THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR

FOR IMMEDIATE RELEASE

10 July 2023

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Update on Potential Investment

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, is pleased to announce that progress continues to be made towards completion of the potential equity investment of US$250 million (the "Investment") from Xiwang International Company Limited ("Xiwang").

As announced on 1 June 2023, Chaarat and Xiwang entered into a conditional preliminary investment agreement (the "PIA") and a strategic co-operation agreement in relation to the potential Investment which it is proposed will be in the form of a new issue of shares in Chaarat at a price of £0.20 per share, resulting in Xiwang holding approximately 60% of the shares in Chaarat^#.

Completion of the potential Investment is contingent upon meeting several conditions by the end of July 2023. These conditions include corporate and regulatory approvals which, given minimum required notice periods, are now unlikely to be obtained in full by the original target date of 30 July 2023.  The Company and Xiwang are discussing a new target date for satisfaction of these conditions and consequential completion.  30 July 2023 continues to be the target date for satisfaction of all other conditions.

The PIA and strategic cooperation agreement are still both conditional.  There is no guarantee at this stage that the proposed Investment will be completed.  Further announcements will be made as appropriate.

Note

^# The exact number of shares to be issued will be determined by reference to the US£-GB£ exchange rate on the date of completion.

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.

About Xiwang

Xiwang International Company Ltd (Xiwang) is an investment company incorporated in the British Virgin Islands. As part of its long-term strategic investment plan, Xiwang is looking to create a significant portfolio of mining assets and resources on a global basis by partnering with and providing funding to listed public operating companies with strong governance, focussed on disciplined capital allocation and shareholder value creation.