Headwater Gold Hits Highest Gold Grades to Date at TJ Project, Nevada and Expands Land Position 88%

(TheNewswire)

Vancouver, British Columbia, April28, 2026 - TheNewswire-  Headwater Gold Inc. (CSE: HWG) (OTCQX:HWAUF) (the “Company” or “Headwater”) is pleased to announceresults from the recent core drilling program at its TJ Project inElko County, Nevada. The program was fully funded by OceanaGoldCorporation (“OceanaGold”) (TSX: OGC, NYSE: OGC) pursuant to theearn-in agreement announced October 15, 2025.

Highlights:

• Highest gold grades to date:Core drilling returned grades up to 5.61 gramsper tonne gold (“g/t Au”), confirming the presence of a high-gradeepithermal vein system below the surface sinter. 

• Large, dynamic hydrothermal systemconfirmed: Drilling intersected 100 m thickhydrothermal breccia intervals, syn-mineral intrusions and multiplephases of epithermal veining across more than 500 metres of strikelength.Banded and lattice-bladed quartz veins,together with stacked sinter horizons intercalated with sedimentaryunits, support the thesis of a long-lived, productive epithermalsystem. 

• System open and expanding:Drilling has tested only a small portion of thesystem, but mineralization remains open at depth and along strike. TheCompany recently expanded the TJ land position by 88% (to 1,990hectares) to cover the prospective northern continuation of the TJgraben. 

• Next phase underway: Gravity and CSAMT geophysical surveys as well as geologicmapping and surface sampling programs are planned within the newlyexpanded land position to define the lateral extent of the alterationcell and prioritize follow-up drilling. 

Caleb Stroup, President and CEO of the Company,states: “The 2025 drillingprogram at TJ represents a step change in our understanding of theproject. What began as a surface sinter anomaly has now been confirmedas a large, structurally controlled hydrothermal system withsignificant vertical and lateral extent. Core drilling has intersectedhydrothermal breccias, multiple phases of veining with clear boilingtextures and the highest gold grades seen on the project to date, allof which point to a productive epithermal system at depth.Importantly, we have only tested a small portion of the strike extentof the system beneath the main sinter and the presence of stackedsinter horizons and extensive alteration at depth indicates that itextends well beyond the current drill area. Expanding the landposition and completing district-scale geophysics are the criticalnext steps to define the full footprint of the system before returningwith a follow-up drill program.”

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Figure 1:  Plan map of TJ projectarea showing recent claim expansion. Inset map shows 2025 coredrilling and intercepts projected to surface. Cross section A–A’corresponds to the interpreted geology cross section shown in Figure2.

2025 TJ Drill Program:

Headwater completed approximately 1,350 metres of coredrilling over five holes during the 2025 program (Figure 1), fullyfunded by OceanaGold through Stage 1 of the earn-in agreement. Fourholes targeted the East Sinter fault and associated structures beneaththe main sinter exposure. An additional hole targeted the Jackpotfault, characterized by a >2 km-long break in CSAMT resistivity(Figure 1). The final hole of the program, designed as a step-outapproximately 300 metres to the south, was suspended prior to reachingtarget depth due to winter weather conditions and has been cased forfuture re-entry.

Drilling was designed as a follow-up on the Company’s2024 RC scout drilling campaign which confirmed the presence ofwidespread silicification and epithermal veiningas well as broad intervals of anomalous gold mineralization in thehanging wall of the East Sinter fault. However, this initial programdid not test sufficient depths where potentialhigh-grade mineralization is typically developed (see news releasesdated December 20, 2024 and January 16, 2025).

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Figure 2:  Interpretive geologiccross section A–A’ showing results from 2025 Blackjack Zonedrilling.

The drill program targeted deeper elevation horizonsthan previous drilling, between 150 and 200 m below silica sinterexposed at surface and was the first program to utilize diamond coredrilling at the property. Drill hole TJ25-01 was the first core holeof the 2025 program and successfully encountered multiple discretevein zones as well as a broad zone of hydrothermal brecciation in theBlackjack Zone target (Figure 2). TJ25-01 intercepted 0.88 m of 3.27g/t Au within a wider interval of 19.05 m grading 0.48 g/t Au from112.17 m to 131.22 m depth (Table 1, Figure 3). Several additionalintervals grading greater than 0.5 g/t Au were alsoencountered.

