Mr. Caleb Stroup reports

HEADWATER GOLD STAKES NEW DISTRICT-SCALE EPITHERMAL GOLD PROJECT IN NEVADA

Headwater Gold Inc. has acquired the Jupiter project through claim staking. The project is a 100-per-cent-owned and royalty-free district-scale epithermal gold project located on Bureau of Land Management (BLM) land in Nye county, Nevada.

The project comprises 352 unpatented lode mining claims covering approximately 7,000 acres (2,800 hectares) and encompasses a large, well-preserved hydrothermal alteration system within the Walker Lane belt. The project represents a large, underexplored epithermal system with demonstrated gold mineralization that has not previously been evaluated as a cohesive exploration target.

Highlights:

• Large, well-preserved and underexplored epithermal system with a surface alteration footprint of approximately five kilometres by eight kilometres;
• Historical drilling confirmed gold mineralization, including 9.1 metres at 1.1 grams per tonne gold, with no meaningful follow-up;
• Strong surface rock-chip and soil geochemistry with gold values up to 3.1 grams per tonne gold and broad pathfinder anomalism;
• 100-per-cent-owned district-scale land position covering the mapped alteration system and interpreted structural extent;
• Clear path forward to define and prioritize initial drill targets.

Caleb Stroup, president and chief executive officer of the company, stated: "Jupiter is exactly the type of opportunity we look for: a large, metal-bearing hydrothermal system in Nevada where previous work demonstrated the presence of gold but failed to recognize the scale and coherence of the system. Historical drilling confirmed the presence of gold mineralization, including 9.1 metres grading 1.1 grams per tonne gold associated with illite alteration, but that work was never followed up in the context of the broader mineral system. By compiling and integrating historical data with modern alteration mapping, geochemistry and structural interpretation, we now see a clear picture of a district-scale epithermal system with multiple structurally controlled targets which are untested at depth. We have secured a dominant land position across the full alteration footprint and have a clear path to systematically advance the project."

The Jupiter project

Jupiter is located in Nye county, Nevada, within the Walker Lane, a highly prospective belt that hosts several multimillion-ounce gold systems, including Round Mountain owned by Kinross Gold Corp. and the Silicon-Merlin discovery (Arthur project) owned by AngloGold Ashanti. The project lies within a regional mineral belt associated with Tertiary magmatism and is underlain by Miocene volcanic rocks intruded by felsic dikes and cut by east-northeast- to northeast-trending structures. At the district scale, these features define a coherent structural and magmatic corridor interpreted to control hydrothermal fluid flow and mineralization.

Large hydrothermal system

Jupiter hosts a laterally extensive and well-zoned hydrothermal system covering approximately five by eight kilometres. Pervasive kaolinite alteration observed at surface is consistent with a preserved epithermal environment, with higher-temperature silica-dickite-kaolinite assemblages localized along multiple structurally controlled corridors, often associated with rhyolite dikes. Alteration generally transitions outward into broad zones of illite alteration and distal smectite- and silica-rich assemblages.

Gold mineralization identified to date has been primarily associated with illite alteration below a broad zone of kaolinite-dickite alteration that dominates the majority of the project area at surface. The most intense surface alteration occurs along a well-defined east-northeast structural corridor interpreted as the primary upflow zone for the system (Queen City and Redwing target areas). Historic drilling in these areas was generally shallow and consisted of vertical holes that did not adequately test for mineralization along potential high-angle feeder structures at depth. Several interpreted lower-temperature alteration zones display characteristics consistent with the upper portions of a low-sulphidation epithermal system, suggesting potential for bulk minable and high-grade underground-style targets across the property and further expanding the overall exploration potential.

Gold mineralization and historical work

The project area has seen a series of limited exploration campaigns by companies such as U.S. Minerals, Kennecott, Geologix, Altan Nevada, Kinross, Renaissance Gold and Ramelius Resources between 1981 and 2020. Historical work has demonstrated that the Jupiter system is metal bearing, with gold mineralization spatially associated with alteration and structurally controlled zones. The most significant drill intercept reported to date is 9.1 metres grading 1.1 grams per tonne gold from hole JURC0001, which was reportedly not followed up. Historical surface rock sampling reportedly returned gold values up to 3.1 g/t Au. Historical soil sample geochemistry defines a strong gold anomaly along the contact between Paleozoic carbonates and altered volcanic rocks in the western portion of the project, indicating further potential for gold mineralization at depth to the east below the broad argillic alteration footprint.

Despite these results, past exploration was generally fragmented across multiple operators and largely focused on alternative deposit models such as Carlin-type gold mineralization in the Paleozoic rocks west of the main alteration footprint. No previous operator has controlled the full land position or evaluated the system in an integrated manner.

Structural controls and targeting

Headwater's preliminary fieldwork indicates that mineralization is controlled by a combination of east-northeast-trending structures and associated felsic intrusions, which together define a district-scale structural corridor. Available historic geophysical data support this interpretation, highlighting major structural lineaments, zones of demagnetization associated with alteration and conductive clay-altered rocks overlying a large untested resistive body at depth. These data sets collectively define convergent structural, alteration and geophysical targets that will be prioritized for follow-up work. Headwater has identified several initial target areas across the property, including zones of known gold mineralization, structurally focused alteration and strong geochemical anomalies.

The next phase of work at Jupiter will focus on transitioning from reconnaissance to systematic target definition. Headwater plans to complete detailed geological mapping, targeted surface sampling and property-scale geophysical surveys to refine structural architecture beneath postmineral cover and prioritize initial drill targets.

About the Jupiter project

The Jupiter project is a 100-per-cent-owned, district-scale epithermal gold project located in Nye county, Nevada, within the Walker Lane belt approximately 110 kilometres northeast of AngloGold's Arthur project. The project comprises 352 unpatented mining claims covering approximately 7,000 acres (2,800 hectares) on BLM land and is royalty-free. Jupiter hosts a large, well-preserved hydrothermal system extending approximately five by eight km, with well-developed alteration zoning and broad gold-in-soil anomalies. Historical drilling and surface sampling have confirmed the presence of gold mineralization, including 9.1 m grading 1.1 g/t Au and rock samples returning up to 3.1 g/t Au. Documented mineralization is associated with an illite-dominant alteration zone developed beneath the upper levels of the system. Despite its scale and demonstrated gold mineralization, Jupiter has not been evaluated as a cohesive exploration project and represents a compelling opportunity for systematic exploration.

About Headwater Gold Inc.

Headwater Gold is a technically driven mineral exploration company focused on exploring for and discovering high-grade precious metal deposits in the Western United States. Headwater is actively exploring one of the world's most well-endowed, mining-friendly jurisdictions, with a goal of making world-class precious metal discoveries. The company has a large portfolio of epithermal vein exploration projects and a technical team with diverse experience in capital markets and major mining companies. Headwater is systematically drill testing several projects in Nevada and has strategic earn-in agreements with Oceanagold Corp. on its TJ, Jake Creek and Hot Creek projects, Newmont Corp. on its Spring Peak and Lodestar projects, and Centerra Gold Inc. on its Crane Creek project in Idaho. In August, 2022, and September, 2024, Newmont and Centerra acquired strategic equity interests in the company, further strengthening Headwater's exploration capabilities.

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

We seek Safe Harbor.