Mr. Jean-Paul Tsotsos reports

CHESAPEAKE GOLD ANNOUNCES CLOSING OF $17.2 MILLION BOUGHT DEAL PUBLIC OFFERING (OVER-ALLOTMENT OPTION EXERCISED IN FULL) AND $2.8 MILLION NON-BROKERED PRIVATE PLACEMENT WITH PARTICIPATION BY ERIC SPROTT

Chesapeake Gold Corp. has closed its previously announced bought deal public offering of 4,107,225 units of the company at a price of $4.20 per unit for aggregate gross proceeds of $17,250,345, which includes the full exercise of the overallotment option.

Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of $5.65 until Jan. 27, 2029.

The brokered offering was led by Red Cloud Securities Inc., as lead underwriter and joint bookrunner, on behalf of a syndicate which included Cantor Fitzgerald Canada Corp. as joint bookrunner. In connection with the brokered offering, the company paid the underwriters a cash commission of $993,126.37 and issued to the underwriters 236,458 common share purchase warrants. Each compensation warrant is non-transferable and exercisable into one common share at the issue price until Jan. 27, 2029.

The brokered offering was completed pursuant to a prospectus supplement dated Jan. 14, 2026, to the company's short form base shelf prospectus dated Feb. 23, 2024, filed with the securities regulatory authorities in each of the provinces and territories of Canada (except Quebec), and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws and other jurisdictions. An electronic or paper copy of the supplement and the base shelf prospectus may be obtained, without charge, from Red Cloud Securities Inc., attention: Victoria Ellis Hayes, 120 Adelaide St. West, 14th floor, Toronto, Ont., M5H 1T1, e-mail: ecm@redcloudsecurities.com by providing the contact with an e-mail address or address, as applicable.

Certain insiders of the company purchased or acquired direction and control over a total of 39,931 units under the brokered offering. The sale to such persons constitutes a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions adopted in the policy. The company has relied on 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 offering 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 related party, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101). The company is not aware of any new insider or control person being created as a result of the brokered offering.

The company is also pleased to announce the completion of its non-brokered private placement with 2176423 Ontario Ltd., a corporation beneficially owned by Mr. Sprott, as the sole investor, as previously announced on Jan. 12, 2026. The NB offering consisted of a total of 685,000 units (the NB units) at a price of $4.20 per unit for gross proceeds of $2,877,000. Each NB unit consists of one common share and one-half common share purchase warrant. Each NB warrant is exercisable for one common share at a price of $5.65 until Jan. 27, 2029. In aggregate, the company raised gross proceeds of $20,127,345 under the offerings.

The common shares and the NB warrants issued in connection with the NB offering are subject to a hold period expiring on May 28, 2026. The NB offering is subject to final approval of the TSX-V. No finders' fees were paid in connection with the NB offering.

The participation of Mr. Sprott in the NB offering constituted a related party transaction within the meaning of the policy and MI 61-101 adopted in the policy. The company has relied on 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 NB offering 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 is expected to exceed 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 NB offering due to the timing of the announcement of the NB offering and closing occurring in less than 21 days.

The net proceeds from the offerings are expected to be used by the company to advance the company's proprietary oxidative leach technology, the Metates project, the Lucy project and for general working capital.

About Chesapeake Gold Corp.

Chesapeake Gold'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 grams 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 59.0 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 news release dated Feb. 22, 2023.

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