Mr. Jean-Paul Tsotsos reports

CHESAPEAKE MOBILIZES A DRILL PROGRAM AT LUCY

Chesapeake Gold Corp.'s property-wide soil geochemistry program has expanded the surface mineralized footprint at its Lucy project located in central Sinaloa, Mexico. To date, over 1,000 surface soil and rock geochemistry samples were collected from the Discovery, Central and Western zones. A 5,000-metre infill and expansion drill program has been mobilized to test the multiple targets recently identified.

Jean-Paul Tsotsos, chief executive officer, commented: "The systematic and detailed exploration at Lucy has delivered promising results, highlighting the growing scale of this exciting gold project. The first drill rig has been mobilized to expand the Discovery corridor's mineralization, define mineralization in the Central corridor and test prospective underlying IP anomalies on the property."

This year, 622 surface soil and rock geochemistry samples were collected from the Discovery and Central zones. The program extended the prospective Lucy gold mineralization from a 700-metre Discovery corridor to a 2,000-metre surface mineralized footprint. This campaign identified two distinct en echelon mineralized corridors, and further work will determine whether they are connected.

During the soil geochemistry campaign, new trenches and rock channel samples returned 17.5 metres of 0.87 gram per tonne gold, 27 g/t silver, 0.20 per cent copper and 1.16 per cent zinc, including 7.5 metres of 1.97 g/t gold, 57 g/t silver, 0.42 per cent copper and 2.44 per cent zinc from the Central corridor. Trenching from the Discovery corridor returned 40.5 metres of 0.22 g/t gold, including 2.5 metres of 1.49 g/t gold and 1.5 metres of 1.39 g/t gold, confirming the subsurface roots of the soil geochemical results. Another distinct trend is a notable increase in base metal content in the soil, trench and rock channel samples toward the Western zone, where the 2018 IP-resistivity geophysical interpretation resembles a seated porphyry system.

The fully financed 5,000-metre HQ core drill program at Lucy has begun with one rig, with first assays expected in Q1 2027 and results released in batches as received. Approximately 2,000 metres in 25 holes will focus on the Discovery corridor. Infill drilling at 50-metre spacing will test the 700-metre mineralized strike, and stepouts of up to 100 metres along strike and below 150 metres depth will test where mineralization remains open. Prior intercepts include 6.11 g/t Au over 24 m (LU23-06) (see Chesapeake news release dated Oct. 3, 2023). This drilling in the Discovery corridor is designed to reach the density needed to support a maiden mineral resource estimate.

An additional 3,000 metres will test new targets. Eight holes totalling approximately 800 metres will drill test the Central zone, located 600 metres northwest of the Discovery corridor, defined by gold-in-soil anomalies over 1,000 metres and rock channel samples up to 1.33 g/t gold (see Chesapeake news release dated Sept. 9, 2025). These holes will determine the potential of a second mineralized corridor. Finally, six holes totalling 2,200 metres will test two IP-resistivity, chargeability, and magnetic anomalies at the Discovery and Western zones to evaluate the possibility of a porphyry source for the skarn mineralization.

The complete assay data table and enlarged revised Lucy exploration map are available on-line.

For more information on Chesapeake's Metates and Lucy projects, and its proprietary heap oxidation technology, please visit the company's website or contact Jean-Paul Tsotsos at invest@chesapeakegold.com or 1-778-731-1362.

Sample preparation, analysis and QA/QC (quality assurance/quality control) program

All the assays reported by Chesapeake in this news release are from rock channel and soil samples. The rock samples were sent to the ALS Global facility in Zacatecas City, Mexico, for preparation of assay pulps, which were subsequently sent to ALS labs in Vancouver, Canada, for analysis.

All rock samples were prepared using a method whereby the entire sample was crushed to 90 per cent passing negative two millimetres, a split subsample of 1,000 g was pulverized to better than 85 per cent passing 75 micrometres and then a 250 g pulp was taken.

Samples were analyzed for gold using 30 or 50 g fire assay fusion with an ICP finish (method Au-ICP22). Silver and other elements were analyzed by four-acid digestion with an ICP finish (method ME-ICP61). Gold (greater than five parts per million) and silver (greater than 100 ppm) overlimits were analyzed by fire assay with a gravimetric finish.

The soil samples were also sent to the ALS Global facility in Zacatecas, where they were prepared using package SCR-41. After drying and sieving to 80 mesh (negative 180 micrometres), 50 g samples were analyzed at ALS Labs in Vancouver using the AuME-TL-44 method, which consists of aqua regia digestion and ME-ICP finish for gold and 50 elements.

Certified standards and blanks from CDN Resource Laboratories were inserted into the sample stream as part of the sampling protocol for the QA/QC program.

Qualified persons

Alberto Galicia, PGeo vice-president, exploration, and Gary Parkison, CPG, vice-president, development, are qualified persons as defined by National Instrument 43-101 and have reviewed and approved the technical information in this news release.

About Chesapeake Gold Corp.

Chesapeake Gold'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 (g/t) 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 news release dated Feb. 22, 2023.

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