6 October 2023

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Kapan Sale Completion

Chaarat Gold (AIM: CGH), the AIM-quoted exploration and development company with assets at various stages of development in the Kyrgyz Republic, is pleased to confirm that its subsidiary, Chaarat Gold International Limited (the "Seller"), has completed the sale of its 100% owned Armenian subsidiary, Chaarat Kapan CJSC ("Kapan"), which owns the Kapan mining operation in Armenia to Gold Mining Company LLC (the "Buyer").

Of the total consideration of US$55.4 million, US$0.5 million was previously paid in cash as a deposit and US$4.5 million was settled in cash upon completion. As previously announced, the balance of US$50.4 million was settled upon completion by way of the Buyer taking an assignment of an intra-group payable due from the Seller to Kapan.

Pro-forma Group net debt is now approximately US$33.0 million, having been reduced by US$13.8 million in respect of Kapan's liabilities and receiving the US$4.5 million cash upon completion.

Martin Andersson, Executive Chair of Chaarat, said:

"The sale allows Chaarat to focus on growth options through advancing its Tulkubash and Kyzyltash development projects in the Kyrgyz Republic as well as pursuing inorganic growth opportunities."

About Chaarat

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. Further information is available at www.chaarat.com.