Headwater Gold: Newmont Elects to Advance to Stage 2 of the Spring Peak Earn-In Agreement

About this update from Headwater Gold, Inc.

[{"type":"text","content":"Vancouver, British Columbia, September 26, 2025 – TheNewswire - Headwater Gold Inc. (CSE: HWG) (OTCQB: HWAUF) (the \"Company\" or \"Headwater\") is pleased to announce that Newmont Corporation (“Newmont”) has completed Stage 1 of the Spring Peak earn-in agreement announced on August 16, 2022 (the “Earn-In Agreement”) by sole funding of US$15,000,000 in exploration expenditures on the project. Newmont has earned a 51% interest in the Spring Peak project and has elected to proceed to Stage 2 of the Earn-In Agreement to potentially earn a 65% interest in the project by sole funding an additional US$40,000,000 within 36 months. The parties will establish a Joint Venture Company pursuant to a definitive joint venture agreement, to be negotiated, which will govern management, funding commitments and operator transition terms to continue exploration on the project. Headwater is the operator of the project and earns a 10% management fee. Highlights: Newmont has completed Stage 1 of the Spring Peak project Earn-In Agreement and has elected to advance the project to Stage 2.  Under Stage 2, Newmont may increase its interest in the project from 51% to 65% by funding exploration expenditures of US$40,000,000.  Upon completion of Stage 2, Newmont may elect to proceed to Stage 3 to earn an additional 10% interest, resulting in a 75% interest in the project by:  Completing a Pre-Feasibility Study solely funded by Newmont within an additional 2-year period; and  Granting to Headwater a 2% NSR royalty on claims 100% owned by Headwater and a 1% NSR royalty on inlying claims subject to an underlying option agreement.  Headwater will be the initial operator of the project under Stage 2 and earn a 10% management fee on exploration expenditures on the project.   Caleb Stroup, President and CEO of Headwater, comments: “The completion of Stage 1 and commencement of Stage 2 at Spring Peak represent a major milestone for the project and the Company.  We are extremely pleased that Newmont has elected to continue our partnership on the project following the discovery of the high-grade Disco Zone, encouraging drill results from the Shadow Target, and an expanding set of additional property scale targets.  The US$40,000,000 potential funding included in Stage 2 positions the Company to aggressively explore the district...

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