Chesapeake files prospectus supplement

Mr. Jean-Paul Tsotsos reports CHESAPEAKE GOLD ANNOUNCES FILING OF PROSPECTUS SUPPLEMENT IN CONNECTION WITH PREVIOUSLY ANNOUNCED $15 MILLION BOUGHT DEAL PUBLIC OFFERING Chesapeake Gold Corp. has filed a prospectus supplement dated Jan. 14, 2026, to its short form base shelf prospectus dated Feb. 23, 2024, with the securities regulatory authorities in each of the provinces and territories of Canada, other than Quebec, to qualify the public distribution of 3,751,500 units of the company at an offering price of $4.20 per unit for gross proceeds of $15,000,300 in connection with the company's previously announced bought deal public Offering (see news releases dated Jan. 12, 2026). Each unit will consist of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at a price of $5.65 at any time on or before that date which is 36 months following the closing date (as defined herein). The offering is being made pursuant to an underwriting agreement dated Jan. 14, 2026, among the company and Red Cloud Securities Inc. as lead underwriter and joint bookrunner, and Cantor Fitzgerald Canada Corp. as joint bookrunner. Pursuant to the underwriting agreement, the company has granted to the underwriters an option, exercisable in whole or in part, at any time for a period of up to 30 days after and including the closing date, to purchase for resale at the offering price up to an additional 535,725 units of the company at the offering price to cover overallotments, if any, and for market stabilization purposes. The prospectus supplement to the base shelf prospectus qualifies the grant of the overallotment option and the issuance of the overallotment units pursuant thereto. The company has agreed to pay the underwriters a cash fee equal to 6 per cent of the gross proceeds of the offering (which shall be reduced to 2 per cent for gross proceeds from the sale of units to certain purchasers on the president's list agreed to by the company and Red Cloud), including in respect of any gross proceeds raised on the exercise of the overallotment option. The underwriters will also receive, on the closing date (as defined herein), as additional compensation, non-transferable broker warrants to purchase that number of common shares equal to 6 per cent of the aggregate number of units issued by the company under the offering (including pursuant to the exercise of the over-allotment option) (which shall be reduced to 2 per cent from the sale of units to purchasers on the president's list). Each broker warrant shall entitle the holder thereof to acquire one broker warrant share at a price of $4.20 per broker warrant share for a period of 36 months from the closing date. The full particulars of the offering along with the possible exercise and issue of overallotment units pursuant to the overallotment option are set out in the prospectus supplement. The offering is expected to close on or about Jan. 27, 2026, or on such date as agreed upon between the company and Red Cloud. The closing of the offering is subject to the company receiving all necessary regulatory approvals, including the final approval of the TSX Venture Exchange. Delivery of the base shelf prospectus, the prospectus supplement and any amendments to such documents will be satisfied in accordance with the access equals delivery provisions of applicable securities legislation. The prospectus supplement, the base shelf prospectus and any amendment, as applicable, are accessible under the company's profile on SEDAR+. An electronic or paper copy of the prospectus supplement, the base shelf prospectus and any amendment, as applicable, may be obtained, without charge, from Red Cloud Securities Inc., attention: Victoria Ellis Hayes, 120 Adelaide St. West, 14th floor, Toronto, Ont., M5H 1T1, or e-mail: [email protected] by providing the contact with an e-mail address or address, as applicable. 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 news release dated Feb. 22, 2023. We seek Safe Harbor.