Westhaven closes $3M private placement with Dundee

Executive Summary

• Westhaven Gold Corp. has closed a private placement financing with Dundee Corp., raising $3 million in gross proceeds.
• Dundee Corp. received 12 million common shares at a price of $0.25 per share.
• Proceeds are designated primarily for exploration and drilling activities, with specific allocations for property maintenance and working capital.

Key Details

• Transaction Structure: Private placement closed with Dundee Corp.
• Shares Issued: 12,000,000 common shares of Westhaven Gold Corp.
• Price Per Share: $0.25 CAD
• Gross Proceeds: $3,000,000 CAD
• Use of Proceeds:
  • Up to $2,000,000 for exploration activities (majority allocated to drilling).
  • $500,000 to maintain properties in good standing as needed.
  • Remaining proceeds for general working capital.
• Resale Restrictions: Common shares are subject to applicable resale restrictions under Canadian securities legislation and TSX Venture Exchange policies.
• Company Profile: Westhaven is a gold-focused exploration and development company targeting low-sulphidation, high-grade, epithermal-style gold mineralization in the Spences Bridge gold belt, Southern British Columbia.
• Project Status (Shovelnose Gold Project):
  • Most advanced property within the company's portfolio.
  • Recently updated 2025 Preliminary Economic Assessment (PEA) released.
  • Production Profile: 11-year underground mine life with average annual production of 56,000 ounces of gold and 313,000 ounces of silver.
  • Financial Metrics (Base Case):
    • $454 million after-tax Net Present Value (NPV) at a 6% discount rate.
    • 43.2% Internal Rate of Return (IRR).
  • Base Case Assumptions:
    • Gold: $2,400 USD/oz.
    • Silver: $28 USD/oz.
    • Exchange Rate: CAD 1.00 = USD 0.72.
• Qualified Person: Robin Hopkins, PGeol, Vice-President, Exploration, reviewed and approved the technical and scientific information.