Wednesday, December 6th 2023

Chaarat Gold Holdings Ltd

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With a supportive shareholder base, communication is key moving forwards for Chaarat Gold Holdings


“…the company is massively undervalued particularly in a great gold price environment…”


The past twenty-four months have seen much change for AIM-listed gold miner Chaarat Gold Holdings.  One of the remits of the most recently departed chief executive was acquisitions with the company expressing interest in buying investor favourite Shanta Gold.  Then there were lengthy discussions surrounding a reverse takeover of Lydian Armenia CJSC which resulted in stock suspension of six months, and then there was the sale of its producing asset, the oft described “backbone of the business cash cow” that was its Kapan mine in Armenia.

The company is now being steered by majority 46% shareholder and executive chairman Martin Andersson who is acting CEO, and Chief Financial Officer David Mackenzie. Axis Capital Markets has been appointed as joint broker, Strand Hanson is now the company Nomad and a new presentation has been published.

Chaarat Gold is resetting.  Its focus is the Kyrgyz republic where it has the Kyzyltash sulphide deposit, described as the biggest value driver for the company and the crown jewel in the portfolio, and the Tulkubash oxide gold project which Mackenzie says is “ready to go”.

Mackenzie has been with the company three years so that’s not a glib remark and he describes Tulkubash as the world class asset that now conditionally involves Power Construction Corporation of China at the construction and operational phases of its development.

The paperwork Chaarat has signed with ‘Power China’ is a mega $83 million fixed price full service EPC (engineering, procurement, construction) contract, and it aligns the UK-listed company with a business that is ranked 105th amongst the Fortune Global 500 companies and operates in 130 countries.

Mackenzie is hopeful that with one of the world’s largest construction companies on board, it may open the necessary doors to raise the finance required for Tulkubash to get going. It’s well advanced. It’s ready. It’s just not paid for – yet.  The hope is for financing to be finalised in the first quarter of 2024.

Watch David talk to Sarah Lowther about the progressing of Tulkubash, the monetizing of Kyzyltash and why the company is “massively undervalued” particularly in a “great gold price environment.”



Access the new corporate presentation.


Follow the company on Twitter @ChaaratG


The author was remunerated but does not hold shares in the company