Closing Of Sale And Acquisition Of Excelsior Springs Project

TORONTO - Nubian Resources Ltd. and Athena Gold Corporation announced the completion of the sale by Nubian and the acquisition by Athena of the remaining interest that Nubian held in the Excelsior Springs exploration project located in Esmeralda County, Nevada, as contemplated in the option agreement (the "Option Agreement") dated December 11, 2020, as amended on November 10, 2021, between Nubian, Nubian Resources (USA) Ltd. ("Holdco") and Athena. Athena acquired the interest in the Property through its acquisition of all of the outstanding shares of Holdco, the legal owner of the claims and mineral rights comprising the Property.  As a result of the transaction, through its ownership of Holdco, Athena now holds a 100% interest in the Property, subject to a 1% of net smelter returns royalty (the "Royalty") with respect to the Property granted to Nubian.