Athena Gold Corp SEC Filings

Athena Gold Corporation reported unaudited results for the three and nine months ended September 30, 2025, highlighted by a swing to profitability driven by investment gains. For Q3 2025, the company earned net income of $1,381,764, compared with a net loss a year earlier, mainly due to an unrealized gain on equity investments of $1,799,203. For the nine months, net income was $1,350,597, versus a loss in 2024, as fair value gains of $2,216,389 on holdings in Carlton Precious Inc. and Mammoth Minerals Limited outweighed higher operating costs.

Athena remains an exploration-stage gold company with no revenue. Year-to-date exploration expenses rose to $471,935 and general and administrative costs to $591,495 as it advanced the Laird Lake and Oneman Lake projects and completed its redomicile to British Columbia and IFRS transition. As of September 30, 2025, the company had cash of about $260,000 and working capital of roughly $4.66 million, largely from its equity investment portfolio, but management disclosed that these conditions raise substantial doubt about its ability to continue as a going concern without additional financing.