Headwater Gold Mobilizes District-Scale Geophysical Surveys to Define Extension of TJ Epithermal System, Nevada

(TheNewswire)

Vancouver, British Columbia –TheNewswire - June 1, 2026: Headwater Gold Inc. (CSE: HWG) (OTCQX: HWAUF) (the “Company” or“Headwater”) is pleased to announce that CSAMT resistivity andground gravity geophysical surveys are underway at its TJ Project inElko County, Nevada. The surveys are fully funded by OceanaGoldCorporation (“OceanaGold”) (TSX: OGC, NYSE: OGC) pursuant to theearn-in agreement announced October 15, 2025.

The program is designed to define the northernextension of the large alteration system identified beneath the TJsinter during the Company’s 2025 core drilling program and to refinethe district-scale architecture of the TJ Graben, interpreted byHeadwater geologists as the primary structural control on knownmineralization at the Project.

Highlights:

• District-Scale Geophysical ProgramUnderway: Approximately 16 line-kilometres ofCSAMT and 600 gravity stations are being completed across the northernprojection of the TJ system and recently expanded landposition; 

• Expanding CSAMT Coverage Over the TJGraben: The program will approximately tripleexisting CSAMT coverage and add the first property-scale gravitysurvey at TJ to help define basin geometry, fault architecture and thebroader structural framework controlling alteration andmineralization; 

• Targeting Concealed Alteration UnderCover: Existing CSAMT data imaged the intenselysilicified alteration system beneath the main sinter as a strongresistivity high, and the new survey is designed to identify similarfeatures extending north beneath shallow cover; and 

• Building on Successful 2025 Drilling:The program follows core drilling that returnedthe highest gold grades to date at TJ and confirmed a large,structurally controlled epithermal system open along strike and atdepth. 

Caleb Stroup, President and CEO of the Company,states: “The 2025 drillingprogram at TJ confirmed that the surface sinter is part of a muchlarger and more dynamic epithermal system than previously recognized.The intensity of alteration, stacked sinter horizons, hydrothermalbreccias and multi-phase veining encountered in drilling all point toa system that extends well beyond the limited area tested to date.This geophysical program is designed to step out aggressively to thenorth, where the TJ Graben projects under shallow cover and whererecent land expansion gives us room to follow the system at a districtscale. Existing CSAMT data clearly images the silicified alterationbeneath the main sinter area, and we expect the expanded CSAMT andfirst property-scale gravity survey will be critical tools fordefining the architecture of the system and prioritizing the nextphase of drilling.”

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Figure 1:  Plan map of the TJProject showing the expanded land position, existing and planned CSAMTsurvey coverage, and the planned gravity survey area.

TJ Geophysical Program:

Headwater has engaged geophysical service providers tocomplete CSAMT resistivity and ground gravity surveys across the TJProject. The program will focus on the area north of the main TJsinter, extending onto recently staked claims that expanded theProject by 88% to cover the interpreted northern continuation of theTJ Graben.

The surveys follow the Company’s 2025 core drillingprogram, which confirmed the presence of a large, structurallycontrolled epithermal system beneath the main sinter area. Drillingencountered hydrothermal breccias, syn-mineral intrusions, multiplephases of quartz veining with boiling textures, and the highest goldgrades reported to date at the Project, including 5.61 g/t Au over0.70 metres. Importantly, the drilling also confirmed that the systemis hosted within the TJ Graben, a north-trending structural corridorfilled with Miocene sedimentary and volcanic rocks and locally cappedby stacked sinter horizons.

The Company’s existing 8.2 line-kilometre CSAMTdataset covers the main sinter area and images a strong resistivityhigh coincident with the intensely silicified alteration system testedby recent drilling. The newly initiated CSAMT survey will addapproximately 16 line-kilometres of coverage and is designed to extendresistivity coverage northward across the projected continuation ofthe TJ Graben, where post-mineral cover and limited outcrop havehistorically limited exploration.

The ground gravity survey will consist of approximately600 stations and represents the first property-scale gravity surveycompleted at TJ. Gravity data will be used to help define basingeometry, fault architecture, and the broader structural framework ofthe TJ Graben. These data will be integrated with CSAMT, hyperspectralalteration mapping, surface geochemistry, and drilling results torefine the interpreted footprint of the system and prioritize targetsfor future drilling.

About the TJ Project:

The TJ Project is located on Bureau of Land Managementland in northeastern Nevada, approximately 25 kilometres southeast ofthe town of Jackpot. The Project hosts a laterally extensive silicasinter and a well-preserved low-sulfidation epithermal systemassociated with the TJ Graben, a structural corridor filled withMiocene sedimentary and volcanic rocks.

Headwater completed initial RC drilling in 2024,confirming a large epithermal alteration system, and follow-up coredrilling in 2025 returned the highest gold grades to date at theProject, including 5.61 g/t Au over 0.70 metres. The Project consistsof 251 unpatented mining claims covering approximately 1,990 hectaresfollowing the 88% land expansion announced on April 28, 2026.OceanaGold has satisfied the Minimum Commitment component of Stage 1and continues to advance toward completion of Stage 1, which wouldrequire additional investment of approximately US$8,000,000. Headwaterholds an option to acquire a 100% undivided interest in the projectfrom a private vendor, 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 large portfolio of epithermal vein explorationprojects and a technical team with diverse experience in capitalmarkets and major mining companies. Headwater is systematicallydrill-testing several projects in Nevada and has strategic earn-inagreements with OceanaGold Corporation on its TJ, Jake Creek, and HotCreek projects, Newmont Corporation on its Spring Peak and Lodestarprojects, and Centerra Gold Inc. on its Crane Creek project in Idaho.In August 2022 and September 2024, Newmont and Centerra acquiredstrategic equity interests in the Company, further strengtheningHeadwater'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.

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 achievementsof the Company to differ materially from any future results,performance or achievements expressed or implied by theforward-looking statements. Such risks and other factors include,among others, risks related to the anticipated business plans andtiming of future activities of the Company, the ability of the Companyto obtain sufficient financing to fund its business activities andplans, the risk that OceanaGold will not elect to continue with theearn-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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