Westhaven Gold and Dundee Corporation Announce Closing of Strategic $85M Earn-In Agreement to Advance Shovelnose and the Spences Bridge Gold Belt, British Columbia

The most recent news (February 23, 2026) confirms the closing of a definitive earn-in agreement with Dundee Corporation. Dundee has the right to acquire up to a 60% interest in Westhaven’s Spences Bridge Gold Belt projects, including the flagship Shovelnose project. To earn this, Dundee must fund CDN$85,000,000 in project expenditures over seven years. The first phase requires a firm commitment of CDN$30,000,000 by February 2029 to earn an initial 25%. This follows the launch of a massive 50,000m drill program for 2026, budgeted at $20M, which is now fully funded by Dundee.

This is a "Game Changer" for a junior explorer that was trading at $0.11 just months ago. - Financial De-risking: The $85M commitment is larger than Westhaven’s entire market capitalization. It effectively removes the "dilution death spiral" typical of junior miners. - Strategic Validation: Dundee Corporation is a sophisticated institutional investor. Their commitment to spend $30M just to get 25% implies a project valuation far higher than the current market cap. - Operational Acceleration: The 50,000m drill program is the largest in the company's history. Funding is secured for infill drilling at the South Zone and district-scale exploration. - Institutional Support: This follows recent investments by Rob McEwen ($1.5M) and Eric Sprott, signaling a high-tier shareholder registry.

Westhaven Gold Corp. controls 100% of the Spences Bridge Gold Belt (SBGB) in Southern British Columbia, totaling ~61,512 hectares. - Flagship: Shovelnose Gold Project. - Economics (2025 PEA): After-tax NPV6% of CDN$454M, IRR of 43.2%, and an 11-year mine life. - Infrastructure: Exceptional. Located next to the Coquihalla Highway, near power and rail, allowing for year-round drilling and lower Capex ($184M initial).