Vancouver, British Columbia - TheNewswire -  October 29, 2026: Headwater Gold Inc. (CSE: HWG) (OTCQX: HWAUF) (the “Company” or “Headwater”) is pleased to announce it has acquired 100% interest in the Ollie Project (“Ollie” or the “Project”) through claim staking in Mineral County, Nevada. The Project is located within the Walker Lane gold belt, approximately 5 kilometres (“km”) northeast of Fortitude Gold Corporation’s Isabella Pearl mine and 3 km east-northeast of Lahontan Gold Corp.’s Santa Fe project.

Headwater generated the Project through geological mapping, alteration analysis and surface sampling, identifying an untested opportunity for concealed gold mineralization within a large, well-endowed hydrothermal district.

 Highlights:

• New, 100%-owned and royalty-free project acquired through staking in the Santa Fe mining district, near the Isabella Pearl mine and Santa Fe gold deposits in Nevada’s Walker Lane; 

• The Project covers a prospective portion of an approximately 75 km² district alteration footprint, where much of the historical exploration has concentrated around known resource areas; 

• Intense alteration and anomalous gold, mercury, arsenic and antimony occur where structures interpreted to form the opposite side of a graben from the Santa Fe deposit cut favorable volcanic stratigraphy; 

• Volcanic rocks and carbonates known to host gold deposits elsewhere in the district underlie the property and present multiple untested targets for concealed mineralization, with no known historical drilling on the Project; and 

• Additional mapping and sampling are planned to refine targets ahead of a potential initial scout drilling program. 

Caleb Stroup, President and CEO of the Company, states: “Ollie is an exciting addition to our portfolio and demonstrates the opportunity to generate new exploration projects through systematic geological work in Nevada’s established gold districts. The Santa Fe district contains multiple gold deposits within a much larger alteration footprint, yet exploration has largely focused around the known resource areas. At Ollie, we have identified strong alteration and pathfinder geochemistry along an untested structural corridor, with the same favorable host rocks that contain gold elsewhere in the district interpreted to extend beneath the property. The Silicon-Merlin discoveries, now part of AngloGold Ashanti’s Arthur project, highlight the potential of established districts where exploration for blind deposits beneath large zones of altered volcanic rocks has been limited. We believe Ollie presents a compelling opportunity to explore for concealed mineralization in this setting, on ground we have secured outright through staking.”

 

The Ollie Project:

Ollie is located within the Santa Fe mining district in the central Walker Lane gold belt of western Nevada (Figure 1). The district has a substantial gold endowment distributed across several deposits, including Santa Fe, Slab, Calvada, York and Isabella Pearl. Santa Fe produced approximately 359,000 ounces of gold between 1988 and 19951. Lahontan’s Santa Fe project currently hosts Indicated Mineral Resources of 47.5 million tonnes grading 0.72 g/t Au, containing 1.10 million ounces of gold, and Inferred Mineral Resources of 60.7 million tonnes grading 0.59 g/t Au, containing 1.15 million ounces of gold.¹ The Project comprises 81 unpatented lode mining claims covering approximately 1,635 acres (662 hectares) and is 100%-owned with no underlying royalties.

The known deposits occur within an extensive area of hydrothermal alteration covering approximately 75 km².  Although the district has a long exploration and mining history, much of this work has focused on the known deposits and their immediate extensions. Extensive altered volcanic rocks outside these areas remain prospective for additional discoveries. Ollie covers a significant portion of the broader alteration footprint where a series of faults are interpreted to define the opposing margin of a graben from the Santa Fe deposit. Strong alteration and anomalous surface geochemistry along this structural corridor indicate potential for an additional mineralized center beneath the Project.

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Figure 1: Location of the Ollie Project within the Santa Fe mining district, showing Headwater’s claim boundary relative to the Isabella Pearl mine and the Santa Fe project.

Geology and Alteration System:

The Project is underlain by Oligocene volcanic rocks of the Mickey Pass Tuff, which unconformably overlie Triassic sedimentary rocks of the Luning Formation. Both rock units host gold mineralization in the district. At Isabella Pearl, mineralization occurs within favorable horizons of the Mickey Pass Tuff and along structural zones, while the Santa Fe deposit demonstrates the potential for substantial mineralization extending into the underlying Luning Formation.

Mapped stratigraphy and fault offsets support the interpreted graben geometry and provide a framework for projecting favorable host rocks beneath Ollie (Figure 2). Surface exposures on the Project are interpreted to represent approximately the upper third of the Mickey Pass sequence. The lower volcanic section and its basal contact with the Luning Formation are not exposed, leaving these prospective horizons untested beneath the surface alteration.

Alteration at Ollie is dominated by extensive kaolinite development with localized silicification and structurally controlled zones of increased kaolinite crystallinity. Headwater has characterized this alteration using airborne hyperspectral data supported by spectrometer analyses of 149 surface samples processed through the Company’s AI-assisted mineralogy interpretation workflow. The resulting alteration mapping identifies zones of intense alteration coincident with strong mercury and other pathfinder anomalies, collectively providing vectors toward potential hydrothermal feeder zones at depth.

