Mr. Randy Reifel reports

CHESAPEAKE GOLD ANNOUNCES APPOINTMENT OF INTERIM CHIEF EXECUTIVE OFFICER

Chesapeake Gold Corp. has appointed Jean-Paul Tsotsos as interim chief executive officer, replacing Alan Pangbourne effective Nov. 1, 2023. Mr. Tsotsos is currently vice-president, corporate development and investor relations, and will continue to also hold that role.

Mr. Tsotsos has over 15 years of experience in mining corporate development, strategy, capital markets, project evaluations and project development. Mr. Tsotsos was previously a member of the corporate development team at Hudbay Minerals. Prior to Hudbay Minerals, Mr. Tsotsos worked at BMO Capital Markets in the metals and mining equity research group. Mr. Tsotsos holds an MBA specializing in natural resources, energy and environment from the University of Alberta and a master of science and an honours bachelor of science from the University of Toronto.

Randy Reifel, Chesapeake's executive chairman, states: "On behalf of the board, I would like to thank Alan Pangbourne for his significant contributions and commitment to the company over the past 2.5 years. Alan's leadership and dedication have set the stage for Chesapeake's future success. I also welcome Jean-Paul in his expanded role as interim CEO. I look forward to working with Jean-Paul on advancing our exciting corporate initiatives and other opportunities."

Mr. Pangbourne will continue to serve as a director on the company's board of directors and also provide corporate advisory and technical consultant services to the company.

About Chesapeake Gold Corp.

Chesapeake Gold is focused on the discovery, acquisition and development of major gold-silver deposits in North 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 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 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. 23, 2023.

Chesapeake also has an organic pipeline of satellite exploration properties strategically located near Metates. In addition, the company owns 68 per cent of Gunpoint Exploration Ltd., which owns the Talapoosa gold-silver project in Nevada.