Newmont Commits Up to $30 Million to Earn 75% Interest in Headwater Gold’s Jupiter Project in Nye County

CARSON CITY, NV — Global mining giant Newmont Corporation has expanded its exploration footprint across Nevada, entering into a major earn-in agreement with Headwater Gold Inc. to fund up to US$30 million in exploration expenditures at the Jupiter Gold Project in Nye County.

The deal allows Newmont to acquire up to a 75% interest in the 7,000-acre epithermal gold prospect located within the prospective Walker Lane mineral belt. The agreement marks the third Nevada gold project joint-venture partnership between Newmont and Headwater, joining their existing exploration tie-ups at the Spring Peak and Lodestar properties.

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|          NEWMONT x HEADWATER JUPITER DEAL DOSSIER      |
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|  - Target Asset: Jupiter Gold Project (Nye County, NV) |
|  - Total Earn-In Commitment: Up to US$30,000,000       |
|  - Maximum Earned Interest: Up to 75% Stake            |
|  - Firm Minimum Spend: US$2.5M over initial 24 months  |
|  - Project Footprint: 352 Claims (~7,000 Acres on BLM) |
|  - Lead Operator: Headwater Gold (10% Management Fee)  |
|  - Retained Royalty: 2% NSR Royalty to Headwater Gold  |
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Staged Earn-In Terms and Project Milestones

Under the terms of the agreement, Newmont can earn its stake through a three-stage exploration spending structure:

Firm Minimum Commitment: Newmont has committed a mandatory US$2.5 million in exploration funding over the first 24 months. Additionally, Newmont will reimburse Headwater US$250,000 for prior exploration expenses incurred on the property.
Stage 1 (51% Interest): Newmont can earn an initial 51% stake by spending US$10 million in total exploration expenditures within 48 months.
Stage 2 (65% Interest): Newmont can increase its stake to 65% by funding an additional US$20 million in exploration within 36 months of initiating Stage 2.
Stage 3 (75% Interest): To secure a full 75% project interest, Newmont must complete and deliver a Pre-Feasibility Study (PFS) defining a minimum resource of 1.5 million ounces of gold equivalent and grant Headwater a 2% Net Smelter Return (NSR) royalty on production.

During the initial earn-in phase, Headwater Gold will act as the project manager and collect a 10% management fee.

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|             STAGED EARN-IN EXPENDITURE STRUCTURE       |
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|  Stage 1 | $10,000,000 spend in 4 Yrs  | 51% Interest  |
|  Stage 2 | $20,000,000 spend in 3 Yrs  | 65% Interest  |
|  Stage 3 | Pre-Feasibility Study (PFS) | 75% Interest  |
|          | + 2.0% Net Smelter Royalty  |               |
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Exploration Potential in the Walker Lane Belt

Situated approximately 110 kilometers northeast of AngloGold Ashanti’s Arthur (Silicon-Merlin) gold complex, the Jupiter Project encompasses 352 unpatented mining claims on Bureau of Land Management (BLM) land. The property features a large hydrothermal alteration footprint measuring approximately 5 by 8 kilometers, with historical drilling confirming shallow gold mineralization—including historic intercepts of 9.1 meters averaging 1.1 grams per tonne gold.

“Jupiter is exactly the type of opportunity we look for at Headwater: a large, underexplored epithermal system in Nevada with demonstrated gold mineralization, a potential district-scale alteration footprint, and multiple untested targets,” stated Caleb Stroup, President and CEO of Headwater Gold. “The scale of the exploration commitment under this agreement provides an opportunity to systematically test that thesis while preserving significant upside exposure for Headwater shareholders.”

Headwater plans to perform detailed geological mapping, surface geochemistry, and geophysical surveys before commencing a initial partner-funded drilling campaign targeted for late 2026 or early 2027.

Source: Headwater Gold Inc. Corporate Announcements, Newmont Corporation Investor Filings, MINING.COM Regional Desk.