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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, December 31 , 2025 : Headwater Gold Inc. (CSE: HWG)

(OTCQB: HWAUF) (the "Company" or "Headwater") announces that it has granted 1,825,000

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 $0.75 for a five-year term and vests immediately. The Options are subject to the acceptance of

the Canadian Securities Exchange.

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]