Chesapeake Gold Closes $4.4 Million Private Placement with Eric Sprott

Vancouver, British Columbia--(Newsfile Corp. - June 13, 2025) - Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF) ("Chesapeake" or the "Company") is pleased to announce the completion of its non-brokered private placement (the "Private Placement") with 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, as the sole investor, as previously announced on June 9, 2025. The Private Placement consisted of a total of 3,700,000 units (the "Units") at a price of $1.20 per Unit for gross proceeds of $4,440,000. Each Unit consists of one common share (a "Share") of the Company and one-half common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable for one Share of the Company at a price of $1.65 for a period of three years from the date of issuance.

The net proceeds of the Private Placement will be used to advance the Company's proprietary oxidative leach technology, ongoing exploration, including the Lucy project, and for general working capital.

Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 3,700,000 Units pursuant to the Private Placement, at $1.20 per Unit for total consideration of $4,440,000. Prior to the Private Placement, Mr. Sprott beneficially owned or controlled 9,183,499 common shares of the Company representing approximately 13.4% of the outstanding common shares of the Company on a non-diluted basis.

As a result of the Private Placement, Mr. Sprott now beneficially owns or controls 12,883,499 common shares, and 1,850,000 warrants representing approximately 17.9% of the outstanding common shares on a non-diluted basis and 19.9% of the outstanding common shares on a partially diluted basis assuming exercise of such Warrants.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear on the Company's profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at [phone] (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto Ontario M5C 3C5).