23 March 2023

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Fatal Incident at Kapan Mine

Chaarat Gold (AIM: CGH), the AIM-quoted gold mining company with an operating mine in Armenia, and assets at various stages of development in the Kyrgyz Republic, regrets to report a fatal injury on Sunday to an employee of S&A Mining, a contract company performing mining operations at the Kapan mine.

The decline under development remains closed while the authorities and Chaarat conclude their investigations.

Mining operations were temporarily suspended to facilitate a safety stand-down to review the event and to engage with all teams. Operations have since restarted in all areas save for the above-mentioned development decline.

Mike Fraser, Chief Executive Officer of Chaarat, said:

"We offer our sincere condolences to the family of the deceased. We will not accept this event and are committed to working with all employees and contractors to identify and resolve the underlying issues that have resulted in this tragic event and are taking deliberate action to improve the safety performance of the Kapan mine".

About Chaarat

Chaarat is a gold mining company which owns the Kapan operating mine in Armenia as well as 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. Further information is available at www.chaarat.com/.