Westhaven Gold Corp · TSXV:WHN
Westhaven Gold — Investor Presentation (February 2026)
33 slides from Westhaven Gold's investor presentation, February 2026
Slide 1: Spences Bridge Gold Belt
TSX - V: WHN Spences Bridge Gold Belt Accelerating Exploration & Development in southern British Columbia CORPORATE PRESENTATION - FEBRUARY 2026 WESTHAVENGOLD.COM
Slide 2: Cautionary and Forward-Looking Statements
Cautionary and Forward - Looking Statements The content of this presentation is for information purposes only and does not constitute or form part of, and should not be construed as, an offer or invitation to sell or any solicitation of any offer to purchase or subscribe for any securities of Westha
Slide 3: Why Invest In Westhaven?
Why Invest In Westhaven ? Transformative Partnership with Dundee Corporation @ US$2,400 base case* Strong Foundation for Development in $454M after - tax NPV 6% a Historically Robust Gold Market 43.2% after - tax IRR @ US$4,000 Near Deposit and Belt - Scale >$1B after - tax NPV 6% Exploration Update
Slide 4: Dundee Earn-in Agreement
Dundee Up to $85M In Staged Earn - in Expenditure: • Dundee can earn up to a 60% interest in by investing up to CDN$85M Earn - In Agreement Firm Commitment of $30M: • Dundee commits to fund a minimum of CDN$30M in project expenditures within the first three years ✓ $85M in Staged Expected 2026 Proje
Slide 5: Dundee Transaction Structure
PROJECT DUNDEE EXPLORATION STAGE Dundee EXPENDITURE (CDN$) INTEREST (%) EXPENDITURE DEADLINE Transaction Stage 1 (Minimum $30M 25% 3 Years from Execution Date of Agreement.* Commitment) Structure Stage 2 $15M 12.5% 5 Years from the Execution Date of Agreement. Stage 3 $20M 12.5% 6 Years from the Exe
Slide 6: Benefits to Both Organizations
Incentive to Advance the Project ✓ Clear incentive to provide capital and enable the advancement of the work program and unlock value Benefits Earn - In Structure To Both ✓ Advancing milestones quickly and derisking exploration and Organizations development while preserving Westhaven’s meaningful in
Slide 7: Strong, Like-minded Leadership
Eira Thomas Jonathan Goodman Chairperson President and CEO Strong Ken Armstrong President and CEO Lila A. Manassa Murphy EVP and Chief Financial Officer Like - minded Zara Boldt Dr. Julian Barnes CFO and Corporate Secretary Managing Director, Technical Leadership Robin Hopkins Adrian Goldstone VP Ex
Slide 8: Spences Bridge Gold Belt - District-Scale Potential
Spences Bridge Gold Belt - District-Scale Potential Skoonka North British Columbi British a Columbia Skoonka District Scale TSX - V: WHN Prospect Valley Merritt Potential Spences Bridge Gold Belt • Four projects (61,512 ha) • Exceptional access Kelowna • Merritt Core Facility / Office Shovelnose • R
Slide 9: Company Snapshot
Company Snapshot Share Structure (as of January 31 , 2026) Shares Outstanding 259, 158,718 Strategic & Institutional Shareholders Shares Fully Diluted 3 09 ,591,365 Eric Sprott Dundee Corporation Market Capitalization ~$68M Franco - Nevada Catherine McLeod - Seltzer Daily Average Volume (50 day) ~40
Slide 10: Shovelnose Gold Property Overview
Shovelnose Gold Property Overview Area of Exploration Focus 2.5 - hour drive from Vancouver 30 minutes from Merritt Coquihalla Highway crosses property Powerline on property Heavily logged, >400km of forestry roads Year - round exploration SHOVELNOSE TSX - V: WHN 10
Slide 11: Shovelnose PEA
