Headwater Gold is entering an increasingly active phase of exploration across its portfolio of high-grade gold projects in the Western United States. The company is focused primarily on epithermal gold systems in Nevada and Idaho, using a project-generation model that combines 100%-owned exploration assets with partner-funded programs. Headwater currently has projects under earn-in agreements with Newmont, OceanaGold and Centerra Gold, providing exposure to multiple exploration programs while allowing significant portions of the work to be funded by major mining companies.
One of the most important developments in 2026 has been the continued advancement of the TJ Project in Nevada. Recent core drilling returned the highest gold grades encountered at TJ to date, including 5.61 g/t gold over 0.70 metres, while confirming a large structurally controlled epithermal system that remains open along strike and at depth. Headwater subsequently expanded the project by 88% to approximately 1,990 hectares, securing ground covering the interpreted northern continuation of the TJ Graben. District-scale geophysical work funded by OceanaGold is now being used to better define the system and generate targets for future drilling.
Exploration activity is also advancing across several other projects. Drilling commenced at the Jake Creek Project in Nevada in June under Headwater’s partnership with OceanaGold, while Centerra-funded drilling began at the Crane Creek Project in Idaho later that month. At Lodestar, approximately 2,950 metres of core and reverse-circulation drilling helped define the Meridian Zone, a 600-by-700-metre alteration zone where geological vectors strengthen toward an area that remains largely untested. Follow-up geophysical work is planned to refine targets for the next stage of exploration.
Headwater has continued to expand its pipeline at the same time. In August, the company signed a new earn-in agreement with Newmont covering the Jupiter Project in Nevada’s Walker Lane belt. Jupiter consists of 352 mining claims covering approximately 7,000 acres and hosts a large, well-preserved low-sulfidation epithermal system that remains largely untested at depth. Detailed mapping, surface sampling and property-scale geophysics are planned to refine drill targets, with initial drilling targeted for late 2026 or early 2027. The agreement further expands Headwater’s relationship with Newmont and adds another partner-funded project to the company’s exploration portfolio.
The result is a diversified exploration strategy with multiple opportunities for new discoveries across the Western United States. Headwater now has three projects under earn-in agreements with Newmont, three with OceanaGold and one with Centerra, alongside a portfolio of 100%-owned projects. With drilling and geophysical programs advancing across several properties, continued follow-up at TJ and Lodestar, and Jupiter moving toward its first drill test, Headwater has built a pipeline capable of generating exploration results from multiple projects rather than relying on a single asset. The remainder of 2026 will be important as the company evaluates results from these programs and determines which targets warrant increasingly aggressive follow-up exploration.
Headwater Gold Inc. is a mineral exploration company focused on the discovery of high-grade precious metal deposits in the western United States. The Company employs a project-generator model, advancing a portfolio of six epithermal gold and silver projects across Nevada and Idaho while partnering with major producers to fund exploration and reduce shareholder dilution. Headwater currently holds earn-in and joint venture agreements with Newmont, OceanaGold, and Centerra Gold, including a recently signed earn-in on its district-scale Jupiter Project in Nye County, Nevada, under which Newmont may earn up to a 75% interest by funding US$30 million in staged exploration expenditures and delivering a Pre-Feasibility Study. Led by an experienced technical team with a track record of discovery in Great Basin and Walker Lane epithermal systems, Headwater is focused on generating, testing, and de-risking quality exploration targets across its landholdings.
