The Kyzyltash sulphide ore body represents the long term future for Chaarat in Kyrgyzstan and presents the Company with a clear avenue for organic growth.

Ownership100%Measured & indicated Resources4,545koz contained gold; 39.5Mt at 3.7 g/t
Anticipated Start Date2024Production200-300koz/ year
Extraction ProcessUnderground mining, pre-oxidation and direct cyanideLife of Mine8 years

The Kyzyltash project is a larger, higher grade resource than Tulkubash but its extraction will be more complex given it is refractory in nature. However, there are a number of proven technologies available to extract gold economically from refractory ore-bodies, with over 40% of annual world gold production coming from this type of ore.

Kyzyltash will be an underground mine, with an adit driven into high grade mineralisation in the heart of the deposit.  Based on early-stage engineering designs, Kyzyltash has the potential to produce 200,000-300,000 ounces of gold per annum with low operating cash costs.

Due to the scale of investment required and the additional risks associated with both underground mining and refractory ore processing, a phased development – starting with the Tulkubash oxide heap leach development – has been adopted.