216 unpatented lode mining claims, 1,800 hectares, on BLM land

Mineral County, Nevada

20 km east of the Borealis Mine and Headwater’s Spring Peak project, in the Walker Lane gold belt

Large epithermal alteration footprint exposed in erosional window, system remains open in all directions.

High-grade gold in Headwater reconnaissance rock sampling returned up to 19.2 g/t Au.

Shallow historic drilling returned up to 59.7 m grading 0.85 g/t Au, including 12.2 m at 1.79 g/t Au.

Headwater 2025 exploration plans include:

• Geologic mapping and model building

• Geochemistry and geophysical data integration

• Prioritization of high-grade drill targets