Athena Gold Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Athena Gold Corporation has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing financial performance and corporate activities.</b>

AI Summary

ATHENA GOLD CORP (AHNRF) filed a Annual Report (10-K) with the SEC on March 29, 2024. Athena Gold Corporation filed its 10-K for the fiscal year ending December 31, 2023. The company was formerly known as Athena Silver Corp, with name changes occurring in March 2010. The filing includes data related to common stock, additional paid-in capital, and retained earnings for 2021, 2022, and 2023. Information on dilutive and antidilutive shares, including options and warrants, for 2022 and 2023 is presented. Key events include the acquisition of Nubian Resources in December 2021 and the Fortunatus and Prout Lode Mining Claims in June 2022.

Why It Matters

For investors and stakeholders tracking ATHENA GOLD CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Athena Gold Corp's financial health and operational status for the 2023 fiscal year, crucial for investors assessing the company's performance and future prospects. The report details historical financial data and significant corporate events, offering insights into the company's strategic direction and potential growth areas within the gold and silver mining sector.

Risk Assessment

Risk Level: medium — ATHENA GOLD CORP shows moderate risk based on this filing. The company operates in the mining industry, which is subject to significant price volatility for commodities like gold and silver, as well as regulatory and environmental risks. The filing does not provide specific financial performance data for 2023, making a precise assessment of its current financial health challenging.

Analyst Insight

Investors should review the full 10-K filing to understand Athena Gold Corp's financial position, operational risks, and strategic initiatives for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-29 — Filing Date (Filed as of date)
• 2021-12-29 — Nubian Resources Acquisition Date (Event date)
• 2022-06-08 — Fortunatus and Prout Lode Mining Claims Acquisition Date (Event date)

Key Players & Entities

• ATHENA GOLD CORP (company) — Filer name
• ATHENA SILVER CORP (company) — Former company name
• 2010A HARBISON DRIVE # 312 (company) — Business and mailing address
• VACAVILLE (company) — City in business and mailing address
• CA (company) — State in business and mailing address
• 95687 (company) — ZIP code in business and mailing address
• 707-291-6198 (company) — Business phone number
• Nubian Resources (company) — Acquired entity

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial performance is highly dependent on the market prices of gold and silver, which are subject to significant fluctuations.
• Environmental and Mining Regulations [medium — regulatory]: Operations are subject to extensive environmental and mining regulations, which can impact costs and operational feasibility.
• Financing Risks [medium — financial]: The company may require additional financing to fund its operations and development projects, and there is no assurance that such financing will be available on favorable terms.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-29: 10-K Filing Date — Date the annual report was officially submitted to the SEC.

Key Financial Figures

• $0.06 — ,484 based upon the last sale price of $0.06 as reported on the OTC.QB effective Jun
• $2 million — -cash exchange to satisfy our more than $2 million debt to Mr. Gibbs. Effective December
• $500,000 — alty may be purchased by Athena for CAD $500,000 payable to Nubian Resources. An additio
• $25,000 — in July 2022 with the following terms: $25,000 settled in cash $35,000 of the purcha
• $35,000 — owing terms: $25,000 settled in cash $35,000 of the purchase price settled by the is
• $125,000 — es of the Company's common stock; and $125,000 settled by a loan, paid by the Company
• $25,000, b — he Company in quarterly installments of $25,000, beginning November 13, 2022, and continui
• $50,000 — ter shaft in 1964 at a reported cost of $50,000 (Grant, 1986). A visual inspection of t

Filing Documents

• athenagold_i10k-123123.htm (10-K) — 1272KB
• athenagold_ex3101.htm (EX-31.1) — 9KB
• athenagold_ex3102.htm (EX-31.2) — 8KB
• athenagold_ex3201.htm (EX-32.1) — 4KB
• athenagold_ex3202.htm (EX-32.2) — 3KB
• image_001.jpg (GRAPHIC) — 59KB
• image_002.jpg (GRAPHIC) — 65KB
• 0001683168-24-001836.txt (&nbsp;) — 5334KB
• ahnr-20231231.xsd (EX-101.SCH) — 36KB
• ahnr-20231231_cal.xml (EX-101.CAL) — 36KB
• ahnr-20231231_def.xml (EX-101.DEF) — 135KB
• ahnr-20231231_lab.xml (EX-101.LAB) — 297KB
• ahnr-20231231_pre.xml (EX-101.PRE) — 244KB
• athenagold_i10k-123123_htm.xml (XML) — 667KB

Forward-looking Statements

Forward-looking Statements In General This Report contains statements that plan for or anticipate the future. In this Report, forward-looking statements are generally identified by the words "anticipate," "plan," "believe," "expect," "estimate," and the like. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include: the risk factors set forth below under "Risk Factors"; our ability to raise additional financing necessary to conduct our business; our future business plans and strategies; changes that could result from future acquisition of new mining properties or businesses; our ability to commercially develop our mining interests.; risks and hazards inherent in the mining business, including environmental hazards, industrial accidents, weather or geologically related conditions; uncertainties inherent in our exploratory and developmental activities, including risks relating to permitting and regulatory delays; changes in the market prices of gold or silver; uncertainties inherent in the estimation of gold or silver ore reserves; effects of environmental and other governmental regulations; and the worldwide economic downturn and difficult conditions in the global capital and credit markets. In addition to the foregoing, the ongoing COVID-19 pandemic poses significant risks and uncertainties in numerous areas, including the availability of labor and materials to explore our mineral interests, risks impacting the cost and availability of insurance and the markets for precious metals. We cannot predict with any certainty the nature and extent of the impact that the pandemic will have on our business plan and operations. Readers are cautioned not to put undue reliance on forward-looking future events or otherwise. In light of the s

– DESCRIPTION OF BUSINESS

ITEM 1 – DESCRIPTION OF BUSINESS. Overview We were incorporated on December 23, 2003, in Delaware and our principal business is the acquisition and exploration of mineral resources. In January 2021, the company's Board of Directors approved a name change from Athena Silver Corporation, to Athena Gold Corporation. Athena Gold Corporation ("we," "our," "us," or "Athena") is engaged in the acquisition and exploration of mineral resources. We began our mining operations in 2010. We entered into a Mining Lease and Option Agreement which granted us mining rights to the Langtry silver prospect located in San Bernardino County California. Due to the depressed commodities prices over the ensuing decade, we were never able to engage in meaningful exploration efforts. On April 28, 2020, Athena Silver Corporation entered into Agreement to Terminate Lease with Option to Buy dated March 10, 2016 with Bruce and Elizabeth Strachan, Trustees of the Bruce and Elizabeth Strachan Revocable Living Trust dated July 25, 2007, including any and all amendments thereto dated April 28, 2020 with respect to the Langtry Mine in California. As a result of this termination agreement, all scheduled lease option payments due in 2020 and beyond were considered terminated and void upon signing of the Agreement. In December 2009, we formed and organized a new wholly-owned subsidiary, Athena Minerals, Inc. ("Athena Minerals") which owned and operated our mining interests and properties in California. On December 31, 2020 we sold the subsidiary to John Gibbs and/or his affiliate, a related party, in a non-cash exchange to satisfy our more than $2 million debt to Mr. Gibbs. Effective December 27, 2021 ("Effective Date"), the Company simultaneously executed and consummated a definitive Share Purchase Agreement (the "SPA") with Nubian Resources, Ltd. ("Nubian Resources"). The SPA was the result of a previously disclosed Option Agreement with Nubian Resources dated as of December 11, 2020, as amende

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View this 10-K filing on SEC EDGAR