Athena Gold Provides Exploration Update From Excelsior Gold-Silver Project, Nevada

Maiden diamond drilling returns 4.33 g/t Au over 14.4m; geophysics defines large intrusive

WHITE ROCK, BC / ACCESS Newswire / November 26, 2025 /Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNRF) ( "Athena " or the "Company ") is pleased to provide an exploration update from its Excelsior Springs Project in Nevada. Mammoth Minerals Limited (ASX:M79) (formerly Firetail Resources Limited) has been aggressively exploring Excelsior, per its option agreement to earn an 80% interest in the project over five years, providing Athena a free-carry to Definitive Feasibility Study thereafter (see press releases dated June 2, 2025, and August 22, 2025). Recently, Mammoth reported two significant announcements from its ongoing exploration campaign (refer to Mammoth Minerals press releases dated November 24, 2025, and November 26, 2025). As of today, Athena remains a significant (>5%) shareholder of Mammoth Minerals Limited.

Key Highlights from Recent Mammoth Diamond Drilling (Buster Trend)

• Strong initial results from Mammoth 's maiden diamond drilling program at Excelsior, with multiple shallow high-grade gold intercepts in the first three diamond holes at the Buster Mine Trend, validating and extending the geological model:

  • 14.4m @ 4.33 g/t Au from 117m (MEXDD004), including:

    • 3.1m @ 19.10 g/t Au from 119.36m; and

    • 0.95m @ 15.98 g/t Au from 124.5m

  • 25.5m @ 1.05 g/t Au from 35.45m (MEXDD001), including:

    • 0.55m @ 26.7 g/t Au.

• These intercepts successfully tested 50m down-dip extensions and infill areas around the historic Buster Underground Mine (past production 19 koz @ 41 g/t Au) and validate Mammoth 's targeting model developed from 14.5 km of historical drilling.

• Mineralisation remains open at depth and along strike; diamond drilling has thus far targeted ~1.1 km of the >5 km Buster Trend strike, with mineralization confirmed to 250m depth.

• Work has now commenced on an initial Mineral Resource Estimate and Exploration Target.

• Nine additional diamond holes totaling 1.3 km drilled have assays pending targeting down-dip extensions beneath the Buster Underground and the ~350m-long by ~25m-wide Buster Open Pit.

Key Highlights from High-Resolution Airborne Magnetics (Project-Wide)

• A high-resolution magnetic survey (40m line spacing) was conducted over the Excelsior Springs Project, including the additional claims recently staked by Mammoth.

• Per Athena 's press release dated November 11, 2025, portions of this newly staked ground fall within the project 's 5 km Area of Interest ( "AOI ") buffer around the existing Excelsior claims, automatically incorporating them into the joint venture ( "JV ") upon Mammoth 's earn-in.

• The survey defined a large, 5.5 km x 4.2 km interpreted intrusive complex and associated caldera north of the Buster Trend.

• The feature exhibits strong geological and structural similarities to the 4.2 Moz Goldfield Caldera located 35 km to the north-east.

• High concentrations of historic workings, shafts, pits and costeans occur along the margins of the intrusion; Mammoth has collected 350 rock-chip samples from these old workings with assays pending.

• Multiple skarn-type targets identified within and proximal to the intrusive complex.

• Preliminary structural interpretation has extended the prospective Buster Trend geological strike to 7.3 km.

QUALIFIED PERSONS STATEMENT
The technical information presented in this news release has been reviewed and approved by Benjamin Kuzmich, P.Geo., Vice President of Exploration for Athena Gold Corporation, and the Qualified Person for exploration at the Excelsior Springs Project, as defined by NI 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 Limited 's recent press releases dated November 24, 2025 and November 26, 2025.

About Athena Gold Corporation
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 over 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. Meanwhile, its 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 Limited (formerly, Firetail Resources Limited). The Excelsior Springs Project spans over 2,500 hectares and covers at least three historic mines. Athena also holds 100% interest in its Oneman Lake Au-VMS project in Ontario.

For further information about Athena Gold Corporation, please visit www.athenagoldcorp.com.

On Behalf of the Board of Directors
Koby Kushner
President and Chief Executive Officer, Athena Gold Corporation

For further information, please contact:
Athena Gold Corporation
Koby Kushner, President and Chief Executive Officer
Phone: 416-846-6164
Email: kobykushner@athenagoldcorp.com

CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: cathy@chfir.com

Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements ") within the meaning of applicable Canadian and U.S. securities laws. All statements, other than statements of historical facts, included herein, including, without limitation, statements regarding future exploration plans, future results from exploration, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes ", "will ", "expects ", "anticipates ", "intends ", "estimates ", "plans ", "may ", "should ", ' 'potential ", "scheduled ", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company 's projects in a timely manner.

The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this press release or incorporated by reference herein, except as otherwise stated.

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE:Athena Gold Corporation

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