Athena Gold (TSE:ATHA)
:ATHA
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Athena Gold
(ATHA)
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Rating:42Neutral
Price Target:
C$0.61
▲(764.29% Upside)
Action:ReiteratedDate:04/14/26
The score is primarily held down by weak financial performance (no revenue, ongoing operating losses, and negative free cash flow), despite a comparatively low-debt balance sheet. Technicals also remain bearish with price below key moving averages and negative MACD, while valuation inputs are not meaningful given the P/E and lack of dividend yield data.
Positive Factors
Low leverage / solid equity base
Very low debt and growing stockholders' equity reduce solvency risk and give the company staying power through multi-year exploration cycles. That balance-sheet flexibility supports funding drilling, negotiating joint ventures, and surviving commodity volatility without immediate distress financing.
Negative Factors
No operating revenue
The company reports no revenue, meaning it has not yet demonstrated commercial production or sales. Long-term viability therefore depends entirely on exploration success and asset monetization, making future cash flow and earnings binary and highly dependent on commodity cycles and capital markets.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / solid equity base
Very low debt and growing stockholders' equity reduce solvency risk and give the company staying power through multi-year exploration cycles. That balance-sheet flexibility supports funding drilling, negotiating joint ventures, and surviving commodity volatility without immediate distress financing.
Read all positive factors
Athena Gold (ATHA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$19.70M
Dividend YieldN/A
Average Volume (3M)76.85K
Price to Earnings (P/E)―
Beta (1Y)-0.95
Revenue GrowthN/A
EPS GrowthN/A
CountryCA
Employees1
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)N/A
Shares Outstanding35,820,060
10 Day Avg. Volume51,343
30 Day Avg. Volume76,848
Financial Highlights & Ratios
PEG Ratio1.15
Price to Book (P/B)1.60
Price to Sales (P/S)0.00
P/FCF Ratio-7.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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...
How the Company Makes Money
Athena Gold is an exploration-stage company; specific, consistent operating revenue streams from mining or production are not publicly evidenced in the provided prompt, and detailed, current revenue breakdowns are not available here, so the precis...
Athena Gold Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -128.87K | 0.00 | 0.00 | -1.30M | -752.00K |
| Net Income | -135.21K | -637.00K | 612.75K | -684.00K | -1.03M |
Balance Sheet | |||||
| Total Assets | 9.68M | 6.99M | 6.74M | 6.24M | 6.12M |
| Cash, Cash Equivalents and Short-Term Investments | 5.01M | 618.40K | 2.81K | 15.07K | 72.82K |
| Total Debt | 0.00 | 103.42K | 0.00 | 106.21K | 0.00 |
| Total Liabilities | 1.37M | 838.00K | 423.16K | 1.28M | 1.07M |
| Stockholders Equity | 8.30M | 6.15M | 6.32M | 4.96M | 5.05M |
Cash Flow | |||||
| Free Cash Flow | -1.72M | -711.05K | -696.22K | -956.05K | -656.64K |
| Operating Cash Flow | -1.71M | -666.05K | -696.22K | -926.83K | -656.64K |
| Investing Cash Flow | 575.10K | 26.24K | 0.00 | -29.21K | 0.00 |
| Financing Cash Flow | 2.96M | 879.08K | 683.95K | 898.30K | 720.48K |
Athena Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | C$17.59M | 1.18 | 593.89% | ― | ― | ― | |
51 Neutral | C$15.74M | -44.79 | -56.83% | ― | ― | 81.97% | |
50 Neutral | C$22.84M | -2.45 | 6.43% | ― | ― | ― | |
49 Neutral | C$13.71M | -3.82 | -5.72% | ― | ― | 21.49% | |
42 Neutral | C$19.70M | -98.10 | 19.89% | ― | ― | ― | |
| ― | C$22.90M | 6.58 | 6.24% | ― | ― | ― |
* Basic Materials Sector Average
TSE:ATHA
Athena Gold
0.55
0.06
11.34%
TSE:ENDR
Enduro Metals
0.17
0.02
10.00%
TSE:NOB
Noble Mineral Exploration
0.09
0.05
100.00%
TSE:RRI
Riverside Resources
0.25
0.10
66.45%
TSE:SNG
Silver Range Resources
0.16
0.08
93.75%
TSE:SAE
Sable Resources
0.06
0.02
50.00%
Athena Gold Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Athena Gold Wins $200,000 Ontario Grant to Advance Red Lake Exploration
Positive
Apr 13, 2026
Athena Gold Corporation has secured a CAD $200,000 non-dilutive grant from the Ontario government under the Ontario Junior Exploration Program to support grassroots exploration. The funding will help finance the company’s maiden drill progra...
