Athena Gold Provides Exploration Update From Nevada and Ontario

Executive Summary

• Athena Gold reports high‑grade gold intercepts from Mammoth Minerals’ maiden diamond drilling at the Excelsior Springs Project, including multiple >2 g/t Au zones and a standout 0.71 m @ 15.76 g/t Au.
• The company interprets these results as indicative of a large “Carlin‑style” mineral system, prompting a shift in exploration strategy and the start of RC drilling across the Buster Trend.
• Athena outlines a planned ~5,000 m, eight‑hole diamond drill program at its Laird Lake Project (Ontario) pending permit approvals; permits are still being processed but expected within the quarter.

Key Details

• Excelsior Springs – New Diamond Drill Assays (Mammoth Minerals):
• Hole MEXDD007: 6.32 m @ 2.10 g/t Au from 26 m, including 1.0 m @ 6.40 g/t Au from 27 m.
• Hole MEXDD003: 14.0 m @ 0.99 g/t Au from 28.5 m, including 2.0 m @ 4.54 g/t Au from 40.5 m.
• Hole MEXDD011: 0.71 m @ 15.76 g/t Au from 74.3 m.

• Prior reported intercepts reinforced (e.g., 14.4 m @ 4.33 g/t Au, 0.95 m @ 15.98 g/t Au).

• Interpretation: Core logging suggests a large‑scale Carlin‑type gold system across the Buster Trend, prompting a strategic shift to target Carlin‑style mineralization.

• RC Drilling Status: RC drilling now underway on the Buster Trend; rig productivity >140 m per shift. Assay results anticipated in ~4 weeks.

• Blue Dick Zone (Silver‑rich Polymetallic): Expanded trend to >3.5 km with historic LiDAR mapping; notable chip assays:

• 5,980 g/t Ag, 7.65 g/t Au, 0.66 % Sb, 0.55 % Cu, 3.85 % Pb (Sample C110873)
• 4,160 g/t Ag, 4.7 g/t Au, 0.36 % Sb, 0.61 % Cu (C110877)

• 78 g/t Ag, 10.25 g/t Au, 1.58 % Pb, 2.41 % Zn (C110892)

• Laird Lake Project – Upcoming Drill Program:

• Planned ~5,000 m diamond drilling, eight holes, targeting targets refined by re‑processed SkyTEM magnetic and EM data.
• Permit applications submitted Sep 2025; Species at Risk Mitigation Plan completed Dec 2025.

• Permitting delays persist, but company expects approvals within the current quarter to commence drilling.

• Shareholder Position: Athena holds >5 % of Mammoth Minerals, the partner earning an 80 % earn‑in interest in Excelsior Springs.

Notable Quotes

“The new high‑grade intercepts and Carlin‑type mineralization model fundamentally change our view of the gold system’s potential scale at Excelsitor Springs,” – Koby Kushner, President & CEO, Athena Gold Corporation.