HEADWATER EXPLORATION INC. ANNOUNCES RESULTS OF ANNUAL SHAREHOLDER MEETING

CALGARY, AB, May 11, 2023 /CNW/ - Headwater Exploration Inc. ("Headwater") (TSX: HWX) is pleased to announce that the nominees listed in the Corporation's management information circular dated March 27, 2023 were elected as directors of Headwater at its annual meeting of shareholders (the "Meeting") held today, May 11, 2023. In addition, all other matters considered at the Meeting were approved by Headwater's shareholders.

On a vote by ballot, each of the following ten nominees proposed by management was elected as a director of Headwater:

Nominee		Outcome of Vote		Votes For		Votes Withheld
Devery Corbin		Elected		148,100,724 (99.8%)		330,974 (0.2%)
Elena Dumitrascu		Elected		147,295,573 (99.2%)		1,136,125 (0.8%)
Chandra Henry		Elected		142,230,444 (95.8%)		6,201,254 (4.2%)
Jason Jaskela		Elected		142,350,912 (95.9%)		6,080,786 (4.1%)
Phillip R. Knoll		Elected		147,719,059 (99.5 %)		712,639 (0.5%)
Stephen Larke		Elected		142,546,347 (96.0%)		5,885,351 (4.0%)
Kevin Olson		Elected		147,640,409 (99.5 %)		791,289 (0.5%)
David Pearce		Elected		142,543,615 (96.0 %)		5,888,083 (4.0%)
Neil Roszell		Elected		141,440,231 (95.3%)		6,991,467 (4.7%)
Kam Sandhar		Elected		147,427,184 (99.3 %)		1,004,514 (0.7%)

KPMG LLP, Chartered Professional Accountants, was appointed as the auditors of Headwater with 99.9% of the shares represented at the Meeting voting in favour of their appointment.

The resolution to accept Headwater's approach to executive compensation was approved, on a non-binding advisory basis, with 98.6% of the shares represented at the Meeting voting in favour of the resolution.

SOURCE Headwater Exploration Inc.

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