Dundee to Acquire 60% Stake in Westhaven's Projects with C$85M Investment

Westhaven Gold and Dundee Corporation announced that on December 19, the parties entered into a definitive earn-in agreement granting Dundee the sole and exclusive right to acquire up to a 60% interest in Westhaven's Shovelnose Gold Project, Prospect Valley Gold Project, Skoonka Gold Project and Skoonka North Project located in the Spences Bridge Gold Belt of southern British Columbia upon the funding by Dundee of certain project expenditures totalling C$85,000,000, including a firm commitment to invest at least C$30,000,000. Dundee's interest in the Projects, when earned, will be held through a newly incorporated subsidiary of the Company In addition, Dundee has also agreed to subscribe, on a private placement basis, for 12,000,000 common shares of Westhaven at a price of C$0.25 per share, for aggregate gross proceeds to Westhaven of C$3,000,000. Key Highlights: Up to C$85,000,000 in staged project expenditures: Dundee can earn up to a 60% interest in the Projects by funding up to C$85,000,000 in project expenditures. Firm Commitment of C$30,000,000: Dundee has committed to fund a minimum of C$30,000,000 in project expenditures. Expected 2026 project expenditures of C$20,000,000: Westhaven's intended work program to include infill resource and geotechnical drilling at the South Zone gold deposit, targeted exploration drilling at the Shovelnose Property, an expanded environmental baseline program and the launch of project engineering studies in support of a Pre-Feasibility Study. 2026 Shovelnose drilling permit in place: The 2026 drill plans are supported by a multi-year Notice of Work authorization allowing 650 drill pads to be completed through to January 30, 2029. Concurrent C$3,000,000 Financing: Expected to close by December 31, 2025 and intended to ensure continuity in planning and initiating the 2026 work program including the start of drilling in February 2026.