Mr. Martin Walter of Nubian reports

NUBIAN RESOURCES FILES EARLY WARNING REPORT IN RESPECT OF ATHENA GOLD CORPORATION

On April 24, 2023, Nubian Resources Ltd. acquired ownership and control of five million units of Athena Gold Corp. at a price of seven cents per unit for total consideration of $350,000, in connection with Athena's private placement offering that was completed on April 24, 2023. Each unit was composed of one share of common stock, 0.01-cent par value, in the capital of Athena and one common share purchase warrant of Athena. Further information in respect of the private placement is contained in Athena's news release dated April 26, 2023.

Immediately before completion of the private placement, the company held and controlled an aggregate of 50 million common shares, representing approximately 36.74 per cent of the issued and outstanding common shares on a non-diluted basis and no warrants. Upon completion of the private placement, the company held and controlled an aggregate of 55 million common shares and five million warrants, representing approximately 36.52 per cent of the issued and outstanding common shares on a non-diluted basis, and approximately 38.56 per cent of the issued and outstanding common shares on a partially diluted basis, assuming the exercise of the five million warrants.

The company acquired the five million common shares and five million warrants comprising the units purchased under the private placement for investment purposes. Subject to applicable law, the company may from time to time dispose of, or acquire, additional securities of Athena. The acquiror has no present intention to acquire additional securities of the issuer or to distribute any common shares to its shareholders as it originally planned, but may determine to do so at a later date.

This news release is issued pursuant to National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues), which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Athena is a reporting issuer containing information with respect to the foregoing matters. A copy of the early warning report will appear with Athena's documents on SEDAR and may also be obtained by contacting Charlotte May at 416-471-3366.

About Nubian Resources Ltd.

Nubian is a publicly traded precious and base metal exploration company listed on the TSX Venture Exchange. The company is managed by a team of experienced mining and geological professionals. Nubian's projects are focused on key mining jurisdictions, including Peru and Australia (central Victoria and Tasmania).

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