Chesapeake working toward Lucy PFS in 2026

Mr. Jean-Paul Tsotsos reports CHESAPEAKE GOLD PROVIDES AN UPDATE ON ITS CORPORATE DEVELOPMENTS Chesapeake Gold Corp. has provided a corporate update on the advancement of its proprietary sulphide leach technology and its regional exploration activities at Lucy. Jean-Paul Tsotsos, interim chief executive officer, commented: "The third phase of Metates's metallurgical work is progressing well as we work towards a prefeasibility study in 2026. Observations from the columns indicate that the oxidation process is meeting expectations. In addition, we are encouraged by the industry's interest in our technology and the commencement of third party testwork on three prospective opportunities. This testwork represents the first steps in our strategy to create economic value through the commercial application of our technology. On the exploration front, detailed and systematic exploration on Lucy suggests that the project footprint may have the potential to extend over three kilometres as new geological, geophysical and structural indicators of mineralization are uncovered." Technology update -- metallurgical testwork and patents The third phase of metallurgical testwork on Metates with the technology is advancing as planned. Two large-diameter PFS columns with Metates material are active, and the testwork is on schedule, with early encouraging results. Another 26 variability columns with Metates material are also in progress, which will be used for the optimization of the PFS technical study that M3 Engineering & Technology Corp. has begun work on. With modifications, the high-pressure grinding roll test columns within the variability program are showing more promising silver kinetics over the columns completed in 2024. In addition to the Metates testwork, Chesapeake identified numerous projects and mines that may benefit from the application of the technology. Industry interest has led to samples from three projects being sent to the lab for testing, which are also progressing in parallel with the Metates test program. This testwork is designed to demonstrate the technology's applicability across a wide range of deposits with the intention of commercializing the process as an eventual significant source of value generation for Chesapeake. Moreover, the company has filed its own separate patent applications from this innovative testwork. Further technology updates from the metallurgical programs will be provided in 2026. Lucy exploration update Over the past year, Lucy has made several advancements. An initial structural geology program identified a potential correlation between local folding and the Lucy gold skarn mineralization, providing a new insight into the local mechanism for gold emplacement and the concentration processes. This exploration work further identified new localities on the property that displayed similar structural features, which previously had limited exploration for gold skarn mineralization. A new mineralized corridor has been identified in the Central zone located approximately 600 metres west of the Discovery zone. New trenching and rock channel sampling have returned 29 metres of 0.94 gram per tonne gold, including 15 metres of 1.33 g/t gold and 34 metres of 0.64 g/t gold, including 10 metres of 0.98 g/t gold, which outlines a potential new 200-metre-long corridor that is open in all directions. Mineralization within this corridor shares several similar characteristics with the main discovery corridor. Earlier this year, the Comision Federal de Electricidad, Mexico's state-owned electric utility, started construction of a new power line in the western part of the Lucy property, transmitting power along the Pacific coast city network. The new infrastructure provided additional accessibility to the Western zone of Lucy, which was identified as having geological potential. This zone had seen limited ground exploration activities aside from geophysical surveys. Preliminary mapping has identified the presence of new skarns, and rock channel sampling has returned several occurrences of anomalous copper grades, including three metres of subcrop with 2.0 per cent copper, a two-metre interval of 0.59 per cent copper and another locale with two metres of 0.45 per cent copper. Currently, the team is trenching and collecting rock channel samples and conducting an extensive soil geochemistry program, with sampling grids covering the Discovery, Central and Western zones, to expand the scope and scale of the Lucy system. Over the past year, Chesapeake has revised its drilling permit, and a more extensive exploration and drilling campaign is planned at the completion of this phase of work. Sample preparation, analysis and quality assurance/quality control program All the assays reported by Chesapeake in this news release are from rock channel samples. The rock samples were sent to the ALS Global facility in Zacatecas city, Mexico, for preparation of assay pulps, which were subsequently sent to ALS labs in Vancouver, Canada, for analysis. All rock samples were prepared using a method whereby the entire sample was crushed to 90 per cent passing minus two millimetres, a split subsample of 1,000 grams was pulverized to better than 85 per cent passing 75 microns and then a 250-gram pulp was taken. Samples were analyzed for gold using 30-gram or 50-gram fire assay fusion with an ICP finish (method Au-ICP22). Silver and other elements were analyzed by four-acid digestion with an ICP finish (method ME-ICP61). Gold (greater than five parts per million) and silver (greater than 100 ppm) overlimits were analyzed by fire assay and gravimetric finish. Certified standards and blanks from CDN Resource Laboratories were inserted into the sample stream as part of the sampling protocol for the QA/QC program. Qualified persons Alberto Galicia, PGeo, vice-president, exploration, and Gary Parkison, CPG, vice-president, development, are qualified persons as defined by National Instrument 43-101, and have reviewed and approved the exploration technical information in this release. Dr. Art Ibrado, PE, of Fort Lowell Consulting PLLC, is the independent, qualified person responsible for the scientific and metallurgical technical information in this news release in accordance with NI 43-101. The qualified persons have reviewed and approved the contents of this release. 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. We seek Safe Harbor.