07:21 AM EDT, 07/22/2025 (MT Newswires) -- Headwater Gold Inc. ( HWAUF ) announced Tuesday it has signed a non-binding Letter of Intent with a subsidiary of OceanaGold Corporation (OGC.TO).

According to a statement, the parties propose to enter into a definitive agreement within 90 days for OceanaGold to acquire an option to earn up to a 75% interest in Headwater's TJ, Jake Creek and Hot Creek projects in Nevada through staged exploration expenditures totalling up to US$65 million and the completion of Pre-Feasibility Studies.

Separately, OceanaGold, which rose more than 3% yesterday, has received approval from the Toronto Stock Exchange to renew its Normal Course Issuer Bid, permitting the company to buy back up to approximately 23 million common shares, representing a maximum of 10% of the company's public float over the next 12 months. As of July 21, 2025, there were a total of 231,121,129