Mr. Jean-Paul Tsotsos reports

CHESAPEAKE GOLD COMPLETES VERTICAL SHORT-FORM AMALGAMATION WITH WHOLLY-OWNED SUBSIDIARY

Chesapeake Gold Corp. has completed a vertical short-form amalgamation pursuant to the Business Corporations Act (British Columbia), effective Jan. 1, 2024, with the company's wholly owned subsidiary, American Gold Capital Corp. Pursuant to the amalgamation, the resulting amalgamated company has adopted the name Chesapeake Gold, maintained the same articles and management as the company, issued no securities, the Cusip for the common shares of the company remains the same, and the symbol CKG on the TSX Venture Exchange and the symbol CHPGF on the OTCQX remain unchanged.

Prior to completion of the amalgamation, the company had effected the continuance of Metates Resources Ltd. (formerly Metates Mining Enterprises LLC), a wholly owned subsidiary of American Gold, from Delaware to British Columbia. Following completion of the amalgamation, the company now holds Metates Resources directly, which in turn holds the shares of the company's Mexican subsidiaries without an intervening U.S. subsidiary. This provides for a more streamlined corporate structure in which the company also holds directly its 68-per-cent shareholding in its partially owned subsidiary, Gunpoint Exploration Ltd.

The company has filed the certificate of amalgamation evidencing the completion of the amalgamation on SEDAR+, which is publicly available under the company's profile.

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 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, which owns the Talapoosa gold-silver project in Nevada.