Headwater Gold Mobilizes Geophysical Surveys at Jake Creek Project, Nevada and Provides Update on Exploration Activities

Executive Summary

• Headwater Gold has commenced CSAMT resistivity and ground‑gravity geophysical surveys at its 100 % owned Jake Creek project in Nevada, fully funded under the earn‑in agreement with OceanaGold.
• A new surface epithermal quartz vein (“Pete’s Vein”) was identified through detailed mapping, adding a fresh target for upcoming drilling.
• Soil sampling (500 samples) and comprehensive geological mapping have refined the structural model; an initial drill program is slated for early summer 2026, with survey results guiding final target selection.

Key Details

• Survey Scope: 12.5 km of CSAMT lines (five parallel, one perpendicular) plus a 600‑station gravity grid covering ~28 km² at 200 m spacing (400 m along margins).
• Objective: Define fault architecture and district‑scale fluid pathways controlling historic blind gold mineralization; prioritize high‑quality drill targets.
• Surface Discovery: “Pete’s Vein” – outcropping high‑level epithermal quartz‑opal veining with classic boiling textures, located in the northern project area.
• Soil Geochemistry: 500 samples collected on a 50 m grid; anomalies for Au, As, Mo, Sb, W, Mn align with mapped northwest‑trending structures and Pete’s Vein.
• Historical Drill Highlight (cited): Hole JC‑005 intersected 11.3 g/t Au over 1.52 m within a broader 45.72 m interval grading 0.96 g/t Au from 210.3 m depth.
• Drilling Plan: Early summer 2026 – initial program to be funded by OceanaGold; final target locations will be refined using the CSAMT and gravity data.
• Earn‑in Agreement: Surveys are fully funded pursuant to the earn‑in arrangement with OceanaGold announced 15 Oct 2025.
• Project Context: Jake Creek comprises 189 unpatented lode claims (3,700 acres) on BLM land in Humboldt County, Nevada; half of a 1 % NSR can be purchased for $1 M at any time.

Notable Quotes

“Our current program of detailed mapping, relogging, soils and rock sample geochemistry and modern geophysics is focused on defining the fault architecture… as we refine this structural and geological model, we are generating increasingly well‑constrained, high‑quality drill targets…” – Caleb Stroup, President & CEO

Materiality Assessment: Non‑Material – Positive (operational update providing new exploration data and a clear path to the next drilling phase).