Athena To Acquire Forester Gold Project, Near Orla Mining's Musselwhite Mine in Northwestern Ontario

Executive Summary

• Athena Gold Corp. announced a definitive Share Purchase Agreement to acquire 100 % of the Forester Gold Project from Last Bounty Gold Corp., issuing 42 million common shares at a deemed CAD $0.08 per share (≈12 % of Athena on a non‑diluted basis).
• The transaction adds a 4,900‑hectare land package located <30 km southeast of Orla Mining’s Musselwhite Gold Mine, diversifying Athena’s Ontario portfolio and providing exposure to both high‑grade vein and bulk‑tonnage gold potential.
• The deal includes an existing 2 % NSR royalty (half repurchasable for CAD $2 million, inflation‑adjusted) and is subject to CSE approval; no cash consideration or new insiders are created.

Key Details

• Consideration: 42,000,000 Athena common shares at a deemed price of CAD $0.08 per share → ~CAD $3.36 million nominal value, representing ~12 % of the company on a non‑diluted basis.
• Royalty: Existing 2 % net smelter return royalty; Athena may repurchase 1 % (half) for CAD $2 million, adjusted for inflation.
• Project Size & Location: 4,900 ha Forester Gold Project in northwestern Ontario, <30 km SE of Musselwhite Mine (produced >6 Moz Au).
• Historical Intercepts (1984‑86):
• Hole TN86‑2 – 89.2 m total, 61.8 m sampled, avg. grade 0.68 g/t (sampled core 0.98 g/t); max assay 49.37 g/t over 0.2 m.
• Hole TN86‑1 – 101.4 m total, 56.2 m sampled, avg. grade 0.46 g/t (sampled core 0.80 g/t).
• Hole TN84‑1 – 154.2 m total, 53.3 m sampled, avg. grade 0.28 g/t (sampled core 0.80 g/t).
• Surface Sampling: Up to 147 g/t Au across the land package; additional copper showings up to 1.49 % Cu with 2 g/t Au.
• Planned Exploration: Diamond drilling program slated for later 2026 to test historical results and new targets; field work and permitting underway, including outreach to Indigenous groups.
• Regulatory: Transaction pending approval by the Canadian Securities Exchange (CSE).
• Corporate Impact: Increases Athena’s Ontario holdings, aligns with its expertise in Laird Lake project, and positions the company for potential processing synergies with nearby Musselwhite operations.

Notable Quotes

“The acquisition of Forester provides a strong complement to our Ontario portfolio… we are impressed by the exceptional grade‑thickness gold hits… 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…” – Koby Kushner, President & CEO, Athena Gold Corporation.