ATHENA GOLD CORP

AHNRFdata completeness 63%15 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

ATHENA GOLD CORP earns about -9% on equity, but has diluted owners by 373% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024
Revenue	—	—	—	—	—
Net income	−$410,068¹	−$1.03M²	−$683,658³	$612,748⁴	−$636,518⁴
Operating cash flow	−$197,436⁵	−$656,641⁶	−$926,833⁷	−$696,217⁸	−$666,050⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$8,986⁹	$72,822¹⁰	$15,075¹¹	$2,808¹¹	$242,082¹¹
Diluted shares	37.1M	65.9M	127.6M	146.2M	175.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$0.35

your share of equity

Profit it earned you last year

−$0.04

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $0.35 of net worth that earned you −$0.04 last year.

iii. Is this a good business?

Moat signal · return on equity

-9% avg · 5y

FY20 —FY21 -20%FY22 -14%FY23 10%FY24 -10%

It earned an average -9% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+373% shares · 5y

Share count is up 373% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2020-12-31 · accession 0001683168-22-002197 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001683168-23-001509 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001683168-24-001836 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001683168-25-002379 (NetIncomeLoss)
10-K · period ending 2020-12-31 · accession 0001683168-22-002197 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001683168-23-001509 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001683168-24-001836 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001683168-25-002379 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2020-12-31 · accession 0001683168-21-000721 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2021-12-31 · accession 0001683168-24-001836 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2022-12-31 · accession 0001683168-25-002379 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)