Westhaven Hits Record Gold Grades, Dundee Partnership Ignites BC Project

VANCOUVER, BC – July 28, 2026 – Westhaven Gold Corp. is solidifying its position as a key player in British Columbia’s next potential gold rush, reporting a series of high-grade drill intercepts that confirm the robust nature of its flagship Shovelnose property. The results, highlighted by a record-breaking gold assay for the current program, arrive as a strategic partnership with Dundee Corporation injects significant capital, dramatically accelerating the project’s timeline toward a potential high-margin mining operation.

In its latest update, Westhaven announced assays from its ongoing 35,000-metre resource infill program, which continues to deliver impressive results. A headline intercept of 27.51 metres grading 14.47 grams per tonne (g/t) gold and 52.3 g/t silver reinforces the presence of thick, continuous zones of mineralization. However, it was a narrower, exceptionally high-grade interval that captured the market's attention: 0.52 metres grading 200 g/t gold and 141 g/t silver. These results not only de-risk the existing resource but also hint at significant expansion potential.

De-risking the Deposit with High-Grade Confirmation

The primary goal of Westhaven's current four-drill program is to increase confidence in the South Zone deposit by tightening drill spacing to a nominal 25 metres. This infill drilling, now two-thirds complete, is crucial for upgrading the mineral resource estimate ahead of a Pre-Feasibility Study (PFS) targeted for the second half of 2027. The consistent high-grade results are achieving precisely that.

Grades such as 14.47 g/t Au over a substantial width are considered excellent for any gold deposit, but they are particularly compelling for the low-sulphidation epithermal systems found in the Spences Bridge Gold Belt. These deposits, formed in ancient volcanic environments, are known for hosting pockets of bonanza-grade gold. While the 200 g/t intercept is over a narrow width, its geological significance is immense.

Ken Armstrong, President and CEO of Westhaven, commented on the find, stating, “Today’s results also include the highest gold assay (0.52 m grading 200 g/t gold and 141 g/t silver) returned to date from the program. Interestingly this interval is located at the northern extent of the planned drilling of the deposit, indicating that exceptional gold grades continue to the north of the presently defined resource into the Alpine target area.”

This northern extension is a critical red flag for investors to watch, signaling that the deposit remains open for growth. By confirming the continuity of mineralization in Vein Zones 1 and 2, and demonstrating the potential for further high-grade discoveries, Westhaven is methodically building a dataset that strongly supports the economic case for a future mine.

The Dundee Catalyst: A Partnership Forged for Production

While strong drill results provide geological confidence, it is the strategic earn-in agreement with Dundee Corporation that provides the financial firepower to unlock Shovelnose's value. Finalized in February 2026, the deal allows Dundee to earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties by funding up to CDN$85 million in project expenditures.

The first phase of this partnership is already in motion, with Dundee committing a minimum of CDN$30 million. This capital fully funds the ongoing 50,000-metre drill program and all associated work for the PFS. For Westhaven, this is a transformational, non-dilutive funding mechanism that effectively outsources a significant portion of the development risk while retaining substantial project ownership. The partnership was further cemented by a CDN$3 million private placement from Dundee into Westhaven, a clear vote of confidence from a seasoned project developer.

This financial backing allows Westhaven to operate on two parallel tracks simultaneously. As four drills systematically de-risk the South Zone, a fifth exploration-focused drill has already begun a separate 15,000-metre program. This rig is tasked with testing new targets across the wider Shovelnose property, hunting for the next major discovery that could add satellite deposits or significantly expand the project's overall resource base.

Blueprint for a High-Margin Mine

The excitement surrounding the latest drill results is grounded in an already robust economic foundation. The project's 2025 Preliminary Economic Assessment (PEA) outlined a compelling case for an 11-year underground mine. Using a base case of US$2,400/oz gold, the PEA projected an after-tax Net Present Value (NPV) of CDN$454 million and a remarkable 43.2% Internal Rate of Return (IRR).

The study envisioned an operation producing an average of 56,000 ounces of gold and 313,000 ounces of silver annually at an all-in sustaining cost (AISC) of just US$836 per ounce of gold. This positions Shovelnose in the lowest quartile of production costs globally, promising high margins even in less favorable gold price environments. With an initial capital expenditure of CDN$184 million, the project boasts a rapid 2.1-year payback period. The ongoing infill drilling and PFS work, now fully funded by Dundee, are aimed at converting the PEA's potential into a bankable, development-ready plan.

Investor sentiment has responded positively to this clear strategic execution. The company's stock has outperformed the broader market, and it maintains a strong 'Buy' consensus from analysts, with price targets suggesting significant upside. This confidence is bolstered by the presence of notable institutional investors and mining magnates like Eric Sprott and Rob McEwen on the shareholder registry.

Revitalizing an Underexplored Gold Belt

Westhaven's success is not just a single-asset story; it is the leading edge of a regional reawakening. The Shovelnose project is located in the Spences Bridge Gold Belt, a 110-kilometer-long geological trend that, despite historical links to the Fraser River gold rush, has remained surprisingly underexplored. Westhaven controls a dominant land package of over 60,000 hectares in the belt, and its systematic, modern exploration approach is proving the region's immense prospectivity.

The company's discoveries have acted as a beacon, attracting other explorers and validating the geological model for epithermal gold in the area. The presence of other active companies and strategic alliances in the belt confirms that the industry is taking notice. As Westhaven continues to expand its known resource at Shovelnose and tests new targets across its vast property holdings, it is not just building a mine—it is helping to define a premier Canadian gold district.