Athena Resources Limited released the full Entech Mineral Resource Estimate for the FE1 Magnetite Deposit dated March 2023. Entech Mining Pty Ltd. (Entech) was commissioned by Mr. Liam Kelly of Athena Resources Ltd. (Athena) to update the Mineral Resource Estimate (MRE) for the FE1 magnetite deposit (FE1) northeast of Geraldton, Western Australia. This report reviews the changes to the resource modelling and estimation since the MRE that was estimated by AMC Consultants Pty Ltd. (AMC) in February 2012 (AMC, 2012) and provides a statement of Mineral Resources classified in accordance with the requirements of the current Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC, 2012). Geology: Athena's Byro Project is located along the north-western margin of the Yilgarn Craton, within an Archaean Gneiss Belt which trends north-northeast for approximately 200 km. The geology is predominately quartzo-feldspathic gneisses and migmatites with amphibolites, quartzites, BIF's, felsic volcanics and layered mafic-ultramafic intrusions. Regional folding and thrusting have resulted in a steep dominant westerly dip and north-northeast strike, although locally this varies from north to east. The high-grade magnetite iron ore at Byro has been characterised by a coarse metamorphic grain size, super low impurities during development of thick migmatite layers in the upper amphibolite - granulite metamorphic terrain. Drilling: The MRE includes 29 reverse circulation (RC) drill holes completed during 2010 to 2011. A further four RC drill holes were added in 2022 along with two diamond drill hole (DD), and 9 drill holes with RC pre-collars and diamond core tails. The depth from surface to the current vertical limit of the Mineral Resources is approximately 200 m. Drill hole coverage for geological and grade domain interpretations averages 100 m × 50 m. Assaying: The resource drilling completed during 2022 has been assayed by Australian Laboratory Services Pty Ltd. (ALS) for a suite of 25 head variables, 25 concentrate variables and Davis tube recovery (DTR). From these results the standard iron ore suite of 12 variables (Fe, SiO2, Al2O3, MgO, TiO2, K2O, CaO, P, Mn, S, Na2O, and LOI) plus V has been analysed in both head and concentrate samples and Davis tube recovery (DTR). Interpretation: Geological interpretations based on lithology, head grade and DT data were completed by Athena geologists. 3D (wireframe) geological modelling was carried out by Entech and reviewed by Athena. Whole rock mineralisation was modelled at a cut-off grade of 10% head Fe to produce the mineralisation envelope. Three main domains were interpreted striking north-south and dipping about 35 to the west. Within these domains the magnetic domains were interpreted at a cut-off grade of 20% DTR. The mineralisation is offset by a north-south striking fault that dips about 80 to the east. A steep dipping dolerite dyke striking about 50 crosscuts the mineralised domains and post-dates the mineralisation. The weathering profile was modelled based on geology logging of drill holes. The current drill hole spacing provides an acceptable degree of confidence in the interpretation and continuity of grade and geology and the definition of the boundary between weathered and fresh mineralisation. The assay data that was cross-referenced with available core photography to provide confidence in the mineralisation. Resource Modelling: Head grade drilling samples were composited to 2 m lengths honouring lode domain boundaries. DTR drilling samples were composited to 4 m lengths honouring lode domain boundaries. Composites were reviewed for statistical outliers and no top-caps were applied. Mineral Resource Statement: The Mineral Resource Statement for the Byro FE1 magnetite open pit Mineral Resource
Estimate (MRE) was prepared in January 2023 and is reported according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the `JORC Code') 2012 edition. In the opinion of Entech, the Mineral Resource evaluation reported herein is a reasonable
representation of the global open pit magnetite Mineral Resources within the deposit, based on sampling drill data available as at 13 December 2022. The Indicated and Inferred Mineral Resources comprise fresh rock material. Data from a total of 6 790 m of drilling from 33 RC drill holes and 9 RC drill holes with diamond core tails and two diamond drill holes were available for the MRE. The database to 30 November 2022 comprised 2 353 samples with head grade assays and 373 samples with recovery and concentrate assays. This MRE includes Inferred Mineral Resources which are unable to have economic considerations applied to them, nor is there certainty that further sampling will enable them to be converted to Measured or Indicated Mineral Resources.