Westhaven Gold (TSXV:WHN) - Dundee-Funded Shovelnose Project Targets PFS in H2 2027

Ken Armstrong (0:00)

I'm Ken Armstrong, I'm the president and CEO of Westhaven Gold, and at Beaver Creek with my joint venture partner, or Westhaven's joint venture partner, with Dundee Corporation CEO, Jonathan Goodman. And we're here to talk about our Shovelnose Gold Project and the exploration potential that we have in the Spences Bridge Gold Belt and our plans to explore and evaluate that together.

SPEAKER_2 (0:19)

Guys, thanks for coming along and speaking to us. As I say, you're at Beaver Creek, pretty busy out there?

Ken Armstrong (0:25)

It's really busy.

SPEAKER_2 (0:26)

And you're doing the joint presentations, are you?

Jonathan Goodman (0:31)

In some cases we're doing a joint, in some cases we're doing a one-on-one.

SPEAKER_2 (0:35)

Okay, so how's that going down?

Jonathan Goodman (0:37)

It's going very well.

SPEAKER_2 (0:38)

People understand the story?

Jonathan Goodman (0:39)

They're beginning to. I think the story itself is very simple, but everyone wants to put you in a box. Are you exploration or are you development? Yeah. The answer is yes.

Right.

SPEAKER_2 (0:51)

Well, we're going to run through this story here. I know Westhaven of old, but pre-Yuken, the story is always some great results, great for old results, but perhaps cash constrained, and it was of the time. I feel if they saw that story two years ago, they'd different tales somewhat.

Maybe it's a bit of background here. I'm not sure we had you on the platform, have we?

Ken Armstrong (1:16)

No, I haven't. I'm a geologist, and that'll come through in my answers, I think, to some extent. I've worked with our chair, Ira Thomas, for over 30 years through diamonds and multiple commodities, including gold. And Ira approached me along with Gareth, Thomas, who's been on the show, and is a director still at Westhaven, and was a founder of the company and made the discoveries, because they realized that they had a really compelling project that could be developed. It's going to make money. It's going to be a good mine with lots of potential, but asked if I could come in and help figure out a way to help get it financed and get the funding in place to really realize on the potential and the development.

SPEAKER_2 (1:56)

The brief was help get some money into the company.

Ken Armstrong (1:58)

Yeah, and move it along.

SPEAKER_2 (2:00)

Okay, and Jonathan, obviously, is this a kind of new type of venture for you?

Jonathan Goodman (2:05)

New type of venture? Well, everything's a new type of venture, but I've been doing this for a long time. I'm a geological engineer by training. I've got a CFA, an MBA, and for us, Dundee's been a major investor in the mining world for north of 40 years. Yeah.

I left Dundee back in 2003 and went and built Dundee Precious Metals, and I came back in 2018, and now we're rebuilding Dundee Corporation as a mining, first as a mining investment company and now we're converting to a mining production company.

SPEAKER_2 (2:44)

But is this the first, obviously outside of the ventures, is this the first time you've kind of said, I actually want to get back in and start producing?

Jonathan Goodman (2:51)

I mean, it's the second time.

SPEAKER_2 (2:52)

Second time. Who's the other one?

Jonathan Goodman (2:54)

Dundee Precious Metals. We started that off as a closed-end firm.

SPEAKER_2 (2:57)

Yeah. Yeah.

Jonathan Goodman (2:58)

We bought the assets in Bulgaria and converted to an operating company.

Ken Armstrong (3:02)

Yeah.

SPEAKER_2 (3:02)

Okay. Well, guys, why don't we get a catch up on where we're at. So obviously, you've come in, we're 18 months in now, something like that?

Ken Armstrong (3:10)

In my position, yeah. Yeah.

SPEAKER_2 (3:12)

Okay. So what did you walk into? What did you see?

Ken Armstrong (3:15)

Oh, walked into a project with a really compelling preliminary economic assessment that the company had done in March of 2025 Excellent numbers on the Shovelnose deposit, net present value of 450 million Canadian, over 40 percent IRR. All this was done at a $2,400 goal price. And unbalanced for that though, we have an entire belt in the Spences Bridge, volcanic belt in Southern British Columbia. Excellent infrastructure, like a two and a half hour drive from Vancouver, easy to get to.

And just how do we fund exploration and development at the same time, and then keep our capital structure reasonable, protect the investment, kind of honor the investment that Westhaven shareholders had put into the company to get the project to where it was, to get the PEA completed and looking at options to do that. So we spent a fair bit of time in 2025 looking at ways to do that. We had a team together, fully prepared to do it on our own. But it was here last year that we met with Dundee's technical team. Yeah, yeah. And that kick started the whole thing. Fantastic.