At CEM’s 2026 TSX Venture Growth Capital Event in Kelowna, investors were looking for companies with visible catalysts, credible milestones, and measurable progress.

Westhaven Gold Corp. (TSXV: WHN) (OTCQB: WTHVF) arrived with all three along with exploration upside that could materially expand the scale of its story.

The company had secured a major funding partner, launched the largest drill program in its history and begun moving its flagship Shovelnose gold-silver project toward pre-feasibility, while continuing to search for new discoveries across British Columbia’s Spences Bridge Gold Belt.

“We are now able to advance Shovelnose at a pace we couldn’t have managed on our own, while still preserving the chance of a discovery that could quickly change the project’s size and value,” said Ken Armstrong, Westhaven’s President and CEO Ken Armstrong.

The funding behind that acceleration comes from Dundee Corporation, which has committed an initial C$30 million and will invest up to C$85 million across Westhaven’s four Spences Bridge Gold Belt properties.

“Companies come out with PEAs, they always look positive, look great, but the unknown part is always, well, how do you get there? And more specifically as a junior — how will you fund it?” said Armstrong.

For Westhaven, the Dundee agreement provides much of that answer.

Westhaven controls 60,263 hectares through its Shovelnose, Prospect Valley, Skoonka, and Skoonka North properties.

The project sits roughly two-and-a-half hours from Vancouver in an established mining region with access to contractors, suppliers, and skilled labour. The Coquihalla Highway crosses the property, a powerline is already in place, and an extensive network of forestry roads provides year-round access.

Westhaven’s updated 2025 Preliminary Economic Assessment outlines an underground operation producing an average of about 56,000 ounces of gold and 313,000 ounces of silver annually over an 11.1-year mine life.

Using a base-case gold price of US$2,400 an ounce and silver at US$28, the study estimates a C$454-million after-tax net present value, a 43.2% after-tax internal rate of return, and a 2.1-year payback on C$184 million in upfront capital. 

Armstrong said Shovelnose’s appeal is the value of its ore rather than the sheer size of the resource.

“It may be a one-million-ounce resource, but with a projected mill-feed grade of 5.2 grams per tonne gold, the project has the potential to deliver strong margins,” he said.

Recent drilling has continued to confirm strong gold and silver grades at Shovelnose’s South Zone, including a 54-metre mineralized section and a shorter interval with much higher grades.

Westhaven is now drilling the deposit at closer intervals, reducing the spacing between holes from about 50 metres to 25 metres. The tighter drilling is intended to give the company greater confidence in the resource for use in a pre-feasibility study.

By early July, the company had completed 61 holes and more than half of its planned 35,000-metre infill program.

“With infill drilling more than 50% complete and pre-feasibility work underway, we have also started exploring for new discoveries across the broader Spences Bridge Gold Belt,” Armstrong said.

That expanded work program is being financed through a carefully staged partnership with Dundee Corporation.

The Dundee agreement is structured in four stages. Dundee must spend C$30 million to earn an initial 25% interest. A further C$15 million would raise its ownership to 37.5%. Another C$20 million would take it to 50%, while a final C$20 million would bring its interest to 60%.

Westhaven would retain 40% after the full C$85 million has been spent.

For shareholders, the trade-off is clear. Westhaven is giving up majority ownership of the projects in exchange for access to capital, technical experience, and a faster development timeline.

Dundee president and CEO Jonathan Goodman said the partnership combines Dundee’s financial strength and project expertise with Westhaven’s operating knowledge of the region.

“With committed capital and strong alignment between our teams, we look forward to advancing Shovelnose in a disciplined manner with a clear focus on progress and execution,” Goodman said when the transaction closed earlier this year.

He has also described Shovelnose as “a very beautiful asset” and the agreement as a win for both companies. 

Armstrong said the structure gives investors a clearer view of future dilution because Westhaven knows in advance how much project ownership it will give up, reducing the need for repeated share offerings to fund drilling, engineering, and permitting.

