Announcement • Jul 16
Chaarat Gold Holdings Expects to Delist from AIM Effective August 16 Chaarat Gold Holdings Limited expects to delist from AIM. Gordon Wylie, Chairman commented: "The Proposed Recapitalisation enables Chaarat to reduce its existing liabilities by more than 50% to under $20 million, with revised maturity for its debt and a new working capital facility of up to $5 million both of which extend to December 2025, thereby allowing the Company to focus on maximising the value of its Kyrgyz Republic assets. "The Board wishes to thank all stakeholders, including its long-term shareholder Labro, its former executive chair Martin Andersson and the Noteholders, for enabling the Company to identify a solution that enables it to continue in operation while seeking a suitable long-term outcome for the Company and its projects." Chaarat Gold expects final day of trading on AIM for the Ordinary Shares will be 15 August 2024. Expected time and date of Delisting 7am on 16 August 2024. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Sandy Stash was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Apr 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$5.0m net loss in 2 years). Share price has been volatile over the past 3 months (7.1% average weekly change). Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Market cap is less than US$100m (€23.8m market cap, or US$25.3m). Announcement • Apr 09
Chaarat Gold Holdings Limited, Annual General Meeting, Jun 05, 2024 Chaarat Gold Holdings Limited, Annual General Meeting, Jun 05, 2024, at 10:00 Coordinated Universal Time. Location: the offices of Shakespeare Martineau LLP, 6th Floor, 60 Gracechurch Street London United Kingdom New Risk • Mar 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (US$5.0m net loss in 2 years). Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Market cap is less than US$100m (€38.3m market cap, or US$41.3m). Announcement • Jan 18
Chaarat Gold Holdings Limited Announces Maiden Mineral Resource Estimate at Karator Prospect Chaarat Gold Holdings Limited announced a maiden Mineral Resource Estimate ("MRE") for its Karator Prospect, located 2km from its most advanced asset, the 1.01Moz resource (M&I and Inferred) Tulkubash Gold Project ("Tulkubash"). In addition, Chaarat has a JORC compliant 5.3 Moz resource (M&I and Inferred) at Kyzyltash, a high-grade refractory deposit located beneath Tulkubash. Highlights: Maiden MRE at the Karator Prospect confirmed for 207Koz at 0.96 g/t gold ("Au") of Indicated and Inferred JORC compliant Resources (Resource), reported with applied cutoff grade of 0.21 ppm Au at Karator. Significant further upside potential demonstrated by Karator's full immediate, non JORC compliant oxidized Au mineralization potential (or Mineral Inventory) of approximately 5-10Mt of oxide gold material at 0.8-0.9 g/t, subject to further exploration, resource definition and upgrade. Karator is located 2km northeast of Tulkubash, with 1km traced strike of with between 30-80 metres width, and 150 to 250 metre down dip extension. Potential to significantly extend the Tulkubash Gold Project Life of Mine ("LOM") from the current 6 years towards the eventual target of 10-15 years. Tulkubash is expected to produce 95,000oz Au per annum with all in sustaining costs of between $1,000-$1,100/oz from 2025 (subject to FID occurring by end First Quarter 2024), through the development of an open pit operation and simple heap leach processing achieving average recovery of approximately 75%. Karator ore has demonstrated its consistency with the deeply oxidised ore encountered at Tulkubash supporting the Company's strategy to develop Karator as a satellite mine to Tulkubash, utilising the same mining and processing methodology with modest additional capex. Next steps will include further systematic step out and infill drilling, aiming to advance and extend the maiden Resource with a new MRE update. Karator will also undergo a comprehensive technical assessment, including field activities covering metallurgical, geotechnical, and hydrogeological test works, and a further Feasibility Study (FS) report with confirmed JORC compliant Reserves. It is envisaged that Karator will become an additional dimension of Chaarat's gold production strategy as it looks to unlock the value of its total resource inventory, which exceeds 6Moz across the Tulkubash andKyzyltash Gold Projects, to become a mid-tier gold producer. New Risk • Dec 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (24% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$5.0m net loss in 2 years). Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Market cap is less than US$100m (€48.9m market cap, or US$52.8m). Announcement • Dec 05
