Headwater Gold Inc. and Newcrest Mining Limited have commenced a three rig 11,500 metre drill program including 30 to 35 holes, geophysics, mapping and environmental baseline studies at Spring Peak. The goal of the program is to expand the Disco zone along strike and down dip in 50 metre increases over a 500-metre strike length and to test the newly discovered Opal Ridge zone at depth. Highlight results of drilling completed in late 2022 include the following:isco Zone; 40.63 metres grading 1.86 grams per tonne ("g/t") gold, including 43.7 g/t gold over 0.63 metres (SP22-11).

42.61 metres grading 0.94 g/t gold, including 23.5 g/t gold over0.33 metres (SP22-12). 34.72 metres grading 2.73 g/t gold, including 15.92 g/t gold over 2.38 metres and 10.43 g/t gold over 2.,01 metres (SP22-13). Opal Ridge Zone discovery hole; 10.67 metres grading 2.73 g-t gold, including 16.4 g/t gold over 1.52 metres.

(SP22-14). Orogen holds the right to cash payments and a 0.5% NSR royalty on the Spring Peak project, with the option to purchase an additional 0.5% NSR royalties for USD 1 million. Headwater's plan geological map of the central Spring Peak drill area with location sections A-A' (Figure 2).

Adapted 1,2,3 - Headwater's Interpretive geological cross section A - A' showing results from the Disco Zone drill fence. Adapted 1,2,2,3. Maggie Creek Carlin target, Nevada, USA: Following up encouraging alteration encountered in drilling by previous operators, Nevada Gold Mines (operated by Barrick Gold) completed a detailed relogging program and data review at Maggie Creek, with plans for additional geophysics, mapping and soil geochemistry. The goal of the first phase of work is to support a planned late-2023 drill program.

Orogen holds the right to Cash payments and a 2% NSR royalty. Pearl String epithermal target, Nevada, USA: Barrick Gold has mobilized drill crews at Pearl String for a five to six hole program. The plan is designed to test a region of magnetic destruction beneath the pediment proximal to a gold-rich lithocap.

The widely spaced drill holes are designed to determine volcanic stratigraphy and alteration/mineralization under cover and where there is limited outcrop along the Gumdrop Fault. The goal is to use this information to vector into a more robust portion of the system. Orogen holds the right to cash payments and a 2% NSR royalty.