Athena Gold partner releases drill results at Excelsior

Executive Summary

• Athena Gold Corp. provided an exploration update on its Excelsior Springs project in Nevada, highlighting significant new gold intercepts from Mammoth Minerals Ltd.'s ongoing reverse circulation (RC) drilling program along the seven-kilometre Buster trend.
• Mammoth Minerals is actively exploring the property under an option agreement to earn an 80% interest over five years, granting Athena a free carry to a definitive feasibility study; Athena retains a >5% shareholder stake.
• The release also discloses corporate actions, including the grant of 2.02 million stock options to directors and the issuance of 100,000 shares to the Wabauskang First Nation under a separate exploration agreement.

Key Details

• Drilling Intercepts (Buster Trend):
• Hole MEXRC2617: 33.54 m at 1.25 g/t Au from surface, including 9.15 m at 3.18 g/t Au from 18.29 m and 3.05 m at 7.70 g/t Au from 51.83 m.
• Hole MEXRC2601: 13.72 m at 1.15 g/t Au from 62.5 m (identifies new mineralization ~100 m west of previous drilling; further drilling planned along strike and down dip).
• Hole MEXRC2605: 7.62 m at 2.1 g/t Au from 219.51 m (extends mineralization >100 m down dip from previous drilling; remains open below 180 m).
• Additional intercept: 12.20 m at 2.56 g/t Au from surface (MEXRC2613).
• Drilling Strategy: RC drilling continues along strike and down-dip to increase confidence and expand the mineralized footprint at Buster.
• Option Agreement Terms: Mammoth Minerals holds an option to earn 80% of Excelsior Springs over five years, providing Athena Gold a free carry through to a definitive feasibility study.
• Stock Option Grant: Athena granted 2.02 million stock options to certain directors at an exercise price of $0.06 per common share. Options vest immediately, expire 10 years from grant, require Canadian Securities Exchange (CSE) approval, and carry a 4-month statutory hold period.
• Share Issuance: Athena issued 100,000 common shares to the Wabauskang First Nation at a deemed price of $0.065 per share under an arm's-length exploration agreement dated Feb. 20, 2026. Shares carry a 4-month and 1-day statutory hold period.
• Technical Review: All technical information reviewed and approved by Benjamin Kuzmich, PGeo (VP Exploration, Athena Gold), Qualified Person per NI 43-101. Historical records referenced are noted as unverified and requiring further work.