Westhaven and Dundee Corporation Sign Definitive $85 Million Earn-In Agreement to Advance Shovelnose and the Spences Bridge Gold Belt, British Columbia

Core Viewpoint - Westhaven Gold Corp. and Dundee Corporation have entered into a definitive earn-in agreement allowing Dundee to acquire up to a 60% interest in Westhaven's gold projects in British Columbia, contingent upon funding CDN$85 million in project expenditures, including a firm commitment of CDN$30 million [1][3][5]. Financial Aspects - Dundee can earn a 60% interest by funding up to CDN$85 million in project expenditures [5][8]. - A firm commitment of CDN$30 million must be funded within three years of the effective date of the agreement [8][10]. - Dundee will also subscribe for 12,000,000 common shares of Westhaven at CDN$0.25 per share, generating gross proceeds of CDN$3 million for Westhaven [1][15]. Project Development Plans - The expected project expenditures for 2026 are projected at CDN$20 million, focusing on infill resource drilling, exploration drilling, and engineering studies for a pre-feasibility study [5][6]. - A 2026 drilling permit is in place, allowing for 650 drill pads to be completed until January 30, 2029 [5][6]. Strategic Importance - The agreement is seen as transformational for Westhaven, enhancing its potential to develop a multi-deposit gold mining camp in a region with strong infrastructure and a history of mining [3][4]. - Dundee's involvement is expected to provide financial strength and technical resources, complementing Westhaven's operational team [3][6]. Governance and Operational Structure - Westhaven will remain the operator until Dundee earns a 50% interest, after which Dundee may assume operatorship [9][11]. - The board of the newly incorporated subsidiary (JVCo) will initially consist of three nominees from Westhaven and two from Dundee, adjusting as Dundee's interest increases [11][12]. Regulatory and Approval Requirements - The effectiveness of the earn-in agreement is subject to approvals from the TSX Venture Exchange and Westhaven's shareholders, with a special meeting anticipated in early February 2026 [13][14].