Athena Gold (AHNRF) AI Stock Analysis

• Market Cap: $13.34M
• Dividend Yield: N/A
• Average Volume (3M): 278.22K
• Price to Earnings (P/E): 8.7
• Beta (1Y): -0.25
• Revenue Growth: N/A
• EPS Growth: -120.00%
• Country: US
• Employees: 1
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Other Precious Metals
• EPS (TTM): <0.01
• Shares Outstanding: 260,989,070
• 10 Day Avg. Volume: 218,808
• 30 Day Avg. Volume: 278,216
• PEG Ratio: 0.05
• Price to Book (P/B): 0.99
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -8.59
• Enterprise Value/Market Cap: 0.06
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -5.42
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 38 Underperform
• Price Target: ―

Athena Silver's overall stock score reflects significant financial weaknesses, primarily due to zero revenue and continuous losses. Despite positive corporate events and exploration prospects, the negative cash flows and weak technical indicators weigh heavily on the stock's attractiveness. The potential growth from recent discoveries is a positive but secondary factor, given the company's current financial challenges.

Positive Factors

Low leverage / conservative balance sheet

Consistently minimal debt materially reduces financial risk and interest burden, giving the company durable funding flexibility. For an exploration-stage miner this structural balance-sheet strength improves access to capital, supports JV negotiations, and cushions project timelines.

Recovery to positive equity

The shift from negative to sustained positive equity signals improved solvency and investor credibility. This structural repair enhances the company’s ability to raise equity, attract partners, and pursue project advancement without the immediate distress dynamics that hamper long-term project execution.

Extremely lean operating structure

A one-person headcount implies very low fixed overhead, preserving capital for field programs. Over a multi-month horizon this cost discipline increases runway between financings, allowing management to allocate scarce capital to high-priority exploration work as projects de-risk.

Negative Factors

No revenue history

Absence of revenue confirms a pre-production explorer with no operating cash inflows. Structurally this raises project-economic uncertainty, prevents self-funding of development, and makes progress and returns contingent on successful discoveries and continual external financing.

Consistent cash burn

Chronic negative operating and free cash flow forces recurrent capital raises, increasing dilution risk and limiting uninterrupted investment in exploration. Over months this structural cash shortfall constrains project timelines and elevates execution risk versus self-funded peers.

Volatile profitability

Swinging to a profit one year then a loss the next indicates earnings are inconsistent and likely driven by non-recurring items. For long-term planning and capital allocation this volatility undermines predictability and complicates assessment of sustainable operating performance.

Athena Gold Business Overview & Revenue Model

Company Description

Athena Gold Corporation, an exploration stage company, engages in the acquisition and exploration of mineral resources in the United States. Its flagship property is its 100% owned the Excelsior Springs project comprising 2 EX and 88 ES contiguous and unpatented lode mining claims covering an area of approximately 2,884 acres; two patented claims covering an area of 40 acres; and ten ES claims covering 202 acres located in Esmeralda County, Nevada. The company was formerly known as Athena Silver Corporation and changed its name to Athena Gold Corporation in January 2021. Athena Gold Corporation was incorporated in 2003 and is based in Vacaville, California.

How the Company Makes Money

Athena Silver makes money through its exploration activities, with the ultimate goal of discovering commercially viable silver deposits. Revenue generation primarily occurs upon successful identification and subsequent sale or partnership development of these mineral properties. The company may also engage in joint ventures or strategic alliances with other mining companies, sharing exploration and development costs while benefiting from shared revenue from successful projects. Additionally, Athena Silver may raise capital through the issuance of equity or debt to finance its exploration and development activities until reaching production stages.

Athena Gold Financial Statement Overview

Summary

Athena Silver's financial performance is weak due to zero revenue generation and continuous operational losses. Although the balance sheet shows a strong equity position, the lack of revenue and negative cash flows highlight significant operational inefficiencies and potential liquidity issues.

Income Statement

Athena Silver has reported no revenue across all periods, which is a significant concern. The consistent negative EBIT and net income indicate ongoing operational losses. The lack of revenue growth and negative profit margins are major weaknesses.

Balance Sheet

The balance sheet shows a strong equity position with a high equity ratio, indicating financial stability. However, the company has no revenue, impacting its ability to cover liabilities. The debt-to-equity ratio is very low, which is positive, but the overall financial health is reliant on equity rather than operational performance.

Cash Flow

The company consistently reports negative free cash flow and operating cash flow, suggesting poor cash generation from operations. This is a critical weakness. However, the financing cash flow is positive, indicating reliance on external financing. The cash flow to net income ratios are concerning due to persistent negative values.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00
EBITDA	-147.29K	0.00	0.00	-1.30M	-752.00K	-277.00K
Net Income	-153.31K	-637.00K	612.75K	-684.00K	-1.03M	-410.00K
Balance Sheet
Total Assets	7.58M	6.99M	6.74M	6.24M	6.12M	158.99K
Cash, Cash Equivalents and Short-Term Investments	1.29M	618.40K	2.81K	15.07K	72.82K	8.99K
Total Debt	102.47K	103.42K	0.00	106.21K	0.00	43.95K
Total Liabilities	763.57K	838.00K	423.16K	1.28M	1.07M	244.68K
Stockholders Equity	6.82M	6.15M	6.32M	4.96M	5.05M	-85.70K
Cash Flow
Free Cash Flow	-931.64K	-711.05K	-696.22K	-956.05K	-656.64K	-197.44K
Operating Cash Flow	-886.64K	-666.05K	-696.22K	-926.83K	-656.64K	-197.44K
Investing Cash Flow	49.23K	26.24K	0.00	-29.21K	0.00	0.00
Financing Cash Flow	1.35M	879.08K	683.95K	898.30K	720.48K	208.88K

Athena Gold Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.05
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AHNRF, the sentiment is Negative. The current price of 0.05 is below the 20-day moving average (MA) of 0.05, below the 50-day MA of 0.05, and above the 200-day MA of 0.05, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.26 is Neutral, neither overbought nor oversold. The STOCH value of 21.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AHNRF.

Athena Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SAE	53 Neutral	C$23.98M	1.10	289.73%	―	―	―
SNG	51 Neutral	C$14.76M	-4.32	-44.50%	―	―	-221.30%
ENDR	50 Neutral	C$15.21M	-5.49	-3.35%	―	―	-14.51%
RRI	49 Neutral	C$16.45M	7.17	-15.87%	―	―	-90.32%
AHNRF	38 Underperform	$13.34M	8.70	-2.40%	―	―	-120.00%
NOB	36 Underperform	C$33.08M	56.52	―	―	―	-970.00%

Athena Gold Corporate Events

Athena Gold Corporation Reports Increased Assets in Q3 2025

Athena Gold Corporation, a company involved in the mining sector, has released its unaudited consolidated interim financial statements for the three and nine months ending September 30, 2025. The financial report indicates a significant increase in total assets to $8.94 million from $6.99 million at the end of 2024, primarily due to a substantial rise in investment in securities. However, liabilities have decreased, reflecting improved financial stability. The company’s financial position suggests a positive trend in asset management, which may enhance its market positioning and stakeholder confidence.