Athena Gold Corporation · CSE:ATHA
Athena Gold — Investor Presentation (April 2025)
20 slides from Athena Gold's investor presentation, April 2025
Slide 1: Exploring in Prolific Gold Belts
Exploring in Prolific Gold Belts April | 2025 CSE: ATHA | OTCQB: AHNR
Slide 2: Disclaimer
DISCLAIMER The information contained in this corporate presentation (the “Presentation”) has been prepared by the Company and contains confidential information pertaining to the business and operations of the Company. The information contained in this Presentation: (a) is provided as at the date her
Slide 3: Disclaimer
DISCLAIMER NOTICE TO UNITED STATES PERSONS This Presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities of the Company in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qu
Slide 4: Discovery Driven Exploration in Ontario & Nevada
DISCOVERY DRIVEN EXPLORATION IN ONTARIO & NEVADA NEVADA ONTARIO Project: Laird Lake (Au) Project: Excelsior Springs (Au) District: Red Lake, ON District: Walker Lane, NV Discovery hole: 5.35 g/t Au over 33.5m Gold showings: up to 373 g/t Au Goal: Identify structural controls and delineate Goal: Gene
Slide 5: Ontario Project: Laird Lake (Au)
ONTARIO PROJECT Laird Lake (Au) CSE: ATHA | OTCQB: AHNR www.athenagoldcorp.com | 5 www.athenagoldcorp.com | 5
Slide 6: Red Lake Gold Camp: Red Lake District Prime Geology
RED LAKE GOLD CAMP Red Lake District • >30M oz Au produced from amongst the highest-grade mines globally • Long mining history dating back to Red Lake Gold Complex (ASX:EVN) 1920s, with local workforce and • Peak annual production: >500,000 oz @ >75 g/t infrastructure • 12.3M oz Au (ind+inf) Prime G
Slide 7: Laird Lake
LAIRD LAKE Balmer-Confederation Contact Laird Lake Fault Madsen Project (TSXV:WRLG) • 2.5M oz produced historically Dextral movement • 1.7M oz indicated /0.4M oz inferred Madsen Mine Starratt-Olsen Mine Laird Laird Lake Project (CSE:ATHA) Lake Project • samples up to 373 g/t Au “The Laird Lake prope
Slide 8: Laird Lake Next Steps
Balmer LAIRD LAKE Confederation Visible Gold NEXT STEPS: • Reconnaissance prospecting confirmed a 2.2 km trend of mineralization coincident with the Balmer-Confederation contact, with samples up to 373 g/t Au. • In Spring 2025, Athena plans to commence a property-wide till geochemistry survey; resul
Slide 9: Nevada Project: Excelsior Springs (Au)
NEVADA PROJECT Excelsior Springs (Au) CSE: ATHA | OTCQB: AHNR www.athenagoldcorp.com | 9 www.athenagoldcorp.com | 9
Slide 10: Nevada's Walker Lane Trend
NEVADA’S WALKER LANE TREND Crow Springs • Untested Cu-porphyry Top-Rated Mining Jurisdiction potential • Nevada is ranked number 1** as the top COMSTOCK Round Mountain Mine • >230k oz AuEq annually mining jurisdiction globally in investment attractiveness (Fraser Institute, 2023) ROUND MOUNTAIN • 3.
Slide 11: Excelsior Springs: Walker Lane, Nevada
EXCELSIOR SPRINGS Buster Mine Walker Lane, Nevada • Historical resource: up to 200k oz Au • Historic production: 19,200 oz at 41 g/t Au • ~40* Moz Au produced • Patented ground • Easy mining (~0.2 g/t Au typical cut-off for near-surface, oxides) Western Slope Zone (New Discovery) • Long mining histo
Slide 12: Excelsior Springs: Analog to AngloGold's Silicon Project
EXCELSIOR SPRINGS Excelsior Springs Silicon world-class intercepts ~4.2 Moz Au (M&I+I) Size of the prize: An analog to Anglo Gold’s Silicon Project • Same deposit type in the same mining jurisdiction • Similar drill intercepts, similar alteration footprint, ⚬ Silicon, like Excelsior, comprised histo
Slide 13: Excelsior Springs: Two Mineralized Signatures
EXCELSIOR SPRINGS Two mineralized signatures; potential for multiple deposits Silicified breccia • typical of higher-grade veins Boxwork texture gossan • indicates strong hydrothermal component and disseminated gold in host rock NEXT STEPS: • The discovery hole has been made, but structural understa
Slide 14: Athena Acquiring Gold Assets from Libra Lithium
ATHENA ACQUIRING GOLD ASSETS FROM LIBRA LITHIUM WHO • Athena Gold (CSE: ATHA), a publicly traded Nevada-focused explorer • Libra, a private Ontario-focused explorer with Au and Li projects WHAT • Athena has acquired Libra’s gold assets • Creating a Nevada-Ontario-focused gold explorer • Libra manage
Slide 15: Pro-forma Capital Structure
PRO-FORMA CAPITAL STRUCTURE (as of April 1, 2025) Pro-forma Capitalization Shares Issued 239M Warrants 43M Stock Options 5.2M 56M Fully Diluted 287M 84M 52 Week High/Low $0.08/$0.03 55M 44M 10M CSE: ATHA | OTCQB: AHNR www.athenagoldcorp.com | 15
Slide 16: Next Steps
Next Steps LAIRD LAKE BUDGET (FLOW-THROUGH ELIGIBLE) ACTIVITY COST TIMELINE Till geochemistry ~$400k-$550k Q2-Q3/25 Drilling (phase 1) ~$800k-$1.5M Q4/25-Q1/26 Drilling (phase 2) ~$800k-$1.5M Q3-Q4/26 EXCELSIOR SPRINGS BUDGET (HARD DOLLARS) ACTIVITY COST TIMELINE Trenching and sampling ~$200k-$250k
Slide 17: Management
MANAGEMENT David Goodman “ Chairman Our team is young, • Co-founder, Libra • Former CEO of Dynamic Funds, Dundee Wealth, Dundee Corp. entrepreneurial, and highly technical. Koby Kushner, P.Eng., CFA President, CEO & Director “ It is our every intention to build a great and lasting • 10 years in mine
Slide 18: Management
MANAGEMENT Ben Kuzmich, MSc., P.Geo. VP Exploration • 15 years in mining and mineral exploration • experiendiscoveries include Little Wing Au zone (Alamos’ Lynn Lake), E-Zone (Barrick’s Hemlo), and Flanders, Oz, and Docker Li discoveries (Libra) • Ce covers grassroots exploration and resource defini
Slide 19: Board & Management
BOARD & MANAGEMENT Koby Kushner, P.Eng., CFA | President, CEO & Director David Goodman, LLB, CFA | Chairman • 10 years of experience in mining engineering and • Past CEO, DundeeWealth, Dynamic Funds capital markets John C. Power | Director, Corporate Secretary, Ty Minnick, CPA | Chief Financial Offi
Slide 20: Contact Us
CONTACT US Athena Gold Corporation Koby Kushner, President & CEO kobykushner@athenagoldcorp.com +1 (416) 846-6164 CHF Capital Markets Cathy Hume, CEO cathy@chfir.com +1 (416) 868-1079 x 251 @AthenaGoldCorporation @AthenaGoldCorporation @AthenaGoldCorporation @AthenaGoldCorp CSE: ATHA | OTCQB: AHNR w