Mr. Neil Roszell reports

HEADWATER EXPLORATION INC. ANNOUNCES RESULTS OF ANNUAL SHAREHOLDER MEETING

The nominees listed in Headwater Exploration Inc.'s management information circular dated March 27, 2023, were elected as directors of Headwater at its annual meeting of shareholders held today, May 11, 2023. In addition, all other matters considered at the meeting were approved by Headwater's shareholders.

On a vote by ballot, each of the 10 nominees as shown in the attached table proposed by management was elected as a director of Headwater.

KPMG LLP, chartered professional accountants, was appointed as the auditor of Headwater with 99.9 per cent of the shares represented at the meeting voting in favour of their appointment.

The resolution to accept Headwater's approach to executive compensation was approved, on a non-binding advisory basis, with 98.6 per cent of the shares represented at the meeting voting in favour of the resolution.