Mr. Neil Roszell reports

HEADWATER EXPLORATION INC. ANNOUNCES QUARTERLY DIVIDEND AND MANAGEMENT UPDATE

Headwater Exploration Inc.'s board of directors has declared a quarterly cash dividend to shareholders of 10 cents per common share in alignment with the company's return of capital strategy. This quarterly dividend will be paid on Oct. 16, 2023, to shareholders of record at the close of business on Sept. 29, 2023. These dividends are designated eligible dividends for the purposes of the Income Tax Act (Canada).

Headwater Exploration is pleased to announce the appointment of Georgia Little to the position interim vice-president, finance, and chief financial officer. Ali Horvath, the company's current vice-president, finance, and chief financial officer, is expected to be on maternity leave in October. Ms. Little is a chartered professional accountant, and she has been the controller of Headwater Exploration since April, 2020.