Fenix Resources expands investment in Athena

Fenix Resources (ASX:FEX) has announced a strategic move to increase its investment in Athena Resources. By converting part of its debt into shares and participating in an entitlement offer, Fenix aims to become Athena's largest shareholder. Initially, Fenix will hold a 19.84% share, which could rise to 46.56%.

Strategic expansion and future outlook

Fenix Resources has taken a decisive step to bolster its stake in Athena Resources by converting existing debt into equity and committing to an entitlement offer. This strategic investment is geared towards supporting Athena's Byro Magnetite Project in Western Australia, which promises to produce high-grade magnetite for Green Steel initiatives. The project is a perfect fit for Fenix’s expertise in low-cost project development. Fenix operates a fully integrated mining and logistics business in the Mid-West region and aims to expand its production capabilities with projects like the Shine Iron Ore Mine. Fenix also values community partnerships and Indigenous engagement, showing its commitment to sustainable and inclusive growth.

Executive insights on strategic investment

We are excited about the opportunity to support Athena's Byro Magnetite Project, which aligns with Fenix's capabilities in low capital project development and logistics.