Chesapeake Gold Announces Closing of $17.2 Million Bought Deal Public Offering (Over-Allotment Option Exercised in Full) and $2.8 Million Non-Brokered Private Placement with Participation by Eric Sprott

About this update from Chesapeake Gold Corp.

Chesapeake Gold Announces Closing of $17.2 Million Bought Deal Public Offering (Over-Allotment Option Exercised in Full) and $2.8 Million Non-Brokered Private Placement with Participation by Eric SprottVancouver, British Columbia--(Newsfile Corp. - January 27, 2026) - Chesapeake Gold Corp. (TSXV: CKG) ("Chesapeake" or the "Company") is pleased to announce that it has closed its previously announced bought deal public offering (the "Brokered Offering") of 4,107,225 units of the Company (the "Units") at a price of $4.20 per Unit (the "Issue Price") for aggregate gross proceeds of $17,250,345, which includes the full exercise of the over-allotment option. Each Unit consists of one common share of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant (each full warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $5.65 until January 27, 2029.The Brokered Offering was led by Red Cloud Securities Inc., as lead underwriter and joint bookrunner, on behalf of a syndicate which included Cantor Fitzgerald Canada Corporation as joint bookrunner (collectively, the "Underwriters"). In connection with the Brokered Offering, the Company paid the Underwriters a cash commission of $993,126.37 and issued to the Underwriters 236,458 Common Share purchase warrants (the "Compensation Warrants"). Each Compensation Warrant is non-transferable and exercisable into one Common Share at the Issue Price until January 27, 2029.The Brokered Offering was completed pursuant to a prospectus supplement (the "Supplement") dated January 14, 2026, to the Company's short form base shelf prospectus dated February 23, 2024 (the "Base Shelf Prospectus"), filed with the securities regulatory authorities in each of the provinces and territories of Canada (except Québec), and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and applicable state securities laws and other jurisdictions. An electronic or paper copy of the Supplement and the Base Shelf Prospectus may be obtained, without charge, from Red Cloud Securities Inc., attention: Victoria Ellis Hayes, 120 Adelaide St. West, 14th Floor, Toronto, Ontario, M5H 1T1, email: [email protected] by providing the ...

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