Mineralization in drill hole TJ25-01 consists ofcrustiform-colloform banded quartz-carbonate-adularia veins withlattice bladed quartz-after-calcite and evidence for multipleoverlapping vein phases. An approximate 50–75 m-thick hydrothermalbreccia body (Figure 4) was encountered in multiple drill holes andcorresponds to increased vein density and thickness. The highest-gradeveins were intercepted near the base of the hydrothermal breccia,where it contacts a laterally extensive silicified and propyliticaltered sill or dike (Figure 2).

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Figure 3:  Photograph of 3.27 g/t Au over 0.88 m veinintercept in TJ25-01 showing abundant lattice-bladedquartz-after-calcite, vein sediments, and crustiform banding along thewall rock margins.

Drill hole TJ25-04 was planned as a down-dip test ofTJ25-01, aimed at intersecting the East Sinter fault approximately 250m below surface sinter. TJ25-04 intercepted 10.06 m at 0.93 g/t Au,including 1.22 m at 4.50 g/t Au in the hanging wall of the East Sinterfault. This mineralized interval is interpreted as a separate hangingwall vein set from the TJ25-01 intercept (Figure 2). TJ25-04 ended in2.16 g/t Au over 1.83 m, including 5.61 g/t Au over 0.70 m, withinfootwall alteration in the East Sinter fault zone. This lowerintercept is characterized by thin veining and a series ofsub-parallel rhyolite dikes that intrude silicified granite in thefootwall of the main structure. Drilling was terminated on TJ25-04 dueto difficult drilling conditions and significant intervals of poorrecovery within the East Sinter fault zone.

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Figure 4:  Representative photograph of hydrothermalbreccias and veining encountered in the upper portions of TJ25-01. Sample break depths shown in metres and core blocks in feet.  Theinterval shown averaged 0.27 g/t Au over 7.83 m and is interpreted asthe up-dip extent of the vein zone encountered in drill hole TJ25-04which intercepted 1.22 m grading 4.50 g/t Au (Table 1).

All 2025 drill holes encountered silica sinter and/orwater table silica intercalated with volcaniclastic basin fill; themain fence of drill holes (Figure 2) encountered three main stackedsinter horizons extending to depths of >60 m below surface. Thevertical and lateral extent of sinter horizons is indicative of aproductive and long-lived geothermal system and suggests the commonlymineralized, main boiling horizon of the system may occur at a greaterdepth than originally modelled. Complex multi-phase overprintingveins, hydrothermal breccias and syn-mineral intrusions encountered inall 2025 drill holes beneath the thick silica sinter cap point to theintensity of alteration and dynamic nature of the system over at least500 m of tested strike length. The system remains open in bothdirections and at depth.

Drill hole TJ25-02 targeted the Jackpot fault, whichcoincides with a steep, >2 km-long, break in CSAMT resistivity. Thedrill hole encountered a thick interval of argillic altered tuffaceoussedimentary basin fill, lesser hydrothermal breccia, and relativelythin zones of veining (Figure 2). The highest-grade sample in TJ25-02was 0.38 g/t Au over 1.37 m from 149.05 m to 150.42 m depth insilicified hydrothermal breccia in the hanging wall of the Jackpotfault. The hole was terminated prior to planned target depth due todifficult drilling conditions and poor recovery within clayzones.

Drill holes TJ25-03 and TJ25-05A were designed as250–300 m along strike step-outs within the East Sinter fault zone.TJ25-03 encountered an approximately 50 m-thick zone of hydrothermalbrecciation and veining before intercepting granite basement at 135 mdepth. The highest-grade interval encountered in this hole occurreddirectly above the granite contact and consists of 3.81 m of 0.31 g/tAu from 131.37 m to 135.18 m depth. TJ25-05A was suspended prior toreaching target depth due to weather conditions and has been cased forfuture re-entry. The upper portion of TJ25-05A encountered argillicaltered volcaniclastic sediments intercalated with sinter horizons,which is underlain by a zone of strong silicification and hydrothermalbreccia at the bottom of the cased interval. The highest-gradeinterval in the completed portion of the hole is 2.44 m of 0.42 g/t Aufrom 67.36 m to 69.80 m depth.

