Chaarat Gold Regulatory News (CGH)

21 March 2019

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Board Changes

Chaarat, the Aim-quoted gold mining company with assets in the Kyrgyz Republic and Armenia, is pleased to announce the appointment of Warren Gilman to the Board as a Non-Executive Director with immediate effect.

Warren founded Queen's Road Central Capital Ltd, where he is Chairman and CEO, in 2019. He was Chairman and CEO of CEF Holdings Ltd, a mining focussed investment company jointly owned by CK Hutchison Holdings Ltd and the Canadian Imperial Bank of Commerce from 2011 to 2019. He is a mining engineer and co-founded CIBC's Global Mining Group in 1988. During his 26 years at CIBC he ran the mining investment banking teams in Canada, Australia and Asia, serving as Managing Director and Head of the Asia Pacific region for 10 years and latterly as Vice Chairman for CIBC World Markets.

He has acted as advisor to the largest mining companies in the world including BHP, Rio Tinto, Anglo American, Noranda, Falconbridge, Meridian Gold, China Minmetals, Jinchuan and Zijin and has been responsible for some of the largest equity capital markets financings in Canadian mining history.

He is also a Board member of NYSE/TSX listed NexGen Energy Ltd, a uranium exploration and development company, and private mining company, Niobec Inc, which jointly owns the Niobec niobium mine in Canada with CEF, Temasek of Singapore and Magris Resources of Canada.

Warren obtained his B.Sc. in Mining Engineering at Queen's University and his MBA from the Ivey Business School at Western University. He is Chairman of the International Advisory Board at Western University and also a member of the Dean's Advisory Board of Laurentian University.

Martin Wiwen-Nilsson, currently a Non-Executive Director, has decided to step down from his role as Non-Executive Director of the Company with immediate effect and instead take on a role as Senior Advisor of Chaarat. He remains a significant shareholder in Chaarat.

Martin Andersson, Executive Chairman of Chaarat, commented: "Warren brings decades of experience and success in the mining sector. I'm delighted to welcome him to our Board which now includes four independent Non-Executive Directors. With the strong track-record and experience of our management team and Board, we are well placed to achieve our goal of becoming a mid-tier gold producer. I, and the rest of the board, thank Martin for his significant contribution to Chaarat as a Non-Executive Director. We look forward to working with him in his new capacity as a Senior Advisor of Chaarat."

Enquiries

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 Central Asia and 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.

Further information relating to the Director appointment

Mr Warren Philip Gilman (aged 59) has confirmed that other than the information disclosed below there are no matters to be disclosed under Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules.

Current directorships:

NexGen Energy Ltd

Niobec Inc.

Queen's Road Central Capital Ltd

Previous directorships held in the last 5 years:

CEF Holdings Ltd

FGT Pickard Memorial Scholarship Foundation

Shareholding in the Company:

None