Athena Gold moves drilling equipment to Laird Lake

Executive Summary

• Athena Gold Corp. has mobilized contractors for its fully financed maiden diamond drill program at the Laird Lake project in Ontario’s Red Lake gold district.
• The ~5,000-metre, ~10-hole campaign will test high-priority geophysical and geochemical anomalies, including BIF-hosted targets, mafic/ultramafic assemblages, and the newly discovered Rigby showing.
• The company simultaneously completed a 9.9-for-1 share consolidation, effective April 2, 2026, adjusting all outstanding warrants and options, and resulting in 35,820,061 common shares outstanding.

Key Details

• Drilling Program Scope: Fully financed, approximately 5,000 metres across approximately 10 holes.
• Data & Targeting Methodology: Campaign leverages surface grab sampling, mapping, till geochemistry, geophysical interpretation, and reprocessed SkyTEM magnetic/EM data to target multikilometre-long, stacked zones of low to medium conductance corresponding to magnetic breaks.
• Primary Drill Targets:
• Banded iron formation (BIF): Testing a never-before-drilled BIF-hosted target transected by major faults.
• Balmer assemblage: Targeting high-priority anomalies within the prospective mafic and ultramafic assemblage (dominant host to district gold deposits).
• Confederation assemblage: Testing for disseminated mineralization, highlighted by the newly discovered Rigby showing.
• Assay Plan: In addition to traditional gold pathfinders, future drill core will be assayed for copper, nickel, and platinum group elements (PGEs) due to the mafic/ultramafic geological setting and potential for critical minerals.
• Share Consolidation: Completed consolidation of common shares on a 9.9 preconsolidation shares for every 1 postconsolidation share basis.
• Trading & Identifiers: Postconsolidation trading commenced on the Canadian Securities Exchange at market open on April 2, 2026. New CUSIP: 04684R204. New ISIN: CA04684R2046.
• Capital Structure: 35,820,061 common shares issued and outstanding post-consolidation; all outstanding warrants and incentive stock options adjusted accordingly.
• Qualified Person: Benjamin Kuzmich, PGeo, Vice-President of Exploration, reviewed and approved all technical information per NI 43-101.

Notable Quotes

• "Getting the drill turning at Laird Lake is a pivotal moment for our team," said Koby Kushner, chief executive officer of Athena. "The fully funded program follows almost two years of extensive data collection, including surface grab sampling, mapping, till geochemistry and geophysical interpretation. We are finally taking our first shots on net, starting with these high-conviction targets, with the goal of making the next grassroots discovery in Red Lake."