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Figure 2: Schematic geological cross-section showing the Ollie claim block, graben-bounding structures, the Mickey Pass Tuff and underlying Luning Formation, and conceptual targets relative to the Santa Fe deposit.  Target shapes and depths on Figure 2 are conceptual in nature and do not establish or confirm the presence of gold mineralization.

Surface geochemical data from the property include 52 rock samples, comprising 23 collected by Headwater and 29 historical samples2. Sampling returned gold values up to 0.23 g/t Au, accompanied by strong mercury, arsenic and antimony enrichment. Mercury is particularly elevated, with 14 samples returning greater than 10 parts per million (“ppm”) Hg and several exceeding the analytical method’s upper limit of 100 ppm. Arsenic and antimony values reach 1,400 ppm and 53 ppm, respectively. Headwater considers these pathfinder concentrations highly anomalous and consistent with a high-level geochemical signature above a potential concealed gold system.

Exploration Potential and Next Steps:

The occurrence of gold in multiple structural and stratigraphic settings elsewhere in the district supports exploration for concealed mineralization within the Mickey Pass Tuff, at the underlying unconformity and within the Luning Formation. At Ollie, coincident alteration and strong pathfinder geochemistry along mapped faults provide vectors toward these targets, which remain untested by drilling.

The next phase of exploration will include additional geological mapping and surface sampling to refine alteration patterns, geochemical vectors and the projection of favorable host rocks at depth. This work will support detailed targeting and prioritization ahead of a potential initial scout drilling program.

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Figure 3: Structurally controlled silicification and clay alteration developed in the Mickey Pass Tuff at Ollie.

About the Ollie Project:

The Ollie Project is a 100%-owned, royalty-free gold exploration project in Mineral County, Nevada, within the Walker Lane belt. The Project comprises 81 unpatented lode mining claims covering approximately 1,635 acres (662 hectares) on Bureau of Land Management land near the Isabella Pearl mine and Santa Fe project. Headwater generated and acquired Ollie through claim staking following geological mapping, alteration analysis and surface sampling. The Project covers intensely altered Mickey Pass Tuff along structures interpreted to form the opposite margin of a graben from the Santa Fe deposit. Exploration is focused on concealed gold mineralization within the volcanic sequence, at the underlying unconformity and within the Luning Formation. No historical drilling is known on the Project.

About Headwater Gold:

Headwater Gold Inc. (CSE: HWG) (OTCQX: HWAUF) is a technically driven mineral exploration company focused on discovering high-grade precious metal deposits in the Western USA. The Company holds a large portfolio of epithermal gold exploration projects and employs a systematic, model-driven approach to identifying and drill-testing opportunities for significant discoveries.

Headwater advances its portfolio through a combination of partner-funded and Company-funded exploration. Its partnerships include a joint venture with Newmont Corporation at Spring Peak, earn-in agreements with Newmont on the Lodestar and Jupiter Projects, an earn-in agreement with Centerra Gold Inc. at Crane Creek, and an earn-in agreement with OceanaGold Corporation at Jake Creek. Newmont and Centerra also hold strategic equity interests in the Company.

For more information, please visit www.headwatergold.com.

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. Further information is available 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 Josh Carron (SME Reg No 042931540), a “Qualified Person” (“QP”) as defined in national Instrument 43-101 – Standards of Disclosure for Mineral Projects.  Mr. Carron is not independent, as he is the Company’s Vice President, Exploration.

¹ Santa Fe production and mineral resources: Lahontan Gold Corp., October 14, 2026, “Lahontan Gold Announces Updated Santa Fe Preliminary Economic Assessment Featuring an Eleven-Year Mine Life and Post-Tax NPV5 of US$820 Million,” and the referenced technical report effective October 1, 2026. Lahontan’s Santa Fe project currently hosts Indicated Mineral Resources of 47.5 million tonnes grading 0.72 g/t Au, containing 1.10 million ounces of gold, and Inferred Mineral Resources of 60.7 million tonnes grading 0.59 g/t Au, containing 1.15 million ounces of gold. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Information concerning neighboring properties has not been independently verified by the QP and is not necessarily indicative of mineralization at Ollie.

2 Historical drill intercepts and surface sample results included in this release were sourced from primary historical data compiled by Headwater. Results have not been independently verified by the Company and are treated as historical in nature and not current or NI 43-101 compliant.

Quality Assurance - Quality Control

All surface rock samples were transported to ALS USA Inc. in Reno, Nevada (ISO/IEC Accreditation # 17025) for sample preparation and gold analysis. Gold was assayed by 30-gram fire assay with Inductively Coupled Plasma with Atomic Emission Spectroscopy finish (ICP-AES; ALS method Au-ICP21).

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 future capital expenditures, exploration activities and the specifications, targets, results, analyses, interpretations, benefits, costs and timing of them, 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 funding partners will not elect to obtain any additional prognostic interest in earn-in or joint venture 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.