Westhaven Gold - An Emerging Exploration Opportunity in British Columbia

• Westhaven Gold Corp, under the leadership of Gareth Thomas, focuses on gold mining in Southwestern British Columbia, specifically in the Spences Bridge Gold Belt.
• The company recently raised over C$10 million through a collaboration with Franco Nevada, which involved selling a 2% NSR (Net Smelter Return) on their four projects and a million-dollar equity raise.
• This funding supports aggressive drilling efforts, particularly in the Skoonka Creek and Shovelnose projects, with drilling expected to continue through the end of the year and into the next.
• Despite challenging market conditions for precious metals, Westhaven believes they are well-positioned to take advantage of potential market upturns, with numerous promising results on the horizon.
• As they explore monetization strategies, including potential early production or bulk sample sales, their main goal remains exploration-driven, aiming to find more ounces of gold and silver.

Westhaven Gold Corp. (TSX-V: WHN) is a Canadian gold exploration company focused solely on the prospective Spences Bridge Gold Belt in southwestern British Columbia. With substantial financial backing from Franco-Nevada, an industry-leading technical team, and high-grade drill results revealing district-scale potential, Westhaven offers an upside for investors looking to potentially capitalize on the next Canadian gold discovery.

Financial Strength Provides Flexibility in Challenging Market

In September 2022, Westhaven completed a strategic financing package with Franco-Nevada Corporation that provides financial strength and flexibility during a period of market volatility. The $10 million financing includes:

• $6 million upfront payment from Franco-Nevada for a 2% net smelter royalty (NSR) on all Westhaven’s projects
• $1 million private placement equity investment from Franco-Nevada
• Sale of 2.5% NSR on Talisker Resources’ adjacent ground to Westhaven’s Shovelnose project

The Franco-Nevada backing equates to 30% cash back on exploration expenditures, providing funds to aggressively advance Westhaven’s projects. Based on the company’s C$10 million exploration budget for 2022, it will receive C$3 million back from Franco-Nevada in 2023.

This financial support from a respected industry leader allows Westhaven to maintain exploration momentum on its flagship Shovelnose gold project and newer Skoonka Creek gold project, with a drilling campaign extending into 2023. The company can be selective in deploying its capital efficiently during weaker precious metals market conditions.

Exploring an Emerging Gold District

Westhaven is focused entirely on the Spences Bridge Gold Belt, an underexplored emerging gold district spanning approximately 37,000 hectares over four properties in southwestern B.C. This is a prospective region that has seen limited modern exploration, providing Westhaven with a first-mover opportunity.

The flagship Shovelnose property already hosts a significant gold-silver deposit. An updated mineral resource estimate in 2021 outlined an inferred resource of 1.2 million ounces gold and 2.7 million ounces of silver within epithermal veins open along strike and at depth. Ongoing drilling is aimed at expanding these known zones of high-grade mineralization as well as testing new targets across the large 5,700-hectare property.

Positive early-stage drilling results were recently announced from the Skoonka Creek property, located 40km northwest of Shovelnose. Skoonka Creek demonstrates additional discovery potential within Westhaven’s extensive land package and further establishes the belt as an emerging Canadian gold district.

Experienced Leadership to Unlock Value

Westhaven is led by a strong management team and board with extensive mining sector expertise. President, CEO and Director Gareth Thomas has over 20 years of experience in mineral exploration and public company management. Chairman Shaun Pollard is a mining finance professional formerly with RBC Capital Markets. Director Victor Tanaka is a co-founder of Westhaven and has raised over $60 million for junior resource companies.

The recent appointment of veteran mining engineer George Sanders (P.Eng) further strengthens Westhaven’s operational experience as it advances projects towards potential production. The combined expertise of this leadership team makes Westhaven well-positioned to execute its exploration strategy and unlock significant value from its assets.

Upside Potential from High-Grade Gold at Surface

One aspect that makes Westhaven particularly compelling is the presence of visible high-grade gold mineralization at the surface of the Shovelnose property. The Franz Zone contains a prospective 100m x 30m gold-silver bearing epithermal vein crop with grab samples up to 50 g/t Au.

Limited drilling below this outcropping vein intersected 8m at 15 g/t Au, indicating the potential for richer mineralization near the surface. Bulk sampling in the 1990s generated approximately $25 million from similar mineralization nearby. Westhaven sees untapped potential here for near-term revenue generation that could significantly bolster its valuation, even at today's gold prices.

Additional exploration upside exists across the company's large Shovelnose land package, where over 100 drill-ready targets have been identified so far. Ongoing drilling aims to expand existing resources and make new discoveries that will feed into an updated economic study.

Timing the Market Bottom

In summary, Westhaven Gold represents a unique investment opportunity to capitalize on the next significant Canadian gold discovery. Backing from Franco-Nevada provides strong financial footing and validation from an industry major. Westhaven’s tight capital allocation extends its exploration runway into 2023, allowing it to precisely time drilling campaigns for when precious metals sentiment improves.

With high-grade drill results demonstrating district-scale potential and visible gold outcropping at the surface, Westhaven offers substantial resource growth upside. The company trades at a steep discount to the value of its defined resources and surface mineralization. Westhaven appears well-positioned to outperform peers when the market ultimately turns.

For investors seeking leverage to a rising gold price cycle, focusing on quality exploration stories in mining-friendly jurisdictions could deliver gains. Westhaven and its prospective land package in British Columbia offer an attractive risk/reward proposition before the next wave of positive market sentiment.

The Investment Thesis for Westhaven Gold

Strong Financial Position

• The recent $10M financing from Franco-Nevada provides financial strength and flexibility to advance exploration projects even during weak market conditions. This backing from an industry major validates the potential of Westhaven's assets.

Exploring an Emerging Gold District

• Westhaven's focused land package in the underexplored Spences Bridge Gold Belt provides exposure to a new Canadian gold district that could host multiple discoveries. There is a significant resource growth upside.

High-Grade Surface Gold

• Visible high-grade mineralization cropping out at the surface demonstrates additional near-term value not reflected in the current share price. Bulk sampling could generate revenue.

Experienced Leadership

• The technical team has a proven track record of success in exploration and mining. This increases the likelihood of exploration execution and unlocking asset value.

Undervalued Compared to Resources

• Westhaven is trading at a steep discount compared to peers with similar gold resources. There is strong re-rating potential as the company expands resources and makes new discoveries.

Leverage to Gold Price Cycle

• As an explorer, Westhaven offers leverage to a rising gold price cycle. Investors get exposure to potential resource growth before positive market sentiment returns.

Summary

Westhaven Gold offers a risk/reward opportunity for investors seeking exposure to undervalued gold exploration upside in a rising precious metals market. The financial backing, high-grade results, and experienced team give it a good chance compared to many junior explorer peers.