In Vancouver on June 24, 2026, Westhaven Gold Corp. gathered its shareholders and emerged with something rarer than gold in the mining world: unified conviction. With nearly 98 million votes cast and every motion carried by overwhelming margins, the company secured both the leadership continuity and the strategic mandate needed to advance its Shovelnose project — a British Columbia gold-silver deposit that a well-funded partnership with Dundee Corporation is now poised to transform from promising geology into a potential decade-long mining operation. The vote is less a moment of corporate rout
Westhaven Gold Shareholders Approve Board, Auditors, and Equity Plan at AGM
Shareholders approved every motion with overwhelming margins
Mark
So what exactly happened at this meeting? It sounds routine, but the numbers suggest something more interesting underneath.
Mimi
The surface story is straightforward—shareholders approved the board, the auditors, and a new equity plan. But what matters is the context. Westhaven just signed a major deal with Dundee Corporation in February that commits up to CDN$85 million to their Shovelnose project. This AGM was the first chance shareholders had to formally weigh in on management's direction.
Luke
And they did, overwhelmingly. But I want to flag something: the equity plan got 82.1 percent approval, which is notably lower than the 99%+ for directors. That 17.9 percent dissent is real. It suggests some shareholders have concerns about how management is being compensated, even if they trust the people involved.
Mark
Why would the equity plan be contentious if the directors themselves are so popular?
Mimi
Equity plans dilute existing shareholders. Even if you like the board, you might worry that the compensation structure is too generous or poorly designed. It's a different question than whether you trust the people in the room.
Luke
Exactly. And we should note: 37.73 percent of shares voted. That's a reasonable turnout for a junior mining company, but it also means nearly two-thirds of shareholders didn't show up or didn't vote. We don't know what they think.
Mark
Let's talk about Shovelnose. The preliminary assessment shows CDN$454 million in net present value. That's a real number, but how solid is it?
Mimi
It's based on a 2025 study using specific assumptions: gold at US$2,400 an ounce, silver at US$28, and a particular exchange rate. Those are reasonable for planning purposes, but they're not predictions. If gold drops to US$1,800, the math changes dramatically.
Luke
And the study is preliminary, not feasibility-level. The pre-feasibility work that Dundee is funding will test those assumptions against more detailed engineering and cost data. That's why the partnership matters—it's de-risking the project by bringing in capital and expertise to answer the hard questions.
Mark
So the shareholder vote is really about confidence in that partnership and the project itself?
Mimi
Yes. Shareholders are saying they trust management to execute the deal with Dundee and deliver the pre-feasibility study. The 50,000-meter drill program will either confirm the resource or force a rethink.
Luke
And that's the thing to watch. The vote is a green light, but the real test is whether the drilling and engineering work validates what the preliminary assessment promised. That's 12 to 18 months away.
Il Polso
- Every motion on the ballot passed with commanding support, including the re-election of seven directors — each clearing 99.4% approval — signaling rare alignment between management and shareholders.
- The 2026 Equity Incentive Plan was the lone point of friction, drawing nearly 18% opposition and hinting that a meaningful minority of investors harbor reservations about how leadership is being compensated.
- Westhaven's Shovelnose project carries serious economic weight: a preliminary assessment projects an 11-year underground mine yielding an after-tax NPV of CDN$454 million and an IRR of 43.2% under base-case commodity assumptions.
- The February 2026 partnership with Dundee Corporation — offering up to CDN$85 million in staged funding for up to a 60% project interest — has effectively transferred near-term financial risk away from Westhaven while accelerating development.
- With shareholder backing secured and a minimum CDN$30 million first-phase commitment from Dundee, Westhaven is preparing four concurrent drill programs and a Pre-Feasibility Study that will either confirm or recalibrate the project's promise.
In Vancouver on June 24, 2026, Westhaven Gold Corp. gathered its shareholders and emerged with something rarer than gold in the mining world: unified conviction. With nearly 98 million votes cast and every motion carried by overwhelming margins, the company secured both the leadership continuity and the strategic mandate needed to advance its Shovelnose project — a British Columbia gold-silver deposit that a well-funded partnership with Dundee Corporation is now poised to transform from promising geology into a potential decade-long mining operation. The vote is less a moment of corporate routine than a quiet declaration that patient capital and careful planning may be converging at the right time.
Westhaven Gold Corp. convened its 2026 annual general meeting in Vancouver on June 24, leaving with unanimous shareholder backing for its board and strategic direction. Nearly 98.2 million common shares were voted — representing 37.73% of all outstanding shares — and every motion cleared with wide margins.
Seven directors were returned to the board, each receiving more than 99.4% approval, while auditor Smythe LLP was reappointed with 99.75% support. The only measure to attract meaningful dissent was the 2026 Equity Incentive Plan, which passed at 82.1% — a clear majority, but one that suggests a portion of shareholders remain cautious about the company's compensation framework.
At the center of Westhaven's ambitions is the Shovelnose gold-silver project, its flagship asset within the Spences Bridge Gold Belt of southern British Columbia. A preliminary economic assessment published in March 2025 envisions Shovelnose as an 11-year underground mining operation averaging 56,000 ounces of gold and 313,000 ounces of silver annually, with an after-tax net present value of CDN$454 million and an internal rate of return of 43.2% under base-case assumptions.
The company's trajectory sharpened considerably in February 2026 when it closed a strategic partnership with Dundee Corporation. Dundee can earn up to a 60% interest in Westhaven's four Spences Bridge properties by committing up to CDN$85 million in phased spending. The first phase alone guarantees a minimum of CDN$30 million, covering a 50,000-meter drill program and pre-feasibility work at Shovelnose — effectively shielding Westhaven from near-term capital pressure while accelerating the project's development timeline.
With shareholder confidence affirmed and a well-capitalized partner engaged, Westhaven now turns toward executing four concurrent drill programs in 2026 and completing the Pre-Feasibility Study that will sharpen the project's engineering and economics. An updated mineral resource estimate for the South Zone is also planned. The coming months of drill results and study findings will determine whether Shovelnose's early promise holds — or whether the numbers demand a harder look.
Westhaven Gold Corp. held its annual shareholder meeting on June 24, 2026, in Vancouver, and walked away with unanimous backing for its leadership and strategic direction. Nearly 98.2 million common shares were cast—representing 37.73 percent of all outstanding shares—and shareholders approved every motion on the ballot with overwhelming margins.
The seven directors elected to the board were Hannah McDonald, Paul McRae, Victor Tanaka, Eira Thomas, Gareth Thomas, Patrick Anderson, and Kenneth Armstrong. Each received approval from more than 99.4 percent of voting shareholders, with the lowest support at 99.4 percent for Armstrong and McRae. The company also reappointed Smythe LLP as its independent auditors, clearing that hurdle with 99.75 percent support. The one measure that drew more substantial dissent was the 2026 Equity Incentive Plan, which passed with 82.1 percent in favor and 17.9 percent opposed—still a clear majority, but a signal that some shareholders had reservations about the compensation structure.
Westhaven is a gold and silver exploration company focused on the Spences Bridge Gold Belt in southern British Columbia, where it controls approximately 60,263 hectares spread across four properties. The company's flagship asset is the Shovelnose project, which has moved beyond early-stage exploration into serious development planning. A preliminary economic assessment released in March 2025 outlined the project's potential as an 11-year underground mining operation capable of producing an average of 56,000 ounces of gold and 313,000 ounces of silver annually. Using base-case assumptions—gold at US$2,400 per ounce, silver at US$28 per ounce, and an exchange rate of CDN$1.00 to US$0.72—the study calculated an after-tax net present value of CDN$454 million at a 6 percent discount rate, with an internal rate of return of 43.2 percent.
The company's momentum accelerated in February 2026 when it closed a strategic partnership with Dundee Corporation. Under the agreement, Dundee can earn up to a 60 percent interest in Westhaven's four Spences Bridge properties by committing up to CDN$85 million in staged exploration and development spending. In the first phase alone, Dundee has pledged a minimum of CDN$30 million, which includes funding for a 50,000-meter drill program and pre-feasibility work at Shovelnose. The arrangement effectively de-risks Westhaven's near-term capital requirements while accelerating the pace of work on one of Canada's most advanced undeveloped gold and silver assets.
With shareholder approval now secured and a well-funded partner in place, Westhaven is positioned to ramp up drilling to four concurrent programs during 2026 and complete the pre-feasibility study that will refine the project's engineering and economics. The company plans to release an updated mineral resource estimate for the South Zone as part of that work. For investors and industry observers, the shareholder vote signals confidence in management's execution and the underlying geology of the Shovelnose deposit. The real test will come as the drill results accumulate and the pre-feasibility study takes shape—the data that will either validate the preliminary assessment or force a recalibration of expectations.
Citazioni salienti
Shareholders approved all motions put forth at the meeting including the re-appointment of Smythe LLP as the Company's independent auditors, and the Company's 2026 Equity Incentive Plan.— Westhaven Gold Corp. announcement
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