Mr. Jean-Paul Tsotsos reports

CHESAPEAKE GOLD ANNOUNCES STOCK OPTION GRANT

Chesapeake Gold Corp. has granted stock options under its stock option plan to Jean-Paul Tsotsos in relation to his appointment as interim chief executive officer (previously announced by news release dated Oct. 25, 2023) to purchase an aggregate of 200,000 common shares of the company at an exercise price of $2.20 per share for a five-year term expiring Dec. 4, 2028. The options will vest and be exercisable on the basis of 25 per cent annually, commencing Dec. 4, 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 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.

Chesapeake has an organic pipeline of satellite exploration properties strategically located near Metates, including the new gold discovery at its Lucy project (see news release dated Oct. 3, 2023). In addition, the company owns 68 per cent of Gunpoint Exploration Ltd., which owns the Talapoosa gold-silver project in Nevada.