Mr. Ken Armstrong reports

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

Westhaven Gold Corp. has arranged a non-brokered private placement 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 and 12.5 million flow-through units of the company to be sold on a charitable flow-through basis at a price of 17.28 cents per charity FT unit.

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

Ken Armstrong, president and chief executive officer of Westhaven, commented: "We are pleased to welcome Eric Sprott as a new shareholder of Westhaven, as well as the continued support of Earthlabs. This financing represents a strong endorsement of Westhaven's approach to advance the company's Spences Bridge gold belt properties, particularly the Shovelnose gold project located adjacent to well-established transportation and power infrastructure, less than 2.5 hours by car from Vancouver in Southern British Columbia. Proceeds of this private placement will allow the company to expand our summer exploration drilling program to at least 5,000 m and advance work towards realizing 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)."

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 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 that date which is 24 months after the closing date of the offering.

The company intends to use the net proceeds from the sale of the units for working capital and general corporate purposes. 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), 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.

The private placement is expected to close on or around July 3, 2025, and is subject to certain conditions, including, but not limited to, receipt of all necessary approvals, including the approval of the TSX Venture Exchange. All securities issuable in connection with the offering will be subject to applicable resale restrictions in accordance with Canadian securities legislation and the policies of the TSX Venture Exchange.

A finder's fee, consisting of a cash payment of $66,823 and 250,000 non-transferable broker warrants, will be 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 for a period of 24 months postclosing.

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 advance 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 discounted at 6 per cent and 43.2-per-cent internal rate of return (base-case limits of $2,400 (U.S.) per ounce gold, $28 (U.S.) per ounce silver and Canadian-dollar/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 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.