Headwater Gold and OceanaGold Sign Letter of Intent to Explore Three Projects in Nevada

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[{"type":"text","content":"Headwater Gold and OceanaGold Sign Letter of Intent to Explore Three Projects in Nevada\n\n\n\n VANCOUVER, British Columbia, July 22, 2025 (GLOBE NEWSWIRE) -- Headwater Gold Inc. (CSE: HWG, OTCQB: HWAUF) (the \"Company\" or \"Headwater\") is pleased to announce it has signed a non-binding Letter of Intent (“LOI”) with a subsidiary of OceanaGold Corporation (“OceanaGold”) (TSX: OGC, OTCQX: OCANF). The parties propose to enter into a definitive agreement (the “Agreement”) within 90 days for OceanaGold to acquire an option to earn up to a 75% interest in Headwater’s TJ, Jake Creek and Hot Creek projects in Nevada (collectively, the “Projects”) through staged exploration expenditures totalling up to US$65,000,000 and the completion of Pre-Feasibility Studies.\n \n\n\n\n Highlights:\n \n\n\n\n\n OceanaGold proposes to fund a firm minimum commitment of US$2,500,000 in exploration expenditures across three Projects within the first two years of the Agreement;\n \n\n OceanaGold may elect to earn up to a 65% interest in each Project by funding exploration expenditures of US$25,000,000 on each of TJ and Jake Creek and US$15,000,000 on Hot Creek within an 8-year period;\n \n\n OceanaGold may elect to earn an additional 10% interest (to 75%) by completing a Pre-Feasibility Study (“PFS”) on each Project and granting Headwater a 1% NSR royalty upon completion of the PFS;\n \n\n Under the partnership, Headwater will be the initial operator of the Projects and will receive a 10% management fee; and\n \n\n Headwater and OceanaGold are preparing to initiate drilling programs at the TJ project immediately following the execution of the Agreement.\n \n\n\n\n Caleb Stroup, Headwater’s President and CEO, states:\n \n “We are excited to announce this LOI with OceanaGold, a highly respected technical partner and a successful epithermal gold explorer and mid-tier gold miner. The LOI outlines a clear framework to advance our TJ, Jake Creek and Hot Creek projects through significant exploration funding and drilling, while allowing Headwater to retain meaningful carried interests and royalties. This deal aligns with our strategy of partnering with strong corporate partners to aggressively accelerate exploration on our high-potential projects in Nevada, one of the wor...

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