JUNIORMETRICS

Westhaven Gold Corp.

WTHVF·WHN·US$0.20 (CAD 0.28)·US$51.8M cap
Goldalso:Shovelnose Gold and Silver Project, Spences Bridge Gold Belt, southern British Columbia, Canada Map

Westhaven Gold Corp. (formerly Westhaven Ventures Inc.) is a Vancouver-based explorer/developer advancing the Shovelnose gold-silver project in the Spences Bridge Gold Belt of southern British Columbia. An updated Preliminary Economic Assessment with an effective date of 28 February 2025 outlines an 11.1-year underground mining operation producing an average of 56,000 ounces of gold and 312,000 ounces of silver a year, with after-tax NPV at a 6% discount rate of C$454 million, an after-tax IRR of 43.2%, initial capital of C$184 million against life-of-mine capital of C$379 million, a 2.1-year payback, and all-in sustaining costs of C$1,161 (US$836) per gold-equivalent ounce, at assumed prices of US$2,400/oz gold and US$28/oz silver and an exchange rate of C$1.00 = US$0.72. The underlying resource, also effective 28 February 2025 and drawing on the South, Franz and FMN zones, is 3,437,000 tonnes Indicated at 6.13 g/t gold and 32.3 g/t silver (677,200 oz Au, 3,564,500 oz Ag) plus 2,292,000 tonnes Inferred at 3.67 g/t gold and 25.2 g/t silver (270,300 oz Au, 1,859,500 oz Ag). In 2026 the company launched the largest drill campaign in Shovelnose's history -- approximately C$20 million and up to 50,000 metres across a 35,000 m South Zone resource-infill program and a 15,000 m exploration program running into December -- funded under a strategic earn-in with Dundee Corporation, under which Dundee may earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties through up to C$85 million of staged expenditures, with a minimum C$30 million committed in the first phase inclusive of the drill program and Pre-Feasibility work. Recent infill results include 8.12 m at 47.56 g/t gold and 229 g/t silver, and 27.51 m at 14.47 g/t gold and 52 g/t silver.

Notable vs. Peers

  • Financials score of 3.7/10 is weaker than the peer average of 5.3/10.

Lifecycle Milestones

Grassroots
Resource Def.
PEACurrent
PFS
Feasibility
Permitting
Construction
Production
Prior Ownership & Infrastructure
Road AccessGrid Power2 of 4 checked, 2 in place

Not yet determined: mill, tailings facility.

6/10
Weak track recordStrong track record
6/10 vs.
3.7/10
Thin runwayWell-capitalized
3.7/10 vs.
How this is calculated
5.9/10
Weaker depositStronger deposit
5.9/10 vs.
How this is calculated
8.7/10
Harder place to buildEasier place to build
8.7/10 vs.
What goes into it
  • Jurisdiction (40%)9/10

    British Columbia: Fraser PPI 2025 is 74.28 of 100 (rank 31 of 68), which maps to 9 on this site's scale. The Shovelnose project is in British Columbia's Spences Bridge Gold Belt, with highway and power infrastructure nearby. British Columbia's permitting pathway for new mines is longer and more contested in practice than in the leading provinces.

  • Infrastructure (40%)7.9/10

    Confirmed road access and confirmed grid power at Shovelnose Gold-Silver Project, Spences Bridge Gold Belt, British Columbia, Canada; existing mill and tailings facility not yet researched, counted at a neutral 5/10 until established.

  • Nearby producing mine (20%)9.9/10

    Highland Valley Copper (Teck Resources Limited) is 22 km away -- within regional-platform range.

