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CORPORATE PRESENTATION FEBRUARY 2026 CKG: TSX.V CHPGF: OTCQX
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PAGE 2CKG: TSX.V | CHPGF: OTCQX Call Out Cautionary Notes Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Canadian securities legislation. Such forward-looking statements include, without limitation, statements with respect to: the economic and project parameters presented in Chesapeake Gold Corp.’s (the “Company” or “Chesapeake”) preliminary economic assessment titled "Metates Sulphide Heap Leach Project, Phase 1, Amended NI 43-101 Technical Report, Preliminary Economic Assessment" dated January 13, 2023 with an effective date of December 15, 2022 (the "PEA"), including internal rate of return, all-in sustaining costs, net present value, and other costs; projections of production; and economic information including the price of gold and silver; the strategic plans, timing and expectations for the Company’s exploration and drilling programs at the Company’s mineral properties; estimates from metallurgical testing results; expectations related to the Company’s proprietary oxidative leach technology (the “Technology”); mineralization estimates and grades for drill intercepts; geological information projected from sampling results; potential quantities and grades of target zones; permitting for various work; the preparation of a pre-feasibility study in respect of the Company’s Metates property; information with respect to high grade areas and size of veins projected from underground sampling results and drilling results at the Company’s mineral properties; and the Company’s future growth potential. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: the reliability of mineralization estimates; the accuracy of assay and metallurgical test results; the geological interpretations from drilling results; the performance of available laboratory and other related services; the conditions in general economic and financial markets; the future price of gold and silver; availability and costs of mining equipment and skilled labour; timing and amount of expenditures related to drilling programs; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; and the effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling and testing results and other geological data; the Technology’s results; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; recent changes to mining laws; regional violence; and other risk factors as described under “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2024. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this presentation if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law. Cautionary Note Regarding Metates Project One of the 12 mineral concessions (San Vicente 3) comprising the Metates Project has been cancelled by the Dirección General de Minas of Mexico (“DGM”). The Company has launched legal proceedings to have the cancellation of the San Vicente 3 concession reversed. In the event Chesapeake is unsuccessful in reinstating the San Vicente 3 concession, the Company’s current resource estimate for Metates and the ability to develop the Metates project as outlined below and in the Metates PEA will be materially affected. Reliance on the Metates PEA is therefore contingent on the outcome of the litigation.
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PAGE 3CKG: TSX.V | CHPGF: OTCQX Call Out Cautionary Notes Cautionary Note Regarding Mineral Resource Estimates The PEA was prepared and filed by the Company and can be accessed under the Company's SEDAR+ profile at www.sedarplus.ca or on the Company's website at https://chesapeakegold.com/. The PEA was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms as defined in accordance with NI 43-101 and the CIM Standards. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in accordance with NI 43-101 and the CIM Standards. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into mineral reserves. “Inferred mineral resources” have a great amount of uncertainty as to their economic and legal feasibility. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre–feasibility studies, except in very limited circumstances. