Athena Gold (ATHA) AI Stock Analysis

• Market Cap: C$20.88M
• Dividend Yield: N/A
• Average Volume (3M): 76.85K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.48
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CA
• 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: 51,343
• 30 Day Avg. Volume: 76,848
• 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: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 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: 53 Neutral
• Price Target: C$0.09 ▲(30.00% Upside)

The score is held back primarily by weak fundamentals: no revenue history and ongoing cash burn despite a cleaner, low-debt balance sheet. Technicals are supportive with price above major moving averages and positive MACD, while valuation looks modest on P/E but is less dependable given early-stage, volatile profitability.

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 Gold Financial Statement Overview

Summary

Exploration-stage profile with no revenue (2019–2024) and persistent operating losses. Balance sheet is a relative strength with very low leverage and a recovery to positive equity since 2021, but ongoing cash burn and negative free cash flow indicate continued reliance on external financing.

Income Statement

The company reports no revenue across the entire period provided (2019–2024), indicating a pre-production/exploration profile with no operating scale yet. Losses are persistent at the operating level (EBIT negative every year), though 2024 shows some improvement versus 2022–2023. Net income is volatile (a profit in 2023 followed by a loss in 2024), which reduces earnings quality and predictability.

Balance Sheet

Leverage is low in recent years, with debt-to-equity around ~0%–2% from 2021–2024, which limits financial risk. The balance sheet also shows a significant recovery from negative equity in 2019–2020 to solid positive equity by 2021–2024, supporting funding flexibility. The main weakness is profitability on equity: returns swing meaningfully year to year (positive in 2023, negative in 2024), reflecting the lack of consistent earnings.

Cash Flow

Operating cash flow and free cash flow are consistently negative (cash burn) each year, including 2024, which implies ongoing reliance on external financing. While free cash flow improved versus 2022, it remains meaningfully negative and operating cash flow does not cover accounting earnings (the cash flow-to-net income relationship is unfavorable in years with reported profits). Overall cash generation is weak and visibility to self-funding operations is limited based on the data provided.

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 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%
ATHA	53 Neutral	C$20.88M	―	19.89%	―	―	―
SAE	53 Neutral	C$25.58M	1.17	289.73%	―	―	―
SNG	51 Neutral	C$16.23M	-4.76	-44.50%	―	―	-221.30%
ENDR	50 Neutral	C$15.10M	-5.78	-3.35%	―	―	-14.51%
RRI	49 Neutral	C$16.45M	7.17	-15.87%	―	―	-90.32%
NOB	36 Underperform	C$28.48M	52.17	―	―	―	-970.00%

Athena Gold Corporate Events

Athena Gold to Court Investors at 2026 Vancouver Resource Investment Conference

Athena Gold Corporation has announced its participation in the 2026 Vancouver Resource Investment Conference, where it will host investors at Booth 212 as part of efforts to raise its profile within the junior mining investment community. By showcasing its North American exploration assets at a premier industry event that attracts thousands of mining-focused investors and hundreds of issuers, the company aims to deepen engagement with current and prospective shareholders and potentially attract capital and strategic interest for advancing its gold and base metal projects.

The most recent analyst rating on (TSE:ATHA) stock is a Hold with a C$0.07 price target. To see the full list of analyst forecasts on Athena Gold stock, see the TSE:ATHA Stock Forecast page.

Athena Gold Raises C$3.5 Million, Fully Funding Drilling Programs in Ontario

Athena Gold Corporation has closed the third and final tranche of its non-brokered private placement, bringing total gross proceeds to approximately C$3.5 million and fully funding its upcoming drilling programs. The financing, structured through a mix of flow-through and non-flow-through units with attached warrants, will support exploration at the company’s Laird Lake and Oneman Lake projects in Ontario and provide additional funds for broader exploration, general and administrative costs, and working capital, strengthening Athena Gold’s ability to advance its Canadian assets without insider participation in the latest tranche.

Athena Gold Expands Private Placement Amid Strong Demand

Athena Gold Corporation has successfully closed the second tranche of its non-brokered private placement, raising CDN $270,499.98. Due to strong demand, the company increased its offering, now totaling up to CDN $4,200,000, with proceeds allocated for exploration projects in Ontario and general corporate purposes. This strategic move enhances Athena Gold’s financial position and supports its ongoing exploration initiatives, potentially strengthening its market presence.

