Mr. Caleb Stroup reports

HEADWATER GOLD MOBILIZES DISTRICT-SCALE GEOPHYSICAL SURVEYS TO DEFINE EXTENSION OF TJ EPITHERMAL SYSTEM, NEVADA

CSAMT resistivity and ground gravity geophysical surveys are under way at Headwater Gold Inc.'s TJ project in Elko county, Nevada. The surveys are fully financed by OceanaGold Corp. (Toronto Stock Exchange: OGC, New York Stock Exchange: OGC) pursuant to the earn-in agreement announced Oct. 15, 2025.

The program is designed to define the northern extension of the large alteration system identified beneath the TJ sinter during the company's 2025 core drilling program and to refine the district-scale architecture of the TJ Graben, interpreted by Headwater geologists as the primary structural control on known mineralization at the project.

Highlights:

• District-scale geophysical program under way: Approximately 16 line kilometres of CSAMT and 600 gravity stations are being completed across the northern projection of the TJ system and recently expanded land position.
• Expanding CSAMT coverage over the TJ graben: The program will approximately triple existing CSAMT coverage and add the first property-scale gravity survey at TJ to help define basin geometry, fault architecture, and the broader structural framework controlling alteration and mineralization.
• Targeting concealed alteration under cover: Existing CSAMT data imaged the intensely silicified alteration system beneath the main sinter as a strong resistivity high, and the new survey is designed to identify similar features extending north beneath shallow cover.
• Building on successful 2025 drilling: The program follows core drilling that returned the highest gold grades to date at TJ and confirmed a large, structurally controlled epithermal system open along strike and at depth.

Caleb Stroup, president and chief executive officer of the company, states: "The 2025 drilling program at TJ confirmed that the surface sinter is part of a much larger and more dynamic epithermal system than previously recognized. The intensity of alteration, stacked sinter horizons, hydrothermal breccias and multiphase veining encountered in drilling all point to a system that extends well beyond the limited area tested to date. This geophysical program is designed to step out aggressively to the north, where the TJ graben projects under shallow cover and where recent land expansion gives us room to follow the system at a district scale. Existing CSAMT data clearly images the silicified alteration beneath the main sinter area, and we expect the expanded CSAMT and first property-scale gravity survey will be critical tools for defining the architecture of the system and prioritizing the next phase of drilling."

TJ geophysical program

Headwater has engaged geophysical service providers to complete CSAMT resistivity and ground gravity surveys across the TJ project. The program will focus on the area north of the main TJ sinter, extending onto recently staked claims that expanded the project by 88 per cent to cover the interpreted northern continuation of the TJ graben.

The surveys follow the company's 2025 core drilling program, which confirmed the presence of a large, structurally controlled epithermal system beneath the main sinter area. Drilling encountered hydrothermal breccias, syn-mineral intrusions, multiple phases of quartz veining with boiling textures and the highest gold grades reported to date at the project, including 5.61 grams per tonne Au (gold) over 0.70 metre. Importantly, the drilling also confirmed that the system is hosted within the TJ graben, a north-trending structural corridor filled with Miocene sedimentary and volcanic rocks and locally capped by stacked sinter horizons.

The company's existing 8.2-line-kilometre CSAMT dat set covers the main sinter area and images a strong resistivity high coincident with the intensely silicified alteration system tested by recent drilling. The newly initiated CSAMT survey will add approximately 16 line kilometres of coverage and is designed to extend resistivity coverage northward across the projected continuation of the TJ graben, where postmineral cover and limited outcrop have historically limited exploration.

The ground gravity survey will consist of approximately 600 stations and represents the first property-scale gravity survey completed at TJ. Gravity data will be used to help define basin geometry, fault architecture and the broader structural framework of the TJ graben. These data will be integrated with CSAMT, hyperspectral alteration mapping, surface geochemistry and drilling results to refine the interpreted footprint of the system and prioritize targets for future drilling.

About the TJ project

The TJ project is located on Bureau of Land Management land in northeastern Nevada, approximately 25 kilometres southeast of the town of Jackpot. The project hosts a laterally extensive silica sinter and a well-preserved low-sulphidation epithermal system associated with the TJ graben, a structural corridor filled with Miocene sedimentary and volcanic rocks.

Headwater completed initial RC (reverse circulation) drilling in 2024, confirming a large epithermal alteration system and follow-up core drilling in 2025 returned the highest gold grades to date at the project, including 5.61 g/t Au over 0.70 metre. The project consists of 251 unpatented mining claims covering approximately 1,990 hectares following the 88-per-cent land expansion announced on April 28, 2026. OceanaGold has satisfied the minimum commitment component of stage 1 and continues to advance toward completion of stage 1, which would require additional investment of approximately $8-million (U.S.). Headwater holds an option to acquire a 100-per-cent undivided interest in the project from a private vendor, subject to retained royalties and OceanaGold's option to earn up to 65 per cent of the project following certain expenditures and delivery of a prefeasibility study within a designated time frame.

About Headwater Gold Inc.

Headwater Gold is a technically driven mineral exploration company focused on exploring for and discovering high-grade precious metal deposits in the Western United States. 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 OceanaGold Corp. on its TJ, Jake Creek and Hot Creek projects, Newmont Corp. on its Spring Peak and Lodestar projects, and Centerra Gold Inc. on its Crane Creek project in Idaho. In August, 2022, and September, 2024, Newmont and Centerra acquired strategic equity interests in the company, further strengthening Headwater's exploration capabilities.

Headwater is part of the NewQuest Capital Group, a discovery-driven investment enterprise that builds value through the incubation and financing of mineral projects and companies.

Qualified person

The technical information contained in this news release has been reviewed and approved by Dr. Stephanie Grocke, PGeo (EGBC licence No. 58217), an independent qualified person (QP) as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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