Westhaven Shareholders Approve the Proposed $85 Million Earn-In Transaction With Dundee
MWN-AI** Summary
On February 17, 2026, Westhaven Gold Corp. announced that a significant majority of its shareholders approved an $85 million Earn-In Transaction with Dundee Corporation during a special meeting. The ordinary resolution garnered an impressive 99.69% of the votes from attending shareholders, who represented about 35% of Westhaven’s total outstanding shares. This transaction allows Dundee to earn an interest in Westhaven’s assets, a strategic move that highlights investor confidence in the company’s potential for growth in the gold and silver exploration sector.
Westhaven Gold, based in Vancouver, focuses on developing high-grade gold and silver mineralization in the Spences Bridge Gold Belt of southern British Columbia. The company's most advanced asset, the Shovelnose Gold project, features a recently updated Preliminary Economic Assessment that demonstrates its viability as a low-cost, high-margin underground mining operation. This project is projected to yield an average annual output of 56,000 ounces of gold and 313,000 ounces of silver over an 11-year period, with significant after-tax net present value and internal rates of return under favorable market conditions.
The completion of the Earn-In Transaction still awaits final approval from the TSX Venture Exchange. Westhaven’s management, led by President and CEO Ken Armstrong, emphasized their commitment to further advancing their drilling programs and optimizing resource estimates, which align with the strategic objectives for 2026, including an uptick in exploration activities.
Investors and stakeholders are keenly aware of the potential risks associated with mining exploration, including price volatility and regulatory challenges. However, Westhaven's substantial shareholder backing illustrates a strong vote of confidence in the company's growth trajectory within the competitive mining landscape.
MWN-AI** Analysis
Westhaven Gold Corp's recent approval of the $85 million Earn-In Transaction with Dundee Corporation is a significant step forward for the company, particularly given the overwhelming support from shareholders (99.69% approval). This transaction not only boosts Westhaven's financial position but also leverages Dundee’s experience and resources to expedite the exploration and development of Westhaven's assets in the Spences Bridge Gold Belt.
The Shovelnose Gold project, Westhaven's flagship property, remains a focal point for investors. The Preliminary Economic Assessment (PEA) issued in 2025 indicates an attractive financial profile with robust metrics, including an after-tax NPV of CDN$454 million and an impressive IRR of 43.2%. Given the rising global demand for gold, especially in the context of economic uncertainties and inflation concerns, the project’s projected average annual production of 56,000 ounces gold and 313,000 ounces silver positions Westhaven favorably within the industry.
For potential and current investors, this transaction signifies a strategic partnership aimed at enhancing exploration capabilities while providing a pathway to potential cash flow generation. However, it’s essential to approach with caution: the mining sector's inherent volatility is influenced by various factors, including commodity price fluctuations and regulatory challenges.
As Westhaven moves towards finalizing approvals with the TSX Venture Exchange and ramping up its 2026 drilling program to include approximately 50,000 meters, stakeholders should closely monitor developments. Investors may consider this an opportune time to evaluate entry positions, particularly with the anticipated advancements in exploration that the Earn-In Transaction facilitates. However, risk management should remain a priority; diversification and thorough analysis of market conditions and company performance metrics are advisable.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
VANCOUVER, British Columbia, Feb. 17, 2026 (GLOBE NEWSWIRE) -- Westhaven Gold Corp. (TSX-V: WHN) (OTCQB: WTHVF) (“Westhaven” or the “Company”) is pleased to announce that the Company’s shareholders (the “Westhaven Shareholders”) have approved the transaction (the “Earn-In Transaction”) contemplated by the earn-in agreement with Dundee Corporation (TSX: DC.A) at a special meeting of Westhaven Shareholders held earlier today (the “Meeting”).
The ordinary resolution approving the Earn-In Transaction was approved by 99.69% of the votes cast by Westhaven Shareholders present in person or represented by proxy and entitled to vote at the Meeting.
