Athena Resources Limited (AHN) AI Stock Analysis

• Market Cap: AU$13.60M
• Dividend Yield: N/A
• Average Volume (3M): N/A
• Price to Earnings (P/E): ―
• Beta (1Y): -0.33
• Revenue Growth: N/A
• EPS Growth: 16.67%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 0.00
• Shares Outstanding: 2,265,957,000
• 10 Day Avg. Volume: N/A
• 30 Day Avg. Volume: N/A
• PEG Ratio: 0.55
• Price to Book (P/B): 0.81
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -8.79
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: AU$0.01 ▲(150.00% Upside)

The score is primarily held back by weak financial performance (no revenue, persistent losses, and negative free cash flow), partially offset by a low-leverage balance sheet with a sizable equity base. Technical and valuation signals are neutral due to missing indicator and valuation inputs.

Positive Factors

Low Leverage

A low-leverage balance sheet provides financial flexibility, reducing risk and enabling the company to invest in growth opportunities without the burden of debt.

Resource Expansion

The significant increase in resource estimates enhances Athena's market position and potential project lifespan, supporting long-term growth in the magnetite market.

Strategic Partnerships

This partnership leverages Athena's magnetite resources and Warradarge's renewable hydrogen, positioning the company as a leader in green iron initiatives, aligning with sustainable industry trends.

Negative Factors

Persistent Losses

Ongoing losses indicate operational inefficiencies and reliance on external funding, which can hinder long-term sustainability and growth potential.

No Revenue

Lack of revenue generation highlights the company's pre-revenue phase, posing challenges in achieving profitability and necessitating continuous capital infusion.

Director Departure

The departure of a significant shareholder and director could impact strategic direction and stakeholder relations, potentially affecting governance and decision-making processes.

Athena Resources Limited Business Overview & Revenue Model

Company Description

Athena Resources Limited explores for minerals in Australia. It explores for iron ore, anomalous copper, nickel, platinum group element, and chromite deposits. The company holds a 100% interest in the Byro project that comprising five exploration licenses and two mining licenses. Athena Resources Limited was incorporated in 2005 and is based in Perth, Australia.

How the Company Makes Money

Athena Resources Limited generates revenue through the exploration and potential development of mineral resources. The company's primary revenue streams come from the discovery and extraction of valuable minerals such as iron ore, nickel, and copper. Once these minerals are explored and evaluated, Athena Resources may either sell the exploration rights to other mining companies or develop the resources themselves to sell the extracted minerals. The company may also enter into joint ventures or partnerships with other mining entities to leverage their expertise and resources, thereby sharing risks and rewards. Revenue is significantly influenced by global commodity prices, the success of exploration activities, and the company's ability to efficiently extract and market the minerals.

Athena Resources Limited Financial Statement Overview

Summary

Income statement and cash flow are the main constraints: no revenue reported, recurring operating losses, and consistently negative operating and free cash flow (FY2025 OCF ~-0.76M; FCF ~-1.43M). The balance sheet is a partial offset with meaningful equity (~15.5M) and very low leverage (zero debt in FY2025), but ongoing losses and cash burn reduce financial quality over time.

Income Statement

The company reports no revenue across the period provided, while losses are persistent and sizable (net loss of ~0.80M in FY2025 vs ~0.70M in FY2024). Operating performance remains consistently negative (EBIT and EBITDA losses in most years), indicating the business is still in a pre-revenue or non-commercial phase. A modest positive outlier appears in FY2021 net income, but it was not sustained and does not change the overall loss-making trajectory.

Balance Sheet

The balance sheet is supported by a meaningful equity base (stockholders’ equity ~15.5M in FY2025 on assets ~15.7M) and very low financial leverage, with debt at zero in FY2025 and minimal debt in most prior years (only FY2024 shows a small debt balance). However, returns on equity are consistently negative (around -5% in recent years), reflecting ongoing losses and limiting the quality of the equity cushion over time if cash burn continues.

Cash Flow

Cash generation is weak, with operating cash flow negative each year (about -0.76M in FY2025) and free cash flow also consistently negative (about -1.43M in FY2025). The cash burn improved versus FY2024 (free cash flow less negative), but the business still relies on external funding or existing capital to sustain operations. Free cash flow is larger in magnitude than net losses in most years, suggesting that cash outflows extend beyond accounting losses (e.g., ongoing investment and working-capital needs).

