Athena Gold Corporation reported a net loss of $636,518 for the fiscal year ending December 31, 2024, a significant decrease from a net income of $612,748 in the previous year. Total operating expenses for the year were $612,117, down from $783,592 in 2023, primarily due to reduced exploration and evaluation expenses, which fell from $351,132 to $186,764. General and administrative expenses also saw a slight decrease, reflecting a reduction in legal and professional fees, although travel expenses increased.
The company has made strategic moves to enhance its operational footprint, including the acquisition of a 100% interest in the Excelsior Springs Prospect in Nevada through a share purchase agreement with Nubian Resources, Ltd. This acquisition, finalized in December 2021, included 140 unpatented claims and two patented claims, expanding Athena's exploration capabilities. Additionally, the company staked 51 new claims in 2022 and acquired the Blue Dick Mine in 2024, further solidifying its position in the mining sector.
Operationally, Athena Gold has focused on its flagship Excelsior Springs project, where it has conducted multiple drilling programs since 2022. The company completed a Phase Three drilling program in June 2023, totaling 3,740 feet across nine holes. Despite these efforts, the company has not yet established proven or probable mineral reserves, which is a critical factor for future revenue generation. As of December 31, 2024, Athena had approximately $240,000 in cash and a negative working capital of $340,000, indicating a need for additional financing to support ongoing operations and exploration activities.
Looking ahead, Athena Gold anticipates the necessity of raising further capital to continue its exploration and development plans. The company has expressed confidence in its ability to secure additional financing through public or private placements, although it acknowledges the challenges posed by current market conditions. The ongoing exploration efforts and potential acquisitions are expected to require substantial investment, and the company is actively evaluating its properties while seeking opportunities to enhance its mineral rights portfolio.
About ATHENA GOLD CORP
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