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Headwater Gold

Gold explorer, with a project stated to be in Nevada, United States.

Nevada · United States — as stated on the recordings

explorer gold Nevada, United States
May 2026 → Jul 2026Covered
8 of 10Topics on record
3Figures tracked over time
1 executiveNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 3 interviews with the company · 3 independent recordings
Stage
Explorer
Primary commodity
Gold
Jurisdiction
Nevada, United States
Deposit
epithermal vein systems, high-grade gold deposits
Latest appearance
18 Jul 2026
On record
3 interviews · 20 statements · 2 executives

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

Money on hand
$6 million
Stated capital need: roughly $100,000 in overall G&A per month; net of management fees about $30-40,000 per month from partners
Management-stated Caleb Stroup Jul 2026
What happens next
permit coming through within the next year, Fast 41 permitting process in the US
Management-stated Caleb Stroup May 2026
The main open question
Cash position of $7 million covers only ~70 months of G&A; to advance projects beyond partner funding requires $500k–$1.5m per project.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
3 independent voices on record — 3 constructive
Nomi Prins, Jeff Phillips, Nick Hodge
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

Ownership 7%30% ≠ Different basis One statement qualifies the figure and the other does not (equity, gold, insiders) 2 statements on record
18 May 2026
Newmont 7% equity position, Centera Gold 9.9%, Jeff Phillips owns strategic piece, over 50% already
“Major mining companies own uh significant equity positions as well. Uh Newmont has a 7% equity position. Centera Centera Gold owns 9.9...Uh uh Mr. Jeff Phillips owns uh a strategic piece...on top of t…”
16 Jul 2026
Insiders control 30% of the shares; Insiders, Centera, Newmont, Jeff Phillips and Rick Rule account for over 50%
“Insiders control 30% of the shares and between insiders, Centera, Newmont, and Jeff Phillips and Rick Rule, we have over 50% of the shares accounted for”
Shares outstanding ≠ Different measure Stated in percent, then in shares — not the same quantity 2 statements on record
18 May 2026
portfolio of 12 projects, 6 in partnerships, 6 100% funded
“We have a portfolio of about a dozen projects, 12 exactly right now...Six of [clears throat] these are in partnerships, and six are 100% funded right now.”
16 Jul 2026
86 million shares
“we're still sitting with 86 million shares outstanding”
Cash position ? New figure The earlier statement put no number on this 2 statements on record
18 May 2026
seven million dollars in the bank
“how much of that is represented by cash? Uh seven in the bank at present.”
16 Jul 2026
$6 million
“$6 million in the bank”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Headwater Gold's own claims across 3 interviews — most-covered theme first.

What outside voices pick up on

3 independent voices — people who do not speak for the company — across 3 mentions.

3 constructive
  • Nomi Prins “Small US developer attracting high-quality investment from majors into exploratory sites; named as interesting junior”
  • Jeff Phillips “He likes it as a prospect generator with multiple major joint ventures and meaningful management ownership.”
  • Nick Hodge “He says he is involved and that it received Fast 41 permitting for a copper-gold project.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says Headwater is a lean project generator with 12 projects, six in partnerships with Newmont, OceanaGold, Newcrest and Centera, on just $100,000 monthly G&A and no debt.

What it rests on
Evidence: 2 moments from 2 interviews
Read the full case

Management says Headwater is a lean project generator with 12 projects, six in partnerships with Newmont, OceanaGold, Newcrest and Centera, on just $100,000 monthly G&A and no debt. Spring Peak is described as a blind epithermal vein system yielding a new high-grade gold discovery, and Jupiter offers a massive alteration cell similar to AngloGold's Silicon Merlin. An outside investor noted the model attracts high-quality investment from majors into exploratory sites.

▼ Bear case

Cash position of $7 million covers only ~70 months of G&A; to advance projects beyond partner funding requires $500k–$1.5m per project.

What it rests on
Evidence: 2 moments from 1 interview
Read the full case

Cash position of $7 million covers only ~70 months of G&A; to advance projects beyond partner funding requires $500k–$1.5m per project. Management has raised capital recently ($6m), risking dilution, and permitting relies on Fast 41 timelines stated as "within the next year, hopefully." No independent production experience cited; exploration risk and partner dependency are material. Material on deposit economics, production timeline, or deal terms is absent.

◆ Watch next

Permit approval within the next year under Fast 41 process; Spring Peak and Jupiter assay and drilling results; capital raise completion and partner funding decisions on the six 100%-owned projects; whether major partners (Newmont 7%,…

What it rests on
Evidence: 2 moments from 1 interview
Read the full case

Permit approval within the next year under Fast 41 process; Spring Peak and Jupiter assay and drilling results; capital raise completion and partner funding decisions on the six 100%-owned projects; whether major partners (Newmont 7%, Centera 9.9%) elect to expand or exercise options.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 4 statements

The deposit 3

Key takeaway. Headwater Gold's management describes the deposit as epithermal vein systems hosting high-grade gold (July 2026), and separately as high-grade vein systems (May 2026).

