Major Landholding Increase at Excelsior Gold-Silver Project, Nevada

Multiple prospects identified within newly staked ground including significant historical gold, tungsten, antimony and copper workings.

WHITE ROCK, BC / ACCESS Newswire / November 11, 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 and expanding the Excelsior Springs Project, 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 (refer to press releases dated June 2, 2025, August 22, October 7, and November 10, 2025). Recently, Mammoth reported that it had increased its strategic landholding at the Excelsior Springs Project area by 340%, for a total area covering 83.6 km², which additional landholding was secured via direct staking (refer to Mammoth Minerals 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 (Figure 1), automatically incorporating them into the joint venture ("JV") upon Mammoth's earn-in, allowing Athena to benefit in these areas without immediate costs via the 20% carried interest plus a 1% Net Smelter Return royalty over these areas. As of today, Athena remains a significant (>5%) shareholder of Mammoth Minerals Limited.

Highlights

• US Geological Survey MRDS database notes multiple mineralized occurrences within the newly staked tenure, including gold, tungsten, antimony, copper, silver and iron:

  • Old Buster Mine: past gold-tungsten-silver producer

  • Kentucky Mine: past gold-silver producer

  • Lidia Queen Mine: past gold-silver-lead producer

  • Mattmueller Mine: antimony occurrence

  • Palmetto Mine: past Ag producer

  • Nevada Prospect: gold occurrence

  • California Prospect: gold occurrence

  • Paymaster Prospect: gold-silver-copper occurrence

  • Helpmeet Claim: copper-barite occurrence

  • Reliance Prospect: copper occurrence

  • Aja Iron: iron occurrence

• Extensive ground disturbances including shafts, pits and costeans mapped from LiDAR imagery with numerous occurrences located outside of those identified from the MRDS database.