Major Landholding Increase at Excelsior Gold-Silver Project, Nevada

Executive Summary

• Athena Gold reports that its JV partner, Mammoth Minerals, has increased the Excelsior Springs Project land package by 340% to a total of 83.6 km², adding numerous historic mineral occurrences (gold, tungsten, antimony, copper, silver, iron).
• The newly staked ground falls within Athena’s 5‑km Area of Interest and will automatically become part of the joint venture upon Mammoth’s earn‑in, giving Athena a 20% carried interest plus a 1 % NSR royalty over these areas at no immediate cost.
• Prospecting activities have begun on the expanded tenure, including LiDAR mapping, rock‑chip sampling, and high‑resolution magnetics (results pending).

Key Details

• Land Expansion: 340 % increase; total area now 83.6 km² across the Excelsior Springs Project in Nevada.
• JV Structure: Mammoth Minerals to earn an 80 % interest over five years; Athena retains a free‑carry to a Definitive Feasibility Study and holds a 20 % carried interest plus a 1 % NSR royalty on the newly added acreage.
• Historical Occurrences Identified (USGS MRDS):
• Old Buster Mine – gold, tungsten, silver
• Kentucky Mine – gold, silver
• Lidia Queen Mine – gold, silver, lead
• Mattmueller Mine – antimony
• Palmetto Mine – silver
• Nevada Prospect – gold
• California Prospect – gold
• Paymaster Prospect – gold, silver, copper
• Helpmeet Claim – copper, barite
• Reliance Prospect – copper
• Aja Iron – iron
• Ground Disturbances: LiDAR imagery reveals shafts, pits, and costean structures beyond those recorded in the MRDS database.
• Exploration Activities Commenced: Mapping and rock‑chip sampling focused on MRDS occurrences and unmapped ground disturbances; high‑resolution magnetics completed (results expected soon).
• Geological Interpretation: Holistic mineral‑systems approach suggests a causative intrusion system with mineralization concentrated along the margin of an interpreted caldera.
• Qualified Person Review: Benjamin Kuzmich, P.Geo., VP Exploration, Athena Gold – NI 43‑101 qualified person.

Notable Quotes

“The expanded landholding contains multiple mineral occurrences warranting further investigation and ground disturbances identified by LiDAR which are actively undergoing field‑based evaluation.” – Koby Kushner, President & CEO, Athena Gold Corporation

Materiality Assessment: Non‑Material – Positive (the update provides material context for future exploration but does not contain immediate financial or operational results).