Headwater Gold Signs Additional Earn-In Agreement with Newcrest on Lodestar Project, Nevada

About this update from Headwater Gold, Inc.

Headwater Gold Signs Additional Earn-In Agreement with Newcrest on Lodestar Project, Nevada (TheNewswire) Vancouver, British Columbia – TheNewswire - May 9, 2023: Headwater Gold Inc. (CSE:HWG) (OTC:HWAUF) (the "Company" or "Headwater") is pleased to announce it has signed a definitive option and earn-in agreement (the “Earn-in Agreement”) with a wholly owned subsidiary of Newcrest Mining Limited (“Newcrest”) (ASX, TSX, PNGX: NCM) on the Company’s Lodestar Project in Nevada (“Lodestar” or the “Project”). Pursuant to the Earn-in Agreement, Newcrest will have an option to acquire (the “Earn-In Transaction”) up to a 75% interest in Lodestar for cumulative earn-in exploration expenditures of US$30,000,000 and the completion of a Pre-Feasibility Study which includes a minimum resource of 1.5 million gold or gold equivalent ounces. Highlights: Newcrest will sole fund a minimum commitment of US$2,000,000 in exploration expenditures on the Lodestar project, or pay the difference to Headwater; During the staged earn-in phase, Newcrest will have the right to earn up to a 65% interest in the Project by sole funding exploration expenditures of US$30,000,000 over a 6-year period; Newcrest retains the right to earn an additional 10% interest in the Project (for a total interest of 75%) by: (1) ceding a 2% Net Smelter Return (“NSR”) royalty to Headwater on claims 100% owned by the Company and a 1% NSR royalty on inlying claims subject to an underlying option agreement and (2) completing a Pre-Feasibility Study, solely funded by Newcrest which includes a minimum 1.5 million ounce gold or gold-equivalent resource within an additional 24-month period; and, Newcrest will reimburse all expenditures previously incurred by the Company on the Project through a cash payment totalling US$77,759. Caleb Stroup, the President and CEO of the Company, states: “We are very excited to partner with Newcrest again on yet another high-quality exploration project in the Headwater portfolio.  Our ongoing relationship with Newcrest has allowed us to quickly and effectively advance a number of our projects and we look forward to expanding this relationship through the inclusion of the Lodestar project.  The structure of the Earn-In Transaction offers our shareholders a potential ca...

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