Athena Gold (TSE:ATHA)
:ATHA
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Athena Gold
(ATHA)
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Rating:44Neutral
Price Target:
C$0.32
▲(357.14% Upside)
Action:Reiterated
Date:05/28/26
The score is primarily held back by weak financial performance (no revenue, recurring losses, and sustained cash burn). Technicals also remain bearish with the stock trading below major moving averages and negative MACD. A low-debt balance sheet provides some stability, but valuation support is limited due to negative earnings and no provided dividend yield.
Positive Factors
Balance sheet strength
Very low leverage and materially improved equity give the company staying power despite being pre-revenue. A stronger balance sheet reduces near-term solvency risk, supports funding exploration activities, and improves optionality to pursue partnerships or asset monetization over months.
Negative Factors
No revenue
Zero reported revenue indicates the company is pre-production and has no operating cash inflows from mineral sales. Over the medium term, this means continued reliance on external funding and limited ability to demonstrate economic viability until a partner, sale, or a producing asset emerges.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Very low leverage and materially improved equity give the company staying power despite being pre-revenue. A stronger balance sheet reduces near-term solvency risk, supports funding exploration activities, and improves optionality to pursue partnerships or asset monetization over months.
Read all positive factors
Athena Gold (ATHA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$11.82M
Dividend YieldN/A
Average Volume (3M)76.85K
Price to Earnings (P/E)4.8
Beta (1Y)-0.90
Revenue GrowthN/A
EPS Growth-313.92%
CountryCA
Employees1
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.04
Shares Outstanding35,820,060
10 Day Avg. Volume51,343
30 Day Avg. Volume76,848
Financial Highlights & Ratios
PEG Ratio1.14
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 operates as an exploration-phase enterprise, dedicated to discovering and securing mineral resource assets across the United States. Its cornerstone holding is the entirely owned Excelsior Springs project, strategically loc...
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 | Mar 2026 | Mar 2025 | Mar 2024 | 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% | |
50 Neutral | C$25.23M | 20.20 | 6.43% | ― | ― | ― | |
46 Neutral | C$17.61M | 0.98 | 593.89% | ― | ― | ― | |
45 Neutral | C$17.58M | -5.79 | -5.72% | ― | ― | 21.49% | |
44 Neutral | C$11.82M | 4.77 | 19.89% | ― | ― | -313.92% | |
| ― | C$15.85M | 1.43 | 6.24% | ― | ― | ― | |
45 Neutral | C$13.32M | -17.28 | -56.83% | ― | ― | 79.26% |
* Basic Materials Sector Average
TSE:ATHA
Athena Gold
0.33
-0.11
-25.84%
TSE:ENDR
Enduro Metals
0.16
-0.01
-6.06%
TSE:NOB
Noble Mineral Exploration
0.06
0.02
42.86%
TSE:RRI
Riverside Resources
0.25
0.11
72.41%
TSE:SNG
Silver Range Resources
0.13
0.04
38.89%
TSE:SAE
Sable Resources
0.06
0.03
100.00%
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...
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
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.