Business Operations and StrategyStock Split
Athena Gold Launches Maiden Laird Lake Drill Program and Consolidates Share Structure
Positive
Apr 2, 2026
Athena Gold has mobilized drilling contractors and heavy equipment for a fully funded, approximately 5,000-metre maiden diamond drill program at its Laird Lake project in Ontario’s Red Lake Gold District, with drilling to begin imminently. T...
Business Operations and StrategyStock Split
Athena Gold Consolidates Shares Ahead of Red Lake Drill Program
Positive
Mar 27, 2026
Athena Gold Corporation, a North America-focused mineral exploration company, is advancing a portfolio of gold and base metal projects including Laird Lake and Forester in Ontario, Excelsior Springs in Nevada, and the Oneman Lake Au-VMS project. T...
Business Operations and Strategy
Athena Gold Reports Strong Drilling Results at Excelsior Springs and Issues Equity Incentives
Positive
Mar 19, 2026
Athena Gold reported an exploration update from the Excelsior Springs Project in Nevada, where option partner Mammoth Minerals continues an aggressive RC drilling program along the 7 km Buster Trend. Recent assays returned multiple significant gol...
Business Operations and StrategyM&A Transactions
Athena Gold Closes Forester Acquisition, Expands Ontario Gold Footprint
Positive
Mar 13, 2026
Athena Gold has completed the acquisition of the Forester Gold Project in northwestern Ontario by purchasing all shares of private firm Last Bounty Gold in an all-share deal, issuing 42 million Athena shares, or about 12% of the company on a non-d...
Business Operations and Strategy
Athena Gold Secures Permits and First Nation Pact for 5,000 m Drill Program at Laird Lake
Positive
Mar 2, 2026
Athena Gold has secured permits for a fully funded, 5,000-metre maiden diamond drill program at its Laird Lake project in Ontario’s Red Lake Gold District, with mobilization planned in the coming weeks. The program, comprising eight to ten h...
Business Operations and StrategyM&A Transactions
Athena Gold to Acquire Underexplored Forester Project Near Musselwhite Mine
Positive
Feb 26, 2026
Athena Gold Corporation has agreed to acquire 100% of the Forester Gold Project in northwestern Ontario through a low-cost, all-share transaction, adding a 4,900-hectare land package located less than 30 km from Orla Mining’s Musselwhite min...
Business Operations and Strategy
Athena Gold to Highlight North American Projects at PDAC 2026
Positive
Feb 25, 2026
Athena Gold Corporation will showcase its exploration portfolio at Booth 2149 during the PDAC 2026 convention in Toronto, a major global gathering for the mineral exploration and mining industry. By participating in this high-profile event, the co...
Business Operations and Strategy
Athena Gold Updates Exploration at Nevada and Ontario Projects as Drilling Advances and Permits Awaited
Positive
Feb 5, 2026
Athena Gold reported an exploration update from its Excelsior Springs Project in Nevada and Laird Lake Project in Ontario, highlighting new shallow high-grade gold intercepts and evidence of a potentially large-scale Carlin-style mineral system al...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
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