Athena Gold Significantly Expands Forester Project near Musselwhite, Ontario

Toronto, Ontario--(Newsfile Corp. - July 23, 2026) - Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNRF) ("Athena" or the "Company") is pleased to announce that it has acquired, through map staking, an additional 3,939 hectares contiguous to its 100%-owned Forester project in Ontario's Musselwhite Gold Camp. The new claims expand the project by more than 80% to a total of 8,843 hectares. The Company is also pleased to provide updates on its flagship Laird Lake project in Red Lake, Ontario, and its Excelsior Springs project in Nevada.

Forester - Musselwhite Gold Camp, Ontario The newly staked ground covers an additional 3,939 hectares of volcanic rocks within the North Caribou Lake Greenstone Belt and significantly strengthens Athena's strategic position along strike of Orla Mining's Musselwhite Mine, also hosted within this belt. Figure 1: Map over North Caribou Lake Greenstone Belt, showing Athena's newly expanded Forester claims and nearby claims. Mineralization on nearby or adjacent projects is not necessarily indicative of mineralization at Forester.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/12323/306189_a87f5b53b4b5c940_002full.jpg The expanded land package enhances coverage of prospective volcanic sequences and structural corridors that share similar geological architecture as Musselwhite, including banded iron formation (BIF) horizons and shear zones known to control high-grade gold mineralization in the district. By consolidating a larger contiguous package less than 30 km southeast of the mine, Athena is better positioned to systematically evaluate both BIF-hosted high-grade targets and bulk-tonnage orogenic gold potential across an expanded, underexplored portion of this proven gold-bearing belt. Laird Lake - Red Lake Gold Camp, Ontario All core from Athena's recently completed maiden drill program at its Laird Lake project in Red Lake, Ontario ( see Company press release dated July 2, 2026 ) has now been cut and submitted for laboratory analysis.

Samples have been sent to Paragon Geochemical for PhotonAssay, with select intervals also submitted for traditional fire assay, including metallic screening. The Company believes using multiple analytical methods will provide greater confidence in the results, particularly in a region known for coarse-gold occurrences. Full assay results are anticipated as early as next month.

Excelsior Springs - Walker Lane Trend, Nevada Athena's option partner at the Excelsior Springs project in Nevada, Mammoth Minerals Limited (ASX: M79), continues to make strong progress pursuant to its option agreement to earn an 80% interest in the project over five years, providing Athena a free-carry to Definitive Feasibility Study thereafter. Reverse circulation drilling is now underway, with the primary focus on a maiden drill program at the Blue Dick target designed to test extensions of high-grade silver-gold-copper-antimony mineralization previously reported at surface, including channel samples up to 17,582 g/t Ag and rock chips up to 15,336 g/t Ag, 7.46 g/t Au, 2.53% Cu and 0.31% Sb ( see Company press release dated June 16, 2026 ). Mineralization has been mapped across a cumulative strike of more than 6.5 km at Blue Dick, and this program represents the first modern drilling of the silver-rich prospect.

The campaign will also test untested gold zones along the Buster Trend identified through recent geophysical surveys. Meanwhile, preparation of the maiden JORC Mineral Resource for the Buster Mine zone continues, with release expected later this quarter ( see Mammoth Minerals Limited press release dated July 23, 2026) . 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 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 pertaining to Excelsior Springs was taken from Mammoth Minerals Limited's press releases dated June 15, July 14, and July 23, 2026.

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 more than 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. Also in northwestern Ontario is Athena's Forester project, a 8,840-hectare land package located less than 30 km southeast of Orla Mining's Musselwhite Gold Mine, with historical drill intercepts showing strong potential for both high-grade, narrow-vein and low-grade, bulk-tonnage gold mineralization. Meanwhile, Athena's 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 more than 2,500 hectares and includes at least three historic mines. 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 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. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306189 Newsfile Corp. July 23, 2026 - 4:00 AM PDT News by QuoteMedia www.quotemedia.com