Recent developments highlight Athena Gold's active exploration and acquisition efforts, including mobilization for drilling at Laird Lake, acquisition of the Forester Gold Project, and multiple exploration updates from Nevada and Ontario. The company has also completed significant private placements to fund these activities.

• Athena Gold mobilized for its maiden drill program at the Laird Lake Project in Ontario's Red Lake Gold Camp in April 2026 [N1].
• The company provided exploration updates from its Excelsior Springs Project in Nevada in March 2026 [N2].
• Athena completed the acquisition of the Forester Gold Project near Orla Mining’s Musselwhite Mine in March 2026 [N3].
• Athena received permits for the maiden drill program at Laird Lake Project in March 2026 [N4].
• Exploration updates covering activities in Nevada and Ontario were provided in February 2026 [N5].
• The company completed a $3.5 million non-brokered private placement to fully fund drilling activities in December 2025 [N6].
• Athena closed the second tranche of its non-brokered private placement and increased the offering due to strong demand in December 2025 [N7].
• Exploration updates from the Excelsior Gold-Silver Project in Nevada were provided in November 2025 [N8].

Athena Gold has assembled a portfolio of exploration projects in recognized gold mining regions, including recent acquisition of the Forester Gold Project near a producing mine. The company has demonstrated progress by mobilizing for maiden drilling programs and securing permits, supported by successful capital raises totaling several million dollars. Strong liquidity and a growing land position provide a foundation for potential resource discoveries. Positive exploration results and continued financing could enhance project value and support advancement toward development.

Athena Gold operates without current reserves or revenue, relying on equity financing to fund exploration, which may be dilutive to shareholders. The company has a material weakness in internal controls and a limited governance structure, which could impact financial reporting and operational oversight. Exploration activities carry inherent risks including uncertain outcomes, commodity price volatility, and potential delays. The company’s ability to continue as a going concern depends on securing additional financing, and failure to do so could restrict operations and project advancement.

Athena Gold's moat is limited as an exploration-stage company without producing assets or reserves. Its value proposition lies in its portfolio of mineral properties in established mining regions such as Ontario's Red Lake Gold Camp and Nevada, and its ability to secure financing to advance exploration. The company’s competitive position depends on successful exploration results, acquisition of promising projects, and maintaining sufficient capital to fund operations. The lack of revenue and reliance on equity financing present challenges to establishing a durable competitive advantage at this stage.

• Exploration and Development Risk: As an exploration-stage company, Athena Gold faces risks inherent in mineral exploration, including uncertain results, delays, and inability to define economically viable mineral reserves.
• Liquidity and Financing Risk: The company depends on raising capital through equity financings to fund operations and exploration. Failure to secure adequate financing could limit its ability to continue operations and advance projects.
• Internal Control Weakness: Athena Gold has identified a material weakness in internal controls over financial reporting due to limited segregation of duties and governance, which may affect the reliability of financial information.
• Commodity Price Volatility: Fluctuations in gold and other commodity prices can impact the company’s ability to raise capital and the economic viability of its projects.
• Regulatory and Operational Risks: The company is subject to regulatory requirements, permitting processes, and risks from natural disasters or operational disruptions at project sites.

• Athena Gold Corp is engaged in acquisition and exploration of mineral resources, primarily gold and precious metals, with properties in Canada and the United States.
• The company has no reserves and has not generated revenue to date, consistent with an exploration-stage mining company.
• Athena Gold completed re-domestication from Delaware to British Columbia in March 2025, merging into its BC subsidiary Nova Athena Gold Corp.
• The company holds mineral rights and exploration projects including Laird Lake Project in Ontario's Red Lake Gold Camp, Excelsior Springs Project in Nevada, and Forester Gold Project near Orla Mining’s Musselwhite Mine in Northwestern Ontario.
• Athena Gold mobilized for its maiden drill program at Laird Lake Project and received permits for this drilling program in early 2026.
• The company completed acquisition of the Forester Gold Project in March 2026.
• Athena Gold has conducted multiple exploration updates and field activities in Nevada and Ontario throughout 2025 and early 2026.
• The company raised $3.5 million through a non-brokered private placement completed in December 2025 to fund drilling activities.
• As of September 30, 2025, Athena Gold had cash and cash equivalents of approximately $338,266 and short-term investments of about $4,532,821, with a current ratio of 25.35 and cash ratio of 25.47, indicating strong liquidity.
• The company reported net income of approximately $1,381,764 for the nine months ended September 30, 2025, with basic and diluted EPS of $0.01 per share.
• Athena Gold's financial statements are prepared under IFRS and audited by Davidson & Company LLP, with a going concern note due to dependence on additional financing.
• The company has a material weakness in internal controls over financial reporting due to limited segregation of duties and governance structure, typical for exploration-stage companies.
• Athena Gold's operations are subject to risks including commodity price fluctuations, liquidity risk, foreign exchange risk, and natural disaster risks at project sites.
• The company has no significant debt requiring interest payments and invests primarily in short-term interest-earning instruments.
• Athena Gold's stock trades on OTCQB and is considered a penny stock, subject to related trading restrictions and volatility.