Mr. Koby Kushner reports

ATHENA COMPLETES ACQUISITION OF FORESTER GOLD PROJECT NEAR ORLA MINING'S MUSSELWHITE MINE

Further to its press release dated Feb. 26, 2026, Athena Gold Corp. has completed the acquisition of the Forester gold project through the acquisition of Last Bounty Gold Corp., a private British Columbia company that holds a 100-per-cent interest in the project, pursuant to a share purchase agreement dated Feb. 25, 2026.

"We are thrilled to close the Forester acquisition, a pivotal step in refocusing Athena as a disciplined explorer of high-potential, historically overlooked ground near multimillion-ounce gold producers. Positioned along trend from Orla's Musselwhite mine, Forester's favourable geology suggests strong potential for a near-surface, bulk-tonnage, orogenic gold system -- the kind of deposit that was largely dismissed until modern economics proved otherwise, as seen at Detour and Malartic. Similarly, our flagship Laird Lake project in Red Lake sits along trend from West Red Lake's Madsen mine, where the prospective Balmer-Confederation contact has only recently been recognized on our ground. With drill permits now in hand at Laird Lake, we expect to mobilize rigs in the coming weeks to test our highest-priority targets," said Koby Kushner, chief executive officer of Athena.

The company acquired all issued and outstanding common shares of Last Bounty in exchange for 42 million common shares in the capital of the company, at a deemed price of eight cents per share, representing, at closing, approximately 12 per cent of the company on a non-diluted basis. The consideration shares are subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities laws and the policies of the Canadian Securities Exchange. The transaction is arm's length, no finders' fees were paid, and no new insiders were created on closing.

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 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 gold. This underexplored area is road accessible, located about 10 kilometres west of West Red Lake Gold's Madsen mine and 34 kilometres northwest of Kinross Gold's Great Bear project. Also located in Northwestern Ontario is Athena's Forester project, a 4,900-hectare land package located less than 30 kilometres southeast of Orla Mining's Musselwhite gold mine, with historical drill intercepts showing strong potential for both high-grade, narrow-vein and low-grade, bulk-tonnage gold mineralization. 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.). The Excelsior Springs project spans over 2,500 hectares and covers at least three historic mines. Athena also holds a 100-per-cent interest in its Oneman Lake gold/volcanogenic massive sulphide project in Ontario.

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