Athena Gold Corporation · CSE:ATHA
Athena Gold — Investor Presentation (January 2026)
20 slides from Athena Gold's investor presentation, January 2026
Slide 1: Exploring in Prolific Gold Belts
Exploring in Prolific Gold Belts January 2026 CSE: ATHA | OTCQB: AHNRF
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: Why Invest?
WHY INVEST? Core Focus: Gold exploration in Ontario’s prolific Red Lake Gold District ONTARIO Red Lake / Laird Lake Project (Ontario) ONT ARI • Major footprint in the heart of Red Lake: 7,457 ha along >10 km of the Balmer–Confederation contact NEVADA in the O Red Lake District (>30M oz); near West R
Slide 5: 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 Gold showings: up to 373 g/t Au Discovery hole: 5.35 g/t Au over 33.5 m Goal: Generate new high-grade discovery along Goal: Deline
Slide 6: Ontario Portfolio: Laird Lake (Au)
ONTARIO PORTFOLIO Laird Lake (Au) CSE: ATHA | OTCQB: AHNRF www.athenagoldcorp.com | 6
Slide 7: Red Lake Gold Camp
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 • 12.3M oz Au (ind+inf) infrastructure Prime G
Slide 8: 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 9: Laird Lake
LAIRD LAKE RECENT WORK: • Recon prospecting confirmed >5 km trend of mineralization coincident with the Balmer-Confederation contact, with samples up to 373 g/t Au 373 g/t Au* • Property-wide, ~2,000 sample, till geochem survey in 2025 *see December 4, 2024, press release defined new, untested targe
Slide 10: Laird Lake Till Sampling Results
LAIRD LAKE TILL SAMPLING RESULTS Four new zones discovered, up to 3,000 metres in length Till Sampling Results: • Newly named Nemo, Bounty, Hugo, and Chungus zones • Three new zones represent opportunities to make near-surface discoveries CSE: ATHA | OTCQB: AHNRF www.athenagoldcorp.com | 10
Slide 11: Laird Lake Geophysical Interpretation
LAIRD LAKE GEOPHYSICAL INTERPRETATION Untested geophysical targets to be drilled Geophysical Interpretation: • Analysis of historical geophysics has highlighted six distinct zones of electromagnetic anomalism (G1 to G6) • Refined drill targets planned for winter campaign CSE: ATHA | OTCQB: AHNRF www
Slide 12: Laird Lake
LAIRD LAKE Maiden drill program to test both geochem + geophys anomalies G5 G6 G1 G3 Chungus G4 Hugo G2 Bounty Nemo FULLY-FINANCED DRILL PROGRAM TO COMMENCE SHORTLY • Drill contractors lined up to mobilize this quarter • Initial program to comprise eight diamond drill holes, up to 5000 m total ($1.5
Slide 13: Nevada Portfolio: Excelsior Springs (Au-Ag)
NEVADA PORTFOLIO Excelsior Springs (Au-Ag) CSE: ATHA | OTCQB: AHNRF www.athenagoldcorp.com | 13
Slide 14: Nevada's Walker Lane Trend
706k oz Au in 2P reserves, initial production by YE2028 NEVADA’S WALKER LANE TREND Top-Rated Mining Jurisdiction • 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 MOU
Slide 15: Excelsior Springs
EXCELSIOR SPRINGS Option to Mammoth Minerals (ASX: M97) • Mammoth Minerals Limited (formerly, Firetail Resources Limited) exercised its option to earn an 80% interest in Excelsior Springs • Mammoth has paid Athena AUD$200,000 in cash and issued 32,000,000 ordinary shares in the capital of Mammoth •
Slide 16: Capital Structure
CAPITAL STRUCTURE (as of January 2026) Carlton Precious 17% Shares Issued 312.5M Other Warrants 38.9M 44% Libra Energy Materials 14% Stock Options 8M Management, Directors, Fully Diluted 359.4M Insiders 25% 52 Week High/Low $0.09/$0.035 Cash & Marketable Securities ~CAD$7.7M CSE: ATHA | OTCQB: AHNRF
Slide 17: New Management
NEW MANAGEMENT David Goodman “ Chairman & Director Our team is young, • Co-founder Libra Energy Materials • Former CEO of Dynamic Funds, Dundee Wealth, Dundee Corp. entrepreneurial, and highly technical. Koby Kushner, P.Eng., CFA It is our every intention to President, CEO & Director build a great a
Slide 18: New Management
NEW MANAGEMENT Ben Kuzmich, MSc., P.Geo. VP Exploration • 15 years in mining, mineral exploration, and resource definition • Discoveries include Little Wing Au zone (Alamos’ Lynn Lake), E-Zone (Barrick’s Hemlo), and Flanders, SBC, and Docker Li discoveries (Libra) Andrew Jedemann, MSc., P.Geo. Explo
Slide 19: Board & Management
BOARD & MANAGEMENT Koby Kushner, P.Eng., CFA | President, CEO & Director David Goodman, LLB, CFA | Chairman & Director • 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 Fin
Slide 20: Contact Us
CONTACT US Athena Gold Corporation Koby Kushner, President, CEO & Director kobykushner@athenagoldcorp.com +1 (416) 846-6164 CHF Capital Markets Cathy Hume, CEO cathy@chfir.com +1 (416) 868-1079 x 251 @AthenaGoldCorp @AthenaGoldCorporation @AthenaGoldCorporation @AthenaGoldCorp CSE: ATHA | OTCQB: AHN