Chaarat Gold Holdings

What Chaarat Gold Holdings does

Chaarat Gold Holdings Limited is a British Virgin Islands-incorporated gold mining development company focused on two gold projects — Tulkubash (Stage 1) and Kyzyltash (Stage 2) — located on the same licence in the Tien Shan gold belt of the Kyrgyz Republic. Combined JORC-compliant mineral resources total approximately 6.4 million ounces of gold, with Tulkubash hosting a 647,000-ounce probable reserve (oxide, open-pit heap leach targeting 95,000 oz Au per annum) and Kyzyltash hosting a 5.377 Moz resource (refractory underground sulphide targeting 300,000 oz Au per annum). The company is pre-revenue and has historically financed development through equity, convertible notes, and a US$162M January 2026 sale of a 70% project interest to Silvercorp Metals, with state-owned Kyrgyzaltyn retaining a 30% free-carried interest.

The technology stack is conventional metallurgical processing rather than software: Tulkubash uses three-stage crushing, permanent multi-lift cyanide heap leach irrigation, and an ADR plant; Kyzyltash contemplates a flotation–Albion/POX–BIOX–CIL route achieving approximately 86% gold recovery per SGS Lakefield testwork. Drilling databases exceed 107,000 meters at Tulkubash and 80,000 meters at Kyzyltash along a 4km strike (with favorable geology over 20km). Operating model is asset-based: construction and operations were contracted to Power Construction Corporation of China (EPC/O&M/Mining), and ISO 14001 and International Cyanide Management Code compliance were pursued. The company was founded in 2007, was previously AIM-listed until a 16 August 2024 delisting, and now trades its ordinary shares on the Asset Match secondary platform.

The business model is a single-commodity sale of gold doré into global markets at prevailing spot prices, with no B2B software or SaaS layer. GTM motion is essentially corporate: regulatory disclosures via RNS, corporate website, LinkedIn and X presence, and direct engagement with noteholders and shareholders. Following the Silvercorp transaction and proposed redemption of the 2028 Senior Secured Convertible Loan Notes, Chaarat's residual economic exposure is concentrated on the performance of the Silvercorp-operated JV and the orderly return of capital to creditors.

Name

Chaarat Gold Holdings

Legal name

Chaarat Gold Holdings Limited

Website

https://chaarat.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

51–100 employees

Short description

Chaarat Gold Holdings is a pre-revenue gold mining developer that held two Kyrgyz Republic projects (Tulkubash oxide and Kyzyltash sulphide) on a single licence in the Tien Shan gold belt, selling a 70% interest to Silvercorp Metals in January 2026.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

Keywords

• Gold mining operations
• Open pit extraction
• Heap leach processing
• Refractory ore BIOX
• Gold doré production

Headquarters

HQ city

Bishkek

HQ country

Kyrgyzstan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations

Revenue model

1. Gold Production and Sales: Chaarat Gold is a pre-revenue gold mining company in the development stage. Its primary revenue will come from the sale of gold doré bars produced at its Tulkubash and Kyzyltash projects in the Kyrgyz Republic. Gold doré bars are transported off-site to a suitable refinery for final processing and sale at prevailing market prices.

Distribution channels1 record

Marketing channels6 records

Core offering

Chaarat Gold Holdings is a gold mining company developing two gold projects (Tulkubash and Kyzyltash) on a single licence in the Kyrgyz Republic's Tien Shan gold belt, with combined mineral resources of approximately 6.4 million ounces Au. The company sells gold doré bars produced at these operations to refineries at prevailing market prices, with a near-term production target of 95,000 oz Au per annum at Tulkubash and a long-term target of 300,000 oz Au per annum at Kyzyltash.

Product overview

Chaarat Gold Holdings is a gold mining company with two development projects in the Kyrgyz Republic comprising a two-stage development strategy. The portfolio consists of Tulkubash (Stage 1), an open-pit oxide heap leach operation targeting 95,000 oz Au per annum, and Kyzyltash (Stage 2), an underground sulphide operation targeting 300,000 oz Au per annum for long-term transformative growth. Combined mineral resources total approximately 6.4 million ounces Au.

Differentiator

Problem solved

Functional benefit

Products and services

• Tulkubash Gold Project (Stage 1) An oxide gold deposit designed for open-pit mining with conventional three-stage crushing followed by permanent multi-lift cyanide heap leach irrigation and an ADR plant for gold and silver recovery onto granular activated carbon, pressure stripping with hot caustic solution, electrowinning to produce gold-rich sludge, and smelting into gold doré bars. Targets approximately 95,000 oz Au per annum of production with 1,011 koz Au of JORC-compliant resources (789 koz Measured & Indicated; 222 koz Inferred) and 647 koz Au of probable reserves (23.1 Mt at 0.87 g/t Au). Suited to global gold market buyers via refinery sale of gold doré.
• Kyzyltash Gold Project (Stage 2) A high-grade refractory underground sulphide deposit representing the largest undeveloped gold deposits in the West Tien Shan gold belt. Metallurgical processing route uses flotation as the initial step followed by Albion, POX and BIOX oxidation prior to CIL leaching, achieving approximately 86% overall gold recovery. JORC-compliant resource estimate of 5,377,000 oz Au at a 2.0 g/t Au cut-off grade (4,545 koz Measured & Indicated; 832 koz Inferred) supported by over 80,000 metres of drilling along a 4km strike length. Long-term production target of 300,000 oz Au per annum. Sold to Silvercorp Metals Inc. in January 2026 as part of the broader Tulkubash/Kyzyltash joint venture transaction.

Quantifiable outcome

• Tulkubash NPV5% of US$85–135 million at gold prices of US$1,450–1,700/oz, with post-tax IRR of 25–35%
• +4 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered minor, core and moderate.

• Cleary Gottlieb Steen & Hamilton LLPminorOthers · 3 February 2026Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to the group of Chaarat Gold Senior Secured Convertible Loan Notes noteholders (due 2028) who responded to the company's proposal to redeem the Notes in full on 13 February 2026 using proceeds from the sale of its Zaav Holdings Ltd equity to Silvercorp Metals. The group publicly urged Chaarat Gold to share basic documentation (Notes instrument and accrued interest calculation) without requiring a five-year NDA.
• Silvercorp Metals Inc.coreStrategic or Co-development Partner · 20 January 2026Silvercorp Metals Inc. acquired a 70% interest in the Tulkubash/Kyzyltash gold projects from Chaarat Gold Holdings Limited for US$162 million in January 2026. Silvercorp serves as operator of the joint venture. Proceeds from the sale were used to redeem Chaarat's Senior Secured Convertible Loan Notes due 2028.
• Power Construction Corporation of China Limited (Power China)coreImplementation/ SI/ Consulting Partner · 1 October 2023EPC (Engineering, Procurement, and Construction), O&M (Operations and Maintenance), and Mining contracts were signed with Power Construction Corporation of China Limited (Power China) in October 2023. Power China is the Kyrgyz subsidiary of Power Construction Corporation of China International Group Limited. This significantly de-risked the Tulkubash project by locking in key construction and operational contractors.
• European Bank for Reconstruction and Development (EBRD)moderateStrategic or Co-development PartnerAlongside EBRD, Chaarat sponsors an annual conference in London promoting the benefits of doing business in the Kyrgyz Republic. This forms part of the company's ongoing work with EBRD and others to promote responsible foreign direct investment in the Kyrgyz Republic. EBRD is also involved in ESG advisory and financing for emerging market mining projects.

Scale indicators9 records

Recent moves8 records

Expansion highlights3 records

Direct peers

• Centerra Gold: Centerra Gold is a Canadian mid-tier gold miner that operated the Kumtor mine in the Kyrgyz Republic until its 2022 nationalization. It is the most geographically comparable peer to Chaarat, sharing both the Kyrgyz mining jurisdiction and exposure to West Tien Shan / Central Asian gold belt geology.
• Mandalay Resources: Mandalay Resources is a Canadian mid-tier gold-and-antimony producer operating in Australia and Sweden (Costerfield) and Chile. Comparable as a small-cap precious metals miner with underground refractory-ore expertise similar to the Kyzyltash sulphide processing model.
• Hochschild Mining: Hochschild Mining is a precious metals producer with underground gold-silver operations in the Americas (Peru, Argentina, Brazil). Direct peer given its underground refractory-ore expertise, similar mid-cap size, and focus on emerging markets - directly analogous to the Kyzyltash BIOX/CIL processing model.
• Condor Gold: Condor Gold is a UK-listed junior gold developer advancing the La India project in Nicaragua. Comparable to Chaarat as a development-stage single-asset platform with similar capital-raising hurdles, AIM/UK investor base, and reliance on project monetization or major partner to fund construction.
• Polymetal International: Polymetal is a precious metals miner with significant gold and silver operations across Russia, Kazakhstan, and Armenia. Comparable on emerging-markets/CIS jurisdiction profile and dual gold-silver production, similar mid-tier developer-operator profile to Chaarat.
• Hummingbird Resources: Hummingbird Resources is a small-cap gold producer with operations in West Africa (Liberia, Mali). Comparable to Chaarat as a junior gold platform focused on emerging markets with both production and development-stage assets, and similar capital markets positioning.

Broad incumbents

• Pan American Silver: Pan American Silver is a senior precious metals producer with gold and silver mining operations across the Americas. Broader incumbent offering scale and geographic diversification that Chaarat lacks, but comparable in vertical integration across the precious metals value chain and product mix of gold doré and silver credits.
• Alamos Gold: Alamos Gold is a mid-tier gold producer with operations in Canada, Mexico (Mulatos), Turkey, and the US. Comparable as a multi-jurisdiction gold platform with both open-pit and underground operations, providing a useful scale comparison for Chaarat's gold development pipeline.
• Endeavour Mining: Endeavour Mining is a mid-tier gold producer operating multiple mines in West Africa (Burkina Faso, Côte d'Ivoire, Senegal). Comparable as an emerging-markets-focused gold producer, though at a much larger scale with diversified production assets.

Emerging players

• Troy Minerals: Troy Minerals is a Canadian junior exploration company focused on critical and precious minerals projects. Comparable as a micro-cap emerging gold-focused developer that shares the listing-status and capital-raising challenges Chaarat faced prior to its AIM delisting and Asset Match secondary trading.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/chaaratg
• LinkedInlinkedin.com/company/chaarat-gold-holdings-limited

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chaarat Gold Holdings