Fenix Resources Boosts Strategic Stake in Athena Resources.

Fenix Resources Limited (ASX: FEX) is set to strengthen its strategic investment in Athena Resources Limited (ASX: AHN) through a debt-to-equity conversion and full underwriting of Athena’s AU$2.7 million entitlement offer. The debt conversion will make Fenix Athena’s largest shareholder with a 19.84% stake, issuing 265 million shares. Additionally, Fenix’s full underwriting could increase its shareholding to up to 46.56%, depending on the offer's uptake.

Athena’s flagship Byro Magnetite Project, located in Western Australia, offers high-grade magnetite iron ore with low impurities and potential for green steel applications. Fenix views this investment as an opportunity to leverage its expertise in low-capital project development and regional logistics. With a fully integrated mining, logistics, and port services business, Fenix’s expanded portfolio highlights its commitment to supporting sustainable, high-margin operations while strategically positioning itself for growth in the Mid-West iron ore sector.

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