Westhaven Reports New High-Grade South Zone Results Including 23m Grading 6.69 g/t Au and 42 g/t Ag and Advances Exploration and Pre-Feasibility Programs, Shovelnose Project, Southern British Columbia

Westhaven Gold Corp. (WHN) announced the completion of a 117-hole, 37,242-meter resource infill program at the South Zone deposit of its Shovelnose project in southern British Columbia. Assays have been received for an additional 19 infill holes, bringing the total number of reported holes to 91 of the 117 completed. The release does not disclose assay results for the remaining 26 holes.

The company highlighted selected downhole intervals rather than true widths, noting that true widths are estimated at approximately 70-80% of the reported intervals. The reported intervals utilize a 1 g/t Au sample cutoff, a minimum length of 2 meters, and allow no more than 3 meters of contiguous dilution. Intervals shorter than 2 meters are reported if an individual sample exceeds 10 g/t Au.

Key reported intervals include:

• SNR26-149: 23.00m at 6.69 g/t Au and 41.7 g/t Ag from 193.00m downhole; plus 2.72m at 2.29 g/t Au and 7 g/t Ag from 152.28m, and 2.29m at 3.07 g/t Au and 4 g/t Ag from 182.00m.
• SNR26-125: 5.53m at 16.51 g/t Au and 133.5 g/t Ag from 163.00m; plus 3.00m at 5.93 g/t Au and 7 g/t Ag from 116.00m.
• SNR26-123: 14.59m at 4.38 g/t Au and 27.6 g/t Ag from 313.40m.
• SNR26-127: 10.30m at 3.51 g/t Au and 23.5 g/t Ag from 143.50m; 6.04m at 5.79 g/t Au and 3.5 g/t Ag from 182.90m; 6.00m at 3.17 g/t Au and 5 g/t Ag from 229.00m.
• SNR26-137b: 16.41m at 2.07 g/t Au and 23.2 g/t Ag from 264.59m.
• SNR26-140: 1.50m at 20.90 g/t Au and 29.1 g/t Ag from 265.50m; plus 5.28m at 2.31 g/t Au and 10 g/t Ag from 377.38m.
• SNR26-150: 5.97m at 5.34 g/t Au and 10.6 g/t Ag from 76.64m.
• SNR26-157: 6.07m at 4.56 g/t Au and 7.6 g/t Ag from 147.13m.

In addition to the infill program, Westhaven completed approximately 10,000 meters of exploration, hydrogeological, and geotechnical drilling, including 10 exploration holes totaling 5,008 meters below and north of the South Zone. No exploration assay results are provided for these holes. Six drills are currently operating, with exploration drilling expected to continue until December 15, 2026. A Preliminary Feasibility Study (PFS) is targeted for the second half of 2027.

The company reported gross proceeds of C$3,122,366 from the exercise of 14,770,114 warrants. Shares outstanding stand at 275,023,832, with a fully diluted count of 314,511,385. The release also reiterated the Dundee earn-in agreement, which allows for up to a 60% interest via up to C$85 million in staged expenditures, including a minimum C$30 million Phase 1 commitment.

Westhaven Gold Corp. (WHN) has completed its 117-hole infill drilling program, with results reported for 91 of those holes. The company is currently advancing an updated mineral resource estimate (MRE) and a preliminary feasibility study (PFS). This drilling campaign focused on supporting continuity and converting resource categories within an existing deposit, serving as a de-risking exercise rather than an expansion of scale.

The release does not introduce a new zone, a new intrusive centre, a demonstrated resource increase, or new metallurgical results. Additionally, no PFS economics were included in this announcement. As an advanced explorer and developer with a defined resource and PEA but no production, the company’s equity remains sensitive to resource growth, PFS de-risking, and partner funding. However, infill drilling inside an existing deposit is distinct from a discovery.

In a separate development, the company exercised warrants, raising approximately C$3.1 million. This transaction removes the warrant overhang and improves liquidity but increases shares outstanding. It is not considered a thesis-changing event.

Market expectations for the stock had already adjusted significantly prior to this release. The share price re-rated from approximately C$0.17 before the Dundee deal to a high of C$0.42 in August 2026, before drifting back to C$0.27 by late October 2026. The market had already priced in the Dundee partnership and the broad infill story. This release confirms resource grade but does not deliver a new discovery or a major step-out. For infill and resource-definition holes, achieving at-or-above resource grade over meaningful widths is viewed as a confirmation.

Westhaven Gold Corp. (TSX-V: WHN; OTCQB: WTHVF; FRA: 1W5) is a gold-silver exploration and development company that controls approximately 60,263 hectares across four properties in the Spences Bridge Gold Belt of southern British Columbia: Shovelnose, Prospect Valley, Skoonka, and Skoonka North. The Shovelnose property serves as the company’s flagship asset, featuring an updated 2025 preliminary economic assessment (PEA) and mineral resource estimate for its South Zone.

The PEA outlines an 11-year underground operation producing approximately 56,000 ounces of gold and 313,000 ounces of silver annually. The assessment projects an after-tax net present value (NPV) of C$454 million at a 6% discount rate and an internal rate of return (IRR) of 43.2%, based on gold and silver prices of US$2,400/oz and US$28/oz, respectively. The South Zone mineral resource estimate comprises 5.729 million tonnes at 5.3 g/t gold and 30 g/t silver, containing approximately 947,000 ounces of gold and 5.423 million ounces of silver. This total includes an indicated resource of 3.437 million tonnes at 6.1 g/t gold and 32 g/t silver, and an inferred resource of 2.292 million tonnes at 3.6 g/t gold and 25 g/t silver.

Dundee Corporation holds an earn-in agreement to acquire up to a 60% interest by funding up to C$85 million in staged project expenditures. Phase 1 requires a minimum investment of C$30 million, which includes a fully funded 50,000-meter drill program and a pre-feasibility study (PFS).

Westhaven’s management team includes President and CEO Ken Armstrong, Chair Eira Thomas, and Vice President of Exploration and Qualified Person Robin Hopkins. The company’s investor presentation lists notable shareholders such as Dundee, Eric Sprott, Franco-Nevada, and Rob McEwen.

Financial data not included in the current release indicates that Westhaven reported a net loss of C$1.265 million for the first quarter of 2026, with cash holdings of C$3.372 million as of March 31, 2026. The company held working capital of C$2.647 million and reported no revenue during the period, with its MD&A explicitly flagging liquidity and going-concern risks. For the full year 2025, Westhaven recorded a net loss of C$2.538 million and negative operating cash flow of C$2.271 million.

According to the investor presentation, the company held C$3.88 million in cash as of June 30, 2026, with a reference share price of C$0.42 as of August 27, 2026. These figures reflect the date of the presentation and do not represent current market data.