# AHN: FY26 Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ahn-fy26-annual-report--2530427b-99e5-4c9e-ae80-6a40a199abb7 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145752 Publisher: asx Original announcement: 2026-09-29T22:21:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T23:20:22.317Z Atlas analysis updated: 2026-09-29T23:20:22.317Z - Company: ATHENA RESOURCES LIMITED - Ticker: AHN - Exchange: ASX - Region: Western Australia - Primary commodity: Iron ore - Secondary commodities: None reported - Document categories: Resource update, Metallurgy, Capital raise - Extracted: 2026-09-29 23:20:23 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Athena Resources Limited reported a positive FY2026, highlighted by a maiden Inferred Mineral Resource Estimate for its Byro South prospect, which increased the total Byro Magnetite Project resource by 160% to 76.3 Mt at 26.1% Fe. Metallurgical test work confirmed high-quality iron concentrate grades up to 71.15% Fe, suitable for DRI markets. The company also secured a strategic joint venture with Fenix Resources and Terra Mining for the Narryer prospect and successfully raised $3.5 million in equity. Reasoning: Athena Resources reported a maiden Inferred Mineral Resource for its Byro South prospect, significantly increasing the overall Byro Magnetite Project resource, alongside positive metallurgical test results confirming high-grade concentrate suitability for DRI markets. A strategic joint venture and successful capital raise further de-risk and advance the Narryer prospect towards production. - Positive factor: Maiden Resource - Positive factor: Significant Tonnage Growth - Positive factor: High Concentrate Grade - Positive factor: Strategic Partnership - Positive factor: Funding for Project Development Facts used in scoring: 10 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The document explicitly states 'In November 2025, we announced the maiden Mineral Resource Estimate for Byro South'. Evidence · text > In November 2025, we announced the maiden Mineral Resource Estimate for Byro South **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The global Byro Magnetite resource increased by 160% from 29.3Mt to 76.3Mt. Evidence · text > lifting our global Byro Magnetite resource by 160%, from 29.3Mt to 76.3Mt **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The Mineral Resource Estimates are signed off by Mr Jeremy Peters and Mr Liam Kelly, both Competent Persons. Evidence · text > The Competent Person for the Byro South Mineral Resource Estimate in that announcement was Mr Jeremy Peters, FAusIMM CP \(Min Geo\) **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resources are reported in accordance with the JORC Code \(2012\). Evidence · text > The Company reports its Mineral Resources in accordance with the JORC Code \(2012\) **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The maiden Byro South MRE is entirely in the Inferred category. Evidence · text > 47 million tonnes at 29% Fe \(Inferred\) **High Concentrate Grade** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Metallurgical test-work produced concentrate samples grading up to 71.15% Fe, with a weighted average of 68.84% Fe. Evidence · text > produced concentrate samples of exceptional quality at 70%+ Fe concentrate **Strategic Partnership** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: A non-binding term sheet was signed with Fenix Resources and Terra Mining for a joint venture to develop the Narryer prospect. Evidence · text > In March 2026, we signed a non-binding term sheet with Fenix Resources, our largest shareholder and Terra Mining **Funding Secured** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company successfully raised $3.5 million in new equity, anchored by strategic investors. Evidence · text > We raised $3.5 million in May 2026, anchored by new strategic investor ResInvest **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: The Global Byro Magnetite Project Mineral Resource Estimate combines FE1 \(20% cut-off\) and Byro South \(22% cut-off\) without stating a single combined cut-off grade for the total. Evidence · text > FE1 Mineral Resource is at 20% cut-off refer to ASX announcement 17 January 2023 • Byro South Mineral Resource is at 22% cut-off. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 10. Some facts used in scoring do not have a stored record. ## Resource Estimates (5) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ahn-fy26-annual-report--2530427b-99e5-4c9e-ae80-6a40a199abb7#fact-resource-facts-0) Byro Magnetite Project · iron\_ore #### Identity - Project: Byro Magnetite Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: AHN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Jeremy Peters - Resource group id: resource:e6f6e613b9bd8f5788ad - Deposit or zone: Byro South - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 47000000 - Grade: 29 - Grade Unit: % - Cutoff Grade: 22 - Cutoff Unit: % Fe #### Prior Estimate - Resource Date: 2025-11-21 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This is a maiden Inferred resource for Byro South, adding 47 Mt at 29% Fe, significantly increasing the overall project resource and demonstrating strong potential. - Positive factor: Maiden Resource - Positive factor: Significant Tonnage Growth - Positive factor: High Grade Evidence · table > 47.0 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ahn-fy26-annual-report--2530427b-99e5-4c9e-ae80-6a40a199abb7#fact-resource-facts-1) Byro Magnetite Project · iron\_ore #### Identity - Project: Byro Magnetite Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: AHN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Liam Kelly - Resource group id: resource:75962f438fbdb21c3f45 - Deposit or zone: FE1 - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 24000000 - Grade: 25.1 - Grade Unit: % - Cutoff Grade: 20 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2023-01-17 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Indicated resource for the FE1 deposit forms a significant part of the overall project, providing a solid foundation for future studies. - Positive factor: Indicated Resource - Positive factor: Good Grade Evidence · table > 24.0 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ahn-fy26-annual-report--2530427b-99e5-4c9e-ae80-6a40a199abb7#fact-resource-facts-2) Byro Magnetite Project · iron\_ore #### Identity - Project: Byro Magnetite Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: