Mr. Jean-Paul Tsotsos reports

CHESAPEAKE GOLD CLOSES $4.4 MILLION PRIVATE PLACEMENT WITH ERIC SPROTT

Chesapeake Gold Corp. has completed its non-brokered private placement with 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, as the sole investor, as previously announced on June 9, 2025. The private placement consisted of a total of 3.7 million units at a price of $1.20 per unit for gross proceeds of $4.44-million. Each unit consists of one common share of the company and one-half common share purchase warrant. Each warrant is exercisable for one share of the company at a price of $1.65 for a period of three years from the date of issuance.

The net proceeds of the private placement will be used to advance the company's proprietary oxidative leach technology, for continuing exploration, including the Lucy project, and for general working capital.

Mr. Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 3.7 million units pursuant to the private placement, at $1.20 per unit, for total consideration of $4.44-million. Prior to the private placement, Mr. Sprott beneficially owned or controlled 9,183,499 common shares of the company representing approximately 13.4 per cent of the outstanding common shares of the company on a non-diluted basis.

As a result of the private placement, Mr. Sprott now beneficially owns or controls 12,883,499 common shares and 1.85 million warrants, representing approximately 17.9 per cent of the outstanding common shares on a non-diluted basis and 19.9 per cent of the outstanding common shares on a partially diluted basis assuming exercise of such warrants.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment, and may acquire additional securities of the company, including on the open market or through private acquisitions, or sell securities of the company, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear on the company's profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario, 7 King St. East, Suite 1106, Toronto, Ont., M5C 3C5).

The participation of Mr. Sprott in the private placement constituted a related-party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related-party participation in the private placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the interested parties, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101). Further details will be included in the company's material change report to be filed. The material change report will not be filed more than 21 days prior to closing of the private placement due to the timing of the announcement of the private placement and closing occurring in fewer than 21 days.

The shares and the warrants issued in connection with the private placement are subject to a hold period expiring on Oct. 14, 2025. The private placement is subject to final approval of the TSX Venture Exchange.

About Chesapeake Gold Corp.

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 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 the news release dated Feb. 22, 2023.

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