ATHENA RESOURCES LIMITED — AGM Information 2011

Nov 27, 2011

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Welcome to the 2011 AGM

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RESOURCES LIMITED

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Disclaimer

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• This presentation is provided for the sole purpose of providing preliminary technical, financial and other background information to enable you to review the business activities of Athena Resources Limited (“Athena”).

• The material provided does not constitute an invitation, solicitation, recommendation or an offer to purchase or subscribe for securities. The information in this document will be subject to completion, verification and amendment and should not be relied upon as a complete and accurate representation of any matters that a potential investor should consider when evaluating Athena.

• This document may contain “forward looking statements” which are made in good faith and are believed to have reasonable basis. However, such forward looking statements are subject to risks, uncertainties and other factors which could cause the actual results to differ materially from the future results expressed, projected or implied.

• The potential quantity and grade of iron deposits reported as exploration potential is conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if future exploration will result in the determination of a Mineral Resource. RESOURCES LIMITED

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Competent Persons Statements

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• The technical information relating to Athena’s exploration projects was compiled by Mr Liam Kelly, an employee of Athena Resources Limited. Mr Kelly is a Member of the Australasian Institute of Mining and Metallurgy, and has sufficient relevant experience in the styles of mineralisation and deposit styles under consideration to qualify as a Competent Person as defined in “The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2004 edition)”. Mr Kelly consents to this inclusion of the information in this report in the context and format in which it appears.

• The information that relates to the Mineral Resource Estimate at Byro Fe1 was compiled by Mr Jonathan Sharp. Mr Sharp is a Member of the Australasian Institute of Mining and Metallurgy, and has sufficient relevant experience in the styles of mineralisation and deposit styles under consideration to qualify as a Competent Person as defined in “The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2004 edition)”. Mr Carville consents to this inclusion of the information in this report in RESOURCES LIMITED

• the context and format in which it appears.

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What we are covering today

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Company background The Year in Review The future of Athena

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Overview - Financial

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Capital Structure

Share Price

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Ordinary Shares 112m
Options 34m
Fully Diluted 146m
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Market Capitalisation

Enterprise value

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Raj supplyingEv to Attributable Contained Fe
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
RESOUR CES LIMITE D
$0.20
$0.00
EMG MDX AHN IRD ARH ARH ROY LML ACS GRR GBG
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$9 million

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The Year in Review

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• Exploration

• Preliminary JORC Resource

• Metallurgy

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Byro Exploration

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Byro Base Metals Exploration

BYRO EAST DRILL HOLES (Left)

• AHRC0025 Southeast Contact Cu

• anomaly

• AHRC0026 Midwest Contact Ni soil

• anomaly

• AHRC0027 (140m) Then diamond tail

• below

• AHDH0001 Extended to 500m RESOURCES LIMITED Tà{xÇt RESOURCES LIMITED

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Byro Base Metals Exploration

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Byro South Ore Body

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Typical Byro South Cross Section RESOURCES LIMITED Tà{xÇt RESOURCES LIMITED

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Byro Iron Ore Exploration Fe1 Ore Bod y

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TYPICAL FE1 CROSS SECTION

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RESOURCES LIMITED
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BYRO MAGNETITE HORIZON

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Last year promise

This diagram was shown at last years AGM

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To Achieve Inferred Resource
Tonnes Grade
Target Definition Assay DTR
Drilling Approvals
0RE TESTING0RE TESTING
Drilling Contracts
Optimise Grind Optimise Grind
Drilling
Crushing MethodsCrushing Methods
Data Collation
R ESOURC ES LIMITED
Announce Resource to Markets
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Preliminary Inferred Resource

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Ore Testing

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• Metallurgical test work was carried out on both diamond core and RC chips.

• Changsha Research Institute of Mining and Metallurgy proposed a simple processing flow sheet including crushing and grinding followed by wet low–intensity magnetic separation (LIMS).

• ALS Ammtec test work in Perth again resulted in a simple processing circuit with secondary grinding and classification at P80 of 125 micron. RESOURCES LIMITED

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Grind Size Characteristics Grind Size in microns and time in seconds to achieve this RESOURCES LIMITED Grind time (effort) has significant impact on both capital costs and operating costs

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Grind Size Comparison

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300.0
250.0
250.0
200.0
150.0
100.0
75.0 75.0
50.0
38.5 40.0 40.0
32.0
25.0RESOURCES LIMITED25.0 23.0 25.0
0.0
AHN EMG GBG ACS FXR GRR IRD ARH MDX LML ROY
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Grind Size Characteristics
Grind Size in microns and time in seconds to achieve this
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Even our nearest competitors require 8 times the capex – the others require 30 times !
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Quality and Composition

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What does 35% Head Grade mean ?