AHN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Liam Kelly, Mr Jeremy Peters - Resource group id: resource:a61fbd9de3eadddeb8fd - Deposit or zone: FE1 and Byro South combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 52300000 - Grade: 26.6 - Grade Unit: % #### Prior Estimate - Resource Date: 2025-11-21 - Prior Tonnes: 29300000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The combined Inferred resource shows significant growth for the project, though the use of mixed cut-off grades for the combined estimate reduces transparency. - Positive factor: Significant Tonnage Growth - Positive factor: Good Grade - Negative factor: Mixed Cut-off Grades Evidence · table > 52.3 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 52300000 against 29300000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/ahn-fy26-annual-report--2530427b-99e5-4c9e-ae80-6a40a199abb7#fact-resource-facts-8) Byro Magnetite Project #### Identity - Project: Byro Magnetite Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: AHN #### Resource scope - Reporting standards: jorc - Resource group id: resource:c9a51997dc67cc0e22e1 - Ownership percent: 100 % #### Prior Estimate - Resource Date: 2026-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The successful capital raise, anchored by strategic investors, provides crucial funding for the Narryer Project and reflects confidence in the company's direction. - Positive factor: Strategic Investor Participation - Positive factor: Funding for Project Development Evidence · text > We raised $3.5 million in May 2026, anchored by new strategic investor ResInvest \($2.0 million, now a 16.47% holder\) and Fenix $500,000 \(31.25% holder\). #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/ahn-fy26-annual-report--2530427b-99e5-4c9e-ae80-6a40a199abb7#fact-resource-facts-9) Byro Magnetite Project #### Identity - Project: Byro Magnetite Project - Region: australia\_wa - Reported Region: Western Australia - Ticker: AHN #### Resource scope - Reporting standards: jorc - Resource group id: resource:c9a51997dc67cc0e22e1 - Ownership percent: 100 % #### Prior Estimate - Resource Date: 2026-03 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The joint venture with Fenix and Terra Mining provides a strategic partnership, leveraging their expertise and infrastructure for a low-capital pathway to production at the Narryer prospect. - Positive factor: Strategic Partnership - Positive factor: Low Capital Route to Production - Positive factor: Access to Infrastructure and Expertise Evidence · text > In March 2026, we signed a non-binding term sheet with Fenix Resources, our largest shareholder and Terra Mining \(a subsidiary of Shanghai-listed JCHX Mining\), to develop the Narryer prospect. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ## Metallurgical Results (5) ### standard beneficiation methods [Link to this fact](https://atlas-staging.minestarters.com/news/ahn-fy26-annual-report--2530427b-99e5-4c9e-ae80-6a40a199abb7#fact-metallurgical-facts-3) Byro Magnetite Project · iron\_ore #### Identity - Project: Byro Magnetite Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: AHN #### Test Work - Test Type: standard beneficiation methods - Processing Route: crushing, grinding and Low Intensity Magnetic Separation \(LIMS\) - Sample: drill core samples #### Recovery - Conc. Grade: 70.55 - Conc. Grade Unit: % Fe #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The metallurgical test work confirmed the ability to produce a very high-grade iron concentrate, positioning the project well for premium markets like Direct Reduced Iron \(DRI\). - Positive factor: High Concentrate Grade - Positive factor: Suitable for DRI Markets Evidence · text > successfully producing an iron ore concentrate grading 70.55% Fe. ### standard beneficiation methods [Link to this fact](https://atlas-staging.minestarters.com/news/ahn-fy26-annual-report--2530427b-99e5-4c9e-ae80-6a40a199abb7#fact-metallurgical-facts-4) Byro Magnetite Project · iron\_ore #### Identity - Project: Byro Magnetite Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: AHN #### Test Work - Test Type: standard beneficiation methods - Processing Route: crushing, grinding and Low Intensity Magnetic Separation \(LIMS\) - Sample: weighted average #### Recovery - Conc. Grade: 68.84 - Conc. Grade Unit: % Fe #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The weighted average concentrate grade further supports the high quality of the iron product from the project. - Positive factor: High Concentrate Grade Evidence · text > Metallurgical test-work returned concentrate grades up to 71.15% Fe, with a weighted average of 68.84% Fe ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/ahn-fy26-annual-report--2530427b-99e5-4c9e-ae80-6a40a199abb7#fact-metallurgical-facts-5) Byro Magnetite Project · iron\_ore #### Identity - Project: Byro Magnetite Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: AHN #### Test Work - Processing Route: DTR \(P80 90 μm\) - Grind P80: 90 µm #### Recovery - Mass Pull: 32 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The DTR mass pull provides insight into the beneficiation characteristics of the Byro South material. - Positive factor: Mass Pull Disclosed Evidence · table > 32.0 Context: Inferred ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/ahn-fy26-annual-report--2530427b-99e5-4c9e-ae80-6a40a199abb7#fact-metallurgical-facts-6) Byro Magnetite Project · iron\_ore #### Identity - Project: Byro Magnetite Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: AHN #### Test Work - Processing Route: DTR \(P80 90 μm\) - Grind P80: 90 µm #### Recovery - Mass Pull: 33.4 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The DTR mass pull for the Indicated portion of the global resource provides metallurgical context. - Positive factor: Mass Pull Disclosed Evidence · table > 33.4 Context: Indicated ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/ahn-fy26-annual-report--2530427b-99e5-4c9e-ae80-6a40a199abb7#fact-metallurgical-facts-7) Byro Magnetite Project · iron\_ore #### Identity - Project: Byro Magnetite Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: AHN #### Test Work - Processing Route: DTR \(P80 90 μm\) - Grind P80: 90 µm #### Recovery - Mass Pull: 32 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The DTR mass pull for the Inferred portion of the global resource provides metallurgical context. - Positive factor: Mass Pull Disclosed Evidence · table > 32.0 Context: Inferred ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.