Athena Gold optionee exercises Excelsior Springs option

Mr. Koby Kushner reports ATHENA GOLD SUCCESSFULLY COMPLETES EXCELSIOR SPRINGS MONETIZATION Further to Athena Gold Corp.'s news release dated June 2, 2025, Mammoth Minerals Ltd. (formerly, Firetail Resources Ltd.) has exercised its option to be able to earn an 80-per-cent interest in Athena's Excelsior Springs project in Nevada, United States, effective Aug. 19, 2025. In consideration, Mammoth has paid Athena $200,000 (Australian) in cash and issued 32 million ordinary shares in the capital of Mammoth, worth $3.2-million (Australian) based on M79's closing price on the exercise date. "We are pleased to have partnered with a very capable Australian company to build upon our 2023 high-grade gold discovery at Excelsior. Mammoth recently completed a $5-million (Australian) financing, and per its press release dated Aug. 4, 2025, intends to use these funds to drill Excelsior towards a maiden resource. We continue to retain significant exposure to Excelsior through our royalty interests and our 20-per-cent free-carried interest to definitive feasibility study, in addition to our substantial shareholding of M79. The cash and M79 shares further strengthens our balance sheet, comprising over $3-million in cash and securities, at an opportune time as we advance our Ontario gold portfolio, where we are actively defining new targets at our Laird Lake project in Red Lake, ahead of a maiden drill program," said Koby Kushner, president and chief executive officer of Athena. Excelsior Springs option Athena entered into a property option agreement with Mammoth dated May 28, 2025, granting Mammoth the exclusive right to be able earn an 80-per-cent undivided interest in the Excelsior project. In consideration of the option, Mammoth has paid Athena $200,000 (Australian) in cash and issued 32 million ordinary shares in the capital of Mammoth. Mammoth is also required to incur not less than $$5-million (U.S.) in exploration expenditures over a five-year term, commencing from the exercise date, to earn its 80-per-cent interest. Athena will retain a 20-per-cent free-carried interest in the Excelsior project until completion of a definitive feasibility study is by Mammoth. A 1-per-cent net smelter return royalty will also be provided to Athena on certain claims comprising the Excelsior project. Athena reserves the right to buy back any pre-existing royalties on the Excelsior project (see press release dated June 2, 2025). Crow Springs termination Athena is also pleased to announce that, effective Aug. 18, 2025, it has entered into a termination agreement with the vendor of the Crow Springs project, whereby both parties have mutually terminated the April 2, 2022, memorandum of understanding regarding the acquisition of the Crow Springs project in Esmeralda county, Nevada. Under the terms of the agreement, all obligations under the MOU have been fully resolved, with no further payments required and ownership of seven BLM (Bureau of Land Management) claims reverting to the vendor. About Athena Gold Corp. Athena is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct additional exploration drilling and studies on its projects across North America. Athena's Laird Lake project is situated in the Red Lake gold district of Ontario, covering over 5,000 hectares along more than 10 kilometres of the Balmer-Confederation Assemblage contact, where recent surface sampling results returned up to 373 grams per tonne Au. This underexplored area is road accessible, located about 10 km west of West Red Lake Gold's Madsen mine and 34 km northwest of Kinross Gold's Great Bear project. Meanwhile, its Excelsior project is located in the prolific Walker Lane trend in Nevada, where it is currently under an earn-in option with Mammoth Minerals. The Excelsior project spans over 2,500 hectares and covers at least three historic mines. Athena also holds a 100-per-cent interest in its Oneman Lake Au-VMS (gold-volcanogenic massive sulphide) project in Ontario. We seek Safe Harbor.