Grant of waiver

Chaarat (AIM:CGH), the AIM-quoted gold mining company with an operating mine in Armenia, and assets at various stages of development in the Kyrgyz Republic, announces that an independent committee of Chaarat's board of directors (the "Board") has exercised its discretion to waive the requirement for a mandatory offer for the Company by Labro Investments Limited ("Labro") upon the acquisition of up to 9,000,000 ordinary shares of US$0.01 each in the Company ("Ordinary Shares") in the market, subject to such purchases being completed by 5.30pm UK time on 15 April 2022 and subject to receipt of all approvals required under the Company's share dealing code (the "Waiver").

Background to the Waiver

There is a provision in the Company's Articles of Association (Article 19) which states that the Board has the right to require any holder of more than 20% of the Ordinary Shares to make a mandatory offer to all the Company's shareholders to acquire their Ordinary Shares if they acquire an additional interest in any Ordinary Shares. The Board has previously exercised its discretion to waive the requirement for a mandatory offer when Labro (which holds more than 20% of the Ordinary Shares) has requested the acquisition of additional Ordinary Shares.

The Board most recently exercised the same discretion for the acquisition in the market of up to 10,000,000 Ordinary Shares by Labro (as announced on 5 August 2021).  Labro acquired 9,988,076 Ordinary Shares pursuant to that waiver which expired on 31 December 2021.

Shareholding impacts of the Waiver

Labro currently holds:

Chaarat's Executive Chairman, Mr Martin Andersson, who is indirectly beneficially interested in the majority of shares of Labro, is beneficially interested in 6,969,592 Ordinary Shares representing 1.01% of Chaarat's issued share capital.  Mr Andersson also holds options to acquire 16,300,639 Ordinary Shares under the Company's 2019 management incentive plan.

If the maximum number of Ordinary Shares permitted to be purchased are acquired by way of the acquisition of existing Ordinary Shares in accordance with the Waiver, Labro's, Mr Andersson's and their combined shareholdings in the Company would be as follows:

Enquiries

Chaarat Gold Holdings Limited

+44 (0)20 7499 2612

Michael Fraser (Chief Executive Officer)

info@chaarat.com

Canaccord Genuity Limited (NOMAD and Joint Broker)

+44 (0)20 7523 8000

Henry Fitzgerald-O'Connor

James Asensio

finnCap Limited (Joint Broker)

+44 (0)20 7220 0500

Christopher Raggett

Panmure Gordon (UK) Limited (Joint Broker)

+44 (0)20 7886 2500

John Prior

Hugh Rich