Headwater Gold (TSX-V:HWG) has completed a definitive joint venture agreement with Newmont (NYSE:NEM) for the Spring Peak Project in Nevada, US.
The agreement formalises Newmont’s 51% interest and Headwater’s 49% stake following the completion of stage one of an earn-in agreement announced in September 2025.
Newmont earned its initial 51% interest by funding US$15 million ($21.28 million) in exploration expenditures under the original August 2022 agreement.
Under stage two, Newmont may increase its stake to 65% by financing an additional US$40 million in exploration over three years once the Burnt Rock plan of operations receives approval.
If Newmont completes stage two, it can elect to earn a total 75% interest by funding a Prefeasibility Study and granting a 1% to 2% net smelter return royalty to Headwater.
CEO Caleb Stroup says the completion of the JV agreement is an important milestone for Headwater, noting that the next phase in the partnership with Newmont involves what the company believes is “one of the most compelling high-grade epithermal gold projects in Nevada”.
“With the JV structure now in place, our focus is on advancing the Burnt Rock and Doug area drill permits and preparing for the stage two exploration program in 2027,” Stroup says.
“Spring Peak remains a flagship asset for Headwater, with high-grade mineralisation already discovered at the Disco zone and a growing pipeline of potential targets along the Bear Fault corridor where the JV controls approximately 15km of prospective strike extent.”
The Spring Peak Project is located in the Aurora mining district within Nevada’s Walker Lane belt.
Permitting for the Burnt Rock plan remains in progress under the FAST-41 framework, while a separate permit application for the Doug area is expected to advance during 2026.
The company says planning for the 2027 exploration program and budget is currently underway.
Headwater Gold is a mineral explorer focused on precious metal deposits in the western US.
Write to Paula Fabe at Mining.com.au
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