Chesapeake GOLD Announces $10.0 Million Bought Deal Public Offering
NEWS RELEASE
January 12, 2026 NR03-2026
CHESAPEAKE GOLD ANNOUNCES $10.0 MILLION BOUGHT DEAL PUBLIC OFFERING
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia – January 12, 2026 – Chesapeake Gold Corp. (TSXV:CKG) (“Chesapeake”
or the “Company”) is pleased to announce that the Company has entered into an agreement with Red Cloud
Securities Inc. (“ Red Cloud ”), as lead underwriter and sole bookrunner on behalf of a syndicate of
underwriters (collectively, the “Underwriters”), pursuant to which the Underwriters ha ve agreed to
purchase for resale 2,380,953 units of the Company (each, a “ Unit”) at a price of $4.20 per Unit (the
“Offering Price”) on a “bought deal” basis for gross proceeds of $10,000,002.60 (the “Underwritten
Offering”).
Each Unit will consist of one common share of the Company (each, a “ Common Share”) and one-half of
one common share purchase warrant (each whole warrant, a “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 Company has granted to the Underwriters an option (the “Over-Allotment Option”, and together with
the Underwritten Offering, the “Offering”), 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 additional Units
equal to up to 15% of the number of Units sold pursuant to the Underwritten Offering at the Offering Price
to cover over-allotments, if any, and for market stabilization purposes.
The Company intend s to use the net pr oceeds from th e Offering to advance the Company’s proprietary
oxidative leach technology, the Metates project, the Lucy project and for general working capital.
In connection with the Offering, the Company intends to file a prospectus supplement (the “Prospectus
Supplement”) to the Company’s short form base shelf prospectus dated February 23, 2024 (the “Base Shelf
Prospectus”), with the securities regulatory authorities in each of the provinces and territories of Canada
(except Québec). The Units may also be sold in the United States on a private placement basis pursuant to
one or more exemptions from the registration requirements of the United States Securities Act of 1933, as
amended (the “U.S. Securities Act ”) and in such other jurisdictions outside of Canada and the United
States, in each case in accordance with all applicable laws provided that no prospectus, registration
statement or similar document is required to be filed in such jurisdiction.
Copies of the applicable offering documents, when available, can be obtained free of charge under the
Company’s profile on SEDAR+ at www.sedarplus.ca. Delivery of the Base Shelf Prospectus and the
Prospectus Supplement and any amendments thereto will be satisfied in accordance with the “access equals
delivery” provisions of applicable Canadian securities legislation.
The Base Shelf Prospectus and the Prospectus Supplement will contain, important detailed information
about the Company and the Offering. Prospective investors should read the Prospectus Supplement and the
accompanying Base Shelf Prospectus and the other documents the Company has filed on SEDAR+ at
www.sedarplus.ca before making an investment decision.
The Offering is expected to close on or about January 27, 2026 (the “Closing Date”), 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 approval of the TSX Venture Exchange and the
entering into of an underwriting agreement among the Company and the Underwriters.
The securities described in this news release have not been, and will not be, registered under the U.S.
Securities Act, or any applicable securities laws of any state of the United States, and may not be offered
or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined
in Regulation S under the U.S. Securities Act) or persons in the United States unless registered under the
U.S. Securities Act and any other applicable securities laws of the United States or an exemption from such
registration requirements is available. This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of these securities within any jurisdiction, including the United States, in which such
offer, solicitation or sale would be unlawful.
For Further Information:
For more information on Chesapeake, its Metates and Lucy Projects or proprietary oxidative leach
technology, please visit our website at www.chesapeakegold.com or contact Jean -Paul Tsotsos at
[email protected] or +1 778 731 1362.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
About Chesapeake
Chesapeake Gold Corp .'s flagship asset is the Metates Project ( “Metates”) located in Durango State,
Mexico. Metates hosts one of the largest undeveloped gold-silver deposits in the Americas1 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 a nd 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 January 13, 2023, and news release dated February 22, 2023.
Forward-looking Statements
This news release contains “forward -looking statements” within the meaning of Canadian securities
legislation. Such forward -looking statements include, without limitation, statements with respect to the
Offering, the completion of the Offering and the timing in respect thereof, the intended use of proceeds of
the Offering, and the timely receipt of all necessary approvals, including the approval of the TSX Venture
Exchange.
Such forward looking statements or information are based on a number of assumptions, which may prove
to be incorrect. Assumptions have been made regarding, among other things: the continued advancement
of the Company’s technology; conditions in general economic and financial markets; the price of gold and
silver; the availability and costs of mining equipment and skilled labour; accuracy of assay results;
geological interpretations from drilling results; timing and amount of capital expenditures related to drilling
programs; performance of available laboratory and other related services; future operating costs; and the
1 Mexico’s biggest undeveloped gold deposits. Bnamericas, Published Tuesday, November 24, 2020.
historical basis for current estimates of potential quantities and grades of target zones , assuming the
recovery of the San Vicente 3 concession on Metates.
The actual results could differ materially from those anticipated in these forward looking statements as a
result of risk factors, including the risks to development of the Company’s technology, timing and content
of work programs; results of exploration activities and development of mineral properties; the interpretation
and uncertainties of drilling and testing results and other geological data; receipt, maintenance and security
of permits and mineral property titles , including the recovery of the San Vic ente 3 mineral concession ;
environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses;
availability of funds; failure to delineate potential quantities and grades of the target zones based on
historical data; general market and industry conditions; changes in project parameters as plans continue to
be refined; accidents, labour disputes and other risks of the mining industry; and political instability.
Forward-looking statements are based on the expectations and opinions of the Company’s management on
the date the statements are made. The assumptions used in the preparation of such statements, although
considered reasonable at the time of preparation, ma y prove to be imprecise and, as such, readers are
cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date
the statements were made. The Company undertakes no obligation to update or revise any forward-looking
statements included in this news release if these beliefs, estimates and opinions or other circumstances
should change, except as otherwise required by applicable law.