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Headwater Gold - Expanding the Newmont Partnership: New Earn-In At Jupiter & Spring Peak Phase 2 JV

The KE Report Aug 17, 2026

Summary

Newmont's third Headwater earn-in at Jupiter shows majors moving fast: a signed deal three months after acquisition on a 5km x 8km Walker Lane target.

Spring Peak's Phase 2 JV unlocks $40M over three years for Newmont to reach 65%, contingent on the Burnt Rock permit landing near year-end 2026.

Partner-funded drill programs advance at Crane Creek (Centerra, 3,000m, Idaho) and Jade Creek (OceanaGold, 3,500m, Nevada), with assays expected through fall 2026.

Headwater's C$6M-C$7M cash position lets it keep generating new epithermal targets while funding its share of three active partner-led JV programs.

Key points on Anglogold Ashanti

  • Cited for its 'Arthur Project' (formerly Silicon Merlin) discovery in Nevada's Walker Lane, estimated at 10–20 million ounces, which the guest uses to frame the potential scale of the nearby Jupiter property.

Key points on Newmont

  • Entered a new earn-in agreement on Headwater's Jupiter property, with a firm $2.5 million exploration commitment over the first 24 months and reimbursement of $250,000 in prior Headwater expenditures.
  • Spring Peak has formally advanced to phase two of the joint venture, with Newmont at 51% and Headwater at 49%, committing up to $40 million of exploration over three years to lift NEM's stake to 65%.
  • Jupiter is the third Headwater project partnered with Newmont, alongside Spring Peak and Lodestar.

Key points on Oceanagold

  • Partnered with Headwater on three projects in northern Nevada, including Jake Creek, where a 3,500-metre drill program is over three-quarters complete as of the interview.

Cory Fleck's takeaways

  • Top takeaway Frames the interview around the catalysts he sees as most market-relevant: the new Jupiter earn-in, Spring Peak phase two formalization, and the two in-progress drill programs.