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 Newmont
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 in 2023
High-grade mineralization remains open at depth and in both directions along strike

Rapidly advancing new high-grade discovery with a clear analog next door at Aurora Mine

In 2022 Headwater completed ten drillholes – 3,173 m total; Including first-ever core drilling at Spring Peak  – Four of ten hit greater than 15 g/t Au

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.

2023 Drill Program

  • Twenty-five holes funded by Newmont
  • Multiple high-grade vein intercepts with over 10 g/t Gold
  • Extended Disco Zone to greater than 400 meters in strike and remains open to northeast, southwest, at depth, and up-dip toward surface

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.