Chaarat Gold Holdings Limited has filed a Follow-on Equity Offering in the amount of £1.105375 million. Chaarat Gold Holdings Limited has filed a Follow-on Equity Offering in the amount of £1.105375 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 21,054,761
Price\Range: £0.0525
Transaction Features: Subsequent Direct Listing Announcement • Nov 23
Chaarat Gold Holdings Limited Announces the Completion of the 2023 Drilling Programme in the Karator Oxide Gold Prospect Chaarat Gold Holdings Limited announced the completion of the 2023 drilling programme in the Karator oxide gold prospect. The Karator prospect is a northeastern extension of Tulkubash project, which could potentially add significant reserves to the later years of the Tulkubash development. The Karator prospect was first drilled in 2021, which included 6 metres of 5.06g/t gold. Tulkubash contains JORC-compliant contained gold ounces in the Ore Reserves 647koz Au and total resources of 1,011koz Au2. The2023 Drilling Programme included result highlights of 3.38g/t gold over 21.5 metres in DH23K625 and 1.43g/t gold over 95 metres in DH23K628, further confirming the significant exploration prospectivity of Karator oxide gold mineralisation. The completed Karator 2023 drilling programme consists of nine drill holes, totaling 1,603 meters as an initial phase of a resource definition drilling programme, which will systematically drill on 40 by 40 meters centres, over the entirety of the strike. All nine completed drill holes intersected oxide gold mineralisation, confirming Karator prospectivity for high quality additional Tulkubash oxide gold resource. Further detail can be found in the updated Resource and Reserve presentation, which is now available on the Chaarat website. The Karator zone is located approximately 2 km to the northeast of the Tulkubash east pit, striking southwest to northeast and steeply dipping to the southeast. The prospective zone is trenched on approximately 1,000 meters of strike, having approximately 30 to 50 meters true width and drilled to 150-250 meters depth. The prospect is open along strike to southwest and to northeast and at depth. The mineralisation is tested by systematic trenching on surface, maiden exploration drilling in 2021. The infill drilling at 2023 is confirming the deeply oxidized nature and continuity of Karator gold mineralisation along strike and in depth. The zone structural position of the Karator mineralisation is controlled by an extensional shear zone developed along or between the major Contact and Irisey reverse faults. In the coming years, Chaarat is planning to continue Karator assessment via further systematic step out and infill drilling, metallurgical, and geotechnical test works. Breakeven Date Change • Sep 20
No longer forecast to breakeven The analyst covering Chaarat Gold Holdings no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of US$13.0m in 2024. New forecast suggests the company will make a loss of US$5.00m in 2025. Reported Earnings • Sep 11
First half 2023 earnings released: US$0.037 loss per share (vs US$0.004 loss in 1H 2022) First half 2023 results: US$0.037 loss per share (further deteriorated from US$0.004 loss in 1H 2022). Revenue: US$35.3m (down 30% from 1H 2022). Net loss: US$25.7m (loss widened US$23.0m from 1H 2022). Revenue is forecast to grow 75% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. Announcement • Aug 17
Gold Mining Company LLC entered into a binding conditional sale and purchase agreement to acquire Chaarat Kapan CJSC from Chaarat Gold Holdings Limited (AIM:CGH) for $5 million. Gold Mining Company LLC entered into a binding conditional sale and purchase agreement to acquire Chaarat Kapan CJSC from Chaarat Gold Holdings Limited (AIM:CGH) for $5 million on August 16, 2023. Chaarat Kapan generated an EBITDA of $12.6 million in 2022and a profit after tax of $1.7 million in 2022. Consideration will be used to provide working capital which will assist the Company to among other items, continue working towards completing the potential Xiwang investment which upon completion would assist in developing the Tulkubash project. Reported Earnings • Jun 17
