Westhaven Reports New High-Grade South Zone Results Including 23m…

VANCOUVER, British Columbia, Oct. 28, 2026 (GLOBE NEWSWIRE) -- Westhaven Gold Corp. (TSX-V: WHN) (OTCQB: WTHVF) (FRA: 1W5) (“Westhaven” or the “Company”) is pleased to report the completion of 117-hole (37,242m) resource infill drilling program at the South Zone gold and silver deposit on the Shovelnose property in southern British Columbia. Exploration drilling will continue through to mid-December, with six drills operating on the property to support exploration, geotechnical and hydrogeological programs ahead of the South Zone pre-feasibility study (“PFS”), targeted for completion in the second half of 2027.

Ken Armstrong, President and CEO of Westhaven, commented:

“The latest infill results continue to demonstrate the strength and continuity of high-grade mineralization within the South Zone deposit, highlighted by drill hole SNR26-149 which has returned 23.00m grading 6.69 g/t Au and 42 g/t Ag and drill hole SNR26-125 which has returned 5.53m grading 16.51 g/t Au and 134 g/t Ag. With resource infill drilling now complete, our focus is shifting to exploration drilling and the ongoing geotechnical and hydrogeological work required to advance the South Zone PFS. At the same time, revisions to the geological and mineralization models are well underway and will support an updated Mineral Resource Estimate (“MRE”) for the South Zone, which will form the basis for PFS mine planning which remains on schedule.”

Key Highlights:

New South Zone infill drill results include highlight assays of:
- 23.00m grading 6.69 g/t Au and 41.7 g/t Ag
- 5.53m grading 16.51 g/t Au and 133.5 g/t Ag
- 14.59m grading 4.38 g/t Au and 27.6 g/t Ag
- 10.30m grading 3.51 g/t Au and 23.5 g/t Ag
- 6.04m grading 5.79 g/t Au and 3.5 g/t Ag
- 16.41m grading 2.07 g/t Au and 23.2 g/t Ag
- 5.97m grading 5.34 g/t Au and 10.6 g/t Ag
- 1.5m grading 20.90 g/t Au and 29.1 g/t Ag
- 6.07m grading 4.56 g/t Au and 7.6 g/t Ag
Approximately 10,000m of exploration, hydrogeological and geotechnical drilling has been completed to date, including 10 exploration drill holes testing areas below and to the north of the South Zone deposit (5,008m). Exploration drilling is expected to continue through to December 15, 2026, and technical drilling programs remain on track for completion in Q4 2026.
The Company has realized gross proceeds of CDN$3,122,366 from the recent exercise of 14,770,114 warrants.

The 2026 work programs are being funded under a strategic earn-in agreement with Dundee Corporation (“Dundee”), whereby Dundee may earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties through up to CDN$85,000,000 in staged project expenditures. Under the first phase, Dundee has committed a minimum of CDN$30,000,000, inclusive of a fully funded 50,000m resource infill and exploration drill program and ongoing PFS work at Shovelnose, including a CDN$4,000,000 geotechnical and hydrogeology drill program announced in a Westhaven news release dated September 22, 2026, linked here.

Westhaven Warrant Exercises

The Company is also please to report that all subscriber and broker warrants related to an October 2024 brokered private placement and expiring October 19, 2026, were exercised for gross proceeds of CDN$3,122,366. After exercise of 14,770,114 warrants, the Company has 275,023,832 issued and outstanding shares (314,511,385 fully diluted).

South Zone Mineral Resource Infill Drilling

Assay results from the 117-hole (37,242m) resource infill drill program at the South Zone deposit continue to show excellent continuity of mineralization in each of Vein Zones 1, 2 and 3. Results have been received from an additional 19 infill drill holes and are reported in Table 1, bringing the total number of reported drillholes to 91. Earlier assays from the infill drilling program can be found Westhaven news releases dated: May 7, linked here, May 26, linked here, July 7, linked here, July 28, linked here, August 20, linked here, and September 22, linked here. The resource drilling program was designed to infill the deposit at nominal 25m centres with results to be included in an updated mineral resource estimate to support a PFS targeting completion in H2 2027.

