Mr. Caleb Stroup reports

HEADWATER GOLD GRANTS STOCK OPTIONS

Headwater Gold Inc. has granted 1.7 million incentive stock options to directors, officers, employees and consultants of the company. Each option is exercisable to purchase one common share of the company at a price of 20 cents for a five-year term and vests immediately. 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, 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.