Mr. Gareth Thomas reports

WESTHAVEN ANNOUNCES BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF UP TO C$5.0 MILLION

Westhaven Gold Corp. has entered into an agreement with Red Cloud Securities Inc. to act as sole agent and bookrunner in connection with a best efforts private placement for aggregate gross proceeds of up to $5-million from the sale of the following:

• 10 million units of the company, at a price of 15 cents per unit, for gross proceeds of up to $1.5-million from the sale of units;
• Gross proceeds of up to $3.5-million from the sale of any combination of: (i) common shares of the company that will quality as flow-through (FT) shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada), at a price of 17.5 cents per traditional FT share; and (ii) flow-through units of the company to be sold to charitable purchasers, at a price of 22 cents per charity FT unit.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each charity FT unit will consist of one traditional FT share and one-half of one warrant. Each warrant shall entitle the holder to purchase one common share of the company at a price of 22 cents at any time on or before that date that is 24 months after the closing date of the offering (as defined below).

The agent will have an option, exercisable in full or in part, up to 48 hours prior to the closing of the offering, to sell up to an additional $1-million in any combination of units, traditional FT shares and charity FT units at their respective offering prices.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, those units, traditional FT shares and charity FT units representing gross proceeds of up to $5-million will be offered for sale to purchasers in the provinces of Alberta, British Columbia, Manitoba, Ontario and Saskatchewan, pursuant to the listed issuer financing exemption (LIFE) under Part 5A of NI 45-106. The unit shares, traditional FT shares, warrants and warrant shares issuable pursuant to the sale of the LIFE securities are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada. The units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended.

Any units and charity FT units sold in excess of gross proceeds of $5-million, as well as the traditional FT shares, will be offered by way of the accredited investor and minimum amount investment exemptions under NI 45-106 in the Canadian selling jurisdictions, or, in the case of the units, also in offshore jurisdictions and the U.S. on a private placement basis pursuant to one or more exemptions from the registration requirements of the U.S. Securities Act. The unit shares, traditional FT shares, warrants and warrant shares issuable from the sale of non-LIFE securities will be subject to a hold period ending on the date that is four months plus one day following the closing date of the offering under applicable Canadian securities laws.

The company intends to use the net proceeds from the sale of units for working capital and general corporate purposes. The gross proceeds from the issuance of the traditional FT shares and the charity FT units will be used for Canadian exploration expenses on the company's mineral projects in British Columbia and will qualify as flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada), which will be incurred on or before Dec. 31, 2025, and renounced to the subscribers with an effective date no later than Dec. 31, 2024, in an aggregate amount not less than the gross proceeds raised from the issue of the traditional FT shares and charity FT units.

The offering is scheduled to close on or around Oct. 15, 2024, or such other date as the company and the agent may agree, and is subject to certain conditions, including, but not limited to, receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The company will pay to the agent a cash commission of 6 per cent of the gross proceeds raised in respect of the offering. In addition, the company will issue to the agent warrants of the company, exercisable for a period of 24 months following the closing date, to acquire in aggregate that number of common shares of the company that is equal to 6 per cent of the number of offered securities sold under the offering, at an exercise price equal to 15 cents per common share.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

To the extent that any directors and/or officers the company participate in the offering, such participation will constitute a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company expects any participation by directors and officers in the offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on the fact that neither the fair market value of the units, traditional FT shares or charity FT units subscribed for by directors and officers, nor the consideration for such securities to be paid by them, will exceed 25 per cent of the company's market capitalization.

About Westhaven Gold Corp.

Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada's newest gold district, the Spences Bridge gold belt. Westhaven controls 60,950 hectares (609.5 square kilometres) with four gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, near power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low-cost exploration. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN.

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