REG - Chaarat Gold Hlgs Ld - Memorandum of Understanding with Kyrgyz Republic

Chaarat Gold HoldingsAnnouncement

01/12/2023 07:00

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RNS Number : 3014V  Chaarat Gold Holdings Ltd  01 December 2023

1 December 2023

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Memorandum of Understanding with Kyrgyz Republic

 

Chaarat Gold (AIM: CGH), the AIM-quoted gold mining company, with development
projects in the Kyrgyz Republic, is pleased to announce the signing of a
memorandum of understanding ("MOU") with the government of Kyrgyz Republic.
The Chaarat projects covered by the agreement are Tulkubash, which contains
resources of ~1,011,000 oz (M&I and Inferred) and Kyzyltash, on the same
license, which has unconstrained resources of ~5,377,000Oz (M&I and
Inferred)(1)(together, the "Chaarat Projects").

 

The MOU sets out the framework for collaboration going forward and further
reinforces the Stabilization Agreement signed in 2019 between Chaarat and
 Kyrgyz Republic. The Kyrgyz Republic confirms its commitment to facilitating
the development of the Chaarat Projects and to provide collaboration to
increase investment into the country.

 

Chaarat is working closely with the government of the Kyrgyz Republic in its
efforts to improve the investment climate in the country and recently:

·    Chaarat presented at the Minex Eurasian conference in London, where
the MOU was signed. The presentation and further detail can be found in the
Memorandum of Understanding presentation, which is now available on the
Chaarat website.

·    Chaarat arranged meetings for the government delegation with a range
of international partners during their visit to the UK.

·    Chaarat's representative co-chaired the inaugural British-Kyrgyz
Business Council on 28(th) November 2023 which was attended by; Nusrat Ghani,
who currently serves as Minister of State for Industry and Economic Security
for the UK Government and the Kyrgyz Republic delegation led by Prime Minister
Akylbek Japarov.

 

Chaarat notes the government's commitment towards attracting investment and
Chaarat will support the Kyrgyz Republic in actively promoting its initiatives
internationally. Chaarat continues to work towards completing financing for
the Tulkubash project, which is expected to be by the end of Q1 2024.

 

David Mackenzie, Chief Financial Officer of Chaarat, said:

"The Company is pleased to see the continued progress being made by the Kyrgyz
Republic in highlighting the country's attractiveness to international
investment. The memorandum of understanding actively promotes further
development of Chaarat's gold projects. The specific actions highlighted, with
regards to facilitating the progression of Chaarat projects and reinforcing
the Stabilisation Agreement, further highlights the stable fiscal and taxation
conditions in country. Chaarat now looks forward to completing the financing
of its Phase 1 Tulkubash project in the near term"

 

(1) Per the 2022 annual report, which also includes details of JORC
compliant ore reserves at Tulkubash, and can be found on Chaarat's website.

 

 For further information visit www.chaarat.com (http://www.chaarat.com/)  or
 please contact:

 Chaarat Gold Holdings Limited                        +44 (0)20 7499 2612
 David Mackenzie (Chief Financial Officer)            IR@chaarat.com (mailto:IR@chaarat.com)

 Strand Hanson Limited (Nominated Adviser)            +44 (0)20 7409 3494
 Ritchie Balmer / James Spinney / Robert Collins

 Axis Capital Markets Limited (Joint Broker)          +44 (0)20 3026 0449
 Ben Tadd / Lewis Jones

 Panmure Gordon (UK) Limited (Joint Broker)           +44 (0)20 7886 2500
 John Prior / Hugh Rich

About Charaat

Chaarat is an exploration and development company which owns the Tulkubash and
Kyzyltash Gold Projects in the Kyrgyz Republic. The Company has a clear
strategy to build a leading emerging markets gold company through organic
growth and selective M&A.

 

Chaarat aims to create value for its shareholders, employees and communities
from its high-quality gold and mineral deposits by building relationships
based on trust and operating to the best environmental, social and employment
standards.

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