Athena Resources Limited (AHN.AX) $3.5 Million Capital Raising to advance Narryer Project

Perth, May 4, 2026 AEST (ABN Newswire) - Athena Resources Limited (ASX:AHN) is pleased to announce that the Company plans to raise $3.5 million via the issue of a maximum of 875 million shares at an issue price of $0.004 per share (Placement). Athena has received binding commitments for $3.0 million including $2.0 million from Resource Invest AG (ResInvest) and, subject to shareholder approval, $500,000 from Fenix Resources Ltd (ASX:FEX), Athena's largest shareholder.

Highlights

- Athena will proceed with a two-tranche placement of new shares to raise up to $3.5 million through the issue of a maximum of 875 million shares at an issue price of $0.004 per share

- Binding commitments have been received for $3.0 million including strong support from major shareholder Fenix and new strategic investor ResInvest

- Funds raised will be used to accelerate development of the Narryer project with drilling expected to commence during May 2026

- Subject to shareholder approval, Athena Directors, John Welborn, Peter Jones and Garry Plowright plan to participate in the Placement for a total of $100,000

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

"I am delighted that Athena has been able to secure funding to accelerate development of the Narryer Project. The firm commitment of our largest shareholder, and the significant new investment from ResInvest, represents a vote of confidence in the exciting pathway we have identified to bring the Narryer Project into potential production.

"Athena has been able to bring together quality partners attracted by the potential of our high-quality magnetite and the opportunity to bring the Narryer Project into production on an accelerated timeline.

"With funding secured, we will now commence a drilling program at Narryer and progress a resource definition program and related feasibility studies. I look forward to providing the market with regular updates on our progress."

Placement Details

The Placement will be completed in two tranches as follows:

- 566,489,250 new shares will be issued on or about 7 May 2026 underASX Listing Rule 7.1 (339,893,550 shares) and ASX Listing Rule 7.1A (226,595,700 shares) (Tranche 1); and

- Up to 308,510,750 new shares will be issued subject to shareholder approval expected to be sought at a General Meeting to be held in mid-June 2026 (Tranche 2).

The issue price of A$0.004 per share represents a 20% to the last closing price of $0.005 per share and an 18% discount to the 15-day VWAP of $0.00488 per share.

Refer to the Appendix 3B dated 4 May 2026 for more details on the Placement.

Funds to be used for Narryer Project Exploration and Development

Proceeds from the Placement will be used to advance exploration and development activities on the following key activities:

- Exploration drilling at the Narryer deposit expected to commence in May 2026;

- Resource development work for the Narryer Project including assaying and metallurgical test work;
- Objective of delivering a Maiden Mineral Resource Estimate of the Narryer Project;

- Feasibility assessments for the Narryer Project in preparation for initial mining and processing operations;

- Progressing approvals for commencement of mining at the Narryer Project; and

- General working capital and administrative costs.

Cornerstone Support from Fenix and ResInvest

The Placement is underpinned by a significant investment of $2.0 million from ResInvest.

ResInvest is a Swiss-based strategic investment company focused on investing in mining projects globally. With significant investments across the dry bulk sector, including iron ore, ResInvest identifies commodity opportunities across the capital structure. (www.resinvest.ch)

ResInvest is part of ResInvest Group, a privately owned multi-commodity trading platform and utility company specialising in dry bulk, headquartered in the Czech Republic. (www.resinvest.eu)

The Company's largest shareholder, Fenix, has committed $500,000 to the Placement confirming Fenix's strong support for Athena. Fenix's continued strong support and investment assists to further strengthen the recent strategic joint venture between Athena, Fenix and Terra Mining (refer ASX Announcement 25 March 2026).

Subject to shareholder approval, Athena Chairman, Mr John Welborn, and Athena Directors, Mr Peter Jones and Mr Garry Plowright, plan to participate in the Placement for a total of $100,000.

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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