Westhaven and Dundee Corporation Sign Definitive $85 Million Earn-In Agreement to Advance Shovelnose and the Spences Bridge Gold Belt, British Columbia
Dundee Partnership De-Risks Shovelnose with $85 Million Commitment as Westhaven Secures Tier-1 Backing
The most recent news (December 22, 2025) announces a definitive $85 million earn-in agreement with Dundee Corporation to advance Westhaven’s Shovelnose Gold Project and the broader Spences Bridge Gold Belt. Dundee can earn up to a 60% interest in the projects through staged expenditures over seven years. Crucially, the agreement includes a firm commitment of $30 million within the first three years. Concurrent with the earn-in, Dundee is leading a $3 million private placement at $0.25 per share, representing a significant 47% premium to the December 19 closing price of $0.17.
This is a transformative event for Westhaven Gold Corp. for several reasons: - Financial De-risking: The $30 million firm commitment essentially funds the next three years of exploration and the transition to a Pre-Feasibility Study (PFS) without further diluting Westhaven shareholders at the corporate level for those specific costs. - Valuation Validation: Dundee’s decision to invest $3 million at $0.25 per share provides a hard floor for valuation and signals that sophisticated institutional money views the current market price as significantly undervalued. - Project Scoping: The $85 million total earn-in is substantial relative to the $184 million initial capital expenditure outlined in the March 2025 PEA. This partnership provides a clear path to production that Westhaven likely could not have achieved alone without massive equity dilution. - Strategic Shift: While Westhaven gives up 60% of the project, it retains 40% of a project that is now fully funded through the most expensive development stages.
Westhaven Gold Corp. focuses on the Spences Bridge Gold Belt (SBGB) in Southern British Columbia. Its flagship project is Shovelnose. - Shovelnose Status: 100% owned (pre-Dundee earn-in). - Economics: March 2025 PEA shows an after-tax NPV6% of $454 million and an IRR of 43.2% at $2,400/oz gold. - Resource: 718,600 oz AuEq Indicated and 292,000 oz AuEq Inferred, primarily in the South Zone, FMN, and Franz deposits. - Infrastructure: Exceptional. Located near Highway 5, with access to power, rail, and a local workforce in Merritt, BC.