Nubian Resources Ltd. (‘Nubian' or the ‘Company') announced that Athena Gold Corporation (‘Athena') has encountered encouraging results from its Phase 1 drill program at the Excelsior Springs Project, located in Esmeralda County, Nevada (‘Excelsior Springs'). In December 2021, Athena purchased the Company's wholly owned subsidiary that held Excelsior Springs. Nubian owns 50 million shares of Athena representing a 39.6% ownership stake in Athena and holds a 1% net smelter returns royalty on Excelsior Springs.

Nubian plans to distribute the 50 million shares held by it, pro rata, to Nubian shareholders as a return of capital transaction. Timing for the return of capital transaction is subject to acceptance by the U.S. Securities and Exchange Commission of Athena's registration statement on Form S-1 covering the resale and distribution by Nubian to its shareholders.