• Chaarat completes 2021 drill programme at Kyzyltash
  • Chaarat Gold has sufficient funds for equity part of Tulkubash development, broker says
  • Chaarat Gold Holdings report ‘excellent results’ considering last year was ‘full of challenges’
gold and dollars

Quick facts: Chaarat Gold Holdings Ltd


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Chaarat is a gold mining company that 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 with an initial focus on Central Asia and the FSU through organic growth and selective M&A.

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

12 Oct 2021

() has completed its 2021 drilling programme at the Kyzyltash project in Kyrgyzstan.

The drilling intersected significant high grade gold within the current JORC compliant measured, indicated and inferred sulphide resource of 5.4 million ounces at 3.8 grams per tonne.

The drill core will be used to determine the appropriate processing route for the sulphide ore.

Once funded, designed, and constructed, the production rate is expected to be approximately 300,000 ounces annually.

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24 Sep 2021

Chaarat Gold Holdings Limited announced it appointed Mike Fraser as its new chief executive, starting on 17 January.

Fraser brings over 20 years of experience in the mining and metals industry.

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09 Sep 2021

Chaarat Gold Holdings Ltd (AIM:CGH, FRA:9IS) saw its interim profits jump, helped by higher production and commodity prices from its Kapan operating mine in Armenia, and said it expects its strong performance to continue during the second half.

Adjusted EBITDA surged to US$10.4mln, from US$0.5mln in the first half of 2020, due to the significantly improved operating performance at Kapan and lower overhead costs. Revenue grew 61% to US$48.1mln, boosted by a seven-fold leap in third-party ore production.

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26 Apr 2021

Chaarat Gold Holdings Ltd (LON:CGH) has sufficient financing to fund the remaining upfront equity part of the Tulkubash gold project in the Kyrgyz republic, said finnCap in a broker note.

“Chaarat now has more than enough cash to provide the equity portion for the Tulkubash mine build,” said finnCap analyst Charlie Long.

“This morning’s announcement noted that the updated BFS should be complete in May, and project finance closed in H1. This would result in construction proper starting in early Q3,” he said.

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08 Apr 2021

Chaarat Gold Holdings Ltd‘s (LON:CGH) Artem Volynets joins Proactive London’s Katie Pilbeam to discuss their latest results which reveal the firm has moved into a profit in 2020 on increased production from its Kapan mine in Armenia.

A rise in commodity prices in the second half of the year also played their part which has resulted in ‘record results’ for the last year with EBITDA of US$9.3mln, compared with a loss of US$12.8mln in 2019, as revenue grew 12.5% to US$76.0mln.

Volynets says he believes these results are ‘excellent’ considering a year ‘full of challenges’ not only Covid-19 but geopolitical tensions in the region to contend with also.

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