Athena Gold closes acquisition of Forester gold project

Executive Summary

• Athena Gold Corp. has completed the acquisition of the Forester Gold Project through the purchase of Last Bounty Gold Corp., a private British Columbia company holding a 100% interest in the asset.
• The transaction was settled for 42 million common shares at a deemed price of $0.08 per share, representing approximately 12% of Athena’s post-closing capital on a non-diluted basis.
• The acquisition strategically positions Athena near major gold producers and complements its Laird Lake project, where drill permits are secured and rig mobilization is expected imminently.

Key Details

• Transaction Structure: Acquisition of Forester Gold Project via share purchase of Last Bounty Gold Corp. (100% interest).
• Consideration: 42,000,000 common shares of Athena Gold Corp.
• Deemed Price: $0.08 per share.
• Ownership Impact: Represents ~12% of Athena on a non-diluted basis at closing.
• Restrictions: Statutory hold period of 4 months and 1 day from issuance date per Canadian securities laws and CSE policies.
• Transaction Terms: Arm’s length transaction; no finders’ fees paid; no new insiders created.
• Project Location & Geology: 4,900-hectare land package located <30 km southeast of Orla Mining’s Musselwhite mine; historical data indicates potential for both high-grade narrow-vein and low-grade bulk-tonnage orogenic gold systems.
• Operational Update: Drill permits secured at flagship Laird Lake project (Red Lake district, >7,000 hectares); company expects to mobilize drilling rigs in the coming weeks to test highest-priority targets.

Notable Quotes

• "We are thrilled to close the Forester acquisition, a pivotal step in refocusing Athena as a disciplined explorer of high-potential, historically overlooked ground near multimillion-ounce gold producers... With drill permits now in hand at Laird Lake, we expect to mobilize rigs in the coming weeks to test our highest-priority targets," said Koby Kushner, CEO.