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.

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.