Overview of Athena Resources' Scoping Study for Byro Magnetite Project

Athena Resources Limited (ASX: $AHN) has conducted a scoping study for the Byro Magnetite Project, focusing on the FE1 magnetite deposit. The study outlines a potential 2.4 Mtpa processing operation with a Production Target of 16.96 Mt at 26.1% Fe. Based on a Mineral Resource of 29.3 million tonnes, the study also includes details on the processing plant, infrastructure, and economic analysis, with a payback period of just over three years and an NPV of $194M.

Executive Commentary on Byro Magnetite Project Scoping Study

The scoping study for the Byro Magnetite Project Fe1 represents a significant milestone for Athena Resources. It provides a comprehensive overview of the project's potential, outlining key details such as the processing operation, mineral resource, and economic analysis. While the study is based on low accuracy level technical and economic assessments, it sets the stage for further exploration and evaluation work. We are also engaged in preliminary discussions for project funding, although there is no certainty of sourcing the necessary development funding at this stage.

Summary of Athena Resources' Scoping Study and Outlook

Athena Resources' scoping study for the Byro Magnetite Project Fe1 highlights the company's ambition to produce high-grade magnetite concentrate for the steelmaking industry. The study outlines a potential 2.4 Mtpa processing operation with a Production Target of 16.96 Mt at 26.1% Fe, based on a Mineral Resource of 29.3 million tonnes. The company aims for environmental sustainability and efficient water usage in the project, as evidenced by the focus on water supply sources and the forward work plan's emphasis on in-fill drilling and increased mill throughput. While the study provides valuable insights, it is important to note that further exploration and evaluation work is required, and the company's ability to secure development funding remains uncertain at this stage.