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Athena Gold Corporation reported a net loss of $2,044,916 for the three months ended March 31, 2026, compared with income of $147,652 a year earlier. The swing was driven mainly by an unrealized loss of $1,838,922 on its investment portfolio, especially Mammoth Minerals, partly offset by a $200,000 Ontario exploration grant recorded as a recovery of prior exploration costs.
General and administrative expenses were $311,035, including $100,936 of share-based payments from new stock option grants. Cash was $2,864,372 and working capital $5,691,193, supported by investments in three public companies with fair value of $2,165,237. Mineral properties increased to $7,910,012 after the Forester Gold Project acquisition for shares valued at $2,310,000.
Management highlights material uncertainties that may cast significant doubt on the Company’s ability to continue as a going concern, as it has no revenue and depends on external financing and potential liquidation of investments. During the quarter, Athena advanced its Canadian exploration focus, including an option-backed partnership at Excelsior Springs and a fully funded maiden drill program at the Laird Lake project, while changing its functional and presentation currency to Canadian dollars.
ATHENA GOLD CORP President and CEO John C. Power reported new open‑market share purchases and updated his holdings. On May 18, 2026, entities associated with him bought a total of 10,102 shares of Common Stock, including 7,500 shares at $0.33 held jointly by John and Paula Power and 2,602 shares at $0.325 through his 401(k). These purchases are small compared with his existing 1,268,611 directly held shares and 9,898 shares already in his 401(k).
He also holds derivative positions, including 40,808 stock options granted on March 19, 2026 with a $0.594 exercise price under the company’s 2020 Equity Incentive Plan, as well as previously issued warrants and options with exercise prices adjusted for a recent 1‑for‑9.9 reverse stock split.
Athena Gold Corporation, a British Columbia corporation and foreign private issuer, filed its annual report on Form 20-F for the year ended December 31, 2025. The company focuses on acquiring and exploring gold projects and has no proven or probable mineral reserves.
Athena completed a redomestication from Delaware to British Columbia and now prepares its financial statements under IFRS rather than U.S. GAAP. As of December 31, 2025, it had 31,567,535 ordinary shares outstanding and remains an exploration-stage company with no history of mineral production.
The Excelsior Springs project in Nevada is the flagship asset. In May 2025, Athena granted Mammoth an option to earn an 80% interest in Excelsior Springs in exchange for cash, Mammoth shares and a commitment to fund significant exploration spending. The company also agreed in 2024 to acquire the Oneman Lake and Laird Lake early-stage projects in Ontario.
The filing highlights extensive risk factors, including potential U.S. tax treatment under Section 7874, possible PFIC classification, lack of reserves, the speculative nature and high costs of exploration, permitting and environmental obligations, commodity price volatility and the need for substantial external financing. Additional risks stem from penny stock status, possible dilution from options and warrants, related-party conflicts, and limited management time.