The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018).

24 April 2023

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Update on Suspension

Further to the announcement made by Chaarat on 24 October 2022 confirming that it was in discussions regarding the potential acquisition of Lydian Armenia CJSC (the "Target") from Lydian Canada Ventures Corporation and that its shares were being suspended from trading on AIM (the "Suspension"). Chaarat has decided to discontinue the discussions with immediate effect as no acquisition structure could be agreed within the maximum 6-month suspension period. Chaarat therefore confirms that it is no longer pursuing an acquisition of the Target.

Chaarat will continue to seek and evaluate opportunities to diversify its asset portfolio and grow inorganically, as well as pursuing organic growth through its existing assets.

Chaarat has applied to AIM for the Suspension to be lifted.  It is anticipated that trading in Chaarat's shares will be restored from 3pm on 24 April 2023.

Enquiries

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 is engaged in active community engagement programmes to optimise the value of the Chaarat investment proposition.

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.