US Federal Government Selects Headwater Gold's Spring Peak Project for FAST-41 Permitting Track

Executive Summary

• Headwater Gold’s Burnt Rock Plan of Operations at the Spring Peak project has been added to the U.S. Federal FAST‑41 Transparency List, providing a streamlined and transparent permitting pathway.
• The inclusion supports the expansion of exploration activities under Stage 2 of the Spring Peak earn‑in agreement with Newmont, which may fund up to US$40 million over 36 months for a 65% project interest.
• The plan proposes up to 266 new drill sites, 29 miles of access roads and a comprehensive reclamation program, enhancing the company’s ability to test high‑grade gold mineralization in the Aurora district.

Key Details

• FAST‑41 Program Acceptance: Burnt Rock Plan of Operations now appears on the FAST‑41 project dashboard, ensuring transparent regulatory review and predictable permitting timelines.
• Earn‑in Funding Commitment: Newmont may fund US$40 million under Stage 2 of the Spring Peak earn‑in agreement, potentially earning a 65% interest in the project after meeting spending milestones within 36 months.
• Exploration Expansion Scope: The proposed operation includes:
• Up to 266 drill sites targeting mineralized trends beneath thin volcanic cover.
• Construction of 29 miles of new access roads to support drilling and exploration logistics.
• A comprehensive reclamation plan for all disturbance associated with the expanded program.
• High‑Grade Intersections (Historical): Prior drilling at the Disco Zone intersected:
• 15.92 g/t Au over 2.38 m
• 10.43 g/t Au over 2.01 m
• Within a broader zone of 2.73 g/t Au over 34.72 m.
• Strategic Positioning: The Burnt Rock area lies in the Aurora mining district, adjacent to Hecla Mining’s past‑producing Aurora mine, leveraging existing infrastructure (600 tpd mill, water wells, high‑voltage power).
• Option Structure: Headwater holds an option to acquire 100% of Spring Peak from Orogen Royalties, subject to retained royalties; Newmont retains the right to increase its stake up to 75% after meeting spend and pre‑feasibility study conditions.

Notable Quotes

“We are thrilled by the inclusion of our project into the Fast‑41 program… With permitting clarity and a funding partnership in place, we’re well positioned to progress exploration at Spring Peak.” – Caleb Stroup, President & CEO, Headwater Gold Inc.