Franz Dry Stack Development Tailings Shovelnose PEA FMN • Proposed Mine Site & Development Underground Development Areas • Developing Franz & FMN first brings production forward by ~12 months South Zone • Potential Trade - Off to Development start development at South Zone Plant Area TSX - V: WHN 11
Slide 12: Robust Preliminary Economic Assessment
Robust Preliminary Economic Assessment High Grade Underground Mining Scenario All amounts are in Canadian Dollars unless otherwise noted based on base case parameters of US$2400 per ounce gold , US$28 per ounce silver and CDN/US exchange rate of $0.72 $454M after - tax NPV 6% 56,000 oz Au average an
Slide 13: Cash Flow Generation: High Margin - Low Cost
Cash Flow Generation: High Margin – Low Cost AISC and Margin Drivers $2,800 • South Zone mining width up to 37m; $2,600 steep orientation $2,400 • Au grade and recovery $2,200 • Access and proximity to power and $2,000 Gold AuEq Margin* transportation infrastructure $1,800 US$1,564 per AuEq oz.* $1,
Slide 14: Shovelnose - Robust After-Tax Cash Flow per Ounce
Shovelnose – Robust After - Tax Cash Flow per Ounce Westhaven vs. Peer Group of Gold Developers Average Annual After - tax Cash Flow Per Ounce Underground Peer screening $1,386 Open Pit $1,273 criteria: $1,121 $1,063 $1,056 • North American $911 Gold Projects $752 • PEA or PFS $685 $585 published si
Slide 15: Advancing on Pre-Feasibility AND Belt Scale Exploration Potential
Advancing on Pre - Feasibility AND Belt Scale Exploration Potential 1 Timeline to production - Integrated project development plan (engineering, environmental, stakeholder engagement, permitting) 2 First Nations / Stakeholder engagement - permitting 3 Initiate Pre - Feasibility: infill drilling, exp
Slide 16: Shovelnose: Near Deposit Exploration Upside
Shovelnose: Near Deposit Exploration Upside Shovelnose deposits lie along a ~4km northwest trend. TSX - V: WHN 16
Slide 17: Shovelnose: Near Deposit Exploration Upside
Shovelnose: Near Deposit Exploration Upside This 4km trend is associated with structurally favourable locations within an epithermal vein system. TSX - V: WHN 17
Slide 18: Shovelnose: Strong Potential for Additional Vein Corridors
Shovelnose: Strong Potential for Additional Vein Corridors Epithermal districts start with a single discovery , and over time, Gosowong (+6 Moz Au) grow into multiple discoveries within large complex vein fields, like at Gosowong & Cracow. First Discovery 1 km Cracow (+2Moz) 1 km Historic vein field
Slide 19: Shovelnose: Search for Additional Vein Corridors
Shovelnose: Search for Additional Vein Corridors Exploration Approach: Focus where NW and NE structures could intersect = potential conduits for epithermal fluids & mineralization Structural Setting: • Three deposits located along interpreted NW trending basin - bounding fault • Mineralization influ
Slide 20: Shovelnose: Search for Alteration, Veining, Geochemistry
Shovelnose: Search for Alteration, Veining, Geochemistry Geochemistry & Alteration Model • South Zone is a preserved low - sulphidation epithermal gold deposit • Provides excellent exploration model with which to target new discoveries. Exploration Approach • Use clay alteration, pathfinder geochemi
Slide 21: Shovelnose: A Proven Exploration Approach
Shovelnose: A Proven Exploration Approach A focus on potential basin - bounding faults associated with elevated pathfinders & clay alteration. Schematic representation of Gridded antimony potential NW - trending basin - in surface rock bounding faults samples TSX - V: WHN 21 TSX - V: WHN
Slide 22: Shovelnose: Property Scale Exploration Upside
Shovelnose: Property Scale Exploration Upside ✓ 13 km mineralized corridor Franz ✓ Limited drilling outside of defined deposits Offset Franz • ~8,000m drilling completed in 2025; assays FMN pending for last five holes HB02 ✓ Multiple target areas outside of 2025 mineral resource, including: CSAMT-3
Slide 23: District Potential: 75km of Epithermal Veins Across the SBGB
District Potential: 75km of Epithermal Veins Across the SBGB British British PROSPECT VALLEY Columbia Columbia SKOONKA SHOVELNOSE SHOVELNOSE TSX - V: WHN
Slide 24: Spence Bridge Gold Belt: Project Pipeline
Spence Bridge Gold Belt: Project Pipeline Skoonka North • High gold - in- silt results: 1,720 ppb Au • Comparable to top gold - in- silt results on Shovelnose (1,985 ppb Au) British This is how Shovelnose started! Columbia Prospect Valley • Historic & WHN Prospecting & Drilling • 43.3g/t Au in float
Slide 25: Upcoming Catalysts 2026+
Upcoming Catalysts 2026 + Shovelnose Gold Project: Regional Exploration Upside: Advance Towards Feasibility Concurrent Field Program Work • Ongoing: First Nation / Stakeholder • 2026 Winter & Summer Drilling – final Engagement planning underway to test a pipeline of exploration targets on Shovelnose
Slide 26: Why Invest In Westhaven?
Why Invest In Westhaven ? Transformative Partnership with Dundee Corporation @ US$2,400 base case* Strong Foundation for Development in $454M after - tax NPV 6% a Historically Robust Gold Market 43.2% after - tax IRR @ US$4,000 Near Deposit and Belt - Scale >$1B after - tax NPV 6% Exploration Update
Slide 27: TSX-V: WHN
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Slide 28: Appendix A - Shovelnose Updated PEA Operating and Economic Summary
Appendix A - Shovelnose Updated PEA Operating and Economic Summary Updated PEA Summary Outcomes LOM 11.1 years Production rate 365 ktpa Total production 4,159 kt Operations LOM gold grade / silver grade 5.26 g/t / 31.9 g/t Avg Au / Ag process recoveries 91.5% / 92.9% Avg Au / Ag smelting/refining 99
Slide 29: Appendix B - Robust High Grade Underground Mineral Resource
Appendix B - Robust High Grade Underground Mineral Resource Shovelnose Underground Mineral Resource Estimate South Zone Classificatio Zone Tonnes Au Contained Ag Contained n (k) (g/t) Au (k oz) (g/t) Ag (k oz) South 3,107 6.1 616 33 3,302 Franz 89 7.4 21 30 88 Indicated FMN 241 5.0 39 22 173 Total 3
Slide 30: Appendix C - Shovelnose Underground Mine Design and Stope Blocks
Appendix C - Shovelnose Underground Mine Design and Stope Blocks 13.1 year mining period Portal & main ramp access to all mining areas Three mining methods using mechanized trackless equipment • Longitudinal Longhole Retreat (67%) • Transverse Longhole (25%) • Cut & Fill (8%) Max mining depth of 325
Slide 31: Appendix D - Shovelnose Milestones Achieved
Appendix D - Shovelnose Gold Project 2018 2022 2023 2024 2025 South Zone Franz Zone Discovery Hole Bonanza Milestones 24.5 g/t Au / 17.7m Grades Updated PEA Achieved 39.2 g/t Au / Robust Economics 12m High Margin FMN Zone 650 Drill Hole Permit Low Cost Highest Grade Au Received Underground Intercept
Slide 32: Appendix E - The Westhaven Way
Appendix E - The Westhaven Way Our Mission To deliver the highest standards of environment and social responsibility, with a specific focus on generating positive and long - term returns for all key stakeholders. Commitment to the Environment Westhaven acknowledges that there are more than 32,000 ar
Slide 33: Contact
CONTACT: Ken Armstrong President & CEO Kaeli Gattens VP Communications 604 - 681 - 5558 info@westhavengold.com www.westhavengold.com TSX-V: WHN
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