Headwater Gold Plans Drill Program with OceanaGold at Jake Creek Project, Nevada

• Event: Headwater Gold received drill permits for its 100%-owned Jake Creek Project in Nevada.
• Action: Planning an initial drilling program of approximately 3,500 metres across 8 to 10 holes (RC and core).
• Funding: The program is fully funded by OceanaGold Corporation pursuant to the earn-in agreement announced October 15, 2025.
• Targets: Discovery Corridor (blind mineralization), Pete’s Vein (outcropping epithermal quartz veining), and structurally controlled zones defined via geophysics.
• Land Position: Added 23 claims recently, bringing total to 212 claims across the district-scale opportunity.
• Context: This follows the completion of drilling at TJ Project (April 2026) which hit high grades up to 5.61 g/t Au and the identification of the Meridian Zone at Lodestar (May 2026).

• Execution vs. Expectation: The news confirms execution of a previously announced strategy (OceanaGold earn-in from Oct 2025). It is not unexpected market-moving information but rather operational progress on a known path.
• Capital Impact: No immediate equity dilution as the program is fully funded by OceanaGold. This preserves cash and avoids secondary offerings in the short term.
• Stock Price Context: The stock has declined significantly from its January 2026 high of $0.80 to current levels around $0.49 (below the March 2026 private placement price of $0.58). This news provides a stabilizer but does not address the underlying sentiment weakness or valuation compression.
• Materiality: Classified as Routine - Positive because it validates the partnership and project progression without introducing new financial terms, discoveries, or capital raises that would alter the risk/reward profile significantly beyond prior expectations.

• Business Model: Project generator focusing on district-scale epithermal gold projects in Nevada and Idaho, utilizing earn-in agreements to fund exploration without dilution.
• Flagship Projects:
  • Jake Creek (Nevada): 212 claims, historic intercepts up to 11.3 g/t Au. Currently entering drilling phase funded by OceanaGold.
  • TJ Project (Nevada): Recent high-grade results (5.61 g/t Au), land position expanded by 88%. Funded by OceanaGold.
  • Lodestar/Spring Peak (Nevada): Partnered with Newmont Corp. (up to 75% interest). Spring Peak selected for FAST-41 permitting track.
  • Crane Creek (Idaho): Partnered with Centerra Gold ($25M earn-in potential).
• Geology: Focus on low-sulfidation epithermal systems in the Walker Lane belt and Idaho gold camps, targeting blind mineralization beneath sinter caps and fault corridors.