On August 7, 2026, Vancouver-based Westhaven Gold Corp. (TSX-V: WHN) announced the issuance of 300,000 incentive stock options to its officers under the company's Stock Option Plan. The options give the right to purchase one common share at a price of $0.375 each and remain exercisable until August 7, 2031.
Options vest in thirds over 18 months
The 300,000 options are structured to vest in three equal portions over a period of eighteen months, with all options becoming fully exercisable by February 7, 2028. This vesting schedule aligns with previous option grants made under the company’s Equity Incentive Plan, ensuring consistency in compensation strategy.
The Equity Incentive Plan allows the company to issue up to 10% of the total issued and outstanding common shares in the form of stock options or other forms of share-based compensation. After this latest grant, the total number of outstanding stock options has risen to 19,700,000, representing 7.5% of the company’s total issued and outstanding common shares.
Options subject to resale restrictions
The common shares that could result from the exercise of these newly issued options are subject to resale restrictions as required by Canadian securities legislation and the rules of the TSX Venture Exchange. These restrictions are designed to ensure compliance with market integrity standards.
The company emphasized that the technical and scientific content included in the release was reviewed and approved by Robin Hopkins, P.Geol. (NT/NU), the Vice President of Exploration at Westhaven. Hopkins is recognized as a Qualified Person under the guidelines of National Instrument 43-101, which governs the disclosure of mineral projects.
Shovelnose project remains focus of development
Westhaven is primarily focused on gold and silver exploration and development, particularly in the Spences Bridge Gold Belt region of southern British Columbia. The company currently controls approximately 60,263 hectares across four properties within the area. The Shovelnose gold and silver project is its most advanced asset.
In 2025, an updated Preliminary Economic Assessment was conducted at Shovelnose. The study confirmed the project’s potential as a profitable, low-cost, and high-margin operation with a planned 11-year mine life. It outlined an expected annual production of 56,000 ounces of gold and 313,000 ounces of silver, with a projected CDN$454 million after-tax net present value at a 6% discount rate and a 43.2% internal rate of return. These figures are based on base-case economic parameters, including a gold price of US$2,400 per ounce, a silver price of US$28 per ounce, and a CDN/US$ exchange rate of CDN$1.00 to US$0.72.
The company reached a significant milestone in February 2026 when it finalized a strategic earn-in agreement with Dundee Corporation. Under the terms, Dundee may earn up to a 60% interest in all four of Westhaven’s Spences Bridge Gold Belt properties by making staged project expenditures totaling up to CDN$85 million. The first phase of the agreement includes a CDN$30 million commitment from Dundee, which will fund a 50,000-meter drill program and pre-feasibility studies at Shovelnose. This partnership is expected to accelerate the exploration and evaluation of one of Canada’s most promising gold and silver projects.
The company noted that the news release includes forward-looking statements, which are based on current expectations and assumptions. These statements may involve risks and uncertainties that could cause actual results to differ materially. Westhaven does not assume any obligation to update these statements unless required by law.
For more information, interested parties can contact Kaeli Gattens, Vice President of Communications at Westhaven, via phone at 604-681-5558 or email at kgattens@westhavengold.com. Additional details are also available on the company’s website at www.westhavengold.com. The TSX Venture Exchange and its Regulation Services Provider have not reviewed this release and make no representations about its accuracy or adequacy.