• Investor Lounge

    Welcome to the NR Investor Lounge. Given the number of mining opportunities that NR Private Market reviews, we thought it beneficial to our investor base and mining news subscribers to offer further insight into some of the companies that have passed our proprietary vetting process.

Chaarat Gold

Click Here To request a 1-2-1 Investor Meeting

Chaarat Gold Holdings Limited is an AIM-quoted gold mining company founded in 2007 with the initial goal of exploring and developing a gold project within the Tien Shan Gold Belt, in the North West of the Kyrgyz Republic.

To complement its assets in the Kyrgyz Republic, Chaarat completed the purchase of the Kapan Mine and Processing Company from Polymetal in early 2019. Located in southern Armenia, Kapan has been producing Copper and Zinc Concentrate from its underground mine since 2003. It is currently expected to produce in excess of 50k ounces of gold per year over the next decade.

Chaarat has two high quality development assets in the Kyrgyz Republic, the Tulkubash oxide deposit and the Kyzyltash sulphide deposit.

  • Tulkubash has shown outstanding resource and grade growth, with declared Resources of 42 million tonnes and a completed Bankable Feasibility Study. It is anticipated to pour first gold in 2021 with a long-run production target of 95k oz per year.
  • Kyzyltash also shows substantial long-term potential, with a technical review conducted in 2018 confirming the low-cost large resource potential of the project.

Overall, Chaarat is working to build appx 500,000 oz of annual production from the existing asset base but is also actively pursuing a disciplined M&A strategy to expand its presence across the target geographies. The Company sees significant potential in consolidating the gold sector in the former Soviet Union countries and will consider acquisitions that meet the criteria and can provide value-accreditive growth.


  • Kapan Mine

    Kapan has strengthened the company’s portfolio of assets and provided both near term cash flow as well as significant growth potential. It accelerates Chaarat’s transformation from a developer to a producer with an anticipated group production of approximately 65koz Au Eq in 2019.

    Chaarat is well placed to take advantage of the opportunities presented by this cash-generative asset, which, following significant investment in the asset over the last two years, is estimated to grow production by approximately 30% per annum in 2019 versus 2017. MORE

  • Tulkubash Project

    The Company’s near-term focus in Kyrgyzstan is on the development of its Tulkubash heap leach project. An extensive drilling programme and feasibility studies carried out over many years have revealed a rich deposit of high-grade ore in the Tulkubash, Contact and Main zones of the deposit.

    Discovery costs per ounce and ounces discovered per metre drilled are very encouraging and continue to validate the belief that Tulkubash will continue to grow into a world-class gold deposit and is the beginning of an emerging new gold district.

    Construction is ongoing at Tulkubash and the first gold production remains on schedule for 2022. The Company continues to advance detailed engineering and has finalised several project components for immediate construction readiness. MORE

  • Kyzyltash Project

    The Kyzyltash project is a larger, higher grade resource than Tulkubash but its extraction will be more complex given it is refractory in nature. However, there are a number of proven technologies available to extract gold economically from refractory ore-bodies, with over 40% of annual world gold production coming from this type of ore.

    Kyzyltash will be an underground mine, with an adit driven into high grade mineralisation in the heart of the deposit. Based on early-stage engineering designs, Kyzyltash has the potential to produce 200,000-300,000 ounces of gold per annum with low operating cash costs. MORE


  • Sharetalk with Zak Mir (12 Apr 21)

    Chris Eger, CFO of Chaarat Gold Holdings Limited (CGH.L) speaks to Zak Mir from Sharetalk. MORE

  • 2020 Group Financial Results (8 Apr 21)

    Chaarat (AIM:CGH), the AIM-quoted gold mining company with assets in the Kyrgyz Republic and Armenia, today publishes its audited financial results for the year ended 31 December 2020. MORE

  • Completion of US$ 52 million Financing Package Equity Raise and Debt Conversion (10 Feb 21)

    Chaarat (AIM:CGH), the AIM-quoted gold mining company with assets in the Kyrgyz Republic and Armenia is pleased to announce that, further to the announcement of 05 February 2021, it has completed a c. US$ 52 million financing package through an equity fundraise of US$ 30.0 million and a debt to equity conversion with Labro Investments Ltd. of US$ 22 million (together the “Financing”).  MORE

  • Fundraise and Planned Debt Reduction (5 Feb 21)

    Chaarat (AIM:CGH), the AIM-quoted gold mining company with assets in the Kyrgyz Republic and Armenia is pleased to announce that it is launching a fundraise for approximately US$ 25 million (the “Fundraise”) through the issue of  new ordinary shares of US$ 0.01 each nominal value in the Company (the “New Ordinary Shares”) at 26 pence per New Ordinary Share (the “Issue Price”). MORE

  • Chaarat Gold Holdings 'emerge as much stronger company' in 2020, after unprecedented challenges (21 Jan 21)

    Chaarat Gold Holdings Ltd’s (LON:CGH) CEO Artem Volynets talks to Proactive London following the release of their full year 2020 production, operational and financial update. MORE

  • Chaarat Kapan: Technical re-equipment is in process (24 Aug 20)

    Technical re-equipment project in Chaarat Kapan is being implemented. Modern, safe, and comfortable two FL07 underground mining loaders and one FT 20 underground mining truck have been recently put into exploitation. MORE

  • Prospects For Cooperation Between Kyrgyzstan and Britain Discussed in London (20 Nov 19)

    The III Kyrgyz-British Investment Forum dedicated to development of business and strengthening ties between the Kyrgyz Republic and the United Kingdom of Great Britain took place in London. MORE

  • Chaarat Kapan: Pandemic prevention in the spotlight (6 Aug 20)

    Chaarat Kapan keeps on implementing various projects aimed at preventing the new coronavirus pandemic. Another initiative launched by the company’s employees is intended for the Kapan Medical Center. MORE