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. The mineral resource figures referred to in this presentation are estimates and no assurances can be given that the indicated levels of gold and silver will be produced. Such estimates are expressions of judgment based on commodity price assumptions, metallurgical testwork experience and related estimates, mining experience, analysis of drilling results and cost estimates, and industry knowledge and practices. Valid estimates made at a given time may significantly change when new information becomes available. By their nature, mineral resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. Any inaccuracy or future reduction in such estimates could have a material adverse impact on the Company. The PEA explores the viability of a two-stage heap leach process to recover gold and silver from intrusive and intrusive breccia materials that are parts of the Metates mineral resource. The PEA has significantly lower initial capital, superior investment return indicators and a very different approach to the treatment of the mineralization at Metates in comparison to the Company's 2016 PFS (as defined below). The reduced plant throughput lends flexibility to operations in terms of power and water supply, greatly reducing the scope of infrastructure work required for plant development. Operating cash costs per ounce also increased in the PEA as a result of a change to a processing methodology which has relatively higher reagent consumptions to oxidize and recover gold and silver at a reduced recovery, but with the benefit of over US$3 billion in total capital reduction. The 2016 PFS realizes zinc by-product credits which are not included in the process plan for the PEA. Cautionary Note Regarding 2016 PFS The Company completed a pre-feasibility study titled "Metates Gold-Silver Project, NI 43-101 Technical Report, Updated Preliminary Feasibility Study" filed May 3, 2016 with an effective date of April 29, 2016 (the "2016 PFS"). The 2016 PFS has been superseded by the PEA, is no longer current and is not being relied upon by the Company. Gary Parkison, CPG, Vice President Development, Alberto Galicia, P. Geo., Vice President Exploration of the Company and Dr. Art Ibrado, P.E., of Fort Lowell Consulting PLLC , are each a “qualified person” within the meaning of NI 43-101 and have reviewed and approved the scientific and technical information relating to the Company's mineral properties disclosed in this presentation
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A Balanced Approach to Growth and Value Creation Chesapeake Gold PAGE 4CKG: TSX.V | CHPGF: OTCQX ▪ Metates – A Re-Invented Story ▪ Size & Leverage: One of the world’s largest undeveloped gold-silver deposits1 • M&I ~17Moz Au (0.57 g/t) & 423Moz Ag (14.3 g/t) 2 • Inf. ~2Moz Au (0.47 g/t) & 59Moz Ag (13.2 g/t) 2 ▪ Higher Grade Core Confirmed in 2022 ▪ Proprietary Oxidative Leach Technology: Achieved up to 74% Gold Recovery in 20243 ▪ Innovative “Green Gold” Technology ▪ PEA Demonstrates Alternative Development • Financeable, deliverable & expandable ▪ Expanding Oxide Gold Discovery at the Lucy Project • 2023 drilling intercepted 6.1g/t gold over 24m from surface4 • One of several holes delineating a 700m zone of mineralized skarn ▪ Favorable Jurisdiction: Mexican team in place for decades with strong community relations ▪ Well Funded: ~C$10mm in treasury, low burn rate5 ▪ Large Supportive Shareholders: Eric Sprott, Sun Valley and Directors/Management own >35% equity interest ▪ Compelling Valuation: Trading at >90% discount to development peers on an EV/oz basis Perfect Asset at the Perfect Time ✓ Gold price reaching all-time highs ✓ Heap leach approach unlocks true mine value and maximizes development approach ✓ A large platform for future growth1. Mexico’s biggest undeveloped gold deposits Published: Bnamericas -Tuesday, November 24, 2020. 2. Metates updated resource estimate news release dated February 22, 2023. 3. Chesapeake announces metallurgical results update news release dated October 22, 2024. 4. Lucy project exploration news releases dated October 3, 2023 and July 9, 2024. 5. Chesapeake Gold cash position as at September 30, 2025 (Excludes the proceeds from the ~C$20mm financings closed January 27, 2026. See Company’s January 27, 2026 news release). This Photo by Unknown Author is licensed under CC BY-SA Talapoosa Metates Lucy
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NASDAQ Metals Focus Silver Miners Index Chesapeake Gold PAGE 5CKG: TSX.V | CHPGF: OTCQX Source: Mining Visuals (Development stage only, >10g/t silver) ▪ Chesapeake Gold’s addition to its first silver index is a recognition of the significant silver endowment and the advancement of the Metates project Metates is one of the world’s largest undeveloped gold-silver deposits1 1. Mexico’s biggest undeveloped gold deposits Published: Bnamericas -Tuesday, November 24, 2020
