Headwater Gold's Spring Peak joins FAST-41 track

Executive Summary

• Headwater Gold Inc.'s Spring Peak project (specifically the Burnt Rock plan of operations) in western Nevada has been selected for the US Federal Permitting Improvement Steering Council's FAST-41 Program Transparency List.
• Inclusion in the FAST-41 program provides for transparent, efficient regulatory review and predictable permitting timelines for the project's exploration activities.
• The selection supports the current exploration program financed by Newmont Corp. under stage 2 of the Spring Peak earn-in agreement, which allows Newmont to earn a 65% interest by funding $40 million over 36 months.

Key Details

• FAST-41 Selection: The Burnt Rock plan of operations was accepted into the FAST-41 Program Transparency List, a federal initiative designed to streamline approvals for vital infrastructure and ensure efficient review processes.
• Permitting Benefits: Acceptance makes permitting milestones transparent via the FAST-41 project dashboard and provides predictable timelines for the Spring Peak gold exploration project.
• Exploration Expansion: The authorization allows for the expansion of exploration activities, including the potential construction of up to 266 drill sites and 29 miles of new access roads.
• Project Location: The project is located in the Aurora mining district of west-central Nevada, adjacent to Hecla Mining Company's past-producing Aurora mine.
• Infrastructure: Existing infrastructure at the adjacent Aurora mine includes a 600-ton-per-day mill, several production water wells, and high-voltage three-phase power.
• Drilling History (Disco Zone): Recent drilling has confirmed high-grade gold mineralization, including:
  • 15.92 g/t Au over 2.38 metres
  • 10.43 g/t Au over 2.01 metres
  • A broader zone of 2.73 g/t Au over 34.72 metres
• Earn-In Agreement: Newmont Corp. is financing the current exploration program under stage 2 of the earn-in agreement. Newmont may earn a 65% interest by sole funding $40 million (U.S.) over a 36-month period.
• Ownership Structure: Headwater holds an option to acquire a 100% undivided interest from Orogen Royalties, subject to retained royalties. Newmont has an option to acquire up to 75% of the project following certain expenditures and the preparation of a prefeasibility study.
• Technical Review: Technical information was reviewed and approved by Dr. Gregory Dering, PGeo, Vice-President of Exploration.

Notable Quotes

• Caleb Stroup, President and CEO: "We are thrilled by the inclusion of our project into the FAST-41 program. The continued support of the federal government for mining and exploration projects underscores the growing recognition of the importance of a domestic mineral supply chain. FAST-41 is the track that high-quality, federally recognized projects are placed on, providing the transparency and predictability that are so critical to advancing exploration in the United States."
• Caleb Stroup, President and CEO: "With permitting clarity and a funding partnership in place, we're well positioned to progress exploration at Spring Peak."