Chesapeake GOLD Announces Upsize of Previously Announced Bought Deal Public Offering to $15 Million and Non-Brokered Private Placement with Participation BY Eric Sprott

NEWS RELEASE

January 12, 2026 NR04-2026

CHESAPEAKE GOLD ANNOUNCES UPSIZE OF PREVIOUSLY ANNOUNCED BOUGHT

DEAL PUBLIC OFFERING TO $15 MILLION AND NON-BROKERED PRIVATE

PLACEMENT WITH PARTICIPATION BY ERIC SPROTT

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 due to significant investor demand, the Company and Red

Cloud Securities Inc. (“Red Cloud”), as lead underwriter and sole bookrunner on behalf of a syndicate of

underwriters (collectively, the “Underwriters”), have agreed to increase its previously announced “bought

deal” public offering (the “Underwritten Offering”) from $10,000,002.60 to $15,000,300. Pursuant to the

upsized Underwritten Offering, the Underwriters have agreed to purchase for resale 3,571,500 units of the

Company (each, a “Unit”) at a price of $4.20 per Unit (the “Offering Price”).

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 “Brokered 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 also intends to complete a non-brokered private placement (the “NB Offering”, and together

with the Brokered Offering, the “Offerings”) of up to 685,000 units of the Company (the “NB Units”) at a

price of $4.20 per NB Unit for gross proceeds of up to $2,877,000. Each NB Unit consists of one Common

Share and one-half of one common share purchase warrant (each whole warrant, a “NB Warrant”). Each

NB 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 of the NB Offering. The NB Units will be

issued on substantially the same terms as the Units and will be subject to a hold period under applicable

Canadian securities laws until four months and one day after the closing of the NB Offering.

Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by Mr. Sprott, has

indicated his intention to participate in the NB Offering to maintain his pro rata ownership of common

shares of the Company following the completion of the Offerings. Prior to the Offerings, Mr. Sprott

beneficially owned or controlled 12,883,499 common shares and 1,850,000 warrants representing

approximately 17.9% of the outstanding common shares of the Company on a non-diluted basis and

approximately 19.9% on a partially diluted basis assuming the exercise of such warrants.

As the NB Offering involves a “related party transaction” within the meaning of TSX Venture Exchange

Policy 5.9 (the “Policy”) and Multilateral Instrument 61-101-Protection of Minority Security Holders in

Special Transactions (“MI 61-101”) adopted in the Policy, the Company intends to rely 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 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 expe cted to exceed 25% of the Company’s market

capitalization (as determined under MI 61-101).

The Company intends to use the net proceeds from th e Offerings to advance the Company’s proprietary

oxidative leach technology, the Metates project, the Lucy project and for general working capital.

In connection with the Brokered 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 Brokered 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 Offerings are 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 Offerings are 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

Offerings, the completion of the Offerings and the timing in respect thereof, the intended use of proceeds

of the Offering s, 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

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.

1 Mexico’s biggest undeveloped gold deposits. Bnamericas, Published Tuesday, November 24, 2020.