Mr. Koby Kushner reports

HIGH-GRADE SILVER, GOLD, COPPER, AND ANTIMONY REPORTED FROM EXCELSIOR PROJECT, NEVADA

Athena Gold Corp. has provided an exploration update from its 100-per-cent-owned Excelsior Springs project in Nevada. Mammoth Minerals Ltd. (M79) (formerly Firetail Resources Ltd.) has been aggressively exploring Excelsior, per its option agreement to earn an 80-per-cent interest in the project over five years, providing Athena a free-carry to definitive feasibility study thereafter (see press releases dated June 2, 2025, and Aug. 22, 2025). Recently, Mammoth reported high-grade polymetallic rock chip and sampling results from the Blue Dick trend, on the eastern portion of the Excelsior Springs project (see Mammoth press release dated Nov. 7, 2025).

Highlights

• Sampling from the Blue Dick trend, as reported by Mammoth, have expanded the zone to a 2.9-kilometre strike, with high-grade results including:
  • 5,980 grams per tonne Ag (silver), 7.65 g/t Au (gold), 0.66 per cent Sb (antimony), 0.55 per cent Cu (copper), 3.85 per cent Pb (lead) -- C110873;
  • 4,160 g/t Ag, 4.7 g/t Au, 0.36 per cent Sb, 0.61 per cent Cu -- C110877;
  • 674 g/t Ag, 4.4 g/t Au, 0.18 per cent Sb -- C110866;
  • 363 g/t Ag, 5.91 g/t Au, 5.76 per cent Zn -- C110888;
  • 178 g/t Ag, 10.25 g/t Au, 1.58 per cent Pb, 2.41 per cent Zn -- C110892;
  • 42.1 g/t Au, 35 g/t Ag -- C23912;
  • 17.85 g/t Au, 106 g/t Ag -- C23945;
  • 13.8 per cent Cu, 0.57 g/t Au -- C23903;
  • 338 g/t Ag, 8.07 per cent Cu, greater than 20 per cent Pb, 1.55 g/t Au -- C239308.
• Petrophysical analysis is under way to determine optimal geophysical targeting methods.
• Multiple significant ground disturbances including pits and adits have been identified along strike and parallel to the Blue Dick mine -- further reconnaissance sampling and mapping planned.
• Structural interpretation and targeting will be refined following the delivery of high-resolution magnetic coverage, which is expected in coming weeks.
• Project-wide lidar (light detection and ranging) survey completed, with results to provide high-resolution topography to assist with identifying and mapping the extensive previous mining activities undertaken at site.
• Diamond drilling continues across the Buster gold trend, with multiple batches of samples submitted for assay analysis.

Qualified persons statement

The technical information presented in this news release has been reviewed and approved by Benjamin Kuzmich, PGeo, vice-president of exploration for Athena Gold, and the qualified person for exploration at the Excelsior Springs project, as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects". Readers are cautioned that historical records referred to in this press release have been examined but not verified by a qualified person. Further work is required to verify that historical records referred to in this press release are accurate. Information contained in this press release was taken from Mammoth Minerals' recent press release dated Nov. 7, 2025.

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 7,000 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 Springs project is located in the prolific Walker Lane trend in Nevada, where it is currently under an earn-in option with Mammoth Minerals Ltd. (formerly, Firetail Resources Ltd.). Excelsior Springs spans over 2,500 hectares and covers at least three historic mines. Athena also holds 100-per-cent interest in its Oneman Lake Au-VMS (gold-volcanogenic massive sulphide) project in Ontario.

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