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PAGE 6CKG: TSX.V | CHPGF: OTCQX Oxidative Leach Technology Nature has been transforming refractory sulphide-hosted precious metals deposits into easily extractable oxide deposits for 100s of millions of years ▪ Chesapeake’s proprietary technology1 applies nature’s process but reduces the timeline to months ▪ Globally, one-in-four gold ounces or ~25% of the total in situ gold reserves and resources are trapped in a refractory form2 ▪ Gold grades on refractory-type deposits (~2.25g/t) are ~86% higher than the nonrefractory-type (1.21g/t)2 1. Intellectual property rights are owned by Alderley Gold Corp., a wholly -owned subsidiary of Chesapeake Gold Corp. 2. Motta, G., Polcyn, M., & Saragosa, E. (2021, March 23). Refractory Gold Ores: Challenges and Opportunities for a Key Source of Growth. McKinsey & Company. https://www.mckinsey.com/industries/metals-and-mining/our-insights/refractory-gold-ores-challenges-and-opportunities-for-a-key-source-of-growth The Power to Transform the Precious Metal Industry US$1.7T Global Refractory Market2 ~580Moz of Refractory Gold Globally, Represents a US$1.7T Market at US$3,000/oz Gold Price ~2.6Boz of In Situ Gold Globally Transforming the Global Refractory Market The technology has been tested successfully on two sites, and Chesapeake is actively seeking other precious metal refractory deposits Chesapeake is the authority on this technology with the in-house expertise and nearly a decade of testwork and R&D experience Chesapeake recently consolidated its ownership of the technology Chesapeake’s technology IP is protected by a portfolio of patents and patent applications 1 2 3 4
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▪ Over 10 years and 100s of columns of technological advancement ▪ Nearly $50mm has been invested to date in the development ▪ Third party oversight throughout the process PAGE 7CKG: TSX.V | CHPGF: OTCQX Oxidative Leach Technology A Second Start for the Technology Private & Confidential 2020 20252021 2022 2023 2024 2014 20202015 2017 2018 2019 First Columns Two 5,000-ton Test Heap Commercial Ramp-up Patents Filed Increased the Rate of Oxidation Alderley License Granted Alderley Merger Technology Acquired New Patents Filed First Columns Metates PEA +70% Au Recoveries Large Diameter & Third Party Testwork Begins Metates Oxidation Work Ongoing Hycroft FS First Gold Hycroft Oxidation Proven Three 50,000-ton Test Heap
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PAGE 8CKG: TSX.V | CHPGF: OTCQX Massive Intrusive Intrusive / Sedimentary Breccia M&I ~17Moz Au & 423Moz Ag Contained3 Inf. ~2Moz Au & 59Moz Ag Contained3 Sulphide Heap Leach 15ktpd “Starter” Project US$359M 31 Years ~147Koz AuEq US$1.1B (Base Case) CURRENT (2021 PEA)2 Maintains Large Resource Heap Leach Unlocks True Mine Value “Starter” with Expansion Potential 90% Decrease to Capex Stable, Long Life, Asset Healthy Production Scale Smaller Project with Robust Margins ✓ ✓ ✓ ✓ ✓ ✓ ✓ TOTAL RESOURCE M&I ~19Moz Au & 503Moz Ag Contained Inf. ~1Moz Au & 16Moz Ag Contained PROCESSING METHODOLOGY Flotation / POX Autoclave THROUGHPUT Up to 90ktpd DEVELOPMENT CAPEX US$3,496M MINE LIFE 27 Years AVERAGE ANNUAL PRODUCTION ~560Koz Au PRE-TAX NPV (5% DCF) US$1.8B (Base Case) PAST (2016 PFS)1 Metates – A Re-Invented Story Not How You Remember It → Waking A Sleeping Giant We are re-inventing Metates as a low capital cost, sulphide heap leach project → An Executable Pathway to Production 1. ”Metates Gold-Silver Project NI 43-101 Technical Report, Updated Preliminary Feasibility Study” filed May 3, 2016 with an effect ive date of April 29, 2016. 2. “Metates Sulphide Heap Leach Project, Phase 1, Amended NI 43 -101 Technical Report, Preliminary Economic Assessment” with an effe ctive date of December 15, 2022, and dated January 13, 2023. 3. Metates updated resource estimate news release dated February 22, 2023.
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▪ 2021 PEA: Smaller expandable ‘starter’ project • LOM Operating Cash Flow: C$3.5bn • Avg. Operating Cash Flow: C$110mm ▪ Highlight’s sulphide heap-leach economic potential • Significant opportunity for Chesapeake to invoke a paradigm shift in the precious metals industry and enhance the project economics of additional sulphide orebodies globally Financial Summary Metates 2021 PEA PAGE 9CKG: TSX.V | CHPGF: OTCQX LOM Metrics (Base Case) Initial Capex US$mm 359 Sustaining (incl. Closure) Capex US$mm 176 Throughput K tpd 15 Gold Grade g/t 0.76 Silver Grade g/t 15.71 Gold Recovery % 70 Silver Recovery % 75 Mine Life (years) 31 Avg. Gold Production (Yr. 1-15) K oz 112 Avg. Silver Production (Yr. 1-15) K oz 2,493 Avg. Au-Ag Eq. Production (Yr. 1-15) K oz 147 LOM Operating Strip Ratio W:O 2.22 LOM Cash Costs US$/oz Au 686 LOM AISC US$/oz Au 749 Pre-Tax Economic Indicators Metal Price Assumptions Base Case Gold (US$/oz.) $1,600 Silver (US$/oz.) $22 NPV @ 5% (US$mm)1 US$1,142 IRR (%) 35% Payback (years) 2.5 Source: Metates Sulphide Heap Leach Project, Phase 1, Amended NI 43 -101 Technical Report, Preliminary Economic Assessment with a n effective date of December 15, 2022, and dated January 13, 2023. 1 USD = 1.25 CAD.
