Westhaven Gold Corp. reported the completion of a Preliminary Economic Assessment ("PEA") at its 100% owned 17,623-hectare Shovelnose Gold Property. Shovelnose is located within the prospective Spences Bridge Gold Belt ("SBGB"), which borders the Coquihalla Highway 30 kilometres south of Merritt, British Columbia.

This PEA focuses on the South Zone, discovered in late 2018 and with an initial Mineral Resource Estimate first reported in 2022. In addition to high grades, the South Zone benefits from wide, steeply dipping mineralized vein domains which contribute to a robust, low-cost (AISC USD 752/oz AuEq), high margin mining opportunity. Results from this PEA certainly underpin a significant property value with serious economic benefits and provide an excellent cornerstone from which to build upon.

Westhaven's continued focus is on exploration and expanding the gold-silver mineral inventory outside the South Zone. Multiple, notable discoveries have been made on this large (176 sq. km.) underexplored property since the initial South Zone discovery, all of which are outside the area assessed in the current PEA.

With a fully funded drill program underway, management expects to be able to significantly increase the Property's Mineral Resource base as drill off the newer discoveries and test additional outside targets. Preliminary Economic Assessment Highlights: Base case parameters of USD 1,800 per ounce gold, USD 22 per ounce silver and CDN$/US$ exchange rate of $0.76. All costs are in Canadian dollars unless otherwise specified.

Robust financial metrics. Pre-tax Internal Rate of Return ("IRR") of 41.4%; After-tax IRR of 32.3%. Low All-In Sustaining Cost ("AISC") of $989/ounce ("oz") (USD 752/oz) gold equivalent ("AuEq").

Low Cash Cost of $804 oz/AuEq (USD 611/oz AuEq). Pre-tax Net Present Value ("NPV"6%) of $359 million (M) and After-tax NPV of $222 million. Payback period from start of production year 1 of 2.4 years pre-tax and 2.6 years after-tax.

After-tax (NPV 6%) increases to $268.4 million and After-tax IRR increases to 37.2% using spot prices of USD 1,950 gold and USD 24 silver. Low capital-intensive development and operating costs. Total Preproduction Capital of $149.6 million.

Total Life of Mine ("LOM") Capital Costs of $247 million. Average operating cost of $132/tonne processed. 94% of total mining is cost effective longitudinal and traverse longhole stoping, with only 6% of total mining requiring cut and fill stoping.

9.5-year mine life and ability to expand processing to accommodate satellite discoveries. Production rate of 1,000 tonnes per day ("tpd"). Total payable metals of 534,000 oz gold ("Au") and 2,715, 000 oz silver ("Ag").

Average annual production of 56,100 oz Au peaking in year 7 at 68,000 oz Au. Total mineralized rock production of 1,452,000 tonnes at 5.37 g/t Au and 28.62 g/t Ag. Metallurgical recoveries of 91.5% Au and 92.9% Ag.

Community/stakeholder benefits. Total projected income taxes paid of $136 million. Total projected British Columbia mineral taxes paid of $79 million.

More than 130 well-paying local full time jobs created during life of mine. Additional employment during construction phase. Indirect spin-off benefits during both construction and mine operations.

Mineral Resources, PEA Preparation and Results. The previous public Mineral Resource Estimate ("MRE") for the South Zone was carried out by P&E Mining Consultants Inc. ("P&E") with an effective date of January 1, 2022. That MRE was built with a pit constrained cut-off of 0.35 g/t AuE") and can be found in January 1, 2022.