Headwater Gold, Inc. · CSE:HWG
Headwater Gold — Investor Presentation (September 2026)
20 slides from Headwater Gold's investor presentation, September 2026
Slide 1: Partner-Funded Gold Explorer in Western USA
PARTNER-FUNDED GOLD EXPLORER IN WESTERN USA Partnered with: Q3 2026
Slide 2: Cautionary Note
CAUTIONARY NOTE This presentation includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein inclu
Slide 3: Partnership Advantage
PARTNERSHIP ADVANTAGE Improving the Business of Exploration with Major Company Capital More Shots On Goal: Partner-funded drilling advances more high-quality targets across the portfolio Less Dilution: Major-company capital funds larger programs without repeated equity issuance Better Targeting: Par
Slide 4: Why Own Headwater?
WHY OWN HEADWATER? US$205M of potential cumulative exploration 7 projects partnered with 10% management fee on major mining operated Newmont and expenditures across all earn-ins* companies OceanaGold programs Headwater combines the upside of exploration with ~30% 100% management and Multiple 100%-ow
Slide 5: Capital Structure
CAPITAL STRUCTURE Capital Structure OWNERSHIP: Shares Outstanding 86.6 M Warrants 3.7 M (Avg price $0.34) Options INSTITUTIONAL (Avg price $0.42) 8.5 M HNW & RETAIL MANAGEMENT Fully Diluted 98.9 M & INSIDERS 48.9% 30% Market Cap $58 M ~$7 M 7.1% 4.1% Cash 9.9% LOW BURN Collecting 10% management fees
Slide 6: Western USA Portfolio
WESTERN USA PORTFOLIO 100%-OWNED Crane Creek PROJECTS Partnered TJ Matador + 100%-Owned IDAHO Hot Creek Projects Midas North Jake Creek Nevada is the Fraser Institute's #1-ranked mining jurisdiction in Rock Creek the world for 2025 NEVADA Lodestar Whiskey Spring Peak Jupiter Source: Fraser Institute
Slide 7: Headwater Model
HEADWATER MODEL 01 Generate 02 Advance 03 Partner Acquire 100%- Use quality Attract major- owned high-grade geoscience to company capital gold projects on refine concept and technical input open ground and generate for drilling drill targets PARTNERSHIP ADVANTAGE Discovery Multiple chances at discov
Slide 8: Partner Funding (USD)
PARTNER FUNDING (USD) Interest Interest Interest Spring Peak Lodestar Jupiter TJ Jake Creek Hot Creek Crane Creek (%) (%) (%) Minimum $5M $2M $2.5M 0% $2.5M Commitment $1M $1M $ 0.5M 0% 0% In progress $10M $10M Stage 1 $15M $10M 51% $10M $5M 51% $10M 51% In progress In Progress +$40M +$15M +$15M +$1
Slide 9: Spring Peak | Nevada
SPRING PEAK | NEVADA JOINT VENTURE High-grade gold discovery adjacent to Hecla’s high- grade Aurora gold mine 15.92 g/t Au over 2.38 m at the Disco Zone – SP22-13 16.4 g/t Au over 1.52 m at Opal Ridge - SP22-14 PHASE 2: UP TO US$40M NEWMONT EXPENDITURES • FAST-41 permitting track • Mineralization re
Slide 10: Lodestar | Nevada
LODESTAR | NEVADA EARN-IN Fully funded project with geologic features analogous to Hecla’s Aurora mine 2,950 m drilling completed by Newmont Up to US$30M In potential exploration spending under the Newmont earn-in Thick silica sinter indicates potential for preserved epithermal veins at depth For de
Slide 11: Jupiter | Nevada
JUPITER | NEVADA EARN-IN Alteration Footprint Comparison JUPITER ARTHUR District-scale Headwater Gold AngloGold Ashanti epithermal gold Probable: 4.9 Moz Au project (88 Mt at 1.75 g/t Au) 5 × 8 km Indicated: 1.0 Moz Au Inferred: 5.5 Moz Au NEVADA alteration footprint across a large, underexplored Si
Slide 12: TJ | Nevada
TJ | NEVADA EARN-IN System hosts high- grade epithermal vein mineralization Headwater scout drilling returned grades up to 5.61 g/t Au over 0.70 m Only a small part of the system has been tested; mineralization remains open NEVADA For drill results, see the Company’s news release dated April 28, 202
Slide 13: Jake Creek | Nevada
JAKE CREEK | NEVADA EARN-IN High-grade gold in historic drilling 8 km from Turquoise Ridge 11.3 g/t Au Over 1.52 m in historic drill intercept hole JC-005 Funded 2026 drilling consists of ~3,500 m testing 8–10 high- priority targets * NI 43-101 Technical Report on the Turquoise Ridge Complex, Humbol
Slide 14: Crane Creek | Idaho
CRANE CREEK | IDAHO EARN-IN Funded drilling at high-priority epithermal gold project Up to US$25M In potential partner expenditures 62.5 m @ 1.21 g/t Au historical drill result with limited follow-up Recent geophysics expanded the target footprint across a broader epithermal system * *See the NI 43-
Slide 15: Board of Directors and Technical Team
BOARD OF DIRECTORS Caleb Stroup President & CEO Alistair Waddell Chairman Wendell Zerb Director Extensive MSc Geology BSc Geology, MAusIMM BSc Geology, P. Geol Industry Experience Kinross, Nova Gold Kinross, GoldQuest, AngloGold Exeter, Canaccord, PI Financial Fraser MacCorquodale Tero Kosonen Direc
Slide 16: Stock Performance
STOCK PERFORMANCE HWG +312% Catalysts Crane Creek Drill Results Jake Creek Drill Results Spring Peak Fast-41 Permitting Additional Drill Program Announcements GDXJ +148% New Potential Acquisitions And Partnerships GOLD +46% CSE: HWG│OTCQX: HWAUF 16
Slide 17: Highlights
Highlights Earn-In Partnerships Three active earn-in projects with Newmont, three active earn-in projects with OceanaGold and one active earn-in project with Centerra Gold Focused on High-Grade Gold Focus on high-grade gold and silver in mining-friendly Western USA World-Class Team Discovery-driven,
Slide 18: Spring Peak Drill Core
Spring Peak Drill Core Drill Hole: SP22-13 Interval: 275.9 m – 276.5 m CSE: H W G | OTCQX: H W AU F 18
Slide 19: Strategic Investors and Earn-in Partners
Teck Strategic Investment 79 28 Au Ni PGE TSX-V: F I N X CSE: REDC Gold Platinum Group 29 42 79 Nickel Elements Cu Mo Au Copper Molybdenum Gold OTCQB: REDRF FINEXMETALS.NET REDCANYONRESOURCES.COM Newmont Earn-in Partner AngloGold Ashanti Earn-in Partner OceanaGold Earn-in Partner Centerra Gold Earn-
Slide 20: Contact
Contact Reno Caleb Stroup Suite 3 – 6170 President & CEO Mae Anne Avenue Tel: +1-507-313-1480 Reno, Nevada cstroup@headwatergold.com 89523 Vancouver Alistair Waddell 1130 West Pender Street Chairman Suite 1210, V6E 4A4 Tel: +1-604-681-9100 Vancouver, BC, Canada alistair@headwatergold.com Brennan Zer
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