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33% 50% 59% 74% 35% 44% 55% 49% 0% 17% 24% 27% 0% 30% 60% 90% 0 days 126 days 146 days 204 days Precious Metal Recovery Rates (%) Number of Days of Oxidation Au Recovery Ag Recovery Oxidation Level Untreated, Non-oxidized Baseline Sample PAGE 10CKG: TSX.V | CHPGF: OTCQX Oxidative Leach Technology Metallurgical test work achieved gold recovery rates exceeding 70%, providing verification that our proprietary oxidative leach technology is working as planned ▪ Various durations of oxidative leach were performed, and longer durations of oxidative leach led to higher oxidation levels, which were also positively correlated to higher gold recoveries 1. Chesapeake announces metallurgical results update news release dated October 22, 2024. Encouraging Results from Metallurgical Testwork 1
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PAGE 11CKG: TSX.V | CHPGF: OTCQX Oxidative Leach Technology ▪ Metates large-diameter and variability columns are on schedule, with early encouraging results ▪ HPGR test columns are showing more promising silver kinetics over the columns completed in 2024 ▪ 3 third-party projects have begun test work at the lab with the intention of commercializing the process as an eventual significant source of value generation for Chesapeake Phase 3 Metates and 3rd Party Testwork Well Underway 1 1. Corporate Update – Technology update news releases dated September 9, 2025. Large-diameter Metates Columns Metates Variability Columns
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PAGE 12CKG: TSX.V | CHPGF: OTCQX Oxidative Leach Technology 1. Chesapeake announces metallurgical testwork update news release dated September 6, 2023. 2. Marcasite. (2023, September 1). Encyclopædia Britannica. https://www.britannica.com/science/marcasite#/media/1/364089/119889. Insights from the Metates Mineralogical Investigation 1 2
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Infrastructure: ▪ Compact Layout ▪ All Infrastructure onsite ▪ Location identified for Ph 2 oxidation pad ▪ Final Pad Sized for 100% of Metates Phase 1 Project Metates 2021 PEA Site Layout Oxidative Leach Technology PAGE 13CKG: TSX.V | CHPGF: OTCQX Source: “Metates Sulphide Heap Leach Project, Phase 1, Amended NI 43-101 Technical Report, Preliminary Economic Assessment” with an effective date of December 15, 2022, and dated January 13, 2023. Oxidative Leach Pad Heap Leach Pad
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19 7 0 5 10 15 20 25 30 35 Pueblo Viejo (Autoclave) Veladero (Heap Leach) 3.53 0.49 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 Pueblo Viejo (Autoclave) Veladero (Heap Leach) 48 3 0 5 10 15 20 25 30 35 40 45 Pueblo Viejo (Autoclave) Veladero (Heap Leach) Reducing Water Consumption, Energy Use and GHG Emissions Oxidative Leach Technology PAGE 14CKG: TSX.V | CHPGF: OTCQX ▪ Chesapeake’s technology is applied in a heap leach environment, where the chemical reactions perform a majority of the work to oxidize and then liberate the precious metals ▪ This process will produce “Green Gold” when compared to other conventional processes: • Utilizes less water; • Reduces power consumption; • Curtails GHG emissions; and • Eliminates the need for a tailings facility ▪ The benefits of this technology should lay the groundwork for a potentially simplified permitting process Energy Use (GJ) / Au Oz Produced1 GHG CO2e (Tonnes) / Au Oz Produced1 1. Barrick Gold | Sustainability Report 2024. Water consumption on net basis. -93% Water Consumption (m3) / Au Oz Produced1 -64% -86%
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An Expanding High-Grade Near-Surface Gold Bearing Skarn 1 Lucy Project – New Gold Discovery PAGE 15CKG: TSX.V | CHPGF: OTCQX ▪ Lucy project in Sinaloa, Mexico is located within 5km of a paved highway and near high voltage powerlines ▪ The recent 2,649m drilling has delineated a northeast trending gold-bearing skarn of at least 700m in strike length with significant oxide mineralization starting at surface, remaining open along strike in both directions and at depth1 Assay Highlights from Lucy Drilling Campaigns1 LU23-06 from 6m to 9m grading 19.4 g/t gold1 LU24-23 from 0m to 3m grading 7.17 g/t gold1 1. Lucy project exploration news releases dated October 3, 2023 and July 9, 2024.