Selected assay highlights include:

SNR26-123:	14.59m grading 4.38 g/t Au & 28 g/t Ag from 313.40m downhole
SNR26-125:	3.00m grading 5.93 g/t Au & 7 g/t Ag from 116.00m downhole; and
	5.53m grading 16.51 g/t Au & 134 g/t Ag from 163.00m downhole
SNR26-127:	10.30m grading 3.51 g/t Au & 24 g/t Ag from 143.50m downhole; and
	6.04m grading 5.79 g/t Au & 4 g/t Ag from 182.90m downhole; and
	6.00m grading 3.17 g/t Au & 5 g/t Ag from 229.00m downhole
SNR26-137b:	16.41m grading 2.07 g/t Au & 23 g/t Ag from 264.59m downhole
SNR26-140:	1.50m grading 20.90 g/t Au & 29 g/t Ag from 265.50m downhole; and
	5.28m grading 2.31 g/t Au & 10 g/t Ag from 377.38m downhole
SNR26-149:	2.72m grading 2.29 g/t Au & 7 g/t Ag from 152.28m downhole; and
	2.29m grading 3.07 g/t Au & 4 g/t Ag from 182.00m downhole; and
	23.00m grading 6.69 g/t Au & 42 g/t Ag from 193.00m downhole
SNR26-150:	5.97m grading 5.34 g/t Au & 11 g/t Ag from 76.64m downhole
SNR26-157:	6.07m grading 4.56 g/t Au & 8 g/t Ag from 147.13m downhole

Table 1 shows assay results, including drill hole locations and orientations, and is also linked here. Reported assay intervals represent downhole intersections, not true widths. True widths can be estimated at approximately 70-80% of the reported intervals.

Figure 1 shows the locations of the drill holes reported in this news release, as well as the other holes completed in 2026, the remaining planned 2026 drill collar locations and the drill collars of pre-2026 drilling of the South Zone.

Figure 2 presents a South Zone cross-section highlighting drill hole SNR26-149, and the sections are viewed to the northwest (310°) and illustrate strong continuity of mineralization hosted within structurally controlled quartz veins and hydrothermal breccia zones.

Sampling, Laboratory Analyses and Quality Assurance/Quality Control (QA/QC)

Most core samples consist of halved drill core cut by manual sawing using industry standard core saws. In rare cases, and where required by physical core conditions, manual splitting may be used. Half of the core is retained in the original core box for reference samples and any required future work, including QA/QC. Core samples, controlled by a unique bar-coded reference number, are delivered to ALS’s Kamloops facility and prepared using the PREP-31 package.

Each core sample is crushed to better than 70% passing a 2mm (Tyler 9 mesh, US Std. No.10) screen. A split of 250g is taken and pulverized to better than 85% passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen.

Further analytical and assay procedures are conducted in ALS’s North Vancouver facility. A 0.75g subsample of the pulverized split is subjected to four acid digestion and analyzed via ICP-MS (method code ME-MS61m (+Hg)) which reports a suite of 49 elements.

All samples are also analyzed for gold by fire assay with an AES finish, method code Au-ICP21 (30g sample size) or Au-ICP22 (50g sample size). Samples returning gold values over 10ppm are subjected to over-limit check assays using fire assay and a gravimetric finish (method code Au-GRA21 and a 30g sample size, or Au-GRAV22 and a 50g sample size). The switch to 50g aliquots applies to 2026 resource infill drill holes starting at, and including, SNR26-98. Other over-limit elements may also be subjected to ore grade analyses which vary depending on the element of interest.

ALS’s facilities are accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria.

QA/QC incorporates the laboratory’s internal quality assurance controls as well as Westhaven’s field controls, including the insertion of quarter core duplicates, certified reference materials and blanks, each at a rate of roughly one per 20-25 core samples.
Additional blanks are inserted following samples with visible gold or significant concentrations of ginguro (fine grained bands of dark gray to black sulphides).

QA/QC data are evaluated on receipt for failures, and appropriate action is taken if results for duplicates, standards and blanks fall outside allowed tolerances. Westhaven’s ongoing QA/QC programs are consistent with industry best practices and include auditing of all exploration data. Any significant changes will be reported when available.

Westhaven Gold Corp.

