Mr. Jean-Paul Tsotsos reports

CHESAPEAKE GOLD ANNOUNCES $10.0 MILLION BOUGHT DEAL PUBLIC OFFERING

Chesapeake Gold Corp. has entered into an agreement with Red Cloud Securities Inc. as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase for resale 2,380,953 units of the company at a price of $4.20 per unit on a bought deal basis for gross proceeds of $10,000,002.60.

Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at a price of $5.65 at any time on or before that date which is 36 months following the closing date (as defined herein).

The company has granted to the underwriters an option, exercisable in whole or in part, at any time for a period of up to 30 days after and including the closing date, to purchase for resale at the offering price additional units equal to up to 15 per cent of the number of units sold pursuant to the underwritten offering at the offering price to cover overallotments, if any, and for market stabilization purposes.

The company intends to use the net proceeds from the offering to advance the company's proprietary oxidative leach technology, the Metates project and the Lucy project and for general working capital.

In connection with the offering, the company intends to file a prospectus supplement to the company's short form base shelf prospectus dated Feb. 23, 2024, with the securities regulatory authorities in each of the provinces and territories of Canada (except Quebec). The units may also be sold in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and in such other jurisdictions outside of Canada and the United States, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.

Copies of the applicable offering documents, when available, can be obtained free of charge under the company's profile on SEDAR+. Delivery of the base shelf prospectus and the prospectus supplement and any amendments thereto will be satisfied in accordance with the access equals delivery provisions of applicable Canadian securities legislation.

The base shelf prospectus and the prospectus supplement will contain important detailed information about the company and the offering. Prospective investors should read the prospectus supplement and the accompanying base shelf prospectus and the other documents the company has filed on SEDAR+ before making an investment decision.

The offering is expected to close on or about Jan. 27, 2026, or on such date as agreed upon between the company and Red Cloud. The closing of the offering is subject to the company receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange and the entering into of an underwriting agreement among the company and the underwriters.

About Chesapeake Gold Corp.

Chesapeake's flagship asset is the Metates project located in Durango state, Mexico. Metates hosts one of the largest undeveloped gold-silver deposits in the Americas with over 16.77 million ounces of gold at 0.57 gram per tonne and 423.2 million ounces of silver at 14.3 g/t within 921.2 million tonnes in the measured and indicated mineral resource category and a further 2.13 million ounces of gold at 0.47 g/t and 59.0 million ounces of silver at 13.2 g/t within 139.5 million tonnes in the inferred mineral resource category. See the technical report titled "Metates Sulphide Heap Leach Project Phase I" dated Jan. 13, 2023, and the news release dated Feb. 22, 2023.

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