Westhaven Launches Massive Drill Program Fueled by Dundee Partnership

VANCOUVER, BC – February 17, 2026 – Westhaven Gold Corp. has officially launched the most ambitious drill program in its history at the Shovelnose gold and silver project in southern British Columbia. The extensive 50,000-metre campaign is set to be supercharged by a newly approved strategic partnership with Dundee Corporation, a deal poised to redefine the company's future and accelerate the project toward development.

In a special meeting of shareholders held today, Westhaven received overwhelming support for an earn-in transaction with the Toronto-based mining investment firm. This approval unlocks significant funding for the 2026 exploration season, transforming what was already a substantial plan into a potentially company-making endeavor.

Ken Armstrong, President and CEO of Westhaven, commented on the start of drilling. “With drilling underway, we have launched what we believe will be a transformational 2026 program at Shovelnose,” he stated in a press release. “The drilling is designed to advance the project’s high-margin, low-cost development potential while targeting additional gold and silver discoveries across the property.”

The Dundee Catalyst: A Transformational Alliance

The pivotal news for Westhaven is the formalization of its relationship with Dundee Corporation. Shareholders approved the transaction with a resounding 99.69% of votes cast, signaling strong confidence in the strategic direction. The deal grants Dundee the right to earn up to a 60% interest in Westhaven’s four gold properties within the Spences Bridge Gold Belt by funding up to CDN$85 million in project expenditures.

This partnership immediately de-risks Westhaven’s financial position. The 2026 program alone, estimated to cost approximately CDN$20 million, is now fully funded. This capital injection allows Westhaven to deploy up to four drill rigs to complete the 50,000 metres of planned drilling, representing the largest campaign ever undertaken at Shovelnose. The market has reacted positively to the developments, with Westhaven’s stock (TSX-V: WHN) seeing a significant 73% appreciation over the past year, reflecting growing investor confidence.

The involvement of a seasoned mining investor like Dundee, along with the continued backing of notable shareholders such as Eric Sprott and Franco-Nevada, provides a powerful endorsement of the Shovelnose project’s geological merit and economic potential. The alliance not only provides capital but also strategic expertise, helping Westhaven navigate the path from advanced-stage explorer to potential developer.

Shovelnose Uncovered: An Aggressive Hunt for British Columbia Gold

The 2026 drill program is a two-pronged offensive designed to both strengthen existing resources and make new discoveries. Initial work will focus on infill drilling at the project’s South Zone, which forms the backbone of the current mineral resource. This drilling is critical for converting Inferred Resources into the higher-confidence Indicated and Measured categories, a necessary step for advancing towards a Pre-Feasibility Study (PFS).

As more rigs are mobilized in the coming months, the program will expand into pure exploration. The company aims to test new targets across the vast and underexplored property, searching for additional high-grade, low-sulphidation epithermal vein systems. Past results have confirmed the presence of these systems beyond the known deposits at the South Zone, FMN, and Franz, suggesting the property may host a district-scale network of gold and silver mineralization.

The Spences Bridge Gold Belt itself is an emerging mining frontier in British Columbia. Westhaven’s work is helping to demonstrate its potential to become a multi-generational mining camp. The scale of the 2026 program is a testament to the company's belief that Shovelnose could be a cornerstone asset in this developing region.

“In collaboration with Dundee, our team is currently finalizing the overall 2026 work plan... This represents the most extensive drilling campaign ever undertaken at Shovelnose,” Armstrong added. “We look forward to delivering consistent results as the program advances and to further demonstrating the full potential of Shovelnose throughout 2026.”

From Promising Economics to Potential Production

The aggressive exploration is underpinned by a robust 2025 Preliminary Economic Assessment (PEA) that paints a compelling picture of Shovelnose’s potential. The study outlines an 11-year underground mine capable of producing an average of 56,000 ounces of gold and 313,000 ounces of silver annually.

The project’s economics are highly attractive, boasting a post-tax Net Present Value (NPV) of CDN$454 million and an Internal Rate of Return (IRR) of 43.2%, based on prices of US$2,400 per ounce for gold and US$28 per ounce for silver. These figures position Shovelnose as a potentially high-margin, low-cost operation.

However, it is crucial to note that the PEA is preliminary in nature. Its conclusions are based on Inferred Mineral Resources, which are considered too geologically speculative to have economic considerations applied to them that would enable their categorization as mineral reserves. There is no certainty that the PEA's projections will be realized. The primary goal of the current 50,000-metre drill program is to address this uncertainty by improving resource confidence and expanding the known mineral inventory, thereby laying the groundwork for more advanced economic studies.

Beyond drilling, the 2026 budget also allocates funds for an expanded environmental baseline program and the initiation of engineering studies for a future PFS. This demonstrates a clear, methodical approach to advancing the project through the critical stages of evaluation and permitting required in British Columbia, a jurisdiction known for its stringent but well-defined regulatory framework. The consistent flow of drill results expected throughout the year will be closely watched by the market as Westhaven works to prove that the glittering potential outlined in its PEA can be converted into a tangible mining reality.