Mr. Caleb Stroup reports

HEADWATER GOLD ANNOUNCES MANAGEMENT UPDATE

Headwater Gold Inc. has appointed Philip Yee, MBA, CPA, as chief financial officer of the company. Mr. Yee is a professional accountant with graduate degrees in business and engineering and over 20 years experience in corporate management, regulatory compliance, accounting, audit and taxation for both private and public companies. Previously, Mr. Yee held executive management roles at Canagold Resources, Endeavour Silver and the Augusta Group. The company has granted 200,000 incentive stock options to Mr. Yee. Each option is exercisable to purchase one common share of the company at a price of 32 cents for a five-year term and will vest in six months after the date of grant. The options are subject to the acceptance of the Canadian Securities Exchange.

The previous CFO, Sandra Wong, will continue in her role as corporate secretary of the company while taking on additional CFO and corporate secretarial responsibilities within the NewQuest Capital Group, of which Headwater is a part.

Caleb Stroup, the president and chief executive officer of the company, states: "Mr. Yee has a proven track record in the mining and exploration industry and we are very pleased to welcome him into the Headwater organization. Our business and exploration activities have scaled up significantly in the past year and Philip's experience and knowledge will be highly valuable in continuing this growth. Headwater would like to thank Ms. Wong, who previously served as CFO, for her exceptional contributions to our success to date. I very much look forward to continuing working with Sandra in her ongoing role with the company."

About Headwater Gold Inc.

Headwater Gold is a technically driven mineral exploration company focused on the exploration and discovery of high-grade precious metal deposits in the Western United States. Headwater is aggressively exploring one of the most well-endowed and mining-friendly jurisdictions in the world with a goal of making world-class precious metal discoveries. Headwater has a large portfolio of epithermal vein exploration projects and a technical team comprising experienced geologists with diverse capital markets, junior company and major mining company experience. The company is systematically drill testing several projects in Nevada, Idaho and Oregon, and in August, 2022, and May, 2023, announced significant transactions with Newcrest Mining Ltd. where Newcrest acquired a 9.9-per-cent strategic equity interest in the company and entered into several earn-in agreements on Headwater's projects.

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