Headwater Gold and Centerra Gold Sign US $25 Million Earn-In Agreement to Explore the Crane Creek Gold Project in Idaho

About this update from Centerra Gold Inc.

[{"type":"text","content":"Headwater Gold and Centerra Gold Sign US $25 Million Earn-In Agreement to Explore the Crane Creek Gold Project in Idaho\n\n\n\n VANCOUVER, British Columbia, Dec. 03, 2025 (GLOBE NEWSWIRE) -- Headwater Gold Inc. (CSE: HWG, OTCQB: HWAUF) (the \"Company\" or \"Headwater\") is pleased to announce that it has entered into a definitive earn-in agreement (the “Agreement”) with a subsidiary of Centerra Gold Inc. (“Centerra”) (TSX: CG) for Centerra to earn up to a 70% interest in Headwater’s Crane Creek project in Idaho (the “Project”) through staged exploration expenditures totalling up to US$25,000,000 and the completion of a preliminary economic assessment (“PEA”) report.\n \n\n\n\n Highlights:\n \n\n\n\n\n\n Headwater has entered into a definitive earn-in agreement with Centerra\n \n for a subsidiary of Centerra to earn up to a 70% interest in Headwater’s Crane Creek project in Idaho;\n \n\n\n Up to US$25,000,000 in staged earn-in expenditures:\n \n Centerra may elect to earn up to a 60% interest in the Project by funding exploration expenditures of US$25,000,000 and granting Headwater a royalty on the Project;\n \n\n\n US$2,500,000 expenditure commitment\n \n : Centerra to fund a minimum commitment of US$2,500,000 in exploration expenditures during the first three years of the Agreement;\n \n\n\n Carried interest to completion of a PEA:\n \n Centerra may earn an additional 10% interest (up to 70%) in the Project by completing a preliminary economic assessment report on the Project; and\n \n\n\n The Project is fully permitted for drilling\n \n under a Notice of Intent with the Bureau of Land Management (“BLM”) and a Plan of Operation with the Idaho Department of Lands.\n \n\n\n\n Caleb Stroup, Headwater’s President and CEO, states:\n \n “Since becoming a strategic Headwater shareholder last year, Centerra has been an engaged and supportive partner. We are very excited to expand that relationship into a fully aligned exploration partnership on the project level at Crane Creek. Centerra’s commitment to a substantial multi-stage earn-in underscores the scale of the opportunity at this project and allows us to properly test what we believe is a large, underexplored epithermal system with high-grade potential at depth as well as near s...

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