Investor Insight

Athena Gold’s high-grade gold exploration assets in two of the world’s safest and most prolific mining jurisdictions, backed by a highly technical and entrepreneurial leadership team, make it a compelling investment opportunity worth examining.

Overview

Athena Gold (CSE:ATHA,OTCQB:AHNR) is a dynamic gold exploration company focused on advancing its newly acquired asset in Ontario’s Red Lake Gold Camp in Canada, and its gold discovery project in Nevada’s Excelsior Springs in the US. These projects are located in two of the world’s safest, tier-one mining jurisdictions, where major mining companies are increasingly refocusing their exploration efforts due to geopolitical stability and established mining infrastructure.

Ontario’s Red Lake and Nevada’s Walker Lane Trend are globally renowned for their high-grade gold deposits. By operating in these regions, Athena Gold aligns itself with the recent trend toward safer, more predictable mining jurisdictions.

The company is guided by a young, entrepreneurial and highly technical leadership team, uniquely equipped to unlock the potential of its assets through cost-effective and innovative exploration strategies. Athena Gold is committed to discovery-driven growth, prioritizing projects with world-class potential.

Company Highlights

• Athena Gold operates in two of the world’s safest and most prolific mining jurisdictions—Nevada and Ontario—benefiting from established infrastructure, lower geopolitical risk, regulatory stability, and high exploration potential.
• Flagship Projects - Laird Lake and Excelsior Springs
  • Laird Lake: Situated in Ontario's Red Lake Gold District, renowned for producing over 30 Moz of gold, with recent sampling identifying bonanza-grade gold up to 373 g/t gold. The project is in a pre-discovery phase.
  • Excelsior Springs: Located in Nevada’s Walker Lane Trend, this project features historical high-grade gold production and recent discoveries, including a Western Slope intercept of 5.35 g/t gold over 33.5 m, with significant open-pit potential.
• Focused on advancing projects through grassroots exploration and systematic geological work to unlock high-grade deposits.
• Led by a technical and entrepreneurial team with a track record of delivering value through innovative exploration approaches.
• A lean and focused share structure with ~25 percent insider ownership ensures alignment with shareholder interests.

Key Projects

Laird Lake Gold Project

The Laird Lake project, encompassing 4,158 hectares, is located in Ontario’s Red Lake Gold District, an iconic mining camp producing over 30 million ounces of gold. This project spans over 10 kilometers of the Balmer-Confederation Assemblage contact, a key geological structure historically hosting major gold deposits, including the renowned Great Bear mine, now owned by Kinross (TSX:K,NYSE:KGC), and Madsen mine, owned by West Red Lake Gold (TSXV:WRLG:,OTCQB:WRLGF).

Recent sampling has confirmed the project’s exceptional potential, including a bonanza-grade surface grab sample returning 373 grams per ton (g/t) gold — the highest recorded at the site. Mineralization has been identified over a 2.2-kilometer strike length, with further extensions open to the east and west. Strategic proximity to major operations, such as West Red Lake Gold Mines' flagship Madsen mine and Kinross Gold’s Great Bear project, further enhances its appeal.

Athena Gold is executing a systematic exploration strategy, with plans for a property-wide geochemistry survey in 2025. These efforts aim to identify drill targets for a winter-spring drilling campaign, focusing on high-grade zones and expanding the project’s resource potential.

Excelsior Springs Gold Project

The Excelsior Springs project is located in Nevada’s Walker Lane Trend, a prolific mining district with more than 40 million ounces of historical gold output. Major mining companies already operating in the Walker Lane trend include Kinross Gold, AngloGold Ashanti (NYSE:AU) and Centerra Gold (TSX:CG). Located on patented and unpatented ground with year-round access, the project boasts a rich history of high-grade gold mining, including the Buster Mine, which produced 19,200 ounces at grades exceeding 40 g/t gold in the late 19th century.

Athena Gold has identified significant potential for Excelsior Springs, with near-surface gold oxide mineralization. A standout discovery in the Western Slope zone yielded an impressive intercept of 5.35 g/t gold over 33.5 meters, supported by broader mineralized zones such as 1.02 g/t gold over 52 meters. These results suggest the potential for an open-pit mining operation, making the project an attractive prospect for resource expansion.

The project is geologically analogous to AngloGold’s Silicon project, which has demonstrated similar mineralization and structural settings. Excelsior Springs also benefits from a multi-phase exploration plan. A recent property-wide structural mapping program is refining the understanding of geological controls, with trenching and targeted geochemical sampling already underway.

Upcoming exploration phases will include oriented core drilling to delineate high-grade zones further and test for additional deposits.

Leadership Team

David Goodman - Chairman

David Goodman transitioned from a successful legal career to the investment management industry, becoming a partner, vice-president and portfolio manager at the firm behind Dynamic Funds. As president and CEO of Dynamic Funds and later DundeeWealth, he led the firm to significant growth, increasing assets under management from $5 billion to approximately $50 billion. Under his leadership, the firm was recognized multiple times as Fund Company of the Year at the Canadian Investment Awards. Goodman has also served on the boards of DundeeWealth, Repadre Capital, Dundee and SickKids Foundation.

Koby Kushner - President & CEO

Koby Kushner is a licensed professional engineer in Ontario and a CFA charter holder, with a background in mining engineering and equity research. He has worked at several mines in Ontario and Manitoba, including Hemlo (Barrick Gold) and Detour, gaining experience across all stages of project development. As an equity research analyst at Red Cloud Securities, a mining-focused investment bank, he covered more than 100 companies across various development stages and commodities, with a focus on precious and energy metals.

John Power - Secretary & Director

John Power has been with Athena Gold since its inception, serving in various capacities, including president and CEO. He managed the Langtry silver project, developing an NI 43-101 compliant resource of more than 60 million ounces of silver. Power was the president of Redwood Microcap Fund, where he increased shareholder value sixfold. He has also served as a director and/or officer of Magellan Gold and co-managing member of Silver Saddle Resources, a private entity owning mining claims in Nevada.

Ty Minnick - CFO

Ty Minnick is a certified public accountant with more than 25 years of experience across various industries. Since 2011, he has worked with Augusta Gold (formerly Bullfrog Gold), serving as chief financial officer until October 2020, and continuing as a consultant thereafter. He has also been associated with Grand Mesa CPAs and served as director of finance and administration for the Grand Junction Regional Airport Authority.

Ben Kuzmich - VP Exploration

Ben Kuzmich is a geologist with a strong track record of significant discoveries, driving the technical aspects of Athena’s projects. His expertise includes porphyry and epithermal systems, with a focus on cost-efficient exploration.