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, BC / ACCESS Newswire / 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.