Recorded on July 8 2026 live at the Rick Rule Symposium 2026
CSE HWG | OTC HWAUF
Andy Millette sits down with Caleb Stroup, President and CEO of Headwater Gold Inc., to examine how a western United States project generator can pursue high-grade epithermal gold discoveries while protecting shareholder capital. Stroup explains why early-stage exploration requires a broad portfolio and repeated drilling opportunities, and how partnerships with Newmont, OceanaGold and Centerra Gold can supply major-company funding. He details Headwater Gold's approach to balancing capital-market access with partner-funded exploration, management fees and selective self-funding. The discussion turns to the cost of capital, junior mining dilution, the roughly 86 million shares and 6 million dollars in cash discussed during the interview, and the importance of tight insider and strategic ownership. Stroup also outlines Headwater Gold's active target generation, staking and acquisition process across Nevada and the wider western United States. The interview closes with the geological case for Nevada and how investors can conduct further due diligence on Headwater Gold. #Millettian
Key Topics
High-grade epithermal gold exploration
Nevada and the western United States
The project generator model
Newmont, OceanaGold and Centerra Gold partnerships
Major-company exploration funding
Cost of capital and junior mining dilution
Share structure, cash and insider ownership
Target generation, staking and acquisitions
CSE HWG and OTC HWAUF
Headwater Gold
Website https://headwatergold.com/
Management https://headwatergold.com/management/
Capital Structure https://headwatergold.com/capital-structure/
Host Andy Millette Natural Resource Stocks
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Chapters
00:00 Cold Open On Dilution 00:59 Caleb Stroup At Rule Symposium 01:41 What Headwater Gold Does 02:36 Why The Project Generator Model Works 03:50 Major Company Exploration Capital 05:03 Cost Of Capital And Share Structure 07:22 Expanding The Project Portfolio 08:34 Nevada And Western USA Focus 09:44 Tickers And Due Diligence 10:23 Closing Thoughts
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