Headwater Gold, Inc. · CSE:HWG
Headwater Gold — Investor Presentation (October 2026)
25 slides from Headwater Gold's investor presentation, Oct 27, 2026
Slide 1: Partner-Funded Gold Explorer in Western USA
PARTNER-FUNDED GOLD EXPLORER IN WESTERN USA Partnered with: Q4 2026
Slide 2: Teck Strategic Investment and Partners
Teck Strategic Investment 79 28 Au Ni PGE TSX-V: F I N X CSE: REDC Gold Platinum Group 29 42 79 Nickel Elements Cu Mo Au Copper Molybdenum Gold OTCQB: REDRF FINEXMETALS.NET REDCANYONRESOURCES.COM Newmont Earn-in Partner AngloGold Ashanti Earn-in Partner OceanaGold Earn-in Partner Centerra Gold Earn-
Slide 3: Cautionary Note
CAUTIONARY NOTE This presentation 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 inclu
Slide 4: Partnership Advantage
PARTNERSHIP ADVANTAGE Improving the Business of Exploration with Major Company Capital More Shots On Goal: Partner-funded drilling advances more high-quality targets across the portfolio Less Dilution: Major-company capital funds larger programs without repeated equity issuance Better Targeting: Par
Slide 5: Why Own Headwater?
WHY OWN HEADWATER? US$165M of potential cumulative exploration 5 projects partnered with 10% management fee on expenditures across all earn-ins* major mining companies operated Newmont and OceanaGold programs Headwater combines the upside of exploration with ~30% 100% management and Multiple 100%-ow
Slide 6: Capital Structure
CAPITAL STRUCTURE Capital Structure OWNERSHIP: Shares Outstanding 87.6 M Warrants 3.7 M (Avg price $0.34) Options HNW & RETAIL 7.5 M (Avg price $0.42) MANAGEMENT & INSIDERS 43% Fully Diluted 98.9 M 30% Market Cap $58 M Cash ~$6 M 10% 9.9% 7.1% LOW BURN Collecting 10% management fees on funded Rick R
Slide 7: Western USA Portfolio
WESTERN USA PORTFOLIO 100%-OWNED PROJECTS Crane Creek Partnered Matador + 100%-Owned IDAHO TJ Projects Jake Creek Hot Creek Nevada is the Fraser Institute's #1-ranked Lodestar Midas North mining jurisdiction in the world for 2025 NEVADA Rock Creek Spring Peak Ollie Jupiter Whiskey Source: Fraser Ins
Slide 8: Board of Directors and Technical Team
BOARD OF DIRECTORS Caleb Stroup President & CEO Alistair Waddell Chairman Wendell Zerb Director Extensive MSc Geology BSc Geology, MAusIMM BSc Geology, P. Geol Industry Experience Kinross, Nova Gold Kinross, GoldQuest, AngloGold Exeter, Canaccord, PI Financial Fraser MacCorquodale Tero Kosonen Direc
Slide 9: Headwater Model
HEADWATER MODEL 01 Generate 02 Advance 03 Partner Acquire 100%- Use quality Attract major- owned high-grade geoscience to company capital gold projects on refine concept and technical input open ground and generate for drilling drill targets PARTNERSHIP ADVANTAGE Discovery Multiple chances at discov
Slide 10: Partner Funding (USD)
PARTNER FUNDING (USD) Interest Spring Peak Lodestar Jupiter TJ Interest (%) Crane Creek Interest (%) (%) Minimum $5M $2M $2.5M 0% $2.5M Commitment $1M 0% 0% In progress $10M $10M Stage 1 $15M $10M 51% 51% $10M 51% In progress In Progress +$40M +$15M Stage 2 +$20M +$20M 65% +$15M 65% 60% In progress
Slide 11: Spring Peak | Nevada
SPRING PEAK | NEVADA JOINT VENTURE High-grade gold discovery adjacent to Hecla’s high- grade Aurora gold mine 15.92 g/t Au over 2.38 m at the Disco Zone – SP22-13 16.4 g/t Au over 1.52 m at Opal Ridge - SP22-14 PHASE 2: UP TO US$40M NEWMONT EXPENDITURES • FAST-41 permitting track • Mineralization re
Slide 12: Lodestar | Nevada
LODESTAR | NEVADA EARN-IN Fully funded project with geologic features analogous to Hecla’s Aurora mine 2,950 m drilling completed by Newmont Up to US$30M In potential exploration spending under the Newmont earn-in Thick silica sinter indicates potential for preserved epithermal veins at depth For de
Slide 13: Jupiter | Nevada
