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HWG.CN ·

Headwater Gold Grants Stock Options

Share Capital & Compensation

Suite 1210 – 1130 West Pender Street

Vancouver, British Columbia, V6E 4A4 Canada

T +1 (604) 681-9100

[email protected]

Headwater Gold Grants Stock Options

Vancouver, British Columbia, July 23, 2024: Headwater Gold Inc. (CSE: HWG) (OTCQB:

HWAUF) (the "Company" or "Headwater") announces that it has granted 1,700,000 incentive

stock options (the “Options”) to directors, officers, employees and consultants of the Company.

Each Option is exercisable to purchase one common share of the Company at a price of $0. 20

for a five-year term and vests immediately. The Options are subject to the acceptance of the

Canadian Securities Exchange.

About Headwater Gold:

Headwater Gold Inc. (CSE: HWG, OTCQB: HWAUF) is a technically -driven mineral exploration

company focused on the exploration and discovery of high-grade precious metal deposits in the

Western USA. Headwater is aggressively exploring one of the most well -endowed and mining-

friendly jurisdictions in the world with a goal of making world -class precious metal discoveries.

Headwater has a large portfolio of epithermal vein exploration projects and a technical team of

experienced geologists with diverse capital markets, junior and major mining company

backgrounds. The Company is systematically drill testing several projects in Nevada and in

August 2022 and May 2023 announced significant transactions with Newmont where it acquired

a 9.9% strategic equity interest in the Company and entered into earn-in agreements on several

of Headwater’s projects.

Headwater is part of the NewQuest Capital Group which is a discovery -driven investment

enterprise that builds value through the incubation and financing of mineral projects and

companies. Further information about NewQuest can be found on the company webs ite at

www.nqcapitalgroup.com.

For more information, please visit the Company's website at www.headwatergold.com.

On Behalf of the Board of Directors

Caleb Stroup

President and CEO

+1 (775) 409-3197

[email protected]

For further information, please contact:

Brennan Zerb

Investor Relations Manager

+1 (778) 867-5016

[email protected]