Chesapeake Gold Adopts Fixed Stock Option Plan

Rhea-AI Summary

Chesapeake Gold Corp. (OTCQX: CHPGF) has announced the adoption of a new "fixed up to 10%" stock option plan to replace its previous "rolling up to 10%" stock option plan. Under the new Fixed Plan, the company is authorized to issue up to 7,209,338 common shares through stock options granted to eligible persons.

The transition maintains all existing options under the Prior Plan, which will now be governed by the terms of the new Fixed Plan. The implementation remains subject to final approval from the TSX Venture Exchange.

Vancouver, British Columbia--(Newsfile Corp. - August 6, 2025) - Chesapeake Gold Corp. (TSXV: CKG) (OTCQX: CHPGF) ("Chesapeake" or the "Company") announces that it has adopted a "fixed up to 10%" stock option plan (the "Fixed Plan") to replace its prior "rolling up to 10%" stock option plan (the "Prior Plan"). All outstanding options granted under the Prior Plan will continue to remain issued and governed under the terms of the Fixed Plan. Under the terms of the Fixed Plan, the Company may issue up to 7,209,338 common shares of the Company pursuant to the exercise of outstanding options granted to eligible persons under the Fixed Plan (including options granted under the Prior Plan). The Fixed Plan remains subject to final TSX Venture Exchange approval.

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 invest@chesapeakegold.com or +1 778 731 1362.

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 Americas¹ 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 22, 2023.

---

¹ Mexico's biggest undeveloped gold deposits. Bnamericas. Published Tuesday, November 24, 2020.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/261431

FAQ

What changes did Chesapeake Gold (CHPGF) make to its stock option plan in August 2025?

Chesapeake Gold adopted a new 'fixed up to 10%' stock option plan replacing its previous 'rolling up to 10%' plan, allowing the issuance of up to 7,209,338 common shares through stock options.

How many shares can Chesapeake Gold (CHPGF) issue under the new Fixed Plan?

Under the new Fixed Plan, Chesapeake Gold can issue up to 7,209,338 common shares through stock options granted to eligible persons.

What happens to existing stock options under Chesapeake Gold's new plan?

All outstanding options previously granted under the Prior Plan will continue to remain issued and will be governed under the terms of the new Fixed Plan.

Does Chesapeake Gold's new Fixed Plan have regulatory approval?

The new Fixed Plan is currently pending final approval from the TSX Venture Exchange.