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Up to 97% Gold Recoveries Achieved in Preliminary Met. Work 1 Lucy Project – New Gold Discovery PAGE 16CKG: TSX.V | CHPGF: OTCQX ▪ The initial metallurgical test work consisted of 4 holes selected across the Lucy mineralized corridor; each hole was then sampled as a unique composite ▪ The results of this initial test work support that the oxide gold mineralization is readily treatable with a standard CN tank leach in a Carbon in Leach/Carbon in Pulp type process ▪ Up to 97% gold recoveries were demonstrated at Lucy, and in all cases, maximum extractions for gold were achieved at 24 hours ▪ A Phase 2 exploration program is already underway at the Lucy project ▪ This new campaign includes 10 HQ drill holes totalling 900m to extend known mineralization to the southwest and delineate the dip direction by drilling untested mineralized trenches within the 500m gold-bearing skarn corridor Preliminary CN Metallurgical Highlights from the 2023 Lucy Drilling Campaign1 1. Lucy project metallurgical news release dated February 13, 2024.
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Project Footprint Continues to Expand with New Corridor Discovery 1 Lucy Project – New Gold Discovery PAGE 17CKG: TSX.V | CHPGF: OTCQX ▪ A new mineralized corridor was identified in the Central Zone, located ~600m west of the Discovery Zone ▪ Trenching and rock channel sampling have outlined a potential new 200m long corridor that is open in all directions ▪ Additionally, new skarns were uncovered in the Western Zone, with the occurrences of anomalous copper grades 1. Corporate Update - Lucy project exploration update news releases dated September 9, 2025.
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Unearthing Value while Streamlining our Asset Portfolio 1 Tatatila Project Divestment PAGE 18CKG: TSX.V | CHPGF: OTCQX ▪ The strategic sale of Tatatila further focuses the Company’s attention on the development of Metates, the technology and Lucy, while retaining future upside in the property 1. Chesapeake Gold announces sale of Tatatila project news releases dated October 1, 2025.
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$291 $143 $63 $60 $35 $28 $21 $19 $19 $7 Perpetua Resources Novagold Hycroft Mining Integra Resources First Mining Gold International Tower Hill Mines Revival Gold Freegold Ventures Falco Resources Metates* Significantly Undervalued Chesapeake Gold PAGE 19CKG: TSX.V | CHPGF: OTCQX Strong re-rating potential Peer Group Average: $75/oz ✓ Team That Delivers ✓ Innovative Technology ✓ Massive & Scalable Enterprise Value / Au-Ag Equivalent oz (US$) Source: Company Disclosures as at December 31, 2025. Gold-Silver Equivalent calculated at US$$1,600/oz Au, US$22/oz Ag. * Excludes Talapoosa resource.
