Chesapeake Gold Corp. · TSXV:CKG
Chesapeake Gold — Investor Presentation (August 2025)
32 slides from Chesapeake Gold's investor presentation, August 2025
Slide 1: Corporate Presentation August 2025
CORPORATE PRESENTATION AUGUST 2025 CKG: TSX.V CHPGF: OTCQX
Slide 2: Cautionary Notes: Forward-Looking Statements
Cautionary Notes Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Canadian securities legislation. Such forward-looking statements include, without limitation, statements with respect to: the economic and project param
Slide 3: Cautionary Notes: Mineral Resource Estimates
Cautionary Notes Cautionary Note Regarding Mineral Resource Estimates The PEA was prepared and filed by the Company and can be accessed under the Company's SEDAR+ profile at www.sedarplus.ca or on the Company's website at https://chesapeakegold.com/. The PEA was prepared in accordance with National
Slide 4: A Balanced Approach to Growth and Value Creation
Chesapeake Gold A Balanced Approach to Growth and Value Creation ▪ Metates – A Re-Invented Story ▪ Size & Leverage: One of the world’s largest undeveloped gold-silver deposits1 Talapoosa • M&I ~17Moz Au (0.57 g/t) & 423Moz Ag (14.3 g/t) 2 • Inf. ~2Moz Au (0.47 g/t) & 59Moz Ag (13.2 g/t) 2 ▪ Higher G
Slide 5: NASDAQ Metals Focus Silver Miners Index
Chesapeake Gold NASDAQ Metals Focus Silver Miners Index ▪ Chesapeake Gold’s addition to its first silver index is a recognition of the significant silver endowment and the advancement of the Metates project Metates is one of the world’s largest undeveloped gold-silver deposits1 1. Mexico’s biggest u
Slide 6: Metates – A Re-Invented Story
Metates – A Re-Invented Story Not How You Remember It → Waking A Sleeping Giant PAST (2016 PFS)1 CURRENT (2021 PEA)2 M&I ~19Moz Au & 503Moz Ag Contained Intrusive / Sedimentary M&I ~17Moz Au & 423Moz Ag Contained3 Maintains Large ✓ TOTAL RESOURCE Inf. ~1Moz Au & 16Moz Ag Contained Inf. ~2Moz Au & 59
Slide 7: Metates 2021 PEA Financial Summary
Metates 2021 PEA Financial Summary ▪ 2021 PEA: Smaller expandable LOM Metrics (Base Case) ‘starter’ project Initial Capex US$mm 359 Sustaining (incl. Closure) Capex US$mm 176 Throughput K tpd 15 Gold Grade g/t 0.76 • LOM Operating Cash Flow: Silver Grade g/t 15.71 C$3.5bn Gold Recovery % 70 Silver R
Slide 8: Oxidative Leach Technology
Oxidative Leach Technology The Power to Transform the Precious Metal Industry Nature has been transforming refractory sulphide-hosted precious metals deposits into easily extractable oxide deposits for 100s of millions of years ▪ Chesapeake’s proprietary technology1 applies nature’s process but redu
Slide 9: Encouraging Results from Metallurgical Testwork
Oxidative Leach Technology 1 Encouraging Results from Metallurgical Testwork Metallurgical test work achieved gold recovery rates exceeding 70%, providing verification that our proprietary oxidative leach technology is working as planned ▪ Various durations of oxidative leach were performed, and lon
Slide 10: Insights from the Metates Mineralogical Investigation
Oxidative Leach Technology 1 Insights from the Metates Mineralogical Investigation 2 1. Chesapeake announces metallurgical testwork update news release dated September 6, 2023. 2. Marcasite. (2023, September 1). Encyclopædia Britannica. https://www.britannica.com/science/marcasite#/media/1/364089/11
Slide 11: Reducing Water Consumption, Energy Use and GHG Emissions
Oxidative Leach Technology Reducing Water Consumption, Energy Use and GHG Emissions Water Consumption (m3) / Au Oz Produced1 ▪ Chesapeake’s technology is applied in a heap leach environment, where the 45 40 39 -91% chemical reactions perform a majority 35 30 of the work to oxidize and then liberate
