Westhaven Reports New High Grade South Zone Results as Resource Drilling Program Approaches Completion at Shovelnose Gold Project, Southern British Columbia

Westhaven Gold Corp. (WHN) has released the sixth batch of assay results from its 35,000-meter resource infill program at the South Zone deposit on the Shovelnose property in southern British Columbia. The company clarified that this release constitutes an infill and resource-definition update rather than a discovery or step-out announcement.

The latest data includes 13 new infill holes, bringing the total number of reported holes to 72 across six batches. To date, 109 holes totaling 34,265 meters have been completed, with six holes remaining. The infill phase is scheduled to conclude by the end of September, while the broader exploration program is set to ramp up from one to four rigs.

Selected assay highlights from the release, reported as downhole intervals rather than true width, include:

• SNR26-108: 37.89 m grading 5.29 g/t Au and 31.9 g/t Ag from 183.11 m
• SNR26-116: 32.06 m grading 5.05 g/t Au and 28.1 g/t Ag from 223.00 m
• SNR26-120: 30.00 m grading 2.34 g/t Au and 15.9 g/t Ag from 210.50 m
• SNR26-124: 7.45 m grading 4.99 g/t Au and 81 g/t Ag from 215.85 m; and 14.94 m grading 2.61 g/t Au and 16 g/t Ag from 227.52 m
• SNR26-129: 14.00 m grading 13.09 g/t Au and 105.8 g/t Ag from 254.00 m
• SNR26-132: 2.59 m grading 13.81 g/t Au and 27 g/t Ag from 273.28 m

A minor inconsistency exists within the release regarding hole SNR26-132; while the highlight bullet lists 2.59 m at 13.81 g/t Au and 27 g/t Ag, the CEO quote and another highlight bullet state 2.62 m at 13.81 g/t Au and 26.6 g/t Ag.

Concurrently, Westhaven has commenced a C$4,000,000 sonic geotechnical and hydrogeology program running through mid-December to support a Preliminary Feasibility Study (PFS) targeted for the second half of 2027. This work is funded under the Dundee earn-in agreement, which allows for up to 60% ownership for up to C$85 million, including a Phase 1 minimum of C$30 million.

Westhaven Gold Corp. (WHN) released a new batch of infill drilling results from its established South Zone deposit, confirming that grades and widths in the southeastern portion are tracking the existing resource model. The company noted that the updated Mineral Resource Estimate (MRE) remains pending and that the release does not change the scale of the system, open a new zone, or add a resource number.

Westhaven is a pre-revenue developer with a Preliminary Economic Assessment (PEA) and no reserves, carrying an explicit going-concern flag in its Q1-2026 MD&A. At this stage, equity-moving events typically include the resource update, a Preliminary Feasibility Study (PFS), a new discovery, or a funding or ownership event.

The stock rose from approximately C$0.28 in mid-July to C$0.42 on Aug. 27, a gain of roughly 50%, driven by previous assay batches and gold price strength. It drifted back to C$0.36 by Sept. 21. The recent drill run is partially embedded in that price action, with the stock having given back approximately 14% from its high while remaining well above its 52-week low.

Today’s best hole returned a result of 200 g·m, which is below the best result from the Aug. 20 batch of 233 g·m. However, the company characterized the results as in-line to slightly softer than the recent headline run but on-grade for the resource. The current hole population consists of 72 out of 109 reported holes.

Westhaven Gold Corp. is a gold-silver exploration and development company focused on low-sulphidation, high-grade epithermal mineralization in the Spences Bridge Gold Belt of southern British Columbia. The company controls approximately 60,263 hectares across four properties: Shovelnose, Prospect Valley, Skoonka, and Skoonka North. Access to the site is supported by the Coquihalla Highway, an existing powerline, and over 900 km of forestry roads that facilitate year-round work, with permitting covered by a multi-year Notice of Work.

Shovelnose hosts the South Zone, Franz, and FMN deposits. An updated Preliminary Economic Assessment (PEA), effective February 28, 2025, models an 11.1-year underground mine operating at 1,000 tonnes per day. The assessment used gold and silver prices of US$2,400/oz and US$28/oz respectively, with a CAD/USD exchange rate of 0.72. The project is modeled to produce a life-of-mine (LOM) grade of 5.26 g/t Au and 31.9 g/t Ag, with recoveries of 91.5% for gold and 92.9% for silver. The LOM payable production is estimated at 637,000 oz of gold and 3,562,000 oz of silver. Initial capital costs are projected at C$184 million and sustaining capital at C$199 million. The project reports cash costs of US$628/oz AuEq and an all-in sustaining cost (AISC) of US$836/oz AuEq. Financial metrics include an after-tax net present value (NPV) at a 6% discount rate of C$454 million, an after-tax internal rate of return (IRR) of 43.2%, and a 2.1-year payback period.

The current combined South Zone resource stands at 5,729,000 tonnes at 5.2 g/t Au and 29 g/t Ag, containing 947,000 oz of gold and 5,423,000 oz of silver. This is split roughly into 3.44 million tonnes of Indicated resources at 6.1 g/t Au and 2.29 million tonnes of Inferred resources at 3.6 g/t Au. No mineral reserves are currently reported.

Dundee Corporation can earn up to 60% of the four Spences Bridge Gold Belt properties by funding up to C$85 million in staged expenditures. A firm Phase 1 minimum of C$30 million is required, which includes the fully funded 50,000-meter 2026 drill program and the Pre-Feasibility Study (PFS). Westhaven retains 75% initially, stepping down to 62.5%, 50%, and finally 40% as Dundee hits milestones. Westhaven remains the operator until Dundee reaches a 50% interest and earns a management fee of up to 3% of project expenditures. Dundee also subscribed for 12 million shares at C$0.25, totaling C$3 million, in December 2025. Notable holders include Dundee, Eric Sprott, Franco-Nevada, Rob McEwen (Evanachan), and Earthlabs. Eira Thomas serves as Chair, Ken Armstrong as CEO, and Robin Hopkins as Qualified Person.

Financially, the company is pre-revenue. For the first quarter of 2026 (three months ended March 31, 2026), Westhaven reported a net loss of C$1,265,109. As of that date, the company held C$3,372,074 in cash, total assets of C$49.5 million, and total equity of C$44.6 million. The book value was C$0.17 per share, with working capital of C$2,647,123 and no debt facilities. For the fiscal year 2025, the net loss was C$2,537,882. The Management’s Discussion and Analysis explicitly flags liquidity and going concern risk. According to an investor presentation, cash was C$3.88 million at June 30, 2026.