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Quality and Composition

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Concentrate at 250 microns

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RESOURCES LIMITED 49.4% Recovery

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Quality and Composition

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Concentrate at 125 microns

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RESOURCES LIMITED 46.5% Recovery

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Plant Design

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GRES were commissioned during the year to design a plant suitable for our product

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The future of Athena

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PRODUCTION IN 2014 RESOURCES LIMITED

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The importance of timing

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First mover advantage

• Geraldton Port capacity

• Oakajee rail access

• Oakajee port access

• Capitalise on current strong iron ore prices

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Production in 2014

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How will we achieve this ?

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Long Term Development Parameters

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– PHASE I

• 24 million tonnes existing JORC Resource

• Mining / processing at 6M tpa

• Transport by Road

• Shipping from Geraldton Port

• Starting 2014

• Duration 4 years RESOURCES LIMITED

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Long Term Development Parameters

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– PHASE II

• 50 million tonnes target currently being drilled

• Mining / processing at 25M tpa

• Transport by Rail

• Shipping from Oakajee Port

• Starting 2018

• Duration 2 years RESOURCES LIMITED

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Long Term Development Parameters

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– PHASE III

• +100 million tonnes of additional targets at Byro

• Mining / processing at 25M tpa

• Transport by Rail

• Shipping from Oakajee Port

• Starting 2020

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Summary table of Phases

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Tar et t a Trans ort Shi in Start Life
g p p pp g
Phase I 24m 6m Road Geraldton 2014 4
Phase II 50m 25m Rail Oakajee 2018 2
Phase III +100m 25m Rail Oakajee 2020
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Tonnes mined

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This schedule shows the effect of the tonnes planned above over the first ten years of the project.

000tpa 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 ……… Phase I 6,000 6,000 6,000 6,000 Phase II 25,000 25,000 Phase III 25,000 25,000 25,000 25,000 Total 6,000 6,000 6,000 6,000 25,000 25,000 25,000 25,000 25,000 25,000

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Pricing Considerations

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• Mechanics

• Quality

• Value in Use

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Mechanics

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• When a report suggests an iron ore price is $150/tonne, what does this mean for Athena?

• Generally this price will be;

• In US dollars

• CFR China main port (though not necessarily - it could be FOB)

• • Based on 62% Fe RESOURCES LIMITED

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The calculation

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•
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• The industry standard for iron ore pricing however is c/dmtu, used to equalise different iron ore grades.

• For Athena then, US$150/tonne means,

• Subtract US$10/tonne being the approximate freight rate for Geraldton to China by Panamax vessel

• US$140/tonne divided by 62% Fe equals 226 c/dmtu

• The typical iron quality for Athena’s product is 67.5%, so we must multiply the 226 c/dmtu by 67.5%

• Resulting in a price of US$153/tonne FOB Geraldton

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Quality

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• Why is iron ore quality important?

– There are many reasons, and two detrimental effects are;

– High phosphorus in the iron ore reports to the finished steel and high phosphorus steel is brittle and difficult (or impossible) to roll into flat steel.

– High levels of silica and alumina affect blast furnace operating conditions, as an example extra fluxes are required to help remove silica adding to costs. This is especially important in modern large blast furnaces.RESOURCES LIMITED

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Extract from The Steel Index

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Iron Ore Specifications

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Quality

• Iron ore pricing principles apply quite sizeable penalties for impurities above certain levels.

• Athena’s concentrate product meets all acceptable product specifications

	Athena	TSI Std	TSI Max		Indicative Penalty
Moisture		8.00%	10.00%
Alumina	0.27%	3.50%	4.00%		5c/dmt/1%
Silica	0.86%	4.00%	6.00%		5c/dmt/1%
Phosphorous	0.00%	0.07%	0.13%		5c/dmt/0.01%
Sulphur	0.00%	0.05%	0.07%		5c/dmt/0.01%

• As increased quantities of relatively higher impurity iron ore is sold to market low impurity products such as Brazilian fines and Magnetite Concentrates will have even greater value.

• • TSI is The Steel Index RESOURCES LIMITED

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Value in Use

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• Carbon Pricing / Coking Coal

• Iron ores consists of oxygen and iron atoms bonded together into molecules.

• To convert it to metallic iron the oxygen must be removed.

• Magnetite (Fe3O4) has one less oxygen atom per molecule than Hematite (Fe2O3)

• Carbon is used because the strength of a carbonoxygen bond is greater than that of the iron-oxygen bond, at high temperatures. RESOURCES LIMITED

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The chemistry

• A (very) simplified chemical equation of the blast furnace can be represented as

– Air blast and charcoal (coke): 2 C + O2 →2 CO.

• Carbon monoxide (CO) is the principal reduction agent.

» Stage One: 3 Fe 2 O 3 + CO →2 Fe 3 O 4 + CO 2

» Stage Two: Fe 3 O 4 + CO →3 FeO + CO 2

• » Stage Three: FeO + CO →Fe + CO 2

• What this means is Magnetite requires less energy and produces less CO2 than Hematite

• • Even a small price on Carbon will make RESOURCES LIMITED Magnetite more attractive than Hematite..