Slide 12: Metates 2021 PEA Simple Flowsheet
Metates 2021 PEA Simple Flowsheet Source: “Metates Sulphide Heap Leach Project, Phase 1, Amended NI 43-101 Technical Report, Preliminary Economic Assessment” with an effective date of December 15, 2022, and dated January 13, 2023. . CKG: TSX.V | CHPGF: OTCQX PAGE 12
Slide 13: Metates 2021 PEA Site Layout
Oxidative Leach Technology Metates 2021 PEA Site Layout Infrastructure: ▪ Compact Layout ▪ All Infrastructure onsite ▪ Location identified for Ph 2 oxidation pad Heap ▪ Final Pad Sized for 100% of Leach Pad Metates Phase 1 Project Oxidative Leach Pad Source: “Metates Sulphide Heap Leach Project, Pha
Slide 14: Lucy Project – An Expanding High-Grade Near-Surface Gold Bearing Skarn
Lucy Project – New Gold Discovery 1 An Expanding High-Grade Near-Surface Gold Bearing Skarn ▪ Lucy project in Sinaloa, Mexico is located within 5km of a paved highway and near high voltage powerlines ▪ The recent 2,649m drilling has delineated a northeast trending gold-bearing skarn of at least 700m
Slide 15: Up to 97% Gold Recoveries Achieved in Preliminary Met. Work
Lucy Project – New Gold Discovery 1 Up to 97% Gold Recoveries Achieved in Preliminary Met. Work ▪ The initial metallurgical test work consisted of 4 holes selected across the Lucy mineralized corridor; each hole was then sampled as a unique composite ▪ The results of this initial test work support t
Slide 16: Significantly Undervalued: EV / Au-Ag Equivalent oz
Chesapeake Gold Significantly Undervalued Enterprise Value / Au-Ag Equivalent oz (US$) $178 ✓ Team That Delivers ✓ Innovative Technology ✓ Massive & Scalable $98 Strong re-rating potential $46 Peer Group Average: $54/oz $43 $22 $22 $12 $8 $1 Artemis Gold Perpetua Novagold Orezone Gold Hycroft Mining
Slide 17: Superior Leverage To Precious Metal Prices
Chesapeake Gold Superior Leverage To Precious Metal Prices AuEq. Ounces per Common Share Outstanding 0.41 Metates Ranks #1 amongst peers on a gold-silver equivalent ounce per share outstanding basis, providing superior leverage to a high gold & silver price environment 0.22 0.11 0.07 0.06 Peer Group
Slide 18: Summary and Upcoming Catalysts
Chesapeake Gold Summary and Upcoming Catalysts ▪ Metates – Durango, Mexico ▪ Oxidative Leach Technology One of the world’s largest undeveloped gold- Faster oxidative solution identified in 2023 and silver deposits1 >70% gold recoveries achieved in 20244 High-grade core confirmed in 2022 Unlocks glob
Slide 19: Appendix
Appendix Mexico’s Largest Undeveloped Gold and Silver Deposit1 1. Mexico’s biggest undeveloped gold deposits Published: Bnamericas -Tuesday, November 24, 2020 CKG: TSX.V | CHPGF: OTCQX 19
Slide 20: Metates: Waking A Sleeping Giant
Metates Waking A Sleeping Giant ▪ One of the world’s largest undeveloped gold- silver deposits1,2,3 Intrusive / Sedimentary • Well-defined resource Breccia • 921.2Mt in the Measured and Indicated Mineral Resource category with 16.8Moz gold (0.57 g/t) and 423Moz silver (14.3 g/t) Massive • A further
Slide 21: Metates: Targeting Higher Grade
Metates Targeting Higher Grade ▪ 2021/22 drilling confirms higher grade intrusive1 • Assay grade and intercepts better than expected, >18% improvement in grade 1. The gold equivalent (“AuEq” or “Gold Eq”) value is calculated as follows: Gold Equivalent (g/t) = Gold (g/t) + Silver (g/t) / 75. CKG: TS
Slide 22: Metates 2023 Updated Resource Estimate
Metates 1 2023 Updated Resource Estimate ▪ Incorporates all 2021 and 2022 drilling results ▪ 15.8% increase in gold grade of Intrusive and Intrusive Breccia zone Gold Eq.2 Gold Silver Gold Silver Resource Category Mtonnes (g/t) (g/t) (g/t) (Moz) (Moz) Measured Mineral Resource 31.1 1.10 0.86 18.1 0.