Full year 2022 earnings released: US$0.012 loss per share (vs US$0.005 loss in FY 2021) Full year 2022 results: US$0.012 loss per share (further deteriorated from US$0.005 loss in FY 2021). Revenue: US$92.3m (flat on FY 2021). Net loss: US$8.58m (loss widened 139% from FY 2021). Revenue is forecast to grow 47% p.a. on average during the next 2 years, compared to a 1.0% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Breakeven Date Change • Apr 26
Forecast breakeven date pushed back to 2024 The analyst covering Chaarat Gold Holdings previously expected the company to break even in 2022. New forecast suggests the company will make a profit of US$10.0m in 2024. Average annual earnings growth of 27% is required to achieve expected profit on schedule. Announcement • Feb 10
Chaarat Gold Holdings Limited to Report Fiscal Year 2022 Final Results on Jun 15, 2023 Chaarat Gold Holdings Limited announced that they will report fiscal year 2022 final results on Jun 15, 2023 Announcement • Nov 14
Shanta Gold Limited Provides an Update on Recent Approaches On October 18, 2022, the Board of Shanta Gold Limited (AIM:SHG) announced that it had received approaches from Shandong Gold Group Co.,Ltd ("Shandong"), Yintai Gold Co., Ltd. (SZSE:000975) ("Yintai") and Chaarat Gold Holdings Limited (AIM:CGH) ("Chaarat") that might lead to a potential offer for the Company. On 2 November 2022, Shanta subsequently confirmed that Yintai had decided not to proceed with an offer. The Board continues to believe in the strength of Shanta's business and the potential of its portfolio and that sensible consolidation in the junior mining sector can be beneficial in managing risk and optimising allocation of investment capital. However, the Board is also clear that it will not accept an offer or deal structure that does not deliver value for shareholders. Accordingly, after further engagement and having taken advice from its financial advisors, the Board has concluded that there is no merit in continuing discussions with Shandong and Chaarat, which both parties have accepted. As such and in accordance with Rule 2.6(c) of the Code, the Board has determined that it is not appropriate to seek an extension to the deadline set out in the Company's announcement dated October 18, 2022. Announcement • Nov 11
Chaarat Gold Holdings Limited Announces Kapan Mineral Resource Update Chaarat announced the updated JORC Compliant Mineral Resource Estimate ("MRE") for its Kapan polymetallic mine in the Republic of Armenia. Highlights: The 2022 constrained MRE contains 722 thousand gold equivalent ounces ("koz AuEq")1 in the Measured & Indicated ("M&I") categories. This compares to 584 koz AuEq M&I MRE reported in June 2021, reflecting a 25% increase in MRE. M&I tonnes increased by 30% from 1.955 Mt to 2.602 Mt while grade dropped by 5% from 9.1 g/t AuEq to 8.6 g/t AuEq. Mined Shape Optimization ("MSO") was performed on the mineral inventory to apply constraining factors to the Mineral Resource. The updated MRE will be used as the basis for the updated 2022 Ore Reserves Estimate ("ORE"). As in prior years, Chaarat will employ the services of AMC Consulting to review the 2022 MRE and develop a revised 2022 ORE. Announcement • Nov 03
Yintai Gold Co Withdraws Shanta Gold Takeover Interest Shanta Gold Limited (AIM:SHG) said on November 2, 2022 that Yintai Gold Co., Ltd. (SZSE:000975) no longer plans to make an offer for the company. The AIM-listed mining company said on Oct. 18, 2022 that it had received takeover approaches from Shandong Gold Group Co., Yintai Gold Co. and Chaarat Gold Holdings Ltd. (AIM:CGH), and that it was in talks with each of the parties. The potential bidders have until Nov. 15, 2022 to either make an offer or walk away under U.K. Takeover Panel rules. Shanta Gold shares at 0817 GMT were down 0.65 pence, or 6.2%, at 9.85 pence. Announcement • Oct 29
Chaarat Gold Holdings Limited Provides Production Guidance for the Year 2022 Chaarat Gold Holdings Limited provided production guidance for the year 2022. Chaarat remains on track to meet full year production guidance of 56-62koz for 2022 (50-53koz own ore and 6-9koz third-party ore1). Announcement • Oct 25