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Other references

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Sources for benchmark prices

IODEX http://www.platts.com/DailyIronOreBenchmark MBIOI http://www.mbironoreindex.com/ - TSI http://www.thesteelindex.com/en/iron ore/

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Selling Price Assumptions For
Projections
Calendar Year Athena price US$ Comment
2014 130
2015 115
2016 105
2017 100
2018 95 Onwards
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Based on forecasts from CBA, JPMorgan, UBS
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Capital and Operating Costs

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• Costs provided from GRES Study

• Capital

• Plant $136 million

• Camp $24 million

• Operating - Processing

• Fixed per annum $18,750,000

• Variable cost per tonne $4.71 RESOURCES LIMITED

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Capital and Operating Costs

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• Costs derived from other external sources

– Operating - Mining

• Waste $5.50

• Ore $5.50

• Other Operating Costs

• Road Haulage per km (Phase I) 9.5 cents per tonne

• Rail total Phase I $3.00

• Rail rate per km (Phase II onwards) 3.0 cents per tonne • Port $2.00RESOURCES LIMITED

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	Projections
~~R~~ Byro Iron Project - 10 year plan Calendar Year ending Tonnes Mined 000's Ore Processed Tonnes Concentrate Profit & Loss A$ Sales Mining Processing Transport Gross Profit Administration Interest Depreciation Royalties Net Profit	~~ESOURCES LIMITED~~ 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 18,000 16,500 15,000 13,500 75,000 75,000 75,000 75,000 75,000 75,000 6,000 6,000 6,000 6,000 25,000 25,000 25,000 25,000 25,000 25,000 2,632 2,507 2,298 2,089 8,704 8,704 8,704 8,704 8,704 8,704 140 125 120 115 115 115 120 120 120 120 368,480 313,333 275,733 240,222 1,000,926 1,000,926 1,044,444 1,044,444 1,044,444 1,044,444 -99,000 -90,750 -82,500 -74,250 -412,500 -412,500 -412,500 -412,500 -412,500 -412,500 -47,010 -47,010 -47,010 -47,010 -136,500 -136,500 -136,500 -136,500 -136,500 -136,500 -83,171 -79,211 -72,610 -66,009 -121,852 -121,852 -121,852 -121,852 -121,852 -121,852 139,299 96,363 73,614 52,953 330,074 330,074 373,593 373,593 373,593 373,593 -2,000 -2,000 -2,000 -2,000 -2,000 -2,000 -2,000 -2,000 -2,000 -2,000 -15,177 -13,660 -12,142 -10,624 -9,106 -7,589 -6,071 -4,553 -3,035 -1,518 -23,350 -23,350 -23,350 -23,350 -48,350 -48,350 -48,350 -48,350 -48,350 -48,350 -18,424 -15,667 -13,787 -12,011 -50,046 -50,046 -52,222 -52,222 -52,222 -52,222 80,347 41,686 22,335 4,968 220,571 222,089 264,949 266,467 267,985 269,503 <------ Existing JORC normalised ------> <---------------------------- Current Drilling ------------------------------->

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Projection Summary

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NPV of Cash Flows first 4 years 7.5% $97,000,000 NPV per share (from January 2012) $0.65 Average Profit per share per annum $0.25 NPV of Cash Flows first ten years 7.5% $741,000,000 NPV per share (from January 2012) $4.95 Average Profit per share per annum $1.11 RESOURCES LIMITED

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Typical Year and Tonne

		First four	years	Subsequent Years	Subsequent Years
		Annual	Tonne	Annual	Tonne
		$000's	$	$000's	$
Sales		299,000	126	1,030,000	118
Mining Processing Transport		-87,000 -47,000 -75,000	-37 -20 -31	-413,000 -137,000 -122,000	-47 -16 -14
Gross Profit Administration Interest Depreciation		90,000 -2,000 -13,000 -23,000	38 -1 -5 -10	358,000 -2,000 -5,000 -48,000	41 0 -1 -6
Royalties	RESOURCES LIMITED -15,000 -6 -51,000 -6
Net Profit		37,000	16	252,000	29

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Timeline to production

•Flora and Fauna	Jan-12	Apr-12
•Hydrology	Apr-12	Jun-12
•Heritage	Apr-12	Jun-12
•Environmental	Apr-12	Jun-12
•Definitive feasibility study	Feb-12	May-12
•Construction of Plant	Jul-12	Dec-13
•Construction of Camp	Jan-13	Jun-13
•Pre strip and Mining	Aug-13
•Processing and shipping	Jan-14
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Conclusion

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• We have the Product

• We have the Process

• We have the Market

• We have the Timeline

• We have the Economics

• ATHENA IN PRODUCTION IN 2014 RESOURCES LIMITED

Tà{xÇt

RESOURCES LIMITED

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Thankyou ATHENA IN PRODUCTION IN 2014 RESOURCES LIMITED

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Tà{xÇt RESOURCES LIMITED