Athena Gold Awarded $200,000 Grant from Ontario Government

• Headline: Athena Gold Awarded $200,000 Grant from Ontario Government (April 13, 2026).
• Core Announcement: The company received a CAD $200,000 non-dilutive grant from the Ontario Junior Exploration Program (OJEP).
• Usage of Funds: Specifically earmarked to finance costs associated with the maiden drill program at the Laird Lake project in the Red Lake Gold Camp.
• Context: This announcement follows the April 2nd mobilization of the ~5,000-metre diamond drill program and the completion of a 9.9-for-1 share consolidation effective April 2, 2026.
• Management Commentary: CEO Koby Kushner expressed gratitude for provincial support to advance the maiden drill program.

• Financial Impact: The $200,000 grant is non-dilutive and reduces immediate cash burn. However, relative to the CAD $3.5 million raised in December 2025 (financing tranche) and the overall market capitalization of ~$19.7 million, this amount is immaterial (~1% of market cap).
• Operational Impact: Confirms the drill program at Laird Lake is proceeding as planned. The funding was already secured via the December private placement; this grant simply extends runway marginally.
• Market Expectation: Government grants for exploration in Ontario (OJEP) are standard procedure for junior miners and were anticipated given the company's active status in the province. It does not alter the discovery risk profile.
• Conclusion: The news is positive for cash flow management but routine in nature as it validates existing operational plans without introducing new catalysts or significant capital relief.

• Overview: Athena Gold is a junior exploration company focused on gold projects in Ontario (Red Lake District) and Nevada (Excelsior Springs).
• Flagship Project 1 (Ontario): Laird Lake Project (>7,000 ha). Recent surface sampling up to 373 g/t Au. Maiden drill program mobilized April 2026 targeting geophysical anomalies (BIF, Balmer, Confederation assemblages).
• Flagship Project 2 (Nevada): Excelsior Springs Project (100% owned, operated by JV partner Mammoth Minerals). High-grade intercepts reported (e.g., 14.4m @ 4.33 g/t Au). Partner earning 80% interest; Athena retains free-carry to feasibility study and 20% NSR royalty on new land.
• Flagship Project 3 (Ontario): Forester Gold Project (Acquired March 2026). Located <30 km from Orla Mining's Musselwhite Mine. Historic intercepts indicate potential for bulk-tonnage gold.