Slide 23: Encouraging Results from Metallurgical Testwork
Oxidative Leach Technology 1 Encouraging Results from Metallurgical Testwork Metallurgical work has continued to investigate various parameters to accelerate the oxidation kinetics and the oxidation rate of the sulphide leach technology The new conditions are showing very encouraging oxidation rates
Slide 24: Precious Metal vs Copper Heap Leach Process
Precious Metal vs Copper Heap Leach Process1 ▪ With the oxidation process, a key variable is 100% the relationship between % of sulphides oxidized and final Au / Ag recoveries • High levels of oxidation required to achieve economic levels of metal recovery would have meant higher costs due to more t
Slide 25: Oxidative Leach Technology Trade-off Studies
Oxidative Leach Technology Trade-off Studies ▪ Metallurgical testing confirms Metates mineralization oxidizes and releases gold and silver enabling metal recoveries in a typical CN / lime Heap Leach A) Understand curves oxidation + B) on oxidized material Understand leach curves = C) Final process d
Slide 26: Metates 2021 PEA Capital Cost Improvements
Metates 2021 PEA Capital Cost Improvements Summary of Capital Costs (US$000’s) ▪ Dramatically Lower Capital Cost: Metates Site: Mining Equipment & Mine Development $18,713 • A ~90% reduction in capex when Crushing & Conveying $36,104 compared to the 2016 PFS Ponds & Pads $28,404 Reagent/Regeneration
Slide 27: Metates 2021 PEA Summary Operating Cost
Metates 2021 PEA Summary Operating Cost LOM Average Cost LOM US$/Au Oz. US$/t processed Metates Site Mining (including rehandle and equipment lease costs) $7.51 $441.70 Processing (Crushing, Stacking, Oxidation, Leach, Merrill-Crowe) $8.05 $473.65 Site Support $1.41 $82.69 Profit Sharing $1.32 $77.7
Slide 28: Metates 2021 PEA Phase Production Profile
Metates 2021 PEA Phase 1 Production Profile Gold-Silver Equivalent Production Profile 180 Au-Ag Eq. Production (k oz) 160 140 120 100 80 60 40 20 - Payable Au Ozs Payable Ag Ozs Gold-Silver Grade Profile 1.40 70.00 1.20 60.00 Au Grade (g/t) Ag Grade (g/t) 1.00 50.00 0.80 40.00 0.60 30.00 0.40 20.00
Slide 29: Metates 2021 PEA Phase Sensitivities
Metates 2021 PEA Phase 1 Sensitivities ▪ Compelling project economics & significant leverage to gold and silver prices Table 1: US$mm Pre-Tax NPV(5%) Sensitivity Analysis: Au & Ag Prices Gold Price (US$/oz) 1,400 1,600 1,800 2,000 2,200 20 $804 $1,076 $1,348 $1,620 $1,892 Silver Price 22 $870 $1,142
Slide 30: Management & Board
Chesapeake Gold Management & Board Management Directors P. Randy Reifel P. Randy Reifel Executive Chairman, +35 years experience Former Francisco Gold CEO, Glamis and Goldcorp Director Jean-Paul Tsotsos Randy Buffington Interim Chief Executive Officer, +15 years of Former Nevada Copper and Hycroft C
Slide 31: Notes
Chesapeake Gold Notes CKG: TSX.V | CHPGF: OTCQX PAGE 31
Slide 32: For More Information Contact
For More Information Contact: Head Office: Mexico Office: USA Project Office: Suite 201 – 1512 Yew Street Cerro Blanco #410, Lomas De Sahuatoba 1194 Silverheels Drive Vancouver BC V6K 3E4 Durango, Mexico, CP 34108 Larkspur, Colorado, USA 80118 Phone: +1 778 731 1362 Phone: 52-618-130-2326 Phone: 720
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