Headwater Gold Inc. announced anticipated 2023 exploration activities for projects under earn-in agreements with Newcrest Mining Limited announced on August 16, 2022 and May 9, 2023. Exploration activities on earn-in projects in 2023 expected to include: Spring Peak - up to 11,500 metres of drilling, geophysics, additional geologic mapping, and environmental baseline studies; Midas North - up to 3,500 metres of drilling; Mahogany - up to 2,000 metres of drilling; Lodestar - Geological targeting, geophysical surveying and drill permitting; Drilling is estimated to commence in late June 2023; As the current operator, Headwater is entitled to earn a 10% management fee on earn-in exploration expenditures; and Upon completion of the above work programs, Headwater estimates that Newcrest will have satisfied the minimum spending commitments for the Spring Peak, Midas North, and Mahogany Agreements but will not yet have met the spending threshold required to earn an initial 51% interest in any of the projects.