JUPITER | NEVADA EARN-IN Alteration Footprint Comparison JUPITER ARTHUR District-scale Headwater Gold AngloGold Ashanti epithermal gold Probable: 4.9 Moz Au project (88 Mt at 1.75 g/t Au) 5 × 8 km Indicated: 1.0 Moz Au Inferred: 5.5 Moz Au NEVADA alteration footprint across a large, underexplored Si
Slide 14: Jake Creek | Nevada
JAKE CREEK | NEVADA EARN-IN High-grade gold 8 km from Turquoise Ridge 11.3 g/t Au A’ Over 1.52 m in historic drill A intercept hole JC-005 46.33 m @ 1.34 g/t Au Initial assays from drill hole JC26-01 2026 drill program 2026 drilling of 3,575 m in 8 holes complete. Assays pending * NI 43-101 Technica
Slide 15: Crane Creek | Idaho
CRANE CREEK | IDAHO EARN-IN Funded drilling at high-priority epithermal gold project Up to US$25M In potential partner expenditures 62.5 m @ 1.21 g/t Au historical drill result with limited follow-up Recent geophysics expanded the target footprint across a broader epithermal system *See the NI 43-10
Slide 16: Stock Performance
STOCK PERFORMANCE HWG +262% Catalysts Crane Creek Drill Results Jake Creek Drill Results Spring Peak Fast-41 Permitting Additional Drill Program Announcements GDXJ +85% New Potential Acquisitions And Partnerships GOLD +27% CSE: HWG│OTCQX: HWAUF ꜙᶤ
Slide 17: Self-Funded Projects
SELF-FUNDED PROJECTS Portfolio of 100%-owned Matador exploration projects in western USA IDAHO TJ Hot Creek Multiple projects with drill-ready Midas North epithermal vein targets Rock Creek Actively generating new projects and discovery opportunities NEVADA Ollie Whiskey CSE: HWG│OTCQX: HWAUF ꜙꜚ
Slide 18: TJ | Nevada
TJ | NEVADA System hosts high- grade epithermal vein mineralization Headwater scout drilling returned grades up to 5.61 g/t Au over 0.70 m Only a small part of the system has been tested; mineralization remains open NEVADA For drill results, see the Company’s news release dated April 28, 2026. For d
Slide 19: Midas North | Nevada
MIDAS NORTH| NEVADA 100% - OWNED Midas North is a large epithermal alteration cell immediately north of, and adjoining, Hecla’s Midas Mine 47.0 g/t Ag over 9.1 m 2023 maiden scout drilling* Extensive epithermal alteration and near-vent textures support potential for a high-level preserved mineralizi
Slide 20: Whiskey | Nevada
WHISKEY| NEVADA 100% - OWNED Large, Underexplored Epithermal Gold System in Nevada’s Walker Lane 19.2 g/t Au Reconnaissance rock sampling* 59.7 m at 0.85 g/t Au, including 12.2 m at 1.79 g/t Au Historic drilling** Whiskey combines high-grade gold at surface, broad historical gold intercepts, and a l
Slide 21: Rock Creek | Nevada
ROCK CREEK | NEVADA 100% - OWNED Brownfields Epithermal Gold Opportunity Along the Northern Nevada Rift Royalty-free land position acquired through staking of 103 unpatented mining claims on BLM land • Located along the eastern margin of the Northern Nevada Rift, a proven high-grade epithermal gold
Slide 22: Matador | Idaho
MATADOR | IDAHO 100% - OWNED Epithermal gold opportunity in southwestern Idaho Royalty-free, 245 hectares, 30 unpatented claims on BLM land. Located 55 km northwest of Integra Resources’ DeLamar deposit • Large historic mercury district, with over 3 km of strike • No obvious history of precious meta
Slide 23: Highlights
Highlights Earn-In Partnerships Three active earn-in projects with Newmont, one active earn-in projects with OceanaGold and one active earn-in project with Centerra Gold Focused on High-Grade Gold Focus on high-grade gold and silver in mining-friendly Western USA World-Class Team Discovery-driven, h
Slide 24: Spring Peak Drill Core
Spring Peak Drill Core Drill Hole: SP22-13 Interval: 275.9 m – 276.5 m CSE: HWG│OTCQX: HWAUF ꜘᵋ
Slide 25: Contact
Contact Reno Caleb Stroup Suite 3 – 6170 President & CEO Mae Anne Avenue Tel: +1-507-313-1480 Reno, Nevada [email protected] 89523 Vancouver Alistair Waddell 1130 West Pender Street Chairman Suite 1210, V6E 4A4 Tel: +1-604-681-9100 Vancouver, BC, Canada [email protected] Brennan Zer
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