Land Expansion and WorkProgram:

The intensity and thickness of alteration observed indrilling cannot be explained by a small, localized system and insteadpoint to a much larger hydrothermal footprint. The host grabenarchitecture suggests the system is open to the north beneath an areaof thin post-mineral cover. Hyperspectral mapping and initialreconnaissance work by Headwater geologists supports thisinterpretation. To cover this northern extension, Headwater stakedadditional unpatented mining claims and expanded the total landposition size by 88%. The property now consists of 251 unpatented lodemining claims covering 1,990 hectares.

Gravity and CSAMT surveys are currently being plannedto map the basin geometry and delineate potential structural targetsacross a broad area of the project. Geologic mapping, soil and rockchip sampling and hyperspectral mapping are also planned to furtherdefine the alteration footprint prior to detailed drill targetselection.  

Quality Assurance - QualityControl

PQ-size drill core was generally drilled in the upperportions of drill holes and HQ at depth. All core was logged, cut inhalf, sampled at specific intervals and sent for laboratory analysis.All drill samples were transported to ALS USA Inc. in Reno, Nevada(ISO/IEC Accreditation # 17025) for sample preparation and goldanalysis. Gold was assayed by 30-gram fire assay with InductivelyCoupled Plasma with Atomic Emission Spectroscopy finish (ICP-AES; ALSmethod Au-ICP21). Control samples comprising certified reference andblank materials were systematically inserted into the sample streamand analyzed as part of the Company’s quality assurance and qualitycontrol protocol.

About the TJ Project:

The TJ Project is located on Bureau of Land Managementland in northeastern Nevada, approximately 25 km southeast of the townof Jackpot. The project hosts a laterally extensive silica sinter anda well-preserved low-sulfidation epithermal system associated with agraben structure filled with Miocene sedimentary rocks. Headwatercompleted initial RC drilling in 2024, confirming a large epithermalalteration system (see news release dated January 16, 2025). The 2025core drilling program has now demonstrated that this system hostshigh-grade epithermal vein mineralization atdepth. The project consists of 251 unpatented mining claims (1,990hectares) following the expansion announced herein. OceanaGold hassatisfied the Minimum Commitment component of Stage 1 and continues toadvance toward completion of Stage 1 which would require additionalinvestment of approximately $8,000,000. Headwater holds an option toacquire a 100% undivided interest, subject to retained royalties andOceanaGold's option to earn up to 65% of the project followingcertain expenditures and delivery of a Pre-Feasibility Study within adesignated time frame.

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

Qualified Person

The technical information contained in this newsrelease has been reviewed and approved by Dr. Stephanie Grocke, P.Geo.(EGBC License #58217), an independent “Qualified Person”(“QP”) as defined in National Instrument 43-101 – Standards ofDisclosure for Mineral Projects.

Dr. Grocke has verified the data disclosed in this newsrelease, including a review of the sampling, analytical, and test dataunderlying the information. Verification included a review ofthe QA/QC samples (standards, blanks, andduplicates) inserted into the sample stream. No material issues wereidentified during this review.

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 plannedgeophysical surveys, surface exploration, and follow-up drilling atthe TJ Project, OceanaGold's anticipated continued funding of theearn-in program, the Company's ability to identify drill targetsin the northern extension of the TJ system, and 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 OceanaGold will not elect to continue withthe earn-in program, the ability of the Company to obtain requiredpermits, changes in laws, regulations and policies affecting miningoperations, currency fluctuations, title disputes or claims,environmental issues and liabilities, as well as those factorsdiscussed under the heading “Risk Factors” in the Company'sfilings with the Canadian Securities Authorities, copies of which canbe found under the Company'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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