Headwater Gold Inc. announced the completion of its 2023 drilling programs. Drilling at Spring Peak, Midas North and Mahogany was fully funded by Newmont Corporation (?Newmont?) (NYSE: NEM) pursuant to the earn-in agreements announced on August 16, 2022. Highlights: Spring Peak ? Twenty-five drill holes were completed in the 2023 drill campaign totaling 8,475 metres (?m?); o Initial drill results extend Disco Zone mineralization to the northeast and southwest over a strike extent of at least 350 m, and to a depth of greater than 300 m below surface.

Mineralization remains open in both directions and at depth; Drill hole SP23-28 intercepted 25.54 m grading 1.75 g/t Au including 8.04 g/t Au over 1.19 m and 5.35 g/t Au over 2.59 m; Drill hole SP23-33 intercepted 37.01 m grading 1.28 g/t Au including 6.53 g/t Au over 1.68 m and 6.27 g/t Au over 1.19 m; o A step out drill hole (SP23-37) has been completed approximately 400 m northeast along strike of the main Disco Zone. This hole encountered multiple epithermal veins in the target zone. Assays are pending for this hole as well as 11 additional holes from the 2023 program.

Midas North ? Nine drill holes were completed totaling 4,202 m at Midas North, testing six target areas. Epithermal veining and alteration were encountered in multiple target areas across the property.

Assays are pending; Mahogany ? Five drill holes were completed totaling 1,524 m at Mahogany, testing two target areas. No significant precious metal intercepts were encountered.

The Company continues to review the data in consultation with earn-in partner Newmont to determine if additional targets of merit remain on the property; and, Katey ? Eleven drill holes were completed totaling 2,803 m at Katey, testing four target areas. No significant precious metals intercepts were encountered.

No further work on the project is planned by the Company at this time.