“If you like the project technically, the setup and the Dundee partnership, a retail investor can build a position in Westhaven without worrying about a surprise financing they may not be able to participate in,” Armstrong said.

Westhaven’s 2026 program is built around two goals.

The first is to strengthen the known South Zone resource and move Shovelnose closer to a development decision through a pre-feasibility study. The second is to find more gold.

The 50,000-metre drill campaign includes about 35,000 metres of infill drilling and 15,000 metres aimed at new discoveries.

“Exploration is perhaps the most important component of our 2026 field programs,” Armstrong said.

“With Dundee’s support, we are now in a position to systematically explore multiple properties across the Spences Bridge Gold Belt while continuing to advance Shovelnose towards development.” 

Westhaven is also expanding its presence in the communities around Shovelnose.

The company has added senior executives responsible for Indigenous and community relations, permitting, and operations, bringing strong experience in local engagement and project development as Shovelnose moves closer to the environmental assessment process.

“The overarching approach is partnering with the local Indigenous communities to make sure they’re involved with designing those programs and executing them,” said Armstrong.

Westhaven has outlined late 2029 or early 2030 as a best-case target for completing environmental assessment and securing mine permits.

The timeline remains ambitious, but the company is no longer approaching it as an explorer waiting for its next financing.

“We have a clear pathway to a mine, the capital to advance the work and the opportunity to keep growing the project along the way,” Armstrong said.

After earning Top Pick honours at CEM’s 100th Capital Event in Kelowna, Westhaven Gold president and CEO Ken Armstrong discussed the Dundee funding agreement, the 50,000-metre drill program, and the road to pre-feasibility at Shovelnose.

“It gave us certainty around the most difficult part of any development story, which is funding the work needed to move from a promising resource toward a mine.

Dundee has committed an initial C$30 million and can spend up to C$85 million across the projects. That allows us to move ahead with drilling, engineering, environmental studies, community engagement, and permitting at a pace Westhaven couldn’t have supported on its own.

It also gives investors a clearer picture of the cost of advancing Shovelnose. Instead of wondering when the next financing will come and how much dilution it may bring, they can see how Dundee earns its interest and how the project is expected to be funded.”

“The most important near-term step is completing the South Zone infill drilling and using those results to produce an updated resource.

The goal is to move more ounces into the measured category and give the pre-feasibility study a stronger foundation. That study will provide a more detailed look at mine design, costs, production plans, and the work still required before a construction decision. Investors should also watch the geotechnical, hydrogeological, and environmental programs. Those studies may attract less attention than drill results, but they are essential to moving the project into the permitting process.”

“Exploration remains the part of the program with the greatest potential to change the scale of the story.

Shovelnose already has a development case built around the South Zone, FMN, and Franz deposits. The 15,000-metre exploration program is testing nearby structures and targets along a much longer mineralized trend.

A second South Zone-size discovery could add ounces, extend the potential mine life, and improve the economics of the entire project. Westhaven is also exploring Prospect Valley and the wider Spences Bridge Gold Belt, where several targets remain lightly tested and the source of some high-grade surface samples has yet to be found.”

CEM heads next to Ontario’s cottage country for the 14th annual Muskoka Capital Event, taking place from September 25–27, 2026, at the JW Marriott Rosseau Muskoka Resort. Against the lakeside setting of Muskoka, management teams will have the opportunity to move beyond presentation decks, answer detailed questions, and build relationships with investment partners that can shape their next stage of growth.

Warm Regards and Happy Investing,

Fabian Dawson

Each week, CEM Partner and Portfolio Manager, Ryan Iverson, spotlights the ideas and companies sparking investor interest form emerging growth stories to the Top Pick featured across CEM’s Capital Events. This series brings real insights from the annotators shaping tomorrow’s markets and reveals where investors are finding the next breakout opportunities.

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