Athena Resources Forms Joint Venture with Terra Mining and Fenix Resources for Byro Magnetite Development

Athena Resources Limited has signed a non-binding term sheet to form a Joint Venture with Terra Mining and Fenix Resources to accelerate the development of premium magnetite concentrate at the Narryer Prospect in Western Australia. The partnership allows Athena to retain a 40% profit share while leveraging Terra's dry-processing technology and Fenix's logistics network. Production is targeted for Q1 2028, pending necessary approvals. The venture aims to position Athena as a key player in the green steel supply chain.

Published Mar 25, 2026

Athena Resources Limited (ASX:AHN) has signed a non-binding term sheet to form a Joint Venture with Terra Mining Pty Ltd and Fenix Resources Ltd to develop premium magnetite concentrate at the Narryer Prospect, part of the Byro Magnetite Project in Western Australia. The JV allows Athena to retain a 40% profit share, with production anticipated to start in Q1 2028, subject to approvals.

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Terra Mining's dry-processing technology will be utilized, enhancing sustainability. The partnership aims to position Athena within the green steel market, with potential operational learnings benefiting future developments at Byro South and FE1. The Narryer deposit is strategically located 336 km from Geraldton Port, facilitating logistics.