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0.40 0.37 0.07 0.07 0.07 0.06 0.06 0.02 0.02 0.01 Metates* Hycroft Mining Perpetua Resources International Tower Hill Mines Novagold Integra Resources Freegold Ventures Revival Gold Falco Resources First Mining Gold Superior Leverage To Precious Metal Prices Chesapeake Gold PAGE 20CKG: TSX.V | CHPGF: OTCQX Source: Company Disclosures as at December 31, 2025. Gold-Silver Equivalent calculated at US$$1,600/oz Au, US$22/oz Ag. * Excludes Talapoosa resource. AuEq. Ounces per Common Share Outstanding Peer Group Average: 0.08 ounces Metates Ranks #1 amongst peers on a gold-silver equivalent ounce per share outstanding basis, providing superior leverage to a high gold & silver price environment
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Summary and Upcoming Catalysts Chesapeake Gold PAGE 21CKG: TSX.V | CHPGF: OTCQX 1. Mexico’s biggest undeveloped gold deposits Published: Bnamericas -Tuesday, November 24, 2020. 2. Lucy project exploration news releases dated October 3, 2023 and July 9, 2024. 3. Chesapeake Gold cash position as at September 30, 2025 (Excludes the proceeds from the ~C$20mm financings closed January 27, 2026. See Company’s January 27, 2026 news release). 4. Chesapeake announces metallurgical results update news release dated October 22, 2024. New oxide gold discovery starting at surface Mineralized skarn has been delineated over 700m and is still open along strike and at depth2 ▪ Lucy Project – Sinaloa, Mexico ▪ Metates – Durango, Mexico One of the world’s largest undeveloped gold- silver deposits1 High-grade core confirmed in 2022 Faster oxidative solution identified in 2023 and >70% gold recoveries achieved in 20244 Long-life asset with 31 years Scaleable operation with expansion potential Low-cost project build that is financeable and deliverable ▪ Oxidative Leach Technology Less capital-intensive technology Reduces the environmental footprint of assets (i.e. water, power, CO 2 emissions & no tailings) Generates Green Gold Has a competitive advantage as it’s a novel technology Unlocks global refractory gold deposits Well funded with ~C$10M in the treasury 3 ▪ Chesapeake Gold Corp. Supportive Shareholders: Eric Sprott, Sun Valley & Management own >35% equity interest Compelling Valuation: Trading at ~$1.00/oz on an EV/oz basis ▪ Upcoming Catalysts Completion of the Third Phase of Oxidative Leach Test Work, including large diameter tests Commencing the preparation of a prefeasibility study Environmental baseline work ongoing for the submission of Metates permitting application Resolution on the San Vincente 3 concession Prioritizing drill targets to expand the Lucy mineralized footprint
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Appendix Mexico’s Largest Undeveloped Gold and Silver Deposit1 22 1. Mexico’s biggest undeveloped gold deposits Published: Bnamericas -Tuesday, November 24, 2020 CKG: TSX.V | CHPGF: OTCQX
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Waking A Sleeping Giant Metates PAGE 23CKG: TSX.V | CHPGF: OTCQX Massive Intrusive Intrusive / Sedimentary Breccia 1. Mexico’s biggest undeveloped gold deposits Published: Bnamericas -Tuesday, November 24, 2020 2. Metates Sulphide Heap Leach Project, Phase 1, Amended NI 43 -101 Technical Report, Preliminary Economic Assessment with an effect ive date of December 15, 2022, and dated January 13, 2023. Gold -Silver Equivalent calculated at US$$1,600/oz Au, US$22/oz Ag. 3. Metates updated resource estimate news release dated February 22, 2023. ▪ One of the world’s largest undeveloped gold- silver deposits1,2,3 • Well-defined resource • 921.2Mt in the Measured and Indicated Mineral Resource category with 16.8Moz gold (0.57 g/t) and 423Moz silver (14.3 g/t) • A further 139.5Mt in the Inferred Mineral Resource category with 2.1Moz gold (0.47 g/t) and 59Moz silver (13.2 g/t) ▪ Initially target higher grade portion of the Metates massive intrusive as sulphide heap leach mine • 195mt @ 0.76 g/t Au, 13.3 g/t Ag3 • 15k tpd starter project; expandable ▪ Lower capital and processing costs from heap leach production returns superior project economics
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▪ 2021/22 drilling confirms higher grade intrusive1 • Assay grade and intercepts better than expected, >18% improvement in grade Targeting Higher Grade Metates PAGE 24CKG: TSX.V | CHPGF: OTCQX 1. The gold equivalent (“AuEq” or “Gold Eq”) value is calculated as follows: Gold Equivalent (g/t) = Gold (g/t) + Silver (g/t) / 75.
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2023 Updated Resource Estimate 1 Metates PAGE 25CKG: TSX.V | CHPGF: OTCQX Gold Eq.2 Gold Silver Gold Silver Resource Category Mtonnes (g/t) (g/t) (g/t) (Moz) (Moz) Measured Mineral Resource 31.1 1.10 0.86 18.1 0.86 18.1 Intrusive 19.8 1.27 1.02 18.7 0.65 12.0 Sediment 11.3 0.79 0.57 17.1 0.20 6.2 Indicated Mineral Resource 890.1 0.75 0.75 14.2 15.91 405.1 Intrusive 175.9 0.91 0.74 12.7 4.16 71.9 Sediment 714.2 0.71 0.51 14.5 11.76 333.2 M&I Mineral Resource 921.2 0.76 0.57 14.3 16.77 423.2 Intrusive 195.7 0.94 0.76 13.3 4.81 83.8 Sediment 725.4 0.71 0.51 14.6 11.96 339.4 Inferred Mineral Resource 139.5 0.65 0.47 13.2 2.13 59.0 Intrusive 22.6 0.80 0.67 9.9 0.48 7.2 Sediment 116.9 0.62 0.44 13.8 1.64 51.8 1. Metates updated resource estimate news release dated February 22, 2023. 2. The gold equivalent (“AuEq” or “Gold Eq”) value is calculated as follows: Gold Equivalent (g/t) = Gold (g/t) + Silver (g/t) / 74.67, based on gold reco very of 70% and silver recovery of 75%. ▪ Incorporates all 2021 and 2022 drilling results ▪ 15.8% increase in gold grade of Intrusive and Intrusive Breccia zone
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Simple Flowsheet Metates 2021 PEA PAGE 26CKG: TSX.V | CHPGF: OTCQX Source: “Metates Sulphide Heap Leach Project, Phase 1, Amended NI 43 -101 Technical Report, Preliminary Economic Assessment” with an effective date of December 15, 2022, and dated January 13, 2023. .
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▪ Dramatically Lower Capital Cost: • A ~90% reduction in capex when compared to the 2016 PFS • A smaller expandable 15k tpd ‘starter’ • Compact site focused layout • Power from nearby powerline • Local water source Capital Cost Improvements Metates 2021 PEA PAGE 27CKG: TSX.V | CHPGF: OTCQX Source: Metates Sulphide Heap Leach Project, Phase 1, Amended NI 43 -101 Technical Report, Preliminary Economic Assessment with a n effective date of December 15, 2022, and dated January 13, 2023. Summary of Capital Costs (US$000’s) Metates Site: Mining Equipment & Mine Development $18,713 Crushing & Conveying $36,104 Ponds & Pads $28,404 Reagent/Regeneration System $11,677 Merrill-Crowe & Refinery $9,124 Subtotal $104,022 Infrastructure: General Site/Earthworks/Access Roads $106,069 Electric Power $7,851 Water Supply $7,380 Ancillaries & Buildings $11,121 Subtotal $132,421 Freight, Taxes & Duties $4,060 Total Direct Field Cost $240,503 Indirects-EPCM, Commissioning & Spares $32,047 Total On Site Constructed Cost $272,550 Contingency $63,459 First Fills $6,000 Owner’s Cost $17,200 Total Capital Cost $359,209
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Summary Operating Cost Metates 2021 PEA PAGE 28CKG: TSX.V | CHPGF: OTCQX LOM Average Cost US$/t processed LOM US$/Au Oz. Metates Site Mining (including rehandle and equipment lease costs) $7.51 $441.70 Processing (Crushing, Stacking, Oxidation, Leach, Merrill-Crowe) $8.05 $473.65 Site Support $1.41 $82.69 Profit Sharing $1.32 $77.74 Total Operating Cost $18.29 $1,075.78 Royalties (0.5% NSR & 7.5% Gov’t EBITDA Royalty) $1.45 $85.35 Doré Treatment Charges $0.17 $10.15 By-Product Credit (Silver) ($8.25) ($485.31) Total Cash Cost $11.66 $685.97 Sustaining Capital, Reclamation & Closure $1.06 $62.49 All-In Sustaining Cost (“AISC”) $12.72 $748.46 Source: Metates Sulphide Heap Leach Project, Phase 1, Amended NI 43 -101 Technical Report, Preliminary Economic Assessment with a n effective date of December 15, 2022, and dated January 13, 2023. Note: Cash costs and AISC are non-GAAP financial measures. Please see Cautionary Note Regarding Non -GAAP Measures in July 26, 2021 Chesapeake press release.
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Phase 1 Production Profile Metates 2021 PEA PAGE 29CKG: TSX.V | CHPGF: OTCQX Source: Metates Sulphide Heap Leach Project, Phase 1, Amended NI 43 -101 Technical Report, Preliminary Economic Assessment with a n effective date of December 15, 2022, and dated January 13, 2023 - 20 40 60 80 100 120 140 160 180Au-Ag Eq. Production (k oz) Payable Au Ozs Payable Ag Ozs - 10.00 20.00 30.00 40.00 50.00 60.00 70.00 - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 Ag Grade (g/t) Au Grade (g/t) Gold Grade Silver Grade Gold-Silver Equivalent Production Profile Gold-Silver Grade Profile
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▪ Compelling project economics & significant leverage to gold and silver prices Phase 1 Sensitivities Metates 2021 PEA PAGE 30CKG: TSX.V | CHPGF: OTCQX Source: Metates Sulphide Heap Leach Project, Phase 1, Amended NI 43 -101 Technical Report, Preliminary Economic Assessment with a n effective date of December 15, 2022, and dated January 13, 2023. 1 USD = 1.25 CAD. Gold Price (US$/oz) 1,400 1,600 1,800 2,000 2,200 Silver Price (US$/oz) 20 $804 $1,076 $1,348 $1,620 $1,892 22 $870 $1,142 $1,413 $1,685 $1,957 24 $935 $1,207 $1,479 $1,751 $2,023 26 $1,000 $1,272 $1,544 $1,816 $2,088 28 $1,065 $1,337 $1,609 $1,881 $2,153 Table 1: US$mm Pre-Tax NPV(5%) Sensitivity Analysis: Au & Ag Prices Table 2: Pre-Tax IRR Sensitivity Analysis: Au & Ag Prices Gold Price (US$/oz) 1,400 1,600 1,800 2,000 2,200 Silver Price (US$/oz) 20 28% 33% 38% 42% 47% 22 30% 35% 40% 45% 49% 24 33% 38% 43% 47% 52% 26 35% 41% 46% 50% 55% 28 38% 43% 48% 53% 57%
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Management & Board Chesapeake Gold PAGE 31CKG: TSX.V | CHPGF: OTCQX Management Jean-Paul Tsotsos Chief Executive Officer, 20 years of experience P. Randy Reifel Executive Chairman, +35 years of experience Rajesh Vyas Chief Financial Officer, +25 years of experience Justin Black Chief Metallurgical Officer, +15 years of experience Gary Parkison VP Development, +35 years experience Alberto Galicia VP Exploration, +20 years experience Directors P. Randy Reifel Former Francisco Gold CEO, Glamis and Goldcorp Director Randy Buffington Former Nevada Copper and Hycroft CEO, Coeur d’Alene, Barrick Gold Doug Flegg Former Managing Director, Global Mining Sales, BMO Capital Markets Lian Li International Business Consultant John Perston Consulting Geologist, former Francisco Gold Director Jeff Stieber Former Senior Executive of Hycroft, Klondex Mines and Tahoe Resources, Certified Public Accountant Paul West-Sells Former Western Copper and Gold CEO and COO
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invest@chesapeakegold.com Head Office: Suite 201 – 1512 Yew Street Vancouver BC V6K 3E4 Phone: +1 778 731 1362 Jean-Paul Tsotsos Interim Chief Executive Officer Email: invest@chesapeakegold.com gparkison@chesapeakegold.com USA Project Office: 1194 Silverheels Drive Larkspur, Colorado, USA 80118 Phone: 720-308-1113 Gary Parkison Vice President, Development Email: gparkison@chesapeakegold.com agalicia@chesapeakegold.com Mexico Office: Cerro Blanco #410, Lomas De Sahuatoba Durango, Mexico, CP 34108 Phone: 52-618-130-2326 Alberto Galicia Vice President, Exploration Email: agalicia@chesapeakegold.com For More Information Contact: www.chesapeakegold.com CKG: TSX.V CHPGF: OTCQX