Vancouver, British Columbia, - TheNewswire - October 11, 2022:  Headwater Gold Inc.  (CSE:HWG) | (OTC:HWAUF) (the "Company" or "Headwater") is pleased to announce that Mr. Rick Streiff has joined the Company as a Technical Advisor.

Highlights

• As Technical Advisor, Mr. Streiff will assist the Company with the ongoing exploration in the Western United States; 

• Rick is an expert in epithermal gold deposits, with a specific focus on high-grade low sulfidation vein deposits; and, 

• Rick has 45 years of experience, including time at several famous epithermal deposits such as Round Mountain, Nevada, Midas, Nevada, Kettle River, Washington, and Waihi, New Zealand.  

Caleb Stroup, Headwater’s President and CEO, comments: “We are very excited to welcome Rick as a Technical Advisor to the Company and look forward to benefitting from his tremendous experience which is extremely relevant to Headwater’s exploration activities.  His global epithermal gold experience will be a major asset to the Company as we start to receive data from our aggressive 2022 exploration programs”.

Mr. Streiff is a geologist with more than 45 years experience in the mineral industry, working with companies such as Echo Bay, Newmont, and OceanaGold.  Rick earned his Bachelors of Science in Geology from the University of Oregon.  He has worked on numerous Nevada exploration, development, and mine sites, first for Echo Bay Mines (10 years) and then Newmont (18 years).  He held various senior positions at Newmont, including Nevada Underground Geology Manager, and spent significant periods of time exploring the Hauraki Goldfield and the Taupo Volcanic Zone in New Zealand.  He later returned to New Zealand for OceanaGold where his team made multiple significant high-grade low sulfidation vein discoveries.  Since 2020, Mr. Streiff has worked as a global consulting geologist with specific focus on low and intermediate sulfidation vein systems.

About Headwater Gold:

Headwater Gold Inc. (CSE: HWG, OTCQB: HWAUF) is a technically-driven mineral exploration company focused on the exploration and discovery of high-grade precious metal deposits in the Western USA.  Headwater is aggressively exploring one of the most well-endowed and mining-friendly jurisdictions in the world with a goal of making world-class precious metal discoveries.  Headwater has a large portfolio of epithermal vein exploration projects, and a technical team comprised of experienced geologists with diverse capital markets, junior company, and major mining company experience.  The Company is systematically drill testing several projects in Nevada, Idaho, and Oregon, and has recently announced a significant transaction with Newcrest Mining Limited whereby Newcrest has taken a 9.9% strategic equity interest in the Company and entered into earn-in agreements on four of Headwater’s projects.  

For more information, please visit the Company's website at www.headwatergold.com.

On Behalf of the Board of Directors

Caleb Stroup

President and CEO

+1 (775) 409-3197

cstroup@headwatergold.com

For further information, please contact:

Brennan Zerb

Investor Relations Manager

+1 (778) 867-5016

bzerb@headwatergold.com

Forward-Looking Statements:

This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, exploration activities and the specifications, targets, results, analyses, interpretations, benefits, costs and timing of them, Newcrest’s anticipated funding of the earn-in projects and the timing thereof, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks related to the anticipated business plans and timing of future activities of the Company, including the Company's exploration plans and the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, the risk that Newcrest will not elect to obtain any additional interest in the Projects in excess of the minimum commitment, the ability of the Company to obtain the required permits, changes in laws, regulations and policies affecting mining operations, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated May 26, 2021 and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements, except as otherwise required by law.