Rule 2.8 Announcement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATION OF SUCH JURISDICTION

THIS ANNOUNCEMENT IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE UNITED KINGDOM ("UK") CITY CODE ON TAKEOVERS AND MERGERS (THE "TAKEOVER CODE").

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018

FOR IMMEDIATE RELEASE

14 November 2022

Chaarat Gold Holdings Ltd

("Chaarat", "the Company" or "the Group")

Statement of intention not to make an offer for Shanta Gold Ltd

Further to the announcement made by Chaarat on 18 October 2022 regarding the possible offer for the entire issued and to be issued share capital of Shanta Gold Limited ("Shanta"), Chaarat confirms that it is not intending to make an offer for Shanta.

The management teams of Shanta and Chaarat have been engaged to evaluate the potential structure and terms of a possible offer, however it has not been possible to reach an agreement. Chaarat will continue to proactively seek and evaluate various opportunities to diversify its asset portfolio and grow inorganically, as well as pursuing organic growth through Chaarat's own significant resource base.

This is a statement to which Rule 2.8 of the Takeover Code (the "Code") applies.

Under Note 2 on Rule 2.8 of the Code, Chaarat reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances:

a.  with the agreement of the board of directors of Shanta;

b.  if a third party announces a firm intention to make an offer for Shanta;

c.  if Shanta announces a Rule 9 waiver (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); and

d.  if there has been a material change of circumstances (as determined by the Takeover Panel).

Enquiries

Publication on website

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available on the website of Chaarat at https://www.Chaarat.com/for-investors/ promptly and by no later than 12 noon (London time) on the business day following this announcement. The content of the websites referred to in this announcement are not incorporated into and do not form part of this announcement.

Other notices

Canaccord Genuity, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Chaarat and for no-one else in connection with the matters referred to in this Announcement and will not be responsible to any person other than Chaarat for providing the protections afforded to clients of Canaccord Genuity, nor for providing advice in relation to the matters referred to herein. Neither Canaccord Genuity nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Canaccord Genuity in connection with the matters referred to in this Announcement, or otherwise.