Chaarat Gold Holdings Announces 2023 Full Year Results

Chaarat Gold Holdings, focused on mining exploration and development in the Kyrgyz Republic, released its full-year results for the period ending December 31, 2023. The year ended with a Group loss after tax of $25.3 million, a decrease from 2022's $8.6 million loss, primarily attributed to an increase in finance costs and losses from discontinued operations, including a significant loss on the disposal of Kapan.

The Group's cash and cash equivalents saw a rise from $0.6 million at the end of 2022 to $1.7 million by the end of the reporting period, with net debt reducing from $51.3 million to $35.9 million, mainly due to the disposal of Kapan.

Operationally, significant strides were made in the Kyrgyz Republic, with Chaarat signing key agreements with Power China for the conditional EPC, mining, operations, and maintenance of its projects. The company announced a maiden mineral resource estimate at the Karator prospect, significantly adding to its oxide gold resource. A Memorandum of Understanding was also signed with the government of the Kyrgyz Republic, reinforcing the Stabilization Agreement from 2019.

Corporate activities throughout the year included the strategic sale of Kapan, allowing Chaarat to refocus on its operations in the Kyrgyz Republic. The company also extended the maturity of its secured convertible loan notes to July 31, 2024, highlighting strong noteholder support.

Looking ahead to 2024, Chaarat is focused on securing project financing for the development of the Tulkubash and Kyzyltash projects, while continuing to evaluate options for its convertible loan notes due in July. The company remains committed to managing its liquidity and balance sheet, aiming to reduce interest costs and improve financial structure.