Chaarat Gold Confirms Discussions Regarding the Potential Acquisition of Lydian Armenia CJSC Chaarat Gold Holdings Limited (AIM:CGH) noted recent media speculation and confirms that it is in discussions regarding the potential acquisition (the "Acquisition") of Lydian Armenia CJSC (the "Target") from Lydian Canada Ventures Corporation. The proposed Acquisition would constitute a Reverse Takeover as defined under the AIM Rules, due (among other things) to the size of the Acquisition. Accordingly, trading in Chaarat's shares will be suspended with immediate effect pending the publication of the required AIM Admission Document or an announcement that the potential Acquisition is not proceeding. There is no certainty at this stage, that the proposed Acquisition will be completed. A further announcement will be made when appropriate. Announcement • Sep 08
Chaarat Gold Holdings Limited Provides Production Guidance for the Year 2022 Chaarat Gold Holdings Limited provided production guidance for the year 2022. Kapan remains on track to deliver on its full-year guidance of 56 koz -62 koz, comprising of 50 koz - 53 koz from own ore and 6 koz - 9 koz from third-party ore. Breakeven Date Change • Aug 23
Forecast breakeven date pushed back to 2024 The 3 analysts covering Chaarat Gold Holdings previously expected the company to break even in 2022. New consensus forecast suggests the company will make a profit of US$10.0m in 2024. Average annual earnings growth of 56% is required to achieve expected profit on schedule. Announcement • Aug 23
Chaarat Gold Holdings Limited Announces the Completion of the First Phase Metallurgical Test Programme Performed by SGS Lakefield on Its Kyzyltash Gold Project Chaarat Gold Holdings Limited announced the completion of the first phase metallurgical test programme performed by SGS Lakefield on its Kyzyltash gold project. The project has a current JORC-compliant Measured, Indicated and Inferred sulphide resource of 5.4 million ounces of gold at 3.8 g/t. Management estimate that the project has the potential to produce approximately 300koz per annum of gold subject to the project meeting its feasibility, permitting and development milestones. The metallurgical test work has shown similar first stage recoveries from both pressure oxidation ("POX") and AlbionTM technologies. The AlbionTM process employs ultra-fine grinding followed by aerated cyanide leaching to extract gold while POX uses high-pressure and temperature conditions to oxidize refractory sulphides prior to gold extraction by conventional carbon-in-leach technology. Bio-oxidation ("BIOX") test work is ongoing with results expected in Third Quarter 2022. The test work will be analysed in an economic trade-off study comparing the potential processing technologies applicable to the ore with the aim of making a final decision in 2023. Following this, Chaarat will aim to progress towards an updated feasibility study on the Kyzyltash project. Highlights of the Metallurgical Testing Programme. SGS Lakefield performed flotation and oxidative treatment tests on the representative samples of the 2021 Kyzyltash drilling programme. Ore shown to be amenable to froth flotation recovering 87-90% of gold with a 23-24% mass pull. Leach recovery for both AlbionTMand POX averaged 80-90% with similar results between the two processes. Next Steps: Results on oxidative testwork using BIOX are expected in third quarter of 2022. Further investigation and variability testing will be performed on all processing options to confirm the first stage results thereafter. Final test results will be used to conduct an economic trade-off study to determine the preferred processing option. This study will include an assessment on flotation and full ore processing options before proceeding with other workstreams required towards an updated feasibility study. Announcement • May 24
Chaarat Announces Results of the Revised JORC Compliant Tulkubash Mineral Resource Estimate and Ore Reserves Estimate Following the 2021 Drilling Programme Chaarat announced the results of the revised JORC compliant Tulkubash Mineral Resource Estimate ("MRE") and Ore Reserves ("OR") estimate following the 2021 drilling programme. Highlights: Contained gold ounces in the Ore Reserves increased by 13% to 647thousand ounces ("koz")compared to 571 koz in the 2021 bankable feasibility study (BFS). · Proven & Probable Reserves increased from 20.9Mt to 23.1Mt (+11%) with a slightly increased grade of 0.87 g/t compared to 0.85 g/t (+2%) in the BFS; · The pit shell optimisation for the Ore Reserve was based on a USD 1,600/oz gold price vs USD 1,450/oz gold price in the 2021 BFS as per latest long term gold price forecasts. The targeted 2021 drilling programme has resulted in an improved Mineral Resource