“Chaarat now has more than enough cash to provide the equity portion for the Kyzyltash mine build,” said finnCap analyst Charlie Long.
“This morning’s announcement noted that the updated BFS should be complete in May, and project finance closed in H1. This would result in construction proper starting in early Q3,” he said.
In an operational update, Chaarat said first-quarter production from its Kapan mine in Armenia rose 21%, boosting underlying earnings, and announced progress on its two gