Chesapeake Announces San Vicente 3 Legal Update

Vancouver, British Columbia--(Newsfile Corp. - November 13, 2024) - Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF) ("Chesapeake" or the "Company") announces an update in respect of the legal proceedings initiated by the Company related to its San Vicente 3 mineral concession ("San Vicente 3"). The Company initiated legal proceedings against the Dirección General de Minas of Mexico ("DGM") in response to the DGM's cancellation of San Vicente 3. San Vicente 3 is one of 12 mineral concessions comprising the Metates project. The Metates project totals 4,260 hectares, of which San Vicente 3 covers 700 hectares and encompasses a portion of the Metates mineral resource.

Chesapeake began nullity proceedings to have the cancellation of San Vicente 3 declared as null and void by the North Center III and Auxiliary Regional Chamber of the Federal Court of Administrative Justice (the "Chamber") based on certain procedural arguments. The Chamber dismissed the Company's lawsuit in a 2-1 split decision, with the dissenting judge finding the Company's arguments to be well-founded. The Company plans to appeal before the Collegiate Court and to pursue all legal remedies available to it to protect and defend its position with respect to San Vicente 3.

In the event Chesapeake is unsuccessful in reinstating San Vicente 3, the Company's current resource estimate for Metates and the ability to develop the Metates project as outlined in the Metates PEA may be materially affected.¹

Chesapeake remains committed to advancing the Metates project and will continue to move forward with developing our proprietary oxidative leach technology concurrently with these legal proceedings. Additional activities, such as environmental baseline work and related studies in support of the pre-feasibility study will remain a priority for the Company.

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 [e-mail] or [phone].

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 Americas^[2] 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 and 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 23, 2023.