Athena Gold to acquire Forester project in Ontario

Mr. Koby Kushner reports ATHENA TO ACQUIRE FORESTER GOLD PROJECT, NEAR ORLA MINING'S MUSSELWHITE MINE IN NORTHWESTERN ONTARIO Athena Gold Corp. has proposed to acquire a 100-per-cent interest in the Forester gold project, located along trend of Orla Mining Ltd.'s Musselwhite gold mine in Northwestern Ontario. Highlights: 100-per-cent ownership of the 4,900-hectare Forester gold project, to be acquired through a low-cost, all-share deal with no known encumbrances other than the existing 2-per-cent net smelter return (NSR) royalty, half of which is repurchasable for $2-million, adjusted for inflation; Forester acquisition diversifies risk and aligns strongly with Athena's expertise in Ontario mineral exploration; similar to Athena's flagship Laird Lake project, Forester is located along trend of a producing, multimillion-ounce gold mine; Strategically located less than 30 kilometres southeast of Orla Mining's Musselwhite gold mine, which was recently acquired for up to $850-million (U.S.) and has produced over six million ounces of gold to date; the area benefits from strong regional infrastructure and access, including established road and air connections that support efficient operations in this proven mining district; Forester shares the same favourable geology as Musselwhite (iron formations, volcanics and sediments) and remains historically underexplored for over 30 years, despite multiple gold occurrences across the large land package, including surface grab samples up to 147 grams per tonne gold; Historical shallow drilling (1984 to 1986) on the eastern Tex zone, a bulk-tonnage target, delivered significant gold intercepts at surface, with several holes ending in mineralization, including: Historical operators primarily targeted narrow high-grade veins in iron formation rocks and largely overlooked bulk-tonnage potential; Athena sees excellent opportunity to test both high-grade vein and lower-grade bulk-tonnage styles; Plans include a potential diamond drill program later in 2026 to verify and potentially extend historical results and new targets; The company eagerly awaits drill approvals for its flagship Laird Lake project in the Red Lake gold district and intends to mobilize for its maiden diamond drilling campaign during the current quarter. "The acquisition of Forester provides a strong complement to our Ontario portfolio. Like our flagship Laird Lake project, Forester is historically underexplored yet lies along trend -- in a similar geological environment -- from a producing, multimillion-ounce gold mine. Despite only limited drilling in the 1980s, we are impressed by the exceptional grade-thickness gold hits of up to 60 gram-metres, which we consider highly anomalous given the shallow and sparse nature of that program. Back then, large-scale open-pit mining of orogenic gold systems was virtually non-existent in Canada, so the bulk-tonnage potential at Forester was largely overlooked. With a newly consolidated land package, a much stronger gold price environment and access to modern exploration tools, we believe we are well positioned to build upon the historical work with a fresh perspective and systematically unlock value at Forester," said Koby Kushner, chief executive officer of Athena. Forester project overview Forester is located in Northwestern Ontario, less than 30 kilometres southeast of the operating Musselwhite gold mine (owned by Orla Mining, with proven and probable reserves of approximately 1.5 million ounces gold at 6.43 gram per tonne). The 4,900-hectare land package is underlain by the same banded iron formations, mafic volcanics and metasedimentary rocks that host significant gold mineralization at Musselwhite. Limited historical exploration in the mid-1980s included 16 shallow diamond drill holes focused on the eastern Tex zone, returning encouraging high-grade gold mineralization near surface. The project has seen virtually no modern follow-up for almost 40 years and hosts 14 known surface gold occurrences grading up to 147 grams per tonne gold, along with multiple additional showings. Athena believes the bulk-tonnage potential was largely ignored by historical operators, which focused primarily on narrow, high-grade vein mineralization. The company sees a compelling opportunity to apply modern exploration concepts and test for both high-grade, banded-iron-formation-hosted (Musselwhite-style) mineralization and broader, lower-grade, bulk-tonnage-style mineralization. With Orla actively exploring and expanding resources at Musselwhite, Forester is well positioned to benefit from regional activity and potential processing synergies. In addition to gold, the project is also prospective for hosting critical metals, including copper with historical results returning up to 1.49 per cent copper, along with two grams per tonne gold, from surface grade samples. The copper potential at Forester has never been a focus of historical exploration and represents an opportunity for Athena. Next steps The company has begun reaching out to local indigenous groups and has commenced preparation for drill permitting. Athena plans to compile and review all historical data, conduct initial field programs, and advance toward a maiden drill program on Forester later in 2026, subject to permitting. Terms of the acquisition Under the terms of a share purchase agreement dated Feb. 25, 2026, Athena will acquire, on an arm's-length basis, all issued and outstanding shares of Last Bounty Gold Corp. (the vendor), a private British Columbia company, that holds a 100-per-cent interest in the project. In consideration, Athena will issue an aggregate of 42 million common shares in the capital of Athena at a deemed price of eight cents per Athena common share, representing, at closing, approximately 12 per cent of the company on a non-diluted basis. The consideration shares will be subject to such restrictive legends and hold periods as may be required under applicable securities laws. No finders' fees will be paid in connection with the transaction and no new insiders will be created as a result of the transaction. The project is subject to an existing 2-per-cent NSR royalty payable to arm's-length third party vendors. Athena has the right to repurchase one-half of the royalty (reducing it to 1 per cent) for $2-million, adjusted for inflation. The transaction is subject to approval by the Canadian Securities Exchange. Qualified person statement The technical information presented in this news release has been reviewed and approved by Benjamin Kuzmich, PGeo, vice-president of exploration for Athena Gold and the qualified person for exploration at the Forester project, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. The historical exploration data referenced herein (including gram-metre calculations and averages) have not been independently verified by a qualified person under NI 43-101 and are provided for informational purposes only. Mineralization on nearby mineral claims is not necessarily indicative of mineralization at Forester. About Athena Gold Corp. Athena Gold is a junior mineral exploration company focused on the acquisition and exploration of high-potential projects in premier North American mining districts. Athena's Laird Lake project is situated in the Red Lake gold district of Ontario, covering over 7,000 hectares along more than 10 kilometres of the Balmer-Confederation assemblage contact, where recent surface sampling results returned up to 373 grams per tonne gold. This underexplored, road-accessible project is located about 10 kilometres west of West Red Lake Gold's Madsen mine and 34 kilometres northwest of Kinross Gold's Great Bear project. Also in Northwestern Ontario is Athena's proposed acquisition of the Forester project, a 4,900-hectare land package located less than 30 kilometres southeast of Orla Mining's Musselwhite gold mine, with historical drill intercepts showing strong potential for both high-grade, narrow-vein and low-grade, bulk-tonnage gold mineralization. Meanwhile, its Excelsior Springs project, located in Nevada's Walker Lane trend, is currently under an earn-in option with Mammoth Minerals Ltd. (formerly Firetail Resources Ltd.). The Excelsior Springs project spans over 2,500 hectares and covers at least three historic mines. We seek Safe Harbor.