Read the full summary

At Spring Peak, the company reports a blind epithermal vein system at depth underneath a barren alteration cap, which it calls a new high-grade gold discovery (May 2026).

What was actually said
deposit type
epithermal vein systems, high-grade gold deposits
“specifically targeting one type of gold deposits called epithermal vein systems high generally high-grade gold deposits”
Caleb Stroup· 16 Jul 2026·
deposit type
high-grade vein systems
“we're focused on one specific type of gold deposit, uh high-grade vein systems that are common in Nevada.”
Caleb Stroup· 18 May 2026·
exploration upside
Spring Peak: blind epithermal vein system at depth underneath barren alteration cap, new high-grade gold discovery
“most advanced of the partner funded assets is probably uh an asset called Spring Peak, which is in the Aurora mining district in the Walker Lane...made a new high-grade gold discovery and and drilled uh into a blind epithermal vein system at depth underneath uh a barren alteration cap”
Caleb Stroup· 18 May 2026·

Jurisdiction 1

What was actually said
region
Western US, core focus Nevada; also Idaho, Utah, Arizona, Wyoming
“Generally western US is our playing field”
Caleb Stroup· 16 Jul 2026·

Economics 6 statements

Financing 6

Key takeaway. Management says the company has no debt and reported a cash position of about $7 million as of May 2026, noting it had raised almost $6 million a couple of months earlier; by July 2026 the cash position was stated as $6 million.

Read the full summary

The company's burn rate is roughly $100,000 in overall G&A per month, reduced to a net of about $30-40,000 per month from partner funding. Management estimates that between a half a million dollars and $1.5 million is needed to test the high-grade vein systems.

What was actually said
cash position
$6 million
“$6 million in the bank”
Caleb Stroup· 16 Jul 2026·
burn rate
roughly $100,000 in overall G&A per month; net of management fees about $30-40,000 per month from partners
“we spend like many companies roughly $100,000 in overall G&A per month...net of management fees which we haven't talked about yet. We collect a management fees from our part management fee from our partners on our exploration. That's more like 30 40,000 dollars a month.”
Caleb Stroup· 18 May 2026·
capital needed
raised almost $6 million a couple of months ago
“we've recently raised some money, we raised about almost $6 million a couple of months ago.”
Caleb Stroup· 18 May 2026·
Show the other 3 statements
capital needed
between a half a million dollars and 1.5 million dollars to test high-grade vein systems
“we believe with high conviction and this is not just me, it's the whole team feels that for a modest amount of capital call it between a half a million dollars and 1.5 million dollars just for placeholder we can conclusively test whether or not there's a high grade vein system which we're targeting there.”
Caleb Stroup· 18 May 2026·
cash position
seven million dollars in the bank
“how much of that is represented by cash? Uh seven in the bank at present.”
Caleb Stroup· 18 May 2026·
dilution
no debt
“Okay. Uh any debt? No debt.”
Caleb Stroup· 18 May 2026·

Timeline 2 statements

Timeline 1

What was actually said
permit timing
permit coming through within the next year, Fast 41 permitting process in the US
“are waiting on a permit that will be coming through with within the next year, hopefully. It is part of the fast 41 permitting process in the US”
Caleb Stroup· 18 May 2026·

Catalysts 1

What was actually said
upcoming result
Jupiter project announced: massive alteration cell in Walker Lane with characteristics similar to AngloGold Ashanti Silicon Merlin discovery
“within the last week we've announced one one of the first assets to come out of that exercise, which is project called Jupiter, which is a truly massive alteration cell in the Walker Lane with a lot of characteristics similar to the AngloGold Ashanti Silicon Merlin discovery.”
Caleb Stroup· 18 May 2026·

Corporate 8 statements

Management 2

Key takeaway. Management describes Headwater Gold's business as a project generator model with a portfolio of over a dozen projects, six of which are in partnerships with large producing companies — two with Newmont, three with Oceana Gold, and one with…

Read the full summary

Centera Gold (as of July 2026). The CEO, an exploration geologist with roughly 20 years of career experience, previously worked for NovaGold in the mid-2000s and for Kinross Gold before founding Headwater (May 2026).

