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Westhaven Gold Still Absurdly Cheap 

Bob Moriarty

Feb 5, 2024

I’ve been writing about Westhaven Gold (WHN-V) for a couple of years now while gold shares were quietly snoring. Along with many others, I see the near $35 trillion US debt bomb about to explode even while the general stock market and the 1,000 or so Bitcon wannabes have zoomed higher. All things change.

The resource stocks hit a yearly low last October/November and I wrote about it suggesting a rise into March or so. We have had a rise at year end and then a test of the lows. I still see resource stocks about to go higher into March or so. They have been beaten down so much I think we have had capitulation in the last week or so with many great stocks down 20% and hitting new yearly lows.

Westhaven keeps chugging along even while being ignored by the market. The company announced a major coup in signing up the lovely Eira Thomas as Chairperson and director. Ms. Thomas was a cofounder of Lucara Diamond. She served as President and Director from 2018 until August of last year.

She also was a key player in the sale of Kaminak Gold to Goldcorp for $520 million in 2016. She brings to the table thirty years of incredible experience. And as an extra vote of confidence, filings show she owned 3.3 million shares of Westhaven before taking the position.

In July of 2023 Westhaven announced a PEA on the South Zone of the Shovelnose project showing a robust after tax return of 32.3% and low AISC cost of US$752/oz AuEq with a mine life of 9.5 years for production of 534,00 ounces of gold and 2.7 million ounce of silver. That made for a NPV of $268 million and with $1950 gold a revised after-tax IRR of 37.2%.

With a USD market cap today of only $22 million, that seems absurdly cheap to me.

The company just last week released news of a permit to drill an additional 650 holes at Shovelnose over the next five years along with approval for trenching and geophysical surveys. The company had $1.3 million in the bank as of January of 2024 so a private placement is probably due soon.

Red Cloud covers the company and has a target of $1.30 for the shares for a 650% gain.

Westhaven is an advertiser. I have participated in the last private placement so naturally I am biased. Do your own due diligence.

Westhaven Gold Corp
WHN-V $0.21 (Feb 02, 2024) 
WTHVF-OTCBB 141 million shares 
Westhaven Gold website


Bob Moriarty
President: 321gold

321gold Ltd

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