Athena GOLD Successfully Completes Excelsior Springs Monetization Excelsior Springs Fully Funded FOR 2025 Drilling Program
ATHENA GOLD SUCCESSFULLY COMPLETES EXCELSIOR SPRINGS MONETIZATION
EXCELSIOR SPRINGS FULLY FUNDED FOR 2025 DRILLING PROGRAM
White Rock, BC --- Accesswire --- August 22, 2025 --- Athena Gold Corporation (CSE: ATHA)
(OTCQB: AHNRF) ( “Athena” or the “Company”) is pleased to announce that, further to its news
release dated June 2, 2025, Mammoth Minerals Limited (ASX: M79) (formerly, Firetail Resources
Limited) (“Mammoth” or “M79” ) has exercised its option to be able to earn an 80% interest in
Athena’s Excelsior Springs project in Nevada, USA (the “Excelsior” project), effective August 19, 2025
(the “Exercise Date”). In consideration. Mammoth has paid Athena AUD$200,000 in cash and issued
32,000,000 ordinary shares in the capital of Mammoth, worth AUD$3,200,000 based on M79’s closing
price on the Exercise Date.
“We are pleased to have partnered with a very capable Australian company to build upon our 2023
high-grade gold discovery at Excelsior . Mammoth recently completed a AUD$5 million financing, and
per its press release dated August 4, 2025, intends to use these funds to drill Excelsior towards a maiden
resource. We continue to retain significant exposure to Excelsior through our royalty interests and our
20% free-carried interest to Definitive Feasibility Study, in addition to our substantial shareholding of
M79. The cash and M79 share s further strengthens our balance sheet, comprising over CAD$3 million
in cash and securities , at an opportu ne time as we advance our Ontario gold portfolio, where we are
actively defining new targets at our Laird Lake project in Red Lake, ahead of a maiden drill program,”
said Koby Kushner, President & CEO of Athena.
Excelsior Springs Option
Athena entered into a property option agreement (the “Agreement”) with Mammoth dated May 28,
2025, granting Mammoth the exclusive right (the “Option”) to be able earn an 80% undivided interest
in the Excelsior project. In consideration of the Option, Mammoth has paid Athena AUD$200,000 in
cash and issued 32,000,000 ordinary shares in the capital of Mammoth. Mammoth is also required to
incur not less than USD$5,000,000 in exploration expenditures over a five -year term, commencing
from the Exercise Date, to earn its 80% interest. Athena will retain a 20% free-carried interest in the
Excelsior project until completion of a Definitive Feasibility Study is by Mammoth. A 1% net smelter
return royalty will also be provided to Athena on certain claims comprising the Excelsior project.
Athena reserves the right to buy back any pre-existing royalties on the Excelsior project (see press
release dated June 2, 2025).
Crow Springs Termination
Athena is also pleased to announce that, effective August 18, 2025, it has entered into a Termination
Agreement with the vendor of the Crow Springs project, whereby both parties have mutually
terminated the April 2, 2022, Memorandum of Understanding regarding the acquisition of the Crow
Springs project in Esmeralda County, Nevada. Under the terms of the Agreement, all obligations
under the MOU have been fully resolved, with no further payments required and ownership of seven
BLM claims reverting to the vendor.
About Athena Gold Corporation
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 5,000
hectares along more than 10 km of the Balmer -Confederation Assemblage contact, where recent
surface sampling results returned up to 373 g/t 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 project is located in the prolific Walker Lane Trend
in Nevada, where it is currently under an earn -in option with Mammoth Minerals Limited. The
Excelsior project spans over 2,500 hectares and covers at least three historic mines. Athena also
holds a 100% interest in its Oneman Lake Au-VMS project in Ontario.
For further information about Athena Gold Corporation, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
Koby Kushner
President and Chief Executive Officer, Athena Gold Corporation
For further information, please contact:
Athena Gold Corporation
Koby Kushner, President and Chief Executive Officer
Phone: 416-846-6164
Email: [email protected]
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: [email protected]
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively,
"forward-looking statements") within the meaning of applicable Canadian and US. securities laws. All
statements, other than statements of historical fact, included herein, including, without limitation,
statements regarding future exploration plans, future results from exploration, and the anticipated
business plans and timing of future activities of the Company, are forward-looking statements. Although
the Company believes that such statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking statements are typically identified by words such
as: "believes", "will", "expects", "anticipates", "intends", "estimates”, “plans", "may", "should",
''potential", "scheduled", or variations of such words and phrases and similar expressions, which, by
their nature, refer to future events or results that may, could, would, might or will occur or be taken or
achieved. In making the forwar d-looking statements in this press release, the Company has applied
several material assumptions, including without limitation, that there will be investor interest in future
financings, market fundamentals will result in sustained precious metals demand and prices, the receipt
of any necessary permits, licenses and regulatory approvals in connection with the future exploration
and development of the Company's projects in a timely manner.
The Company cautions investors that any forward -looking statements by the Company are not
guarantees of future results or performance, and that actual results may differ materially from those in
forward-looking statements.
Readers are cautioned not to place undue reliance on forward -looking statements. The Company
undertakes no obligation to update any of the forward -looking statements in this press release or
incorporated by reference herein, except as otherwise stated.
Neither the Canadian Securities Exchange nor its regulation services provider accepts
responsibility for the adequacy or accuracy of this release.