6.1/10
Weaker profileStronger profile
6.1/10 vs.
Price Chart
$0.115$0.133$0.176$0.223$0.189AugDecMarJulOct
Aug 12, 2025 – Oct 20, 2026
News
$0.20
+83.2%from low-34%from high
$0.11$0.30
$51.8M
Far belowFar above
$51.8M vs. $21.9M peer median
Price (USD - Local)
US$0.20 (CAD 0.28)
Cash Position (USD)
$2.7M
Far belowFar above
$2.7M vs. $3.4M peer median
Debt (USD)
$15.6K
Far aboveFar below
$15.6K vs. $0 peer median
$49.1M
Far belowFar above
$49.1M vs. $19.4M peer median
260.2M
Far aboveFar below
260.2M vs. 153.6M peer median
Jurisdiction
Canada
677,200 oz
Feeds Deposit Quality score
Indicated677,200 oz
Inferrednot scored270,300 oz
Total resource947,500 oz
Far belowFar above
677.2K oz vs. 1.3M oz peer median
Compares M&I only — Inferred isn't compared or scored.
$72.50/oz
M&I
Total resource (incl. Inferred)$51.82/oz
Peer median $68.74/oz
Far aboveFar below
$72.50/oz vs. $132.67/oz peer median
Cut-off: 1.3 g/t AuEq
PEA-stage; the study contemplates an underground operation, none is built
11.1 yrs2025 study
Far belowFar above
11.1 yrs vs. 11.1 yrs peer median
$836/oz AuEq2025 study
@6%$326.9M2025 study · gold deck US$2,400 vs spot US$4,114/oz
Far belowFar above
$326.9M vs. $603M peer median
0.16x2025 study · gold deck US$2,400 vs spot US$4,114/oz
Far aboveFar below
0.16x vs. 0.32x peer median
0.15x2025 study · gold deck US$2,400 vs spot US$4,114/oz
Far aboveFar below
0.15x vs. 0.30x peer median
$132.5M2025 study
Far aboveFar below
$132.5M vs. $293.2M peer median
2.5xClears Durrett's 2:1 bar2025 study · gold deck US$2,400 vs spot US$4,114/oz
Far belowFar above
2.5x vs. 2.3x peer median
$2,400/oz42% below spot ($4,114/oz)2025 study
43%Clears Durrett's 25% developer bar2025 study · gold deck US$2,400 vs spot US$4,114/oz
Far belowFar above
43% vs. 43% peer median
15.9%
0%100%
15.9% vs. 12.1% peer median
22 kmfrom Teck Resources Limited's Highland Valley Copper
Within regional-platform range (~50km)
-$4.1M
Far belowFar above
-$4.1M vs. -$3.3M peer median
-$0.016
Far belowFar above
-$0.016 vs. -$0.018 peer median

Acquisition Susceptibility

How this is calculated
7.6/10
Unlikely bolt-onFits the takeout profile

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.

How this score is built

  • Disclosed pending deal
    Sub-score: Not scored

    No pending acquisition or merger disclosed (checked)

    Not scored: having no deal in flight isn't held against a company.

    Weight 26.25%
  • Producer's strategic stake
    Sub-score: Not scored

    No producer holds a disclosed stake on file (holder register researched) See holders

    Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.

    Weight 25%
  • Distance to a producing mine
    Sub-score:
    7.8/10

    Nearest producing mine: Highland Valley Copper (Teck Resources Limited), 22 km

    10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.

    Weight 22.5% · 46% here
  • Lifecycle stage
    Sub-score:
    6/10

    Stage: Preliminary Economic Assessment

    Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.

    Weight 15% · 31% here
  • Jurisdiction
    Sub-score:
    9/10

    Canada: jurisdiction score 9/10

    Our jurisdiction score, used as is: higher means lower political and permitting risk.

    Weight 6.75% · 14% here
  • Commodity
    Sub-score:
    10/10

    Primary commodity: Gold

    Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.

    Weight 4.5% · 9% here

Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.

Overall Score Trend
-16.4% since 2026-08-11 · -25.6% from peak

Your Rankings

Community Sentiment
—SELLINGBUYING
CategoryCommunityYour Ranking
Overall— (0) 
Management— (0) 
Financials— (0) 
Jurisdiction— (0) 
Project Quality— (0) 

Management Team

President and Chief Executive Officer of Westhaven Gold Corp., in the role since May 1, 2025; also Chairman of North Arrow Minerals Inc. Professional Geologist (P.Geo.).

Chief Financial Officer and Corporate Secretary of Westhaven Gold Corp.

Insiders, Investors & Smart Money

Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.

Smart money
1/10

We found no producer, major, or named resource-specialist fund behind Westhaven Gold. Insider David Thomas made several open-market purchases in March-April 2025, the largest for CA$269,888, a real if now somewhat dated vote of confidence.

No notable insiders tracked for this miner yet.

Reports, Presentations & Documents

Technical Report Takeaways

Westhaven Gold is advancing the Shovelnose gold-silver project in the Spences Bridge gold belt of southern British Columbia. Indicated resources, effective 28 February 2025, contain 677,200 oz of gold (3,437,000 t at 6.13 g/t) and 3,564,500 oz of silver, with no measured category, plus 270,300 oz of gold inferred. The 2025 updated preliminary economic assessment outlines an underground mine producing an average of 56,000 oz of gold and 312,000 oz of silver a year over an 11.1-year mine life, with an after-tax NPV6% of US$326.9M (CAD 454M) and a 43.2% IRR at US$2,400/oz gold, initial capital of US$132.5M (CAD 184M) and an all-in sustaining cost of US$836 per gold-equivalent ounce. A 50,000 m drill program funded by Dundee is under way through 2026.

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