Chesapeake extends Metates community agreement to 2030

Executive Summary

• Chesapeake Gold Corp. has extended its community exploration agreement for the Metates property in Durango, Mexico, for an additional five years, extending the term until October 2030.
• The company provided an operational update stating that proprietary sulphide leach testwork is on schedule and progressing well, alongside environmental and baseline studies supporting the upcoming Prefeasibility Study (PFS).
• The PFS is targeted for completion in 2026, marking a key milestone in the development of the Metates project.

Key Details

• Agreement Extension: The community exploration agreement with the local community of San Juan de Camarones (municipality of Santiago Papasquiaro, Durango, Mexico) has been extended for the second time.
• New Term: The agreement now runs until October 2030, adding five years to the original agreement signed in May 2018.
• Operational Status: Proprietary sulphide leach testwork is on schedule and progressing well.
• Study Progress: Environmental and related baseline studies are underway in support of the upcoming Prefeasibility Study (PFS).
• Future Milestone: The company targets completing the PFS in 2026.
• Project Resources (Metates):
  • Measured and Indicated: 921.2 million tonnes containing 16.77 million ounces of gold at 0.57 g/t and 423.2 million ounces of silver at 14.3 g/t.
  • Inferred: 139.5 million tonnes containing 2.13 million ounces of gold at 0.47 g/t and 59.0 million ounces of silver at 13.2 g/t.

Notable Quotes

• "For over 19 years, we have been committed to maintaining an excellent working relationship with the community and other stakeholders. The community's support and collaboration have been integral in providing a development plan for Metates and responsible social benefits for the region. This extension agreement marks another important milestone as we work towards a prefeasibility study (PFS) in 2026 and the further development of Metates." — Jean-Paul Tsotsos, Interim Chief Executive Officer