Mr. Koby Kushner reports

ATHENA PROVIDES DRILLING UPDATE FROM EXCELSIOR SPRINGS, NEVADA

Athena Gold Corp. has provided an exploration update from its Excelsior Springs project in Nevada. Mammoth Minerals Ltd. has been aggressively exploring Excelsior pursuant to 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 the company's press releases dated June 2, 2025, and Aug. 22, 2025). Athena remains a significant shareholder of Mammoth. Mammoth has reported significant shallow gold mineralization from reverse circulation (RC) drilling at the Lunchbox Ridge prospect along the Buster trend, extending the mineralized system approximately 700 metres along strike from the Buster mine zone, with multiple broad shallow gold intercepts (see Mammoth's press release dated Aug. 12, 2026).

Highlights from Mammoth -- Excelsior Springs project, Nevada:

• Significant shallow gold mineralization intersected from drilling of geophysics and geochemistry targets at the Lunchbox Ridge prospect, located approximately 700 m along strike from the extensively drilled Buster mine zone, with key results including:
  • 22.9 m at 1.37 grams per tonne gold from 10.7 m, including 3.0 m at 4.15 g/t Au from 22.9 m (MEXRC2635);
  • 12.2 m at 1.57 g/t Au from 32 m, including 4.6 m at 3.31 g/t Au from 38.1 m (MEXRC2634);
  • 10.7 m at 1.09 g/t Au from 164.6 m, including 3.0 m at 2.2 g/t Au from 167.7 m (MEXRC2634);
• New results demonstrate the potential for the Buster gold system to extend well beyond the main Buster mine zone, with mineralization remaining open along strike and downdip;
• Results support Mammoth's geological interpretation of multiple mineralized structures potentially feeding gold into favourable host horizons, providing additional targets for drilling;
• Drilling has since moved to the high-grade Blue Dick silver prospect, where five holes for 1,100 m have been completed targeting silver-dominant polymetallic mineralization; samples have been submitted for analysis, with results expected within three weeks;
• RC drilling to continue with a further 24 drill holes planned across multiple mineralized trends over a cumulative strike extent of greater than 6.5 kilometres with scope to expand based on results.

Qualified person 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 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 Aug. 12, 2026.

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 more than 7,000 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. Also in Northwestern Ontario is Athena's Forester project, a 14,930-hectare land package located less than 30 km southeast of Equinox Gold'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, Athena's 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 (formerly Firetail Resources Ltd.). The Excelsior Springs project spans more than 2,500 hectares and includes at least three historic mines.

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