What was actually said
business model
project generator model with portfolio of over a dozen projects; six in partnerships with large producing companies: two with Newmont, three with Oceana Gold, one with Centera Gold
“Right now I think it's over a dozen projects in the portfolio. Of which six are in partnerships with large producing companies. Two projects in partnership with Newmont, three with Oceana Gold, and one with Centera Gold.”
Caleb Stroup· 16 Jul 2026·
track record
exploration geologist with ~20 years career, worked for NovaGold in mid-2000s, worked for Kinross Gold, founded Headwater
“I am an exploration geologist, I'd say, first and foremost, and I've spent uh the entirety of my career as a geologist doing exploration...I started working in Alaska uh for a company called NovaGold in the mid-2000s, about 20 years ago...after spending uh uh a fair bit of time working for Kinross Gold, uh I left to start my own venture, which is turned into Headwater.”
Caleb Stroup· 18 May 2026·

Share structure 4

Key takeaway. Headwater Gold management says insiders control 30% of the company's shares, and that when combined with stakes held by Centera, Newmont, Jeff Phillips and Rick Rule, that group accounts for over 50% of the total.

Read the full summary

The company reports 86 million shares outstanding as of July 2026. In earlier comments from May 2026, management said Newmont holds a 7% equity position, Centera Gold holds 9.9%, and that Jeff Phillips owns a strategic piece, with over 50% already controlled by that group.

What was actually said
insider stake
Insiders control 30% of the shares; Insiders, Centera, Newmont, Jeff Phillips and Rick Rule account for over 50%
“Insiders control 30% of the shares and between insiders, Centera, Newmont, and Jeff Phillips and Rick Rule, we have over 50% of the shares accounted for”
Caleb Stroup· 16 Jul 2026·
shares outstanding
86 million shares
“we're still sitting with 86 million shares outstanding”
Caleb Stroup· 16 Jul 2026·
insider stake
Newmont 7% equity position, Centera Gold 9.9%, Jeff Phillips owns strategic piece, over 50% already
“Major mining companies own uh significant equity positions as well. Uh Newmont has a 7% equity position. Centera Centera Gold owns 9.9...Uh uh Mr. Jeff Phillips owns uh a strategic piece...on top of that, so so right there we're over 50% uh already pretty much.”
Caleb Stroup· 18 May 2026·
Show the other 1 statement
shares outstanding
portfolio of 12 projects, 6 in partnerships, 6 100% funded
“We have a portfolio of about a dozen projects, 12 exactly right now...Six of [clears throat] these are in partnerships, and six are 100% funded right now.”
Caleb Stroup· 18 May 2026·

Market 2

Key takeaway. Management notes that Headwater Gold currently carries a market capitalization of roughly $43 million (as of May 2026).

Read the full summary

The company reports it has established partnerships with Newmont, OceanaGold, Newcrest, and Centera, positioning it as a potential acquisition target in the sector.

What was actually said
cost curve position
roughly $43 million market capitalization
“what's the market capitalization of Headwater? As we sit right now, roughly 43 42 43 million dollars.”
Caleb Stroup· 18 May 2026·
potential acquirer
partnerships with Newmont, OceanaGold, Newcrest, Centera
“We've been very, very active over the last 3 years by virtue of partnerships with companies like Newmont and OceanaGold and Newcrest and Centera.”
Caleb Stroup· 18 May 2026·

Outside views 3 mentions

3 mentions by people who do not speak for the company — 3 constructive, 0 cautious, 0 neutral. These are their views, not the company's.

Nomi Prins
bullish
Small US developer attracting high-quality investment from majors into exploratory sites; named as interesting junior
Natural Resource Stocks· 08 Jul 2026·
Jeff Phillips
bullish
He likes it as a prospect generator with multiple major joint ventures and meaningful management ownership.
Natural Resource Stocks· 12 Dec 2025·
Nick Hodge
bullish
He says he is involved and that it received Fast 41 permitting for a copper-gold project.
Investing News· 12 Nov 2025·

Sources 3 interviews

Every interview 3

DateChannelInterviewStatements
18 Jul 2026 Natural Resource Stocks Brent Cook: Why High Gold Prices Still Cannot Save Mediocre Mining Deposits No claims identified
16 Jul 2026 Natural Resource Stocks How Headwater Gold Avoids the Junior Mining Dilution Trap 6
18 May 2026 Rule Investment Media Caleb Stroup, President & CEO of Headwater Gold | Rule Symposium 2026: Rick Rule interviews 14

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

centera gold 2
gold 2
jake creek 1
jupiter 1
newmont 1
newmont corporation 1
novagold 1

Questions people ask

What is Headwater Gold's project and where is it?

Headwater Gold is a explorer gold company, with a project stated to be in Nevada, United States. Everything here is drawn from its executives' own interviews.

Which interviews mention Headwater Gold?

We track 3 interviews mentioning Headwater Gold, across 2 channels (Natural Resource Stocks, Rule Investment Media).

What are investors saying about Headwater Gold?

3 independent voices — people who do not speak for the company — are on record discussing it (3 bullish). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Headwater Gold cover?

The most-discussed topics on record are financing, share structure, the deposit, management — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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