Athena Resources Limited announced the preliminary results for FE1high grade Davis Tube Recovery (DTR) from infill drilling at the globally unique FE1 magnetite project. These results support the milestone MRE for the upgrade of the existing inferred resource to an indicated mineral resource. It is anticipated the remaining DTR analysis will be available for publication within the next two weeks and will be announced once validated and added to the Mineral Resource Estimation (MRE), data set.

The relationship of DTR magnetite iron grade - Magnetic Susceptibility (MagSus) and Specific Gravity (SG) data are routinely used in correlation for modelling variation and internal dilution within magnetite ore bodies. MagSus and SG data were collected onsite for every sample assayed. ALS Laboratories completed independent SG analysis of 1 in every 27 determinations and confirmed a 99.9% accuracy.

Analysis of SG Data to date highlights an average SG within ore of 3.43g/cm3 and an average SG of 2.74 g/cm3 outside the ore allowing detailed modelling of the internal variation within the ore body. The MRE data set is well advanced, already including geological, structural, and geotechnical logging of all core, photography, magnetic susceptibility, and specific gravity measurements. The company considers the data collected to date is integral and of sufficient quality to add to the confidence of the mineral resource.

The company anticipates once the data set has been completed and submitted, Entech Mining will take up to 4 weeks to complete the MRE. These latest DTR results in excess of 70%Fe further confirm the unique, high grade, low impurity nature of the Byro magnetite concentrate and potential product supply to high purity "Green Steel" production and other premium industrial processes with the uppermost grade and purity available. Development timelines of the Byro project have become aligned with increasing industry action driven by environmental awareness and goals set by major steel producers towards low carbon emission steel production and decarbonisation of the mining industry.

Work towards upgrade of existing furnaces and increase in the number of hydrogen reduction Electric Arc Furnace, (EAF) systems to cater for green steel demand is underway. The Institute for Energy Economics and Financial Analysis reported in June 2022, ThyssenKrupp, one of the large global steel manufacturers, is planning to begin replacing blast furnaces with DRI plants with integrated melting units from 2025. As hydrogen reduction Electric Arc Furnace, (EAF) systems come online so too will the demand for suitable high grade feed stock.

The Company has set a goal to be in a position to meet this demand and aims to complete the MRE and Pre-Feasibility Study (PFS) as soon as possible in order to undertake a full Definitive Feasibility Study (DFS) in 2023, allowing two years to make applications for mining approvals by late 2025. High grade Magnetite concentrate is rarely greater than 68% in iron content compared to the Byro magnetite product at greater than 70%Fe. Every tonne of 68%Fe concentrate contains just over 40kg of impurities which harbour processing and quality problems. Engineering design and refined processing pilot trials completed on the Byro magnetite show it can deliver 71.5% iron ore with about 28% Oxygen, and include only 5 kg of impurities, approximately one eighth (12.5%) of the impurities of most producers around the world.

Byro magnetite far exceeds the minimum requirement for hydrogen reduction Electric Arc Furnace, (EAF) systems.