Athena Completes Acquisition of Forester Gold Project Near Orla Mining's Musselwhite Mine

Executive Summary

• Athena Gold Corp. completed the acquisition of the 100% owned Forester Gold Project by purchasing all shares of Last Bounty Gold Corp. in a share‑for‑share transaction.
• The consideration consisted of 42 million Athena common shares at a deemed price of CAD $0.08 per share, representing ~12 % of Athena on a non‑diluted basis after closing.
• The deal is arm’s‑length, with no finder's fees or new insiders created; the issued shares are subject to a statutory hold period of four months and one day.

Key Details

• Transaction Structure: Share purchase agreement dated Feb 25 2026; acquisition closed on Mar 13 2026.
• Consideration: 42,000,000 Athena common shares (CAD $0.08 per share deemed price).
• Ownership Impact: Post‑closing, the Consideration Shares represent approximately 12 % of Athena’s outstanding common equity on a non‑diluted basis.
• Hold Period: Statutory hold period of four months and one day from issuance, per Canadian securities law and CSE policies.
• No Additional Costs: Arm’s‑length transaction; no finder's fees paid; no new insiders created at closing.
• Strategic Rationale (CEO Quote): “Closing the Forester acquisition is a pivotal step in refocusing Athena as a disciplined explorer of high‑potential, historically overlooked ground near multimillion‑ounce gold producers.” – Koby Kushner, CEO.
• Project Highlights:
• Forester Project: 4,900 ha located <30 km SE of Orla Mining’s Musselwhite Mine; historic drill intercepts indicate potential for both high‑grade narrow‑vein and low‑grade bulk‑tonnage gold mineralization.
• Laird Lake Project (Red Lake Gold District): Over 7,000 ha with surface samples up to 373 g/t Au; drill permits in hand, rigs expected to mobilize soon.

Notable Quotes

• “We are thrilled to close the Forester acquisition… Positioned along trend from Orla’s Musselwhite Mine, Forester’s favourable geology suggests strong potential for a near‑surface, bulk‑tonnage, orogenic gold system.” – Koby Kushner, President & CEO, Athena Gold Corp.