Athena Gold Closes First Tranche of Private Placement, Upsizes Offering

Athena Gold Corporation has successfully closed the first tranche of its non-brokered private placement, raising approximately CDN $2.73 million. Due to high investor interest, the company plans to increase the offering of non-flow-through units, expecting an oversubscription of CDN $400,000. The funds raised will support exploration projects at Laird Lake and Oneman Lake in Ontario, as well as general corporate purposes. This strategic financial move positions Athena Gold to enhance its exploration activities and strengthen its market presence in the critical minerals sector.

Athena Gold Reports Promising Drilling Results at Excelsior Project

Athena Gold Corporation has announced significant progress in its Excelsior Springs Project in Nevada, with Mammoth Minerals Limited conducting successful maiden diamond drilling. The drilling results have validated and extended the geological model, revealing high-grade gold intercepts and confirming mineralization at depth and along the Buster Trend. Additionally, a high-resolution magnetic survey has identified a large intrusive complex with geological similarities to the Goldfield Caldera, potentially expanding the project’s scope and impact on the mining industry.

Athena Gold Reports Promising Drilling Results at Excelsior Springs Project

Athena Gold Corporation has announced significant progress in its Excelsior Springs Project in Nevada, with Mammoth Minerals Limited reporting promising results from their maiden diamond drilling program. The drilling at the Buster Mine Trend has yielded high-grade gold intercepts, validating the geological model and extending the mineralization potential. Additionally, a high-resolution magnetic survey has identified a large intrusive complex, suggesting further exploration opportunities. These developments could enhance Athena’s position in the mining sector and offer potential benefits to stakeholders.

Athena Gold Upsizes Private Placement Amid Strong Investor Demand

Athena Gold Corporation has increased its private placement offering from CDN $2,000,000 to CDN $3,100,000 due to strong investor demand. The funds raised will be used for exploration projects in Ontario and general corporate purposes, with the offering structured to include flow-through and non-flow-through units, benefiting from Canadian tax incentives. This move is expected to enhance Athena’s exploration capabilities and strengthen its position in the mining sector.

Athena Gold Launches $2 Million Private Placement for Exploration Expansion

Athena Gold Corporation announced a non-brokered private placement to raise up to CDN $2 million through the issuance of flow-through and non-flow-through shares. The funds will be allocated to exploration projects in Ontario and general corporate purposes. The offering is set to close in tranches, with regulatory approvals pending, and includes provisions for insider participation and potential finders’ fees. This move is part of Athena’s broader strategy to enhance its exploration capabilities and market positioning.

Athena Gold Unveils High-Grade Discovery at Laird Lake, Plans 2026 Drilling

Athena Gold Corporation has announced promising results from its 2025 prospecting program at the Laird Lake gold project in Ontario’s Red Lake Gold District. The discovery of high-grade gold at the Rigby showing, with values up to 20.8 g/t, indicates significant potential for further exploration. The company has submitted permits for a drilling program set to begin in early 2026, aiming to explore geophysical and geological targets. This development positions Athena strategically within the gold mining sector, potentially enhancing its market standing and offering new opportunities for stakeholders.

Athena Gold Expands Landholding at Excelsior Springs Project

Athena Gold Corporation has announced a significant expansion of its landholding at the Excelsior Springs Project in Nevada, with Mammoth Minerals Limited increasing the area by 340% through direct staking. This expansion includes multiple mineralized occurrences such as gold, tungsten, antimony, and copper, which are being actively evaluated. The strategic increase allows Athena to benefit from a 20% carried interest and a 1% Net Smelter Return royalty, enhancing its position in the mineral exploration industry.

Athena Gold Reports High-Grade Discoveries at Excelsior Springs Project

Athena Gold Corporation announced significant exploration updates from its Excelsior Springs project in Nevada, where Mammoth Minerals Limited has reported high-grade polymetallic sampling results from the Blue Dick Trend, extending the zone to a 2.9 km strike. The findings include high concentrations of silver, gold, copper, and antimony, indicating potential for further development and strengthening Athena’s position in the mineral exploration industry. The project is undergoing additional analysis and mapping to refine exploration targets, with diamond drilling continuing across the Buster Gold Trend.