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-1.73K	-1.73K	-1.07K	-48.00	0.00	-1.27K
EBITDA	-712.12K	-684.12K	-651.22K	-680.93K	-506.18K	13.29K
Net Income	-804.76K	-804.76K	-696.23K	-680.98K	-547.72K	343.00
Balance Sheet
Total Assets	15.67M	15.67M	13.19M	13.74M	11.86M	9.45M
Cash, Cash Equivalents and Short-Term Investments	1.76M	1.76M	18.94K	1.44M	663.31K	130.03K
Total Debt	0.00	0.00	320.00K	0.00	0.00	40.00K
Total Liabilities	191.63K	191.63K	460.95K	317.83K	577.16K	352.52K
Stockholders Equity	15.48M	15.48M	12.73M	13.42M	11.28M	9.10M
Cash Flow
Free Cash Flow	-1.23M	-1.43M	-1.74M	-2.05M	-2.16M	-916.96K
Operating Cash Flow	-759.95K	-759.95K	-770.48K	-643.92K	-816.32K	-291.76K
Investing Cash Flow	-668.14K	-668.14K	-966.60K	-1.40M	-1.35M	-625.20K
Financing Cash Flow	3.17M	3.17M	320.00K	2.82M	2.70M	1.03M

Athena Resources Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AHN	47 Neutral	AU$13.60M	―	-5.71%	―	―	16.67%
REE	47 Neutral	AU$29.90M	-6.74	-84.97%	―	-100.00%	8.51%
HIO	46 Neutral	AU$22.01M	-9.50	-3.39%	―	―	48.72%
ACP	41 Neutral	AU$20.80M	-16.67	-43.49%	―	―	-7.14%
ADY	28 Underperform	AU$15.78M	-5.26	―	―	―	-11.76%

Athena Resources Limited Corporate Events

Athena Resources Limited Announces Director Departure

Athena Resources Limited announced that Peter John Newcomb has ceased to be a director as of November 27, 2025. This change in the board could impact the company’s strategic direction and stakeholder relations, given Newcomb’s significant shareholding through Stonydeep Investments Pty Ltd, which holds 93,750,000 ordinary shares.

Athena Resources Updates on Byro Mineral Resource Estimates

Athena Resources Limited has released a corporate presentation detailing its current activities and mineral resource estimates. The company has confirmed that there are no new material changes to the information previously announced regarding its Byro FE1 and Byro South projects. This announcement reinforces Athena’s commitment to transparency and provides stakeholders with updated insights into its resource estimates, potentially impacting future operations and investor decisions.

Athena Resources Boosts Magnetite Portfolio with Byro South Resource Estimate

Athena Resources Limited has announced a significant milestone with the completion of a maiden Mineral Resource Estimate (MRE) for its Byro South Prospect, part of the Byro Magnetite Project. The Byro South MRE, which reports 47 million tonnes at 29% Fe, contributes to a 160% increase in the total resources of the Byro Magnetite Project, now totaling 76 million tonnes. This expansion underscores the potential for increased project lifespan and further growth through exploration of nearby prospects, enhancing Athena’s position in the magnetite market.

Athena Resources Limited Schedules 2025 Annual General Meeting

Athena Resources Limited has announced its Annual General Meeting scheduled for November 27, 2025, at 10:00 am AWST in Perth, WA. Shareholders are encouraged to participate and can lodge proxies by November 25, 2025. This meeting is a critical event for stakeholders to discuss company matters, potentially impacting its strategic direction and operational decisions.

Athena Resources Appoints New Director Alannah MacTiernan

Athena Resources Limited has announced the appointment of Alannah MacTiernan as a director, effective October 27, 2025. The announcement notes that MacTiernan currently holds no relevant interests in securities, either as a registered holder or otherwise, and has no interests in any contracts. This appointment is a strategic move for Athena Resources, potentially enhancing its leadership team and aligning with its growth objectives in the resources sector.

Athena Resources Strengthens Board with Strategic Appointments

Athena Resources Limited has announced significant board changes to enhance its strategic focus on key projects. Alannah MacTiernan, a former West Australian Minister known for her work in regional development and green iron initiatives, will join as a Non-Executive Director, bringing valuable government and infrastructure experience. Chris Hunt, with extensive resources industry experience, has been appointed as Company Secretary. These appointments are expected to strengthen Athena’s corporate governance and project advancement, particularly the Byro Magnetite Project. The company also acknowledged the contributions of departing Non-Executive Directors Peter Newcomb and Terry Weston.

Athena Resources Advances Green Iron Strategy with New Partnership

Athena Resources Limited has reported excellent assay results from its Byro South drilling program, confirming consistent magnetite mineralization. The company has produced a high-grade magnetite DRI sample, advancing its strategy to create premium green iron products. A new partnership with Warradarge Energy and Fenix aims to develop the Mid West Green Iron Project, leveraging Athena’s high-quality magnetite and Warradarge’s renewable hydrogen potential. This collaboration is seen as a significant step in leading Australia’s green iron initiatives.