Mr. Alan Pangbourne reports

CHESAPEAKE GOLD ANNOUNCES STOCK OPTION GRANT

Jean-Paul Tsotsos has stepped into his role as Chesapeake Gold Corp.'s vice-president of investor relations and corporate development (previously announced by news release dated April 18, 2023).

Chesapeake further announces the grant of stock options under its stock option plan to Mr. Tsotsos to purchase an aggregate of 100,000 common shares of the company at an exercise price of $1.70 per share for a five-year term expiring May 29, 2028. The options will vest and be exercisable on the basis of 25 per cent annually, commencing May 29, 2024, the first anniversary of the date of the grant.

About Chesapeake Gold Corp.

Chesapeake Gold is focused on the discovery, acquisition and development of major gold-silver deposits in North America and South America. 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.