Mr. John Gibbs reports

JOHN D. GIBBS ANNOUNCES FILING OF EARLY WARNING REPORT

John D. Gibbs has filed an early warning report, which report is filed in connection with an increase in the issued and outstanding common shares of Athena Gold Corp. on Dec. 29, 2023, and the resulting reduction in the percentage of common shares held by Mr. Gibbs since the filing of his last early warning report on April 26, 2023).

Prior to the increase in Athena's issued and outstanding, Mr. Gibbs beneficially owned and controlled 35,266,837 common shares in the capital of Athena (of which 29,102,237 were held directly, 500,000 were held indirectly in the name of Redwood Microcap Fund Inc. and 5,664,600 were held in the name of Tri Power Resources Inc., all of which Mr. Gibbs exercised sole ownership and control over) and 7,863,771 common share warrants, representing 23.42 per cent of Athena's issued and outstanding on an undiluted basis and 27.22 per cent on a partially diluted basis. Following completion of Athena's private transaction and subsequent increase in its issued and outstanding common shares, Mr. Gibbs beneficially owns and controls 35,266,837 common shares in the capital of Athena (of which 29,102,237 are held directly and 500,000 are held indirectly in the name of Redwood Microcap Fund and 5,664,600 are held in the name of Tri Power Resources) and 7,863,771 common share purchase warrants, representing approximately 21.10 per cent of Athena's issued and outstanding on an undiluted basis and approximately 24.65 per cent on a partially diluted basis.

The securities were acquired for investment purposes. Mr. Gibbs has a long-term view of the investment and may acquire additional securities of Athena either on the open market or through private acquisitions or sell the common shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans, and/or other relevant factors.