A total of 86,911,531 common shares of the Company (each, a “Common Share”) were represented at the Meeting, representing approximately 35% of the total issued and outstanding Common Shares as of the record date of the Meeting.
Additional information regarding the terms of the Earn-In Transaction is set out in the Company’s management information circular dated January 9, 2026, which is available under the Company’s SEDAR+ profile at www.sedarplus.ca.
The Earn-In Transaction remains subject to final approval of the TSX Venture Exchange.
About Westhaven Gold Corp.
Westhaven is a gold and silver focused exploration and development company targeting low sulphidation, high-grade, epithermal style gold and silver mineralization within the Spences Bridge Gold Belt in southern British Columbia. Westhaven controls ~60,263 hectares within four gold properties spread along this underexplored belt.
The Shovelnose Gold project is the most advanced property, with a recently updated 2025 Preliminary Economic Assessment that validates the project’s potential as a robust, low cost and high margin 11-year underground gold mining opportunity with average annual life-of-mine production of 56,000 ounces gold and 313,000 ounces silver with a CDN$454 million after-tax net present value (at a 6% discount rate) and 43.2% IRR (base case parameters of US$2,400 per ounce gold, US$28 per ounce silver and CDN/US$ exchange rate of CDN$1.00=US$0.72).1
Qualified Person
The technical and scientific information in this news release has been reviewed and approved by Robin Hopkins, P.Geo. (NT/NU), Vice President, Exploration for Westhaven and a Qualified Person for the Company under the definitions established by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
1 See Westhaven's news release entitled "Westhaven Announces Updated Preliminary Economic Assessment for the Shovelnose Gold Project, British Columbia" and dated March 3, 2025.
ON BEHALF OF THE BOARD OF DIRECTORS WESTHAVEN GOLD CORP.
“Ken Armstrong”
President & CEO
For further information, please contact:
Kaeli Gattens
Vice President Communications
T: 604-681-5558
E: kgattens@westhavengold.com
Website: www.westhavengold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities legislation. These forward-looking statements are made as of the date of this news release and Westhaven does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
Forward-looking statements in this news release may include, but are not limited to, statements with respect to the February 17, 2026 special meeting of Westhaven shareholders; ramping up of the 2026 drill program to 4 drills and completing approximately 50,000m of drilling during the year; the results of the Preliminary Economic Assessment; the Mineral Resource Estimate; future planned activities; future mineral production and future growth potential for the Company and its projects; the interpretation of preliminary results from exploration undertaken to date at the Shovelnose project using various exploration techniques and analysis; statements with respect to potential styles of epithermal mineralization at the Shovelnose Project; and, the possibility that the Company’s Shovelnose project may host multiple gold bearing epithermal systems. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Assumptions have been made regarding, among other things, the price of gold and other precious metals; costs of exploration and development; the estimated costs of development of exploration projects; the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
Although management of Westhaven Gold Corp. have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information. Such factors include, without limitation: the Company's dependence on one group of mineral projects; precious metals price volatility; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding mineral resources and reserves; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; laws and regulations governing the environment, health and safety; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; and the factors identified under the caption “Risk Factors” in the Company’s management discussion and analysis. Mineral exploration involves a high degree of risk and few properties, which are explored, are ultimately developed into producing mines. There can be no assurance that such forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
FAQ**
What strategic advantages will the Earn-In Transaction with Dundee Corporation provide for Westhaven Gold Corp. (Westhaven Ventures WTHVF) in terms of exploration and development funding?
How does Westhaven Ventures WTHVF plan to utilize its newly approved drill program and results from the Shovelnose Gold Project to enhance shareholder value in the upcoming years?
With the strong shareholder support indicating 99.69% approval, what are the anticipated impacts on Westhaven Ventures WTHVF’s market position and investor confidence moving forward?
As Westhaven Ventures WTHVF targets an increased annual production of gold and silver, what factors could significantly influence the success of this ambitious plan, including market price fluctuations and regulatory challenges?
**MWN-AI FAQ is based on asking OpenAI questions about Westhaven Ventures (OTC: WTHVF).
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