model which has contributed to an increase in Ore Reserves. Contained gold in the Measured and Indicated Resources remains unchanged at 789 koz, while Measured and Indicated Resources decreased from 28.5 to 25.1 Mt (-12%) and gold grade increased from 0.86 g/t to 0.98 g/t (+14%). The Inferred Resources have decreased as a result of more conservative constraining factors applied to the MRE. Drilling within the existing Mineral Resource footprint demonstrated increased continuity in and between the ore zones and was successful in improving the pit designs. Further exploration conducted at Tulkubash during 2021 identified several additional new target areas, confirming the Company's belief that Tulkubash has the potential for further mine life extensions. To date, only about 5 kms of a prospective 24 km trend has been systematically drilled. An additional 4 kms of the prospective trend has been trenched and drill tested in 2021, confirming further perspectivity to the northeast. The objective of the 2021 drilling programme was to upgrade Inferred and unclassified Mineral Resources in the mid zone and east area for potential conversion to Ore Reserves. The results of the 2021 drilling have been incorporated into an updated JORC-compliant Mineral Resource Estimate. The new block model and MRE addresses the recommendations of the external consultants that reviewed the 2021 BFS MRE. The table below summarizes the updated Tulkubash end of year 2021 Mineral Resource at 0.21 g/t Au cut-off grade constrained by a USD 1,800/oz pit shell. Operating cost parameters used were as per the 2021 BFS. While tonnes have decreased in the EOY 2021 MRE gold grade has increased from the BFS as has waste and strip ratio. Wire frames have been revised, a variable rather than fixed gold recovery has been developed. Details can be found in the MRE Report that is available on homepage. The additional 2021 infill drilling targeted areas led to an increase in Ore Reserves and an improved recovery model. The updated pit design also resulted in a slightly increased strip ratio. The largest portion of the Ore Reserve is contained in the Main Zone (MZ) Pit (19.8 Mt). To the northeast of MZ lies the Mid Zone, composed of six small satellite pits, accounting for a further 3.1 Mt of ore. Further northeast lies the East Zone, which contains another 0.2 Mt in a single separate pit. The East Zone is not fully drilled off and offers the opportunity to continue growing the Ore Reserve in the coming drill seasons. Announcement • May 16
Chaarat Gold Reports Fatal Incident at Kapan Mine Chaarat Gold Holdings Limited reported a fatal incident involving an employee of its contractor, S&A Mining, on 14th May 2022 following a rock fall underground at the Kapan mining operation. The underground mining area where the incident occurred was closed immediately and an internal and external investigation has commenced. Chaarat is now working with S&A Mining and local authorities to facilitate their investigation of this tragic incident. Mining operations continue in all other working areas while work remains stopped in the one stop where the incident occurred. Mine production is not expected to be affected. Reported Earnings • Apr 27
Full year 2021 earnings released: US$0.005 loss per share (vs US$0.044 loss in FY 2020) Full year 2021 results: US$0.005 loss per share (up from US$0.044 loss in FY 2020). Revenue: US$92.4m (up 22% from FY 2020). Net loss: US$3.59m (loss narrowed 84% from FY 2020). Production and reserves: Gold Production: 35.405 troy koz (29.77 troy koz in FY 2020) Proved and probable reserves (ore): 23.45 Mt (26.7 Mt in FY 2020) Number of mines: 1 (1 in FY 2020) Copper Production: 2,284 t (2,154 t in FY 2020) Proved and probable reserves (ore): 2.55 Mt (4.5 Mt in FY 2020) Number of mines: 1 (1 in FY 2020) Zinc Production: 5,836 t (7,641 t in FY 2020) Proved and probable reserves (ore): 2.55 Mt (4.5 Mt in FY 2020) Number of mines: 1 (1 in FY 2020) Over the next year, revenue is forecast to grow 8.3%, compared to a 34% growth forecast for the mining industry in Germany. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 08
Full year 2021 earnings released: US$0.005 loss per share (vs US$0.044 loss in FY 2020) Full year 2021 results: US$0.005 loss per share (up from US$0.044 loss in FY 2020). Revenue: US$92.4m (up 22% from FY 2020). Net loss: US$3.59m (loss narrowed 84% from FY 2020). Over the next year, revenue is forecast to grow 6.5%, compared to a 34% growth forecast for the mining industry in Germany. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Apr 07
