the future potential development of Athena's larger Byro South and FE1 deposits, which together comprise an existing Mineral Resource of approximately 76.3 Mt(Indicated 24.0Mt : Inferred 52.3 Mt). Demonstrating successful production at Narryer de-risks the broader project and positions Athena to attract further investment and partnerships for its next phase of growth.

Aligned with the Green Steel Transition. The Byro Magnetite Project has demonstrated the ability to produce ultrahigh-quality magnetite concentrate samples of grading above 70% Fe (refer ASX Announcement 22 August 2025), positioning it as a potential supplier of DR-grade feedstock for the global green steel industry. The JV's use of Terra Mining's dry-processing technology further enhances the sustainability credentials of this production pathway by eliminating the need for large-scale water usage and wet tailings, reducing both environmental impact and operating costs.

Leveraging Western Australia's Green Industrial Corridor. This JV aligns with Western Australian government initiatives that encourage value-added mineral processing and the state's emerging green steel roadmap. By developing a premium magnetite product within the Mid-West region and exporting through Geraldton, the JV contributes to the state's economic diversification goals and positions Athena within the growing ecosystem of critical materials suppliers.

Terra Mining's Dry Processing Advantage

Terra Mining's cutting-edge dry magnetic separation system, successfully implemented at the Extension Hill Mine, provides a number of distinct advantages for the Narryer JV:

- Reduced capital and operating costs by eliminating the need for water provision, water approvals, and associated infrastructure;

- Faster construction and commissioning of dry magnetic separators compared to conventional wet processing plants;

- Significantly greater energy efficiency than wet processing methods; and

- Elimination of wet tailings, avoiding a substantial environmental footprint and reducing long-term rehabilitation liabilities.

This technology is particularly well-suited to Athena's magnetite, which has demonstrated strong magnetic separation characteristics through previous metallurgical test work.

Fenix's Integrated Logistics Network

Fenix's logistics capabilities provide the JV with a proven, scalable, and cost-efficient supply chain:

- Dedicated haulage fleet purpose-built for long-distance Mid-West ore transport;

- Established road haulage network servicing multiple mines across the Mid-West region;

- Cost advantages through fleet ownership rather than contractor dependence; and

- Geraldton Port capacity exceeding 5 Mtpa of ship-loading with over 400,000 tonnes of on-port storage.

This infrastructure has been built over years of operations and would be prohibitively expensive and time-consuming for a junior company to replicate independently.
Narryer Prospect Overview

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.

Key attributes of Narryer include:

- High-quality magnetite mineralisation confirmed through previous exploration and metallurgical testing;

- Existing Heritage Agreement in place with Traditional Owners;

- Proximity to established Mid-West infrastructure and transport corridors;

- Simple metallurgical characteristics suited to dry magnetic separation; and

- Located within a well-established mining and pastoral region.

These attributes, combined with the expertise and infrastructure of the JV partners, have the potential to significantly reduce the risk and capital requirements associated with mine development.

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About Athena Resources Limited

Athena Resources (ASX:AHN) is developing premium magnetite solutions for advanced manufacturing and specialty steel markets. The Company's flagship Byro Magnetite Project in Western Australia has produced concentrate samples of exceptional quality at 70%+ Fe concentrate. Through technical excellence and strategic market positioning, Athena is seeking to build a resilient, multi-industry minerals business focused on quality and innovation. 

    

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