Athena receives permits for Laird Lake drilling

Executive Summary

• Athena Gold Corp. has received regulatory permits to commence its maiden drill program at the Laird Lake project in Ontario's Red Lake gold district.
• The ~5,000-metre, 8-10 hole diamond drilling campaign will target specific geophysical and geochemical anomalies, leveraging reprocessed SkyTEM data to prioritize high-conductivity targets.
• The company simultaneously entered into an exploration agreement with Wabauskang First Nation, agreeing to issue 100,000 common shares as part of a cooperative relationship framework.

Key Details

• Permit Status: Permits (PR 25 00201) received; drill contractors selected and targets refined; mobilization planned in the coming weeks.
• Drill Program Scope: Approximately 5,000 metres across 8 to 10 holes using diamond drilling.
• Primary Targets: Geophysical anomalies G1 and G4-G6, plus the Rigby showing within the Bounty geochemical anomaly.
• Geological Framework: Two mineralization generations identified: Generation 1 (E-W orientation, replacement-style with pyrite, arsenopyrite, tourmaline) and Generation 2 (NE orientation, cutting Gen 1, hosted in quartz-pyrite-chalcopyrite veins with historical surface values up to 373 g/t Au).
• Geophysical Methodology: Utilizing historical SkyTEM magnetic and EM data; reprocessed to identify multikilometre-long, stacked zones of low to medium conductance aligned with magnetic breaks, interpreted as potential sulphide-rich zones.
• Historical Context: 2017 Premier Gold Mines drilling intersected up to 0.15 g/t Au over 19 metres and noted visible gold; the 2026 program will focus on highest conductance anomalies unavailable during the 2017 campaign.
• Assay Strategy: In addition to gold, future analytical results will assay for critical minerals (copper, nickel, platinum group elements) and associated pathfinders.
• Indigenous Agreement: Exploration agreement dated Feb. 20, 2026, with Wabauskang First Nation to foster a cooperative relationship within their traditional territory.
• Transaction Consideration: Issuance of 100,000 common shares at a deemed price of $0.065 per share.
• Conditions & Restrictions: Shares subject to a 4-month-plus-one-day hold period, applicable securities resale rules, and pending regulatory approvals (including Canadian Securities Exchange).

Notable Quotes

• Koby Kushner, CEO: "Our upcoming program marks a major milestone for Athena, representing our first shot on the net to make a grassroots gold discovery in Ontario. It follows two years of extensive data collection, comprising surface grab sampling, mapping, till geochemistry and geophysical interpretation. This initial, approximately 5,000-metre diamond drilling program will test both geophysical and geochemical anomalies."