Athena Provides Updates Across Gold Portfolio

Executive Summary

• Athena Gold provides a comprehensive portfolio update across its Ontario and Nevada gold projects, highlighting ongoing drilling at Laird Lake, upcoming geophysical surveys at Forester, the strategic lapse of Oneman Lake claims, and progress toward a maiden resource at Excelsior Springs.
• The company settled $21,000 in outstanding consulting debt by issuing 46,667 common shares at a deemed price of $0.45/share to preserve cash for ongoing operations and exploration activities.
• Assay results for Laird Lake drill holes LL-26-002 through LL-26-007 are pending and expected in early Q3 2026, while option partner Mammoth Minerals targets a maiden Mineral Resource Estimate for the Buster Trend in Q3 2026.

Key Details

• Laird Lake Drilling (Red Lake Gold Camp, Ontario):
• Hole LL-26-006 intersected an ~50m wide section of locally mineralized mafic metavolcanics with abundant quartz veining near the top, and a second mineralized section from ~227-238m downhole.
• Hole LL-26-007 intersected highly silicified volcanic rocks with smokey quartz-pyrite veins interpreted as the extension of the Rigby showing, plus locally mineralized mafic volcanic rocks near the bottom (~405m).
• Hole LL-26-008 is currently drilling to test both the Rigby and Pit zones at depth.
• Assay results for holes LL-26-002 to LL-26-007 are pending, expected in early Q3 2026. Visual estimates are not substitutes for laboratory assays.
• Forester Project (Musselwhite Gold Camp, Ontario):
• Spans 4,900 hectares in the North Caribou Greenstone Belt, down strike of Orla Mining's Musselwhite Mine.
• Focus on the Tex Zone, a bulk-tonnage target last drilled in the 1980s with historical intercepts up to 0.7 g/t Au over 89m.
• Upcoming field season includes a SkyTEM high-resolution airborne EM and magnetic survey, LiDAR, and boots-on-the-ground prospecting/mapping/sampling led by Nemo Resource Group.
• Oneman Lake (Kenora, Ontario):
• Company elected to allow claims to lapse to reallocate capital and technical resources toward higher-priority assets (Laird Lake and Forester).
• Excelsior Springs (Walker Lane Trend, Nevada):
• Option partner Mammoth Minerals Limited (ASX: M79) continues work toward a maiden Mineral Resource Estimate and Exploration Target for the Buster Trend, expected in Q3 2026.
• Recent RC drilling expanded the mineralized corridor to over 7 km of prospective strike.
• Athena holds a free-carry position to a Definitive Feasibility Study after Mammoth earns an 80% interest over five years.
• Debt Settlement Transaction:
• Settled $21,000 in outstanding debt to an arm's length creditor for unpaid consulting services via issuance of 46,667 common shares.
• Deemed share price: $0.45 per share.
• Closing is subject to customary conditions, including Canadian Securities Exchange approval.
• Issued shares carry a statutory hold period of four months and one day from issuance.
• Transaction purpose: preserve company cash for ongoing operations.
• Technical Oversight:
• All exploration data reviewed and approved by Benjamin Kuzmich, P.Geo., Vice President of Exploration and Qualified Person under NI 43-101.