Business
Athena Gold Provides Option on Excelsior Springs and Kicks off 2025 Field Season at Laird Lake
WHITE ROCK, BC / ACCESS Newswire / June 2, 2025 / Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNRF) ("Athena Gold" or the "Company") is pleased to announce that it has entered into a property option agreement (the "Agreement") with Firetail Resources ...
About this update from Athena Gold Corporation
[{"type":"text","content":"WHITE ROCK, BC / ACCESS Newswire / June 2, 2025 / Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNRF) ("Athena Gold" or the "Company") is pleased to announce that it has entered into a property option agreement (the "Agreement") with Firetail Resources Limited (ASX:FTL) ("Firetail") dated May 28, 2025, whereby the Company has granted Firetail the exclusive right (the "Option") to acquire an 80% undivided interest in the Company's Excelsior Springs Project located in Nevada, USA ("Excelsior" or the "Property"). If the Option is exercised, Firetail will pay Athena Gold AUD$200,000 in cash and issue 32,000,000 ordinary shares, and Firetail will be required to incur USD$5,000,000 in expenditures over a five-year term. A 1% net smelter return royalty will also be provided to Athena Gold on certain claims comprising the Property. If Firetail successfully earns its 80% interest, the parties will form a joint venture partnership that provides Athena Gold with a 20% free-carried interest until a Definitive Feasibility Study is published.","length":1114,"tagName":"p"},{"type":"text","content":"In addition, the Company is pleased to announce that mobilization for the proposed till program at its Laird Lake project in Red Lake, Ontario, has begun (refer to press release dated April 17, 2025).","length":200,"tagName":"p"},{"type":"text","content":""Our efforts at Excelsior have attracted international interest, and we are pleased that the capable team at Firetail is keen to take on the risk and share the benefits with Athena Gold. The cash and share payments, as well as the exploration spend required for Firetail to earn an 80% interest, surpass the book value of Excelsior. When normalized to a 100% basis from 80%, the total investment approaches our current market capitalization. In addition to our significant shareholding in Firetail, Athena will maintain significant upside in the project through royalties and its 20% free-carried interest to a Definitive Feasibility Study. With Excelsior successfully monetized, we can place our focus on our new flagship project, Laird Lake, where crews have now mobilized for the 2025 field season," said Koby Kushner, President & CEO of Athena Gold.","length":867,"tagName":"p"},{"type":"text","content":"Summary of the Terms...