Diamond Drilling Commences at Excelsior Gold-Silver Project, Nevada

Executive Summary

• Athena Gold announces the commencement of its first-ever diamond drilling campaign at the 100%-owned Excelsior Springs project in Nevada, fully funded by Mammoth Minerals under an earn‑in option.
• The program will generate detailed structural, metallurgical and geotechnical data to better define high‑grade gold–silver mineralization historically producing 19,200 oz at 41 g/t Au.
• Historic intercepts from prior RC drilling are highlighted (e.g., 51.8 m @ 4.00 g/t Au, including 6.1 m @ 16.30 g/t Au), providing a strong basis for the new diamond drill program.

Key Details

• Funding & Earn‑In: Drilling is fully funded by Mammoth Minerals Limited (ASX:M79) pursuant to its option agreement to earn an 80% interest in Excelsior Springs over five years, granting Athena a free‑carry to a Definitive Feasibility Study.
• Equity Position: Athena holds 32 million ordinary shares of Mammoth Minerals, valued at approximately AUD 5.12 M.
• Drilling Logistics: First diamond drill rig on site; a second rig is expected shortly to accelerate the campaign.
• Historical Intercepts (RC drilling):
• 51.8 m @ 4.00 g/t Au from 39.6 m – 22_01 (including 6.1 m @ 16.30 g/t Au from 42.7 m)
• 33.5 m @ 5.35 g/t Au from 41.2 m – DB23 (including 10.7 m @ 15.99 g/t Au from 41.2 m)
• 32.0 m @ 2.45 g/t Au from 44.2 m – 22_02 (including 6.1 m @ 10.00 g/t Au from 45.7 m)
• 24.4 m @ 3.62 g/t Au from 70.1 m – EX2 (including 9.2 m @ 7.99 g/t Au from 79.2 m)
• Metallurgical Program: Core samples will undergo leaching tests to define processing pathways and anticipated metal recoveries.
• Geotechnical Work: Detailed logging will support future development studies and pit design.
• Additional Surveys: Property‑wide magnetics and LIDAR surveys have commenced across the Excelsior Project.
• Channel Sampling: Recent channel samples from the historic Blue Dick Underground Mine (high‑grade silver) have been submitted for expedited assay.
• Qualified Person: Technical content reviewed by Benjamin Kuzmich, P.Geo., VP Exploration, qualified under NI 43‑101. Historical data not independently verified.

Notable Quotes

• “The initiation of diamond drilling at Excelsior represents a pivotal step in unlocking the full potential of this high‑grade district, and the support from Mammoth Minerals underscores our shared confidence in the project’s economics.” – Koby Kushner, President & CEO, Athena Gold Corporation.