Chaarat Gold Holdings Limited Provides Production Guidance for the Year 2022 Chaarat Gold Holdings Limited provided production guidance for the year 2022. Macro - The conflict in Ukraine and associated sanctions against Russia have the potential to impact the supply chain, costs, and commodity prices in our region and we are monitoring the developments closely. So far, the conflict has had no direct impact on our operations, and we do not expect a material impact in 2022. Kapan - Confirmed mine production guidance of 50-53 koz5 of own-ore production and additional 6-9 koz5 of third-party ore production based on 100 kt milled during the year. East Flank - Resource definition drilling ongoing as part of preparing an initial mineral resource estimate expected in 2023. Tulkubash - Updated mineral resource and reserve statements are expected to be released in H1 2022. Given the resolution of Centerra's Kumtor situation, debt financing is expected to close in H2 2022. Ongoing project work will focus on engineering completion and appropriate construction activities to optimise full activities once debt financing is secured. Kyzyltash - Metallurgical test results expected from SGS Lakefield in Third Quarter 2022 to enable the Company to perform an economic assessment on the best processing route in 2023. Announcement • Feb 09
Chaarat Gold Holdings Limited Provides Production Guidance for the Full Year of 2022 Chaarat Gold Holdings Limited provided production guidance for the full year of 2022. Kapan - Mine production guidance of 50-53 koz of own-ore production and additional 6-9 koz5 of third-party ore production based on 100 kt milled during the year. Breakeven Date Change • Dec 31
Forecast breakeven date pushed back to 2022 The 3 analysts covering Chaarat Gold Holdings previously expected the company to break even in 2021. New consensus forecast suggests the company will make a profit of US$500.0k in 2022. Average annual earnings growth of 99% is required to achieve expected profit on schedule. Executive Departure • Dec 01
Chief Financial Officer Christopher Eger has left the company On the 30th of November, Christopher Eger's tenure as Chief Financial Officer ended after 3.4 years in the role. As of September 2021, Christopher still personally held 1.99m shares (€509k worth at the time). Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.83 years, which is considered inexperienced in the Simply Wall St Risk Model. Board Change • Oct 31
High number of new directors Independent Non-Executive Director Sandy Stash was the last director to join the board, commencing their role in 2021. Breakeven Date Change • Sep 23
Forecast to breakeven in 2021 The 3 analysts covering Chaarat Gold Holdings expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$5.00m in 2021. Earnings growth of 82% is required to achieve expected profit on schedule. Reported Earnings • Sep 12
First half 2021 earnings released: EPS US$0.002 (vs US$0.028 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: US$48.1m (up 61% from 1H 2020). Net income: US$1.37m (up US$14.9m from 1H 2020). Profit margin: 2.9% (up from net loss in 1H 2020). Director Overboarding • Aug 06
Director Warren Gilman has joined 6th company board Warren Gilman has been appointed to the board of Los Andes Copper Ltd. (TSXV:LA). Gilman now sits on a total of 6 company boards. With 6 board positions including the role of CEO at Queen's Road Capital Investment Ltd. (TSXV:QRC), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Director Overboarding • Aug 06
Director Warren Gilman has joined 6th company board Warren Gilman has been appointed to the board of Los Andes Copper Ltd. (TSXV:LA). Gilman now sits on a total of 6 company boards. With 6 board positions including the role of CEO at Queen's Road Capital Investment Ltd. (TSXV:QRC), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Director Overboarding • Aug 06
Director Warren Gilman has joined 6th company board Warren Gilman has been appointed to the board of Los Andes Copper Ltd. (TSXV:LA). Gilman now sits on a total of 6 company boards. With 6 board positions including the role of CEO at Queen's Road Capital Investment Ltd. (TSXV:QRC), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Director Overboarding • Aug 06
Director Warren Gilman has joined 6th company board Warren Gilman has been appointed to the board of Los Andes Copper Ltd. (TSXV:LA). Gilman now sits on a total of 6 company boards. With 6 board positions including the role of CEO at Queen's Road Capital Investment Ltd. (TSXV:QRC), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Recent Insider Transactions • Jun 15
Non-Executive Director recently sold €56k worth of stock On the 8th of June, Robert Benbow sold around 183k shares on-market at roughly €0.31 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Recent Insider Transactions • Jun 13
Non-Executive Director recently sold €56k worth of stock On the 8th of June, Robert Benbow sold around 183k shares on-market at roughly €0.31 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • May 25
Chaarat Gold Holdings Limited Provides Tulkubash Feasibility Study Update Chaarat Gold Holdings Limited provided an updated JORC compliant bankable feasibility study for its Tulkubash Oxide Gold Project (Tulkubash) independently prepared by LogiProc (Pty) Ltd. in South Africa. The 2021 BFS is based on the 2019 BFS which was also prepared by LogiProc (Pty) Ltd. and includes updates on all sections. The 2021 BFS confirms robust economics for the development of an open-pit mining heap leach operation. A more conservative model was used to develop the latest Mineral Resource estimate as part of this update. Despite a 25% increase in the overall Mineral Resource, the approach to the updated model has resulted in a slight reduction in ounces contained in the Measured and Indicated categories, with this mineralisation now classified as Inferred. Infill drilling is planned, as part of the 2021 exploration programme, to focus on converting Inferred resources into Measured and Indicated. This conversion could also improve the current 5-year life of mine ("LOM"). Chaarat is in the process of commencing exploration works for the 2021 season and is in continued discussions to complete the financing package which the Company expects could be affected by the current events in the mining sector in the country. Resumption of full construction activity will be dependent on the timing to complete project financing. Delays due to the longer than expected COVID-19 movement restrictions and political situation during 2020 and early 2021 as well as the expected timeline on project financing have resulted in expected first gold from Tulkubash being now targeted for second half of 2023. Project Highlights: Conventional open pit mining followed by standard heap leach processing; Gold reserves of 571,100 ounces ("oz") and silver reserves of 845,700 oz mined over a current five-year Life of Mine ("LOM"); Average annual gold production of 95,190 oz and average annual silver production of 140,940 oz; Heap leach facility processing an annual capacity of 5 million tonnes; Average head grade of gold at 0.85 g/t and silver at 1.26 g/t at a gold cut-off grade of 0.23 g/t based on $1,450 gold price; Recovery of 73.4%; and LOM does not include the potential additional JORC compliant Inferred material or any potential future exploration success. Resource and Reserves: The updated resource model was developed using tighter drill spacing for classification purposes. This change reflects the decisions by management to ensure a more robust and conservative approach to resource modelling than had been previously applied. These changes also incorporate recommendations based on previous reviews by SLR, and WAI who assisted Chaarat with the updated resource model. The Mineral Resource estimate increased to 49.9Mt grading 0.73g/t gold containing 1,177koz of gold from 24.3Mt grading 1.21g/t gold containing 944,000 ounces of gold ("koz"), an increase of 24.7% in contained gold. The Tulkubash Mineral Resource is not constrained to one single pit area but comprises the main, mid and east pit areas as well as some early exploration satellites along strike. In the previous 2019 BFS the reserve estimate included ore from main, mid and east pits. Subsequently and in tandem with guidance received from SLR and WAI the more conservative 2021 BFS reclassified the east pit and some deeper mineralisation in the main pit from Indicated to Inferred and Inferred to unclassified material. These have not been converted to Mineral Reserves in the 2021 BFS. As a result of the gold price change, cut-off grade was adjusted to 0.23g/t in the latest resource. The decrease in Ore Reserves and grade is partially offset by the increase in gold recoveries in the updated mine model achieved through additional metallurgical testing performed by ALS Steward in 2019. 2021 Tulkubash Exploration programme: A key focus of the 2021 exploration and drill programme will be to target the areas of the deposit recently reclassified in the 2020 resource model. Approximately 1,800 meters of infill drilling are planned in 14 locations will target areas of known high probability mineralization in the areas previously referred to as mid and east pit. In addition, the 2021 exploration programme also will focus on areas to the north east of the current resources that indicate good potential for further increasing the reserve base over the next few years. Exploration will utilize a mix of drilling and trenching, Exploration of the broader license area using drone based geophysical techniques will be carried out to allow Chaarat to enhance its understanding of the potential of the remaining license area yet to be explored. Announcement • Apr 26
Chaarat Gold Holdings Limited Reaffirms Production Guidance for the Full Year of 2021 Chaarat Gold Holdings Limited remains on track to deliver on its AuEq 57koz guidance for the year, as previously set out in its fiscal year 2020 Production, Operational and Financial Update on 21 January 2021. Announcement • Mar 07
Chaarat Gold Holdings Limited Reports Fatal Incident at Kapan Mine Chaarat Gold Holdings Limited reported the loss of life to an employee of its mining contracting company on March 04, 2021. The incident occurred while assessing a blocked ore chute in a part of the Kapan mining operation. Mining operations were temporarily halted during the recovery operation and while the initial investigation by the authorities was carried out. Normal operation has since resumed with the exception of the specific area of the incident. An internal investigation has started, and Chaarat will be working with the contractor and local authorities to facilitate their formal investigation of this incident. Announcement • Feb 11
Chaarat Gold Holdings Limited has completed a Follow-on Equity Offering in the amount of $30 million. Chaarat Gold Holdings Limited has completed a Follow-on Equity Offering in the amount of $30 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 84,468,258
Price\Range: $0.355163
Transaction Features: Subsequent Direct Listing Is New 90 Day High Low • Jan 07
New 90-day low: €0.22 The company is down 30% from its price of €0.32 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 48% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.23 per share. Announcement • Dec 31
Chaarat Gold Holdings Limited Enters in Agreement to Refinance the Outstanding $7 Million Principal of the Investor Loan Chaarat Gold Holdings Limited announced that it has entered into an agreement to refinance the outstanding $7 million principal of the investor loan originally made in November 2018 together with interest accrued of $0.2 million. As announced on 6 October 2020, the Company refinanced $13.5 million of the Investor Loan with Labro Investments Limited. The outstanding balance of $7 million of the Investor Loan had a maturity date of 8 January 2021 but Chaarat had the option to extend the maturity date to 31 December 2021. Is New 90 Day High Low • Nov 10
New 90-day low: €0.24 The company is down 37% from its price of €0.39 on 11 August 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.99 per share. Is New 90 Day High Low • Oct 21
New 90-day low: €0.31 The company is down 6.0% from its price of €0.33 on 22 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.50 per share. Announcement • Oct 08
Chaarat Gold Holdings Limited Provides an Update on the Current Situation in Kyrgyz Republic Chaarat Gold Holdings Limited provided an update on the current situation in Kyrgyz Republic. Following the recent political disruptions in the Kyrgyz Republic, Chaarat confirms that its projects in the country have not been materially impacted. Nevertheless, the Company has taken preliminary precautionary measures to ensure the continued safety of its personnel and operations. Is New 90 Day High Low • Oct 01
New 90-day low: €0.32 The company is down 21% from its price of €0.40 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.27 per share. Announcement • Sep 09
Chaarat Gold Holdings Limited to Report Q2, 2020 Results on Sep 11, 2020 Chaarat Gold Holdings Limited announced that they will report Q2, 2020 results at 6:24 AM, GMT Standard Time on Sep 11, 2020 
