Spring Peak Project

Large under-explored precious metal
system with a clear analog immediately
next door at Hecla’s Aurora Mine

Spring Peak Overview

Exploration program 100% funded by Newcrest
Disco Zone discovered by Headwater in scout drilling in 2021
Opal Ridge Discovery by Headwater in 2022 drill program
Multiple high-grade vein intercepts reported January 2023
High-grade mineralization remains open at depth and in both directions along strike

Multiple high-grade gold veins reported in assays from 2022 drill program, following up 2021 vein discovery in scout drilling

In 2022 Headwater completed 10 drillholes – 3,173 m total; Including first-ever core drilling at Spring Peak
Disco Zone: High-grade gold in banded epithermal veins, open down dip and laterally in both directions
Opal Ridge: New high-grade vein discovery at relatively shallow depth. Headwater plans follow-up diamond core holes to test target in 2023
All 10 holes encountered epithermal alteration and veining
Geological similarity to nearby Aurora mine complex confirmed
5m thick silica sinter indicates the system is fully preserved

2022 core drilling confirms multiple high-grade epithermal veins in the Disco Zone

All four Disco Zone holes intersected the vein target as planned, confirm vertical continuity of high-grade mineralization

(*) Reported grades were calculated using a 0.2 g/t cut-off grade for primary intervals and a 2 g/t cut-off grade for included intervals. Intervals correspond to downhole thickness. Unless otherwise stated in the “Comments” field, insufficient information is available to determine true thickness of mineralized intervals.

Boiling textures in deepest vein intercepts show potential for down-dip extension of Disco Zone.