Chaarat Gold : Management Changes

26 February 2020

Chaarat Gold Holdings Limited

('Chaarat' or the 'Company')

Chaarat reinforces the management team

Chaarat (AIM: CGH), the AIM-quoted gold mining company with assets in the Kyrgyz Republic and Armenia, is pleased to announce the appointment of Vladimir Shvetsov as Senior Vice President for Geology and Exploration and the earlier appointment of Vyacheslav Pilipenko as Vice President for Government Relations and Security.

Mr Shvetsov will take over from Dorian L. (Dusty) Nicol as Senior Vice President for Geology and Exploration effective immediately. Mr Nicol will continue to work closely with the Company's Board and Mr Shvetsov in an advisory capacity but will be retiring from his full-time executive role.

Mr Shvetsov has over 40 years of mining industry experience and has been involved in every level of mineral exploration in the gold mining business. He started his career in the 1970s as a geologist in Pre-Arctic Ural, following which he headed up the geological departments of a number of major gold mining companies globally, in Russia, and in the CIS. During his career Mr Shvetsov has led the exploration, design and implementation of numerous early and advanced-stage gold exploration projects, as well as prospected mine evaluations through M&A, geological audits and consulting on all aspects of geology and exploration.

Between 2014 and 2018 Mr Shvetsov served as Head of the Geology Department of GV Gold and prior to this, he spent 6 years (2007-2013) at Nord Gold N.V. as Director of Geology. At both companies he transformed the businesses by creating integrated Geological Departments.

In 2006, Mr Shvetsov initiated the creation of a gold business for Severstal as Director of Geology. He was also responsible for analytics and evaluation for M&A, geological exploration, and geological supervision and data support for mining operations.

Mr Shvetsov will bring with him a team of highly seasoned professionals who, together, will strengthen the mining and geology department at Chaarat.

Mr Pilipenko has 15 years of experience working for major Russian and world leading companies, including aluminum producer UC Rusal and state-owned energy company InterRAO, as well as serving for 7 years for the Presidential Administration of the Russian Federation.

Mr Pilipenko successfully managed a number of government relations projects for Russian and international companies, including development of government relations strategies, maintaining effective interaction with state authorities and political organizations and representing interests of companies in Central Asia.

As part of our continued focus on improving its corporate governance, Frances Robinson joined Chaarat as company secretary in January this year. Mrs Robinson is a qualified lawyer in England and Wales and has more than 15 years' experience as a FTSE company secretary.

Artem Volynets, Chief Executive Officer, commented:

'I am very excited to welcome new members to our management team, all of them are a great addition to our Company. Chaarat will benefit from Vladimir's many years of experience, ranging from the roots of geological exploration up to advanced stages of project development. Vyacheslav's experience and skills in collaboration with major stakeholders will also be invaluable to both operations in Armenia and Kyrgyzstan. The appointment of Frances with her extensive listed-company experience is another step towards improving Chaarat's governance.

As we continue to strengthen our team, these appointments are instrumental in continuing our strategy and efforts to become a major emerging markets gold company with an initial focus on Central Asia and the Former Soviet Union.

'I would also like to take this opportunity to thank Dusty for his many contributions to the transformation of Chaarat into a new company and look forward to our continued collaboration'.

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.