Chesapeake Gold Reports Progress on Technology Testing and Exploration Activities

• Third phase metallurgical testing on Metates project proceeding on schedule with early results from large-diameter columns
• Three external projects submitted samples for testing using Chesapeake's sulphide leach technology
• Lucy Central Zone trenching returned 29 metres of 0.94g/t gold, including 15 metres of 1.33g/t gold
• Lucy Western Zone sampling identified copper occurrences including 3 metres of subcrop with 2.0% copper
• Prefeasibility study for Metates project scheduled for 2026

Chesapeake Gold Corp (TSXV: CKG) is a Canadian publicly traded company focused on the discovery, acquisition, and development of precious metal deposits in the Americas, particularly gold and silver. The company owns the Metates Project in Durango State, Mexico, which contains 16.77 million ounces of gold at 0.57 g/t and 423.2 million ounces of silver at 14.3 g/t in measured and indicated mineral resources. The company has developed sulphide leach technology for processing complex mineralisation.

The company operates the Lucy exploration project alongside Metates. Chesapeake's activities focus on advancing metallurgical testing of its technology and conducting exploration to evaluate mineral resources across its Mexican properties.

Technology Development & Commercialization

Chesapeake's third phase metallurgical testing on Metates material uses two large-diameter PFS columns and 26 variability columns. M3 Engineering & Technology Corporation has commenced work on the prefeasibility study technical components. Modified High Pressure Grinding Roll test columns in the variability programme show improved silver kinetics compared to 2024 results.

Industry parties have submitted samples from three projects for testing with Chesapeake's technology. The company states this represents initial steps in creating economic value through commercial application of the technology. Testing of external samples proceeds alongside the Metates test programme.

The company has filed patent applications related to the metallurgical test work. Chesapeake plans to provide further technology updates from metallurgical programmes in 2026.

Metates Project Advancement

The Metates prefeasibility study remains scheduled for 2026, supported by ongoing metallurgical testing. Two large-diameter PFS columns with Metates material are active, with the company reporting the test work proceeds on schedule. Interim CEO Jean-Paul Tsotsos stated that "observations from the columns indicate that the oxidation process is meeting expectations."

Twenty-six variability columns containing Metates material continue operating to support PFS technical study optimization. The variability programme includes modified HPGR test columns showing improved silver kinetics over previous testing. These columns will provide data for the technical study being prepared by M3 Engineering & Technology Corporation.

The current testing phase represents the third phase of metallurgical work on the Metates project. Results from both the large-diameter columns and variability testing will inform the prefeasibility study parameters and technical specifications for the project.

Lucy Project Exploration Results

Lucy exploration over the past year included structural geology work identifying correlations between local folding and gold skarn mineralisation. This work identified locations with similar structural features that had limited previous exploration for gold skarn mineralisation. The structural analysis provided information on gold emplacement and concentration processes.

The Central Zone, located 600 metres west of the Discovery Zone, has been identified through trenching and rock channel sampling. Results include 29 metres of 0.94g/t gold containing 15 metres of 1.33g/t gold, and 34 metres of 0.64g/t gold containing 10 metres of 0.98g/t gold. These results outline a 200-metre long corridor that remains open in all directions.

Mexico's state electric utility began constructing a powerline in the western part of Lucy, providing access to the Western Zone. Preliminary mapping identified new skarns, with rock channel sampling returning copper occurrences including 3 metres of subcrop with 2.0% copper, 2 metres of 0.59% copper, and 2 metres of 0.45% copper. The team is conducting trenching, rock channel sampling, and soil geochemistry across Discovery, Central, and Western Zones.

Next Steps

Chesapeake continues soil geochemistry programmes covering the Discovery, Central, and Western Zones at Lucy. The company has revised its drilling permit and plans a drilling campaign following completion of current exploration work. Further technology updates from metallurgical programmes are expected in 2026, with the Metates prefeasibility study scheduled for the same year.

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