ATHENA RESOURCES LIMITED

1 November 2021

The Company Announcements Office Australian Stock Exchange Limited 4 Floor, 20 Bridge Street SYDNEY, NSW 2000

==> picture [115 x 153] intentionally omitted <==

==> picture [65 x 7] intentionally omitted <==

----- Start of picture text ----- ACN 113 758 900----- End of picture text -----

FUTURE ACTIVITIES REPORT

ACTIVITIES REPORT SETTING OUT THE PROPOSED BUSINESS STRATEGY

The Company intends to further explore and develop the Byro Project as per the Company’s exploration program as set out in the Independent Geologist Report in the recent Prospectus.

The Athena Exploration Program – Near Term Program

The near term program has been completed.

Athena Exploration Program – Mid Term Program Base Metals

Athena will now move to the next phase of the Byro exploration as outlined in the Athena Exploration Program – Mid Term Program Base Metals as follows:

1) Sample preparation and Submission

Samples for assay from all drilling are currently being processed for delivery to ALS Laboratories in Perth. It is anticipated from arrival at the lab, it will take 6-8 weeks until results are available, given current backlog. Assays results will be announced as soon as available.

2) Rehabilitation

Rehabilitation of reverse circulation drill sites is underway and progressing on holes as confirmation that sample processing and sample audit is complete.

3) Geochemistry/ Sampling/ Mapping/Interpretation: (Milly Milly Intrusion)

Geological and cross section interpretation is underway based on onsite lithological interpretation and will be supported by assay and petrology results when completed.

Page 1 of 2

Level 2 І 46-50 Kings Park Road І West Perth І Western Australia І 6005 PO Box 1970 І West Perth І Western Australia І 6872 Ph +61 (0)8 9307 7902 E [email protected] W athenaresources.com.au

==> picture [62 x 62] intentionally omitted <==

Suitable sized rock chips from mineralised sections at Milly Milly from drill holes to be selected for thin section petrology for confirmation of lithological and sulphide assemblages.

1. Geochemistry/ Sampling/ Mapping/Interpretation: (Moonborough Intrusion)

Geological and cross section interpretation is underway based on onsite lithological interpretation and will be supported by assay and petrology results when completed.

Suitable sized rock chips from mineralised sections to be selected at Moonborough from drill holes for thin section petrology for confirmation of lithological and sulphide assemblages.

1. Downhole Time Domain Electromagnetic surveys, (DHTEM)

Downhole Time Domain Electromagnetic surveys, (DHTEM) will be completed by Southern Geoscience Consultancy on all cased holes. The Southern Geoscience DHTEM crew are booked and expected onsite in late October to complete the DHTEM surveys.

Drilling of Milly Milly and Moonborough Intrusions (Discovery Infill)

Athena Exploration Program – Mid Term Program Industrial Magnetite

Athena will now also move to the next phase of the Byro exploration as outlined in the Athena Exploration Program – Mid Term Program Industrial Magnetite as follows:

1) Drilling Fe1

The drilling is designed to raise the Fe1 magnetite deposit to a 2012 Compliant JORC Indicated Resource.

1. Other Exploration

Further drilling is planned for the Byro South, Whistlejack, Whitmarsh, Byro North and Narryer ore bodies.

This announcement was authorised by the Board.

Yours faithfully

E W Edwards Executive Director