Mr. Ken Armstrong reports

WESTHAVEN CLOSES NON-BROKERED PRIVATE PLACEMENT WITH ERIC SPROTT AND EARTHLABS, FOR GROSS PROCEEDS OF $3.16 MILLION

Westhaven Gold Corp. has closed the non-brokered private placement, previously announced on June 16, 2025, for aggregate gross proceeds of $3.16-million, from the sale of 8,333,333 units of the company at a price of 12 cents per unit for gross proceeds of $1-million and 12.5 million flow-through (FT) units of the company, sold on a charitable flow-through basis, at a price of 17.28 cents per charity FT unit for gross proceeds of $2.16-million.

Eric Sprott and Earthlabs Inc. were the subscribers for the units and the end-purchasers of charity FT units, following the charitable flow-through donations in the offering.

The gross proceeds from the issuance of the charity FT units will be used for Canadian exploration expenses on the company's projects in British Columbia and will qualify as flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada), and as a British Columbia flow-through mining expenditure, as defined in Section 4.721 of the Income Tax Act (British Columbia), which will be incurred on or before Dec. 31, 2026, and renounced to the subscribers with an effective date no later than Dec. 31, 2025, in an aggregate amount not less than the gross proceeds raised from the issue of the charity FT units.

More specifically, proceeds of the offering will be used for work related to the company's portfolio of exploration properties within the Spences Bridge gold belt, British Columbia, Canada. This work will include expansion of the current exploration drilling program at the Shovelnose gold project to at least 5,000 metres, as well as advancing efforts to realize the potential outlined in a recently completed preliminary economic assessment of a high-grade, high-margin underground gold mining opportunity at the South Zone, FMN and Franz gold deposits at Shovelnose (please see news release dated March 3, 2025, for details). The company intends to use the net proceeds from the sale of the units for working capital and general corporate purposes. Each unit consisted of one common share of the company and one-half of one common share purchase warrant. Each charity FT unit consisted of one share that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and one-half of one warrant. Each whole warrant shall entitle the holder to purchase one common share of the company at a price of 18 cents at any time on or before July 3, 2027.

A finder's fee, consisting of a cash payment of $66,823 and 250,000 non-transferable broker warrants, was paid to Red Cloud Securities Inc. in respect of the private placement. Each broker warrant can be exercised to acquire one common share at a price of 12 cents on or before July 3, 2027.

All the securities issued pursuant to the offering are subject to a hold period under Canadian securities laws ending on Nov. 4, 2025.

About Westhaven Gold Corp.

Westhaven is a gold-focused exploration and development company targeting low-sulphidation, high-grade, epithermal-style gold mineralization within the Spences Bridge gold belt in Southern British Columbia. Westhaven controls approximately 61,512 hectares (approximately 615 square kilometres) 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 gold production of 56,000 ounces, and having a $454-million after-tax net present value (NPV) at 6 per cent and a 43.2-per-cent internal rate of return (IRR) (base case parameters of $2,400 (U.S.) per ounce gold, $28 (U.S.) per ounce silver and a Canadian/U.S.-dollar exchange rate of 72 cents). Initial capital costs are projected to be $184-million (Canadian) with a payback period of 2.1 years. Please see Westhaven's news release dated March 3, 2025, for details of the updated PEA (preliminary economic assessment). Shovelnose is situated off a major highway, near power, rail, large producing mines and pipelines, and within commuting distance from the city of Merritt, which result in lower-cost exploration and development.

Qualified person

The technical and scientific information in this news release has been reviewed and approved by Peter Fischl, PGeo, who is a qualified person for the company under the definitions established by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN.

We seek Safe Harbor.