Athena Gold Corp Files Q2 2024 10-Q

TL;DR

**ATHENA GOLD CORP 10-Q FILED: Q2 2024 financials are in. Check for updates.**

AI Summary

Athena Gold Corporation filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024 and provides financial updates for the company. Specific financial details such as revenue, net income, and cash flow for the quarter and year-to-date are included.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Athena Gold Corp, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a gold mining company, Athena Gold Corp is subject to commodity price volatility and operational risks inherent in the mining industry.

Key Numbers

• Q2 2024 — Reporting Period (Financials for the second quarter of 2024 are detailed.)
• 20240630 — Fiscal Period End (The 10-Q covers financial data up to this date.)
• 20240814 — Filing Date (The report was officially submitted on this date.)

Key Players & Entities

• ATHENA GOLD CORP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240814 (date) — Date of filing
• VACAVILLE, CA (location) — Company's business and mailing address

FAQ

Key Financial Figures

• $500,000 — may be purchased by the Company for CAD $500,000 payable to the Seller. An additional on

Filing Documents

• athenagold_i10q-063024.htm (10-Q) — 614KB
• athenagold_ex3101.htm (EX-31.1) — 12KB
• athenagold_ex3102.htm (EX-31.2) — 12KB
• athenagold_ex3200.htm (EX-32) — 5KB
• 0001683168-24-005637.txt ( ) — 3806KB
• ahnr-20240630.xsd (EX-101.SCH) — 29KB
• ahnr-20240630_cal.xml (EX-101.CAL) — 30KB
• ahnr-20240630_def.xml (EX-101.DEF) — 110KB
• ahnr-20240630_lab.xml (EX-101.LAB) — 259KB
• ahnr-20240630_pre.xml (EX-101.PRE) — 218KB
• athenagold_i10q-063024_htm.xml (XML) — 625KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 3 Consolidated Balance Sheets (unaudited) 3 Consolidated Statements of Operations (unaudited) 4 Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) 5 Consolidated Statements of Cash Flows (unaudited) 6

Notes to Financial Statements (unaudited)

Notes to Financial Statements (unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION 22 Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 24 Item 6. Exhibits 24 Signature 25 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM I. FINANCIAL STATEMENTS ATHENA GOLD CORPORATION CONSOLIDATED BALANCE SHEETS (EXPRESSED IN US DOLLARS) (unaudited) 6/30/24 12/31/23 Assets Current assets Cash $ 15,353 $ 2,808 Prepaid expenses 26,000 45,647 Investment in securities 438,577 0 Total current assets 479,930 48,455 Other assets Investment in securities 0 496,400 Mineral rights 6,241,114 6,196,114 Total other assets 6,241,114 6,692,514 Total assets $ 6,721,044 $ 6,740,969 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 167,789 $ 144,695 Accounts payable - related party 119,198 100,500 Advanced deposits 0 46,000 Warrant liability 279,589 29,151 Total current liabilities 566,576 320,346 Long term liabilities Note payable and accrued interest - related party 100,378 0 Warrant liability 112,859 102,811 Total long term liabilities 213,237 102,811 Total liabilities 779,813 423,157 Stockholders' equity Preferred stock, $ .0001 par value, 5,000,000 shares authorized, none outstanding 0 0 Common stock - $ 0.0001 par value; 250,000,000 shares authorized, 173,723,633 and 167,138,069 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 17,373 16,714 Additional paid in capital 17,530,862 17,391,148 Accumulated deficit ( 11,607,004 ) ( 11,090,050 ) Total stockholders' equity 5,941,231 6,317,812 Total liabilities and stockholders' equity $ 6,721,044 $ 6,740,969 Commitments and contingencies (Note 5) See accompanying notes to the unaudited financial 3 ATHENA GOLD CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (EXPRESSED IN US DOLLARS) (unaudited) Three Months Ended Six Months Ended 6/30/24 6/30/23 6/30/24 6/30/23 Operating expenses Exploration, evaluation and project expenses $ 21,986 $ 187,429 $ 62,400 $ 204,197 General and administrative expenses 75,813 120,993 204,64

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS (Unaudited) Note 1 – Nature of Business and Summary of Significant Accounting Policies Nature of Operations Athena Gold Corporation ("we," "our," "us," or "Athena") is engaged in the acquisition and exploration of mineral resources. We were incorporated in Delaware on December 23, 2003, and began our mining operations in 2010. The Company's properties do not have any reserves. The Company plans to conduct exploration programs on these properties with the objective of ascertaining whether any of its properties contain economic concentrations of precious and base metals that are prospective for mining. Basis of Presentation and Statement of Compliance The accompanying consolidated financial statements (the "consolidated financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC"). Basis of Measurement These consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein. Principles of Consolidation The consolidated financial statements include the accounts of Athena Gold Corp. and its wholly owned subsidiary, Nubian Resources USA ("Nubian USA"). All significant inter-entity balances and transactions have been eliminated in consolidation. Subsidiaries are entities the Company controls when it is exposed, or has rights, to variable returns from its involvement in the entity and can affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are included in the consolidated financial results of the Company from the date of acquisition up to the date of disposition or loss of control. Going Concern and Management's Plans As at June 30, 2024, the Compan

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