Fatal Incident at Kapan Mine

5 March 2021

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Fatal Incident at Kapan Mine

Chaarat Gold (AIM: CGH) regrets to report the loss of life to an employee of its mining contracting company yesterday, 4^th March 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.

Immediate steps have been taken related to safety at the site, and the learnings from this tragic event will be used to further develop and improve the safety culture and performance at Kapan, and all areas of Chaarat.

Artem Volynets, Chief Executive Officer of Chaarat, said:

"We truly regret this tragic loss of life, and we offer our sincere condolences to the family of the deceased. The safety of everyone that works at our operations is a core value for Chaarat. We are working through an internal and external investigation and will identify further measures to try and prevent such incidents from recurring, and we will continue to implement new initiatives to further protect the health and safety of our employees, contractors and visitors."

About Chaarat

Chaarat is a gold mining company which 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 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.

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/.

ENDS