Headwater Gold Provides Corporate Update and Appoints Joshua Carron as VP Exploration

(TheNewswire)

Vancouver, British Columbia –TheNewswire - June 4, 2026: Headwater Gold Inc. (CSE: HWG) (OTCQX: HWAUF) (the “Company” or“Headwater”) is pleased to announce that Mr. Joshua Carron hasjoined the Company in the role of Vice President, Exploration to bebased in Reno, Nevada.

Highlights:

• Appointment of Vice President,Exploration: Joshua Carron has joined Headwateras Vice President, Exploration, bringing over 20 years of gold-focusedexperience spanning exploration, project development, mine geology andoperations; 

• Direct Experience at Nevada’s MostRecent Major Discovery: Mr. Carron most recentlyserved as Geology Superintendent for AngloGold Ashanti, where hehelped advance the Arthur epithermal gold project in Nevada fromdiscovery-stage exploration through resource development and intoReserve status; and 

• Adding Depth to Team as ExplorationActivity Accelerates: Mr. Carron joins Headwateras the Company ramps up exploration across multiple partner-fundedprograms and newly generated 100%-owned opportunities, including theJupiter Project, a district-scale epithermal project where the Companyis applying leading exploration concepts, some of which were used inthe discovery of the Arthur project. 

Caleb Stroup, President and CEO of the Company,comments: “We are verypleased to welcome Josh to the Headwater team. Josh brings a rarecombination of greenfield exploration, project development and minegeology experience, with direct recent involvement helping advance theAngloGold Ashanti Arthur Gold Project from discovery-stage explorationthrough resource development and into Reserve status. That backgroundis particularly relevant to Headwater as we continue to grow from aproject generation platform into a company with multiplepartner-funded drill programs and several 100%-owned discoveryopportunities advancing in parallel. Adding senior technicalleadership with Josh’s experience strengthens our ability togenerate, evaluate and advance high-quality exploration opportunitiesacross the Western United States.”

Mr. Carron has over 20 years of experience in the goldmining industry, spanning greenfield exploration, project development,mine geology and operations. He has worked on projects in the UnitedStates, Canada and Mexico across a range of deposit types, includingepithermal, Carlin-style, orogenic, VMS and porphyry systems. Mostrecently, Mr. Carron served as Geology Superintendent for AngloGoldAshanti in Nevada, where he helped advance the Arthur Gold Project inthe Walker Lane from the exploration stage through resourcedevelopment and into Reserve status. His experience advancing projectsacross the exploration-to-development continuum is directly alignedwith Headwater’s growing portfolio of epithermal gold opportunitiesin the Western United States.

Stock Options:

The Company has granted 2,475,000 incentive stockoptions (the “Options”) to directors, officers, employees andconsultants of the Company. Each Option is exercisable to purchase onecommon share of the Company at a price of $0.47 for a five-year termand vests over periods from immediately to two years. The Options aresubject to the acceptance of the Canadian Securities Exchange(“CSE”).

Semi-Annual FinancialReporting:

The Company has elected to rely on Coordinated BlanketOrder 51-933 and move to semi-annual financial reporting(“SAR”).

Coordinated Blanket Order 51-933 allows eligibleventure issuers listed on the CSE to voluntarily move from a quarterlyto a semi-annual financial reporting framework. The Company’s fiscalyear ends on February 28. Under the SAR pilot program, the Companywill be exempt from filing interim financial reports and relatedManagement’s Discussion and Analysis for its first and thirdquarters.

• Interim Period: The Company will not file an interimreport for the first quarter (Q1) ending May 31 and the third quarter(Q3) ending November 30; and 

• Ongoing Reporting: The Company will continue to fileaudited financial statements (due within 120 days of February 28) andsix-month interim financial reports (due within 60 days of August31). 

The Company confirms it meets the pilot program’seligibility criteria, which include being a venture issuer with annualrevenues of less than $10 million and maintaining a clean 12-monthcontinuous disclosure record.

This news release is being filed pursuant toCoordinated Blanket Order 51-933 Exemptions to Permit Semi-AnnualReporting for Certain Venture Issuers.

About Headwater Gold:

Headwater Gold Inc. (CSE: HWG, OTCQX: HWAUF) is atechnically driven mineral exploration company focused on exploringfor and discovering high-grade precious metal deposits in the WesternUSA. Headwater is actively exploring one of the world's mostwell-endowed, mining-friendly jurisdictions, with a goal of makingworld-class precious metal discoveries. The Company has a largeportfolio of epithermal vein exploration projects and a technical teamwith diverse experience in capital markets and major mining companies.Headwater is systematically drill-testing several projects in Nevadaand has strategic earn-in agreements with OceanaGold Corporation onits TJ, Jake Creek, and Hot Creek projects, Newmont Corporation on itsSpring Peak and Lodestar projects, and Centerra Gold Inc. on its CraneCreek project in Idaho. In August 2022 and September 2024, Newmont andCenterra acquired strategic equity interests in the Company, furtherstrengthening Headwater's exploration capabilities.

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

Headwater is part of the NewQuest Capital Group, adiscovery-driven investment enterprise that builds value through theincubation and financing of mineral projects and companies. Furtherinformation about NewQuest is available atwww.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

Forward-LookingStatements: This news releaseincludes certain forward-looking statements and forward-lookinginformation (collectively, “forward-looking statements”) withinthe meaning of applicable Canadian securities legislation. Allstatements, other than statements of historical fact, included hereinincluding, without limitation, statements regarding the anticipatedbusiness plans and timing of future activities of the Company, areforward-looking statements. Although the Company believes that suchstatements are reasonable, it can give no assurance that suchexpectations will prove to be correct. Often, but not always,forward-looking information can be identified by words such as “proforma”, “plans”, “expects”, “may”, “should”,“budget”, “scheduled”, “estimates”, “forecasts”,“intends”, “anticipates”, “believes”, “potential” orvariations of such words including negative variations thereof, andphrases 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 fromany future results, performance or achievements expressed or impliedby the forward-looking statements. Such risks and other factorsinclude, among others, risks related to the anticipated business plansand timing of future activities of the Company, the ability of theCompany to obtain sufficient financing to fund its business activitiesand plans, the risk that the Company’s earn-in partners will notelect to continue with their respective earn-in programs, the abilityof the Company to obtain required permits, changes in laws,regulations and policies affecting mining operations, currencyfluctuations, title disputes or claims, environmental issues andliabilities, as well as those factors discussed under the heading“Risk Factors” in the Company's filings with the CanadianSecurities Authorities, copies of which can be found under theCompany's profile on the SEDAR+ website atwww.sedarplus.ca.

Readers are cautioned not to placeundue reliance on forward-looking statements. The Company undertakesno obligation to update any of the forward-looking statements, exceptas otherwise required by law.

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