Athena Resources Limited (AHN.ASX) September Quarterly Report: Completes Narryer Drilling and Brings Forward Resource Estimate Target
Athena Resources Limited (ASX:AHN) has reported on activities during the quarter ending 30 September 2026. Athena completed exploration drilling at its 100% owned Narryer Project during the quarter ended 30 September 2026. The program comprised 31 reverse circulation (RC) drill holes for 2,266m and two down-dip, PQ sized metallurgical diamond holes for 115.4m.
Highlights:
- Exploration drilling completed at Athena's 100% owned Narryer Project: 31 RC holes for 2,266m and two PQ diamond holes for 115.4m
- Davis Tube Recovery (DTR) test work returned weighted average concentrate grades of 67.44% Fe at 33.48% mass recovery for Narryer Main and 69.70% Fe at 40.38% mass recovery for Narryer Southwest
- Assay results received post-quarter end include four intercepts of 40m or more at Narryer Main:
o AHRC0141 - 40m @ 30.78 % Fe from 28m
o AHRC0151 - 44m @ 31.79 % Fe from 109m
o AHRC0152 - 40m @ 31.73% Fe from 74m
o AHRC0154 - 40m @ 34.60 % Fe from 67m
- First hole at the new Narryer Southwest target confirms magnetite mineralisation, with approximately 1.8km of combined strike length largely untested:
o AHRC0131 - 31m @ 32.74% Fe from 55m
- Potential Maiden Mineral Resource Estimate at Narryer targeted for completion in the December 2026 Quarter, brought forward from the March Quarter 2027
- 20 for 1 share consolidation completed
- Annual General Meeting scheduled for 26 November 2026
- Cash at Bank at 30 September 2026 A$1,382k
Athena's Managing Director & CEO, Mr Peter Jones, commented:
"This quarter we completed the Narryer drilling program, with four intercepts at Narryer Main of 40m or more downhole. DTR testing of that material produced a weighted average concentrate grade of 67.44% Fe at 33.48% mass recovery.
"Our first hole into the Narryer Southwest target, about 6km from the main prospect, intersected 31m of magnetite, and testing returned a concentrate grade of 69.70% Fe at 40.38% mass recovery. The two magnetic units there have a combined strike length of about 1.8km and are largely untested, the current hole being the first drilled into the target.
"We have now begun geological modelling for a potential maiden Mineral Resource Estimate at Narryer, targeting completion in the December 2026 Quarter. Subject to further study work and approvals, the mineral estimate is the foundation for a potential near-term mine at Narryer.
"Narryer is intended as the first step toward larger scale development of the Byro Project, where Mineral Resources at FE1 and Byro South total 76.3 million tonnes and previous test work has produced concentrate grading above 70% Fe.
We will continue to assess Narryer and the broader Byro Project as a potential source of concentrate for the Mid West Green Iron Project."
Exploration and Development
Narryer Project
During the September Quarter Athena completed 31 reverse circulation (RC) drill holes for a total of 2,266m which included a standalone 100m RC hole drilled into the Narryer Southwest Prospect. Following completion of the RC drilling, two down-dip, PQ sized metallurgical diamond holes were drilled for a total of 115.4m. In total, the program comprised 33 holes for 2,381.4m.
The drill program targeted the potential to define a maiden Mineral Resource Estimate at the Narryer deposit by extending the magnetite mineralisation defined by previous drilling programs in 2014 and 2016.
Post September Quarter end, on 12 October 2026, Athena announced the results of its drilling program, including the following significant intercepts at Narryer Main:
- AHRC0141 40m @ 30.78 % Fe from 28m
- AHRC0151 44m @ 31.79 % Fe from 109m
- AHRC0152 40m @ 31.73% Fe from 74m
- AHRC0154 40m @ 34.60 % Fe from 67m
During the program, a single RC drill hole, AHRC0131, was drilled to 100m to test the Narryer Southwest anomaly (refer Figure 2*). This target is located approximately 6km southwest of the Narryer Main Prospect and is represented by two subparallel magnetic units identified from previous aeromagnetic surveys and recently re-modelled ahead of drill testing. The intersection in AHRC0131 of 31m at 32.74% Fe confirms iron mineralisation at the previously untested Narryer Southwest Prospect. The two subparallel magnetic units have a combined strike length of approximately 1.8 km and remain largely untested by drilling. The result supports further drilling at Narryer Southwest, which will be assessed as part of the next program design.
A total of 125 samples were submitted for head assay XRF analysis from the diamond program, with several zones to be selected for further metallurgical test work, including:
- Comminution test work;
- Davis Tube Recovery test work;
- Dry magnetic separation test work;
- Wet low-intensity magnetic separation test work; and
- Reflux Classifier test work.
A total of 97 composites were produced from both the RC and diamond drilling samples for Davis Tube Recovery ("DTR") testwork. These composites were selected from the predominantly unweathered zones where magnetism was significant due to the presence of the mineral magnetite.
A relatively coarse screen closing size of 150um was chosen to target a P80 between 90um and 106um.
The 89 DTR results for Narryer Main Prospect produced a weighted average concentrate grade of 67.44% Fe with 33.48% mass recovery, while the eight DTR results for Narryer Southwest Prospect produced a concentrate grade of 69.70% Fe with 40.38% mass recovery. Direct reduction (DR) grade iron ore feed typically requires 67% Fe or higher.
During the September Quarter approvals scoping work and engagement of consultants to conduct flora and fauna surveys was undertaken with the results to be used for preparation of mine approval applications later in the year.
Mid West Green Iron Project
During the September Quarter, the Company continued negotiations with technology partners for the Mid West Green Iron Project, in particular relating to reduction testing regimes for concentrate from the Byro Project. No binding agreements have been entered into and testing is ongoing.
Mining Production and Development Activities
There was no mining production or substantive development activities undertaken during the September Quarter.
Corporate
Share Consolidation
During the September Quarter, the Company completed the 20 for 1 share consolidation approved by shareholders in June 2026.
FY26 Annual Report
During the September Quarter the Company lodged its FY26 Annual Report outlining key achievements for the year, including:
- delivered a maiden Mineral Resource at Byro South;
- secured a non-binding joint venture term sheet with Fenix Resources Ltd and Terra Mining; and
- raised $3.5 million in new equity to accelerate the Narryer Project.
Annual General Meeting
The Company will hold its Annual General Meeting on Thursday 26 November 2026.
Financials
As at 30 September 2026, the Company's cash balance was $1,382k, a decrease of $370k from the 30 June 2026 balance of $1,752k. The primary cash movements for the quarter were as follows:
- The final funds received from Tranche 2 Placement $934k;
- Exploration and evaluation expenditure $1,025k; and
- Administration and corporate costs $279k.
Payments to related parties of the entity or their associates totalled $126k for the September Quarter which included payments relating to Director's fees and salaries and Accounting and Company Secretarial services.
Outlook
Narryer Project
Progress against the timeline set out in the June 2026 Quarterly Activities Report (released 17 July 2026) is summarised in Table 1*.
*To view the Quarterly Report, please visit:
https://abnnewswire.net/lnk/4J5FZGI0
Peter Jones Managing Director & CEO +61 8 6285 0458 peter.jones@athenaresources.com.au
News Provided by ABN Newswire
