Headwater Gold Inc. announced the commencement of drilling at the Spring Peak project in Nevada. The program is designed to follow-up on Headwater's 2022 drill results which discovered high-grade epithermal veins in two distinct target areas. Spring Peak is located in the Walker Lane belt of Nevada, immediately south of Hecla Mining Company's past producing Aurora Mine; Up to approximately 11,500 m of drilling is currently planned, utilizing three drill rigs and a combination of reverse circulation ("RC") and core drilling; The drill program is currently fully funded by a subsidiary of Newcrest Mining Limited ("Newcrest") pursuant to the option and earn-in transaction announced August 16, 2022; and The goals of the drill program are to: Offset high- grade epithermal veins discovered in Headwater's 2022 drilling at the Disco Zone which intercepted 34.72 m grading 2.73 grams per tonne gold ("g/t Au"), including 15.92 g/t Au over 2.38 m and 10.43 g/t Au over 2.,01 m; Systematically test an approximately 500 m strike segment of the Disco Zone; Follow-up drilling at the newly discovered Opal Ridge Zone below shallow high-grade mineralization encountered in RC drill hole SP22-14; and Test multiple new high-priority target areas with RC scout drill holes.

2023 Drill Program: The 2023 drill program is expected to consist of up to 11,500 m over approximately 30 to 35 holes utilizing two diamond core rigs and one RC rig.isco Zone: The Disco Zone is a mineralized fault corridor which hosts a series of high-grade epithermal vein at depth discovered by Headwater in 2022 drilling beneath a thick accumulation of silica sinter at surface. The primary objective of the 2023 drill program is to further define and expand the Disco Zone along strike and down dip at approximate 50 metre increments.