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This Gold Project Works Without Record Gold | Ken Armstrong - Westhaven Gold

The Deep Dive Jul 13, 2026

Summary

Westhaven's Shovelnose gold project already works at US$2,400 gold: its PEA (Preliminary Economic Assessment — an early-stage mine study) showed strong economics at that price.

An earn-in with Dundee Corporation (the partner funds spending to earn ownership) can reach 60% interest, funding a 50,000-metre drill program.

PEA economics: roughly C$450 million net present value, a 43% internal rate of return, an 11-year mine life, and initial capital under C$200 million.

Infill drilling (tighter-spaced holes that raise resource confidence) feeds a prefeasibility study due around July 2027, then straight into feasibility and permitting.

Management says existing funding covers overhead and stage gates for roughly three years, targeting British Columbia permits around 2030 without a large equity raise.

Steve Hyland's takeaways

  • Top takeaway The host opens by noting gold rose to about $5,600 before coming back and asks whether new all-time highs are ahead, then walks the audience through Westhaven's basics, PEA economics and permitting status.
  • He closes by inviting Armstrong back in a year to review what the company has accomplished.

Ken Armstrong's takeaways

  • Top takeaway His core message: Westhaven does not need record gold prices — the Shovelnose PEA already works at US$2,400 gold and higher prices only strengthen the case.
  • He calls predicting the gold price a mug's game, expects the strong gold market to persist given the state of the world, and says the gold price does not drive company decisions.
  • He stresses the company is funded through the next stage gates: overhead covered for roughly the next three years while Dundee's $85 million is spent, so retail investors face no heavy equity financing in the next month or six months.
  • He pitches Shovelnose as a buildable mine that can be developed in this cycle, with permits in place around early 2030 if the British Columbia process goes well.
  • On the Dundee deal, he argues that retaining 40% and the freedom to transact that stake without a right of first refusal preserves the project's upside for shareholders who want to build a position.