US Federal Government Selects Headwater Gold’s Spring Peak Project for FAST-41 Permitting Track

Rhea-AI Summary

Headwater Gold (OTCQB: HWAUF) announced its Spring Peak Burnt Rock Plan of Operations has been selected for the US FAST-41 permitting track, providing a transparent, expedited federal review timeline for the project.

The Stage 2 exploration program is funded by Newmont, which may earn a 65% interest by sole-funding US$40,000,000 over 36 months. The Plan proposes up to 266 drill sites and 29 miles of access roads and references high-grade drill results at the Disco Zone.

Positive

• Newmont committed to fund US$40,000,000 over 36 months
• Project accepted onto federal FAST-41 permitting track
• Plan allows up to 266 drill sites and 29 miles of new roads
• High-grade intercepts including 15.92 g/t Au over 2.38 m

Negative

• Newmont may acquire up to 75% interest after expenditures and a PFS
• Permitting approval remains forward-looking and is not guaranteed

VANCOUVER, British Columbia, Oct. 20, 2025 (GLOBE NEWSWIRE) -- Headwater Gold Inc. (CSE: HWG) (OTCQB: HWAUF) (the "Company" or "Headwater") is pleased to announce that its exploration permit on the Spring Peak project, referred to as the Burnt Rock Plan of Operations and located in western Nevada, has been selected for the United States Federal Permitting Improvement Steering Council’s FAST-41 program Transparency List. FAST-41 is a federal initiative designed to streamline approvals for vital infrastructure, ensuring that designated mining projects receive an efficient review and authorization process. Acceptance into the program makes permitting milestones transparent via the FAST-41 project dashboard (link: here). The currently contemplated exploration program is funded by Newmont Corporation (“Newmont”) (NYSE: NEM, ASX: NEM, PNGX: NEM) under Stage 2 of the Spring Peak earn-in agreement (see news release dated September 26, 2025) where Newmont may earn a 65% interest in the project by sole funding US$40,000,000 over a 36-month period.

Highlights:

• The selection of the Burnt Rock Plan of Operations into the FAST-41 program provides for transparent and efficient regulatory review and predictable permitting timelines for the Spring Peak gold exploration project.
• The authorization of the additional potential drill sites in the proposed permit would allow for an expansion of exploration activities at the project under Stage 2 of the Spring Peak earn-in agreement.

Caleb Stroup, President and CEO of the Company, states: “We are thrilled by the inclusion of our project into the Fast-41 program. The continued support of the Federal Government for mining and exploration projects underscores the growing recognition of the importance of a domestic mineral supply chain. FAST-41 is the track that high-quality, federally recognized projects are placed on, providing the transparency and predictability that are so critical to advancing exploration in the United States. With permitting clarity and a funding partnership in place, we’re well positioned to progress exploration at Spring Peak.”

The Burnt Rock Plan of Operations on the Spring Peak project is located in the Aurora mining district of west-central Nevada and is adjacent to Hecla’s past-producing Aurora mine. The Plan of Operations proposes to increase the exploration search space on the project and opens up exploration drilling along the interpreted projection of mineralized trends under thin volcanic cover. The Plan of Operations includes the potential construction of up to 266 drill sites, 29 miles of new access roads, and a comprehensive reclamation plan for all proposed exploration activity disturbance.

About the Spring Peak Project

The Spring Peak project is located in the Walker Lane belt, west-central Nevada, approximately 50 km southwest of the town of Hawthorne. The project adjoins Hecla Mining Company’s past-producing Aurora mine, where existing infrastructure includes a 600 ton per day mill, several production water wells and high-voltage three-phase power. Drilling at the Disco Zone has confirmed the presence of high-grade gold mineralization, including intersections such as 15.92 g/t Au over 2.38 m and 10.43 g/t Au over 2.01 m within a broader zone of 2.73 g/t Au over 34.72 m. Headwater holds an option to acquire a 100% undivided interest in the Spring Peak project from Orogen Royalties (TSXV: OGN), subject to retained royalties and subject to Newmont’s option to acquire up to 75% of the project following certain expenditures and preparation of a Pre-Feasibility Study within a designated time frame.

About Headwater Gold

Headwater Gold Inc. (CSE: HWG, OTCQB: HWAUF) is a technically-driven mineral exploration company focused on exploring for and discovering high-grade precious metal deposits in the Western USA. Headwater is actively exploring one of the world’s most well-endowed, mining-friendly jurisdictions, with a goal of making world-class precious metal discoveries. The Company has a large portfolio of epithermal vein exploration projects and a technical team with diverse experience in capital markets and major mining companies. Headwater is systematically drill-testing several projects in Nevada and has strategic earn-in agreements with Newmont on its Spring Peak and Lodestar projects and OceanaGold Corporation on its TJ, Jake Creek and Hot Creek projects. In August 2022 and September 2024, Newmont and Centerra Gold Inc. acquired strategic equity interests in the Company, further strengthening Headwater’s exploration capabilities.

For more information about Headwater, please visit the Company's website at www.headwatergold.com.

Headwater is part of the NewQuest Capital Group which is a discovery-driven investment enterprise that builds value through the incubation and financing of mineral projects and companies. Further information about NewQuest can be found on the company website at www.nqcapitalgroup.com.

On Behalf of the Board of Directors

Caleb Stroup
President and CEO
+1 (775) 409-3197
cstroup@headwatergold.com

For further information, please contact:

Brennan Zerb
Investor Relations Manager
+1 (778) 867-5016
bzerb@headwatergold.com

Qualified Person

The technical information contained in this news release has been reviewed and approved by Dr. Gregory Dering, P.Geo (AIPG CPG-12298), a “Qualified Person” (“QP”) as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr. Dering is not independent by reason of being the Company’s Vice President of Exploration.

Forward-Looking Statements:

This news release 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 including, without limitation, statements regarding the receipt of permitting approvals for the Burnt Rock project at Spring Peak and the timing thereof, future capital expenditures, exploration activities and the specifications, targets, results, analyses, interpretations, benefits, costs and timing of them, Newmont’s anticipated funding of the earn-in projects and the timing thereof, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the anticipated business plans and timing of future activities of the Company, including the Company’s exploration plans and the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, the risk that Newmont will not elect to obtain any additional prognostic interest in the earn-in projects in excess of the minimum commitment, the ability of the Company to obtain the required permits, changes in laws, regulations and policies affecting mining operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s prospectus dated May 26, 2021 and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR+ website at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements, except as otherwise required by law.

FAQ

What does Headwater Gold's FAST-41 selection mean for Spring Peak (HWAUF)?

Selection places the Burnt Rock Plan on a federal FAST-41 track for transparent, coordinated permitting and more predictable review timelines.

How much funding will Newmont provide to earn 65% of Spring Peak (HWAUF)?

Newmont may earn 65% by sole-funding US$40,000,000 over a 36-month Stage 2 earn-in.

What exploration scope is proposed in the Spring Peak Plan of Operations (HWAUF)?

The Plan proposes up to 266 drill sites, 29 miles of new access roads and a comprehensive reclamation plan for exploration disturbance.

Are there any notable drill results reported at Spring Peak (HWAUF)?

Yes; the Disco Zone includes high-grade results such as 15.92 g/t Au over 2.38 m and 2.73 g/t Au over 34.72 m.

Could Headwater lose majority ownership of Spring Peak (HWAUF)?

The company notes Newmont has options that could result in Newmont holding up to 75% interest following certain expenditures and a pre-feasibility study.