Chaarat Gold Holdings Limited announced a maiden Mineral Resource Estimate ("MRE") for its Karator Prospect, located 2km from its most advanced asset, the 1.01Moz resource (M&I and Inferred) Tulkubash Gold Project ("Tulkubash"). In addition, Chaarat has a JORC compliant 5.3 Moz resource (M&I and Inferred) at Kyzyltash, a high-grade refractory deposit located beneath Tulkubash. Highlights: Maiden MRE at the Karator Prospect confirmed for 207Koz at 0.96 g/t gold ("Au") of Indicated and Inferred JORC compliant Resources (Resource), reported with applied cutoff grade of 0.21 ppm Au at Karator.

Significant further upside potential demonstrated by Karator's full immediate, non JORC compliant oxidized Au mineralization potential (or Mineral Inventory) of approximately 5-10Mt of oxide gold material at 0.8-0.9 g/t, subject to further exploration, resource definition and upgrade. Karator is located 2km northeast of Tulkubash, with 1km traced strike of with between 30-80 metres width, and 150 to 250 metre down dip extension. Potential to significantly extend the Tulkubash Gold Project Life of Mine ("LOM") from the current 6 years towards the eventual target of 10-15 years.

Tulkubash is expected to produce 95,000oz Au per annum with all in sustaining costs of between $1,000-$1,100/oz from 2025 (subject to FID occurring by end First Quarter 2024), through the development of an open pit operation and simple heap leach processing achieving average recovery of approximately 75%. Karator ore has demonstrated its consistency with the deeply oxidised ore encountered at Tulkubash supporting the Company's strategy to develop Karator as a satellite mine to Tulkubash, utilising the same mining and processing methodology with modest additional capex. Next steps will include further systematic step out and infill drilling, aiming to advance and extend the maiden Resource with a new MRE update.

Karator will also undergo a comprehensive technical assessment, including field activities covering metallurgical, geotechnical, and hydrogeological test works, and a further Feasibility Study (FS) report with confirmed JORC compliant Reserves. It is envisaged that Karator will become an additional dimension of Chaarat's gold production strategy as it looks to unlock the value of its total resource inventory, which exceeds 6Moz across the Tulkubash andKyzyltash Gold Projects, to become a mid-tier gold producer.