Mr. Caleb Stroup reports

HEADWATER GOLD APPOINTS FRASER MACCORQUODALE AS DIRECTOR

Headwater Gold Inc. has appointed Fraser MacCorquodale as a non-executive director, effective immediately.

Highlights:

• The company has appointed Mr. MacCorquodale as a non-executive director.
• Mr. MacCorquodale is an exploration geologist with over 35 years of experience and, until recently, was Newcrest Mining's global head of exploration from 2008 to 2023, during which he was directly involved in several discoveries within Australia, Indonesia, Papua New Guinea, West Africa and Western Canada.
• Mr. MacCorquodale brings a deep understanding of high-grade epithermal gold deposits, which are the focus of exploration across Headwater's portfolio of projects.

Caleb Stroup, president and chief executive officer of the company, stated: "I am extremely pleased to welcome Fraser to the Headwater Gold team. Fraser boasts an extremely impressive career, having guided multiple successful discovery-driven initiatives globally. His technical and strategic knowledge will be of great benefit to the company as we scale up our exploration efforts across our portfolio of projects and continue to advance our recent Spring Peak high-grade gold discovery. I believe that Fraser's joining the team underscores the quality of our team and strategy and points to the opportunity for significant new discoveries to be made within our portfolio."

About Mr. MacCorquodale, non-executive director

Mr. MacCorquodale is an exploration geologist with over 35 years of experience in exploring for gold and copper deposits globally, encompassing expertise in near mine, brownfield and greenfield exploration. Mr. MacCorquodale led Newcrest's global exploration team from 2008 to 2023, during which he was directly involved in a number of discoveries within Australia, Indonesia, Papua New Guinea, West Africa and Western Canada.

During his tenure, Mr. MacCorquodale played a pivotal role in formulating and executing Newcrest's growth strategy, overseeing the development of a world-class exploration team and establishing a robust growth portfolio.

Mr. MacCorquodale has extensive expertise in exploring for and developing high-grade epithermal vein deposits globally, including significant experience at several world-class deposits such as Cracow and Gosowong. This background, as well as experience in many other epithermal districts throughout the world, has provided Mr. MacCorquodale with a deep knowledge of low-sulphidation vein systems and what is required to successfully explore for them. Mr. MacCorquodale was awarded the Colin Spence Award for excellence in global mineral exploration in 2020 from the Association for Mineral Exploration for his role in discovery of the Havieron project located in Western Australia.

Stock options

The company has granted 150,000 incentive stock options to Mr. MacCorquodale. Each option is exercisable to purchase one common share of the company at a price of 27 cents for a five-year term and will vest six months after the date of grant. The options are subject to the acceptance of the Canadian Securities Exchange.

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 of experienced geologists with diverse capital markets, junior and major mining company backgrounds.

The company is systematically drill testing several projects in Nevada and in August, 2022, and May, 2023, announced significant transactions with Newmont Corp., where it acquired a 9.9-per-cent strategic equity interest in the company and entered into earn-in agreements on several of Headwater's projects.

Headwater is part of the NewQuest Capital Group, which is a discovery-driven investment enterprise that builds value through the incubation and financing of mineral projects and companies.

We seek Safe Harbor.