Headwater Gold has signed an earn-in agreement with Newmont USA, a subsidiary of Newmont, regarding its fully owned Jupiter project located in Nevada.
Under the agreement, Newmont has the option to earn up to a 75% interest in the Jupiter project through staged exploration spending totalling $30m and delivery of a pre-feasibility study.
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The deal includes a commitment from Newmont to spend a minimum of $2.5m on exploration activities within the first 24 months.
If Newmont chooses to proceed, the company can initially acquire a 51% interest by investing $10m in exploration expenditures within 48 months from the effective date, which includes the minimum spending requirement.
If the company completes the initial earn-in, it can obtain a further 14% interest, bringing its stake to 65%, by contributing another $20m to exploration over the following 36 months.
To increase its interest to 75%, Newmont would be required to prepare and deliver a pre-feasibility study with a minimum of 1.5 million gold equivalent ounces and provide Headwater with a 2% net smelter return royalty (NSR), also within a 36-month period.
During the earn-in phase, Headwater Gold will serve as project manager and receive a 10% management fee related to expenditures, as outlined in the agreement.
Headwater Gold will also be reimbursed $250,000 for costs already incurred on the project prior to the agreement.
The Jupiter project is located in Nye County and comprises approximately 352 unpatented mining claims spanning around 7,000 acres on Bureau of Land Management (BLM) ground.
The site features a significant hydrothermal alteration footprint and has seen limited historical drilling confirming gold mineralisation, with several untested targets identified.
This agreement follows ongoing exploration partnerships between Headwater Gold and Newmont, which also cover the Spring Peak and Lodestar projects.
Headwater president and CEO Caleb Stroup said: “We are delighted to broaden our relationship with Newmont through this new earn-in agreement on the Jupiter Project.
“Jupiter is exactly the type of opportunity we look for at Headwater: a large, underexplored epithermal system in Nevada with demonstrated gold mineralisation, a potential district-scale alteration footprint and multiple untested targets.
“Headwater recognised the potential for Jupiter to represent one large contiguous district that had not been explored at the district-scale context by previous operators.”
In October 2025, Headwater signed a definitive agreement with a subsidiary of OceanaGold to explore three projects in Nevada.