Figure 1 – Plan View Map October 2026

Westhaven Gold Corp.

Figure 2 – South Zone Cross Section A-A’

Westhaven Gold Corp.

Reported intervals are at least 2m in length with a 1 g/t Au cut-off for individual samples and no more than 3m contiguous metres dilution.
Or less than 2m in length with an individual sample returning > 10 g/t Au.
*Reported interval is less than 2.00m.
**Reported interval includes 3.07m and 3.40m intervals averaging <1 g/t Au.

Table 1 – Assay Highlights

ABOUT WESTHAVEN GOLD CORP.

Westhaven is a gold and silver focused exploration and development company targeting low sulphidation, high-grade, epithermal style gold and silver mineralization within the Spences Bridge Gold Belt in southern British Columbia. Westhaven controls ~60,263 hectares within four properties spread along this underexplored belt.

The Shovelnose gold and silver project is the most advanced property, with a 2025 updated 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 production of 56,000 ounces gold and 313,000 ounces silver with a CDN$454 million after-tax net present value (at a 6% discount rate) and 43.2% IRR (base case parameters of US$2,400 per ounce gold, US$28 per ounce silver and CDN/US$ exchange rate of CDN$1.00=US$0.72).¹

On February 23, 2026, Westhaven closed a strategic earn-in agreement with Dundee Corporation, whereby Dundee may earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties through up to CDN$85,000,000 in staged project expenditures. Under the first phase, Dundee has committed a minimum of CDN$30,000,000, inclusive of a fully funded 50,000m drill program and pre-feasibility work at Shovelnose. The agreement allows for the accelerated exploration and evaluation of one of Canada's most compelling, undeveloped, high-margin gold and silver assets.

Qualified Person

The technical and scientific information in this news release has been reviewed and approved by Robin Hopkins, P.Geo. (NT/NU), Vice President, Exploration for Westhaven and a Qualified Person for the Company under the definitions established by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

¹ See Westhaven's news release entitled "Westhaven Announces Updated Preliminary Economic Assessment for the Shovelnose Gold Project, British Columbia" and dated March 3, 2025.

ON BEHALF OF THE BOARD OF DIRECTORS OF WESTHAVEN GOLD CORP.

“Ken Armstrong”
President & CEO

For further information, please contact:

Kaeli Gattens
Vice President, Communications
T: 604-681-5558
E: kgattens@westhavengold.com
W: www.westhavengold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities legislation. These forward-looking statements are made as of the date of this news release and Westhaven does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements in this news release may include, but are not limited to, statements with respect to completing approximately 50,000m of drilling during the year; completing an updated South Zone mineral resource estimate and the planned Pre-Feasibility Study; completing geotechnical, hydrogeology, and exploration drilling programs; the results of the updated Preliminary Economic Assessment; future planned activities; future mineral production and future growth potential for the Company and its projects; the interpretation of preliminary results from exploration undertaken to date at the Shovelnose project using various exploration techniques and analysis; statements with respect to potential styles of epithermal mineralization at the Shovelnose Project; and, the possibility that the Company’s Shovelnose project may host multiple gold bearing epithermal systems.

In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information.

Assumptions have been made regarding, among other things, the price of gold and other precious metals; costs of exploration and development; the estimated costs of development of exploration projects; the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

Although management of Westhaven Gold Corp. have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information.

Such factors include, without limitation: the Company's dependence on one group of mineral projects; precious metals price volatility; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding mineral resources and reserves; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; laws and regulations governing the environment, health and safety; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; and the factors identified under the caption “Risk Factors” in the Company’s management discussion and analysis.

Mineral exploration involves a high degree of risk and few properties, which are explored, are ultimately developed into producing mines. There can be no assurance that such forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

Infographics accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/5369b419-e23b-4636-a02d-4b3bad42b529

https://www.globenewswire.com/NewsRoom/AttachmentNg/cb783349-8eca-4e13-9ef0-bf7335cba2a3

https://www.globenewswire.com/NewsRoom/AttachmentNg/bf2e0a5e-995b-459d-86e3-dbbc4a6115ee

Figure 1

Plan View Map October 2026Figure 2

South Zone Cross Section A-A’ Table 1

Assay Highlights