Athena Resources (ASX:AHN) has taken a leap toward becoming a producer by securing non-binding joint venture terms with Terra Mining and Fenix Resources (ASX:FEX).
The partnership is designed to fast-track the development of premium magnetite concentrate at the Narryer prospect, a key component of the broader Byro Project.
Under the proposed agreement, Athena will retain a substantial 40% profit share, while its partners provide the essential capital for mining, processing, and logistics.
Terra Mining, a subsidiary of the Shanghai-listed JCHX Mining, will supply the necessary mining equipment and infrastructure, including the proven dry-processing technology currently in use at Extension Hill.
Meanwhile, Fenix Resources will utilise its established Mid-West haulage network and Geraldton Port capacity to manage the "mine-to-gate" logistics and product marketing.
Located just 336km from Geraldton Port, Narryer serves as a critical springboard for Athena's regional ambitions.
Successful production here is expected to de-risk the future development of Byro South and FE1 by providing vital operational data.
While the project targets a Q1 2028 start-up, the timeline remains subject to final binding agreements and shareholder approvals.