ATHENA RESOURCES LIMITED — Interim / Quarterly Report 2022

Oct 20, 2021

21 October 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 -----

QUARTERLY ACTIVITIES REPORT for SEPTEMBER 2021

Exploration Activity for the Quarter

BYRO BASE METALS PROJECT

MLTEM and FLTEM Survey

• On 1 July 2021 GEM Geophysics commenced High Powered Moving Loop and Fixed Loop Electromagnetic Surveys on the target areas identified in the base metal review announced on 23 March 2021.

The surveys were completed on 12 August 2021 and data was provided to Southern Geosciences Consultants for data modelling and interpretation, incorporating existing downhole electromagnetic data and gravity data, to enable target generation for the planned drilling programs.

Gravity Infill Survey

On 13 August 2021 Atlas Geophysics commenced an infill survey to provide greater resolution over the gravity anomalies identified in previous surveys, and improve understanding of the shape and depth of the gravity anomalies.

The survey was completed on 24 August 2021 and data provided to Southern Geosciences Consultants for data modelling and interpretation

This survey was designed to assist with target generation for the planned drilling programs.

Athena Resources Limited

Page 1 of 4

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 ahn@athenaresources.com.au W athenaresources.com.au

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

Drilling

Following development of targets from the survey data referred to above, together with track and drill pad preparations, a Reverse Cycle drilling program commenced on 24 August on the Milly Milly and Moonborough Intrusions.

BYRO INDUSTRIAL MINERALS PROJECT

During the quarter ALS Laboratories completed Flotation and Ore Roasting test work on representative composites from historic DTR samples from Byro South and Whistlejack. Results of this test work is detailed in the announcement made on 19 July 2021.

On 10 September 2021 Athena announced the completion of three RAB drill holes to determine if magnetite outcrops continued to depth, down dip, within the stratigraphic sequence, on three projects within the tenement E09/1552. The results announced on that date confirmed this to be the case.

Links to relevant Announcements during the Quarter.

Announced on	01/07/2021	FLTEM Survey Commencement
Announced on	12/08/2021	FLTEM Survey Completed
Announced on	13/08/2021	Gravity Survey Commencement
Announced on	19/08/2021	Completion of further metallurgical test work
Announced on	24/08/2021	Geophysical Ground Gravity Survey Completed
Announced on	10/09/2021	E09/1552 RAB drilling completed
Announced on	21/09/2021	Commencement of Drilling

Attached to this announcement is a schedule of Interests in Mining Tenements. There have been no changes to these interests during the quarter under review.

Corporate Activity for the Quarter

Share Capital

During the quarter under review, and after shareholder approval was granted at the General Meeting held on 30 July 2021, the Company issued 70,900,000 shares to Directors and Officers to settle Fee arrears in the amount of $567,200.

The fully underwritten Entitlements Issue was also concluded, raising a total before costs of $2,045,711 for the issue of 105,319,945 entitlement shares and 255,713,834 shortfall shares.

An additional 20,000,000 shares were issued to Goldway Mega Trade for $160,000,

Athena Resources Limited

Page 2 of 4

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 ahn@athenaresources.com.au W athenaresources.com.au

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

Reporting

On 18 August 2021 the Company lodged the Annual Report to Shareholders together with the required Appendix 4G and the 2021 Corporate Governance Statement.

The audited Annual Report to Shareholders does not contain any emphasis of matter or other matter paragraph.

Exploration expenditure for the quarter

Information Systems Travel Field Camp Surface Exploration Geophysics and Remote Sensing RAB Drilling RC Drilling Metallurgy and Project Management Tenement administration Rent and Rates	2,500 6,500 25,000 36,000 72,000 20,000 170,000 32,500 14,000 46,500
	425,000

This is expenditure incurred on an accruals basis.

General

During the period under review payments were made to related parties in the amount of $84,000 in respect of current and arrears of Directors and consultancy fees.

Transactions affecting issued share capital are as follows:

Shares on issue as at 30 June 2021 Issued to Directors and Officers Rights Issue - Entitlements Rights Issue - Shortfall Placement–GoldwayMega Trade Shares on issue as at 30 September 2021	361,033,779 70,900,000 105,319,945 255,713,834 20,000,000
	812,967,558

Athena Resources Limited

Page 3 of 4

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 ahn@athenaresources.com.au W athenaresources.com.au

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

Links to relevant Announcements during the Quarter

Announced on 30/06/2021 Notice of General Meeting - - Announced on 15/07/2021 Non Renounceable Issue Prospectus Announced on 30/07/2021 Supplementary Prospectus Announced on 02/08/2021 Results of Meeting Announced on 02/08/2021 Placement Announced on 09/08/2021 Extension of Removal Deadline - Announced on 30/06/2021 Results of Non Renounceable Entitlement Offer Announced on 16/08/2021 Shortfall Placement Announced on 18/08/2021 Annual Report to shareholders Announced on 18/08/2021 Appendix 4G Announced on 18/08/2021 Corporate Governance 2021 Announced on 27/08/2021 Placement to raise $160,000

In addition to these specific announcements, all required announcements with respect to Directors Interests and Substantial Shareholders have been lodged, as have all Appendix 3B and Appendix 2A which are Proposed Issue of Securities and Application for Quotation of Securities respectively.

This announcement was authorised by the Board.

Yours faithfully

E W Edwards Executive Director

Athena Resources Limited

Page 4 of 4

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 ahn@athenaresources.com.au W athenaresources.com.au

INTERESTS IN MINING TENEMENTS

Athena Resources Limited 100%	Tenement Type
Byro Exploration	E–Exploration License
E09/1507
E09/1552
E09/1637
E09/1781
E09/1938
Byro Project Mining	M-Mining Lease
M09/166
M09/168

Competent Persons Disclosure

Mr Kelly is an employee of Athena Resources and currently holds securities in the company.

Competent Person Statement

The information included in the report was compiled by Mr Liam Kelly, an employee of Athena Resources Limited. Mr Kelly has had over twenty years’ experience as a geologist in mining and exploration and is a Member of the Australasian Institute of Mining and Metallurgy, (306501). Mr Kelly 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 2012 Edition)”. The historical information included is compliant with the relevant JORC Code, 2004 Edition , and new information announced post that version of the JORC Code is compliant with the JORC Code 2012 Edition. Mr Kelly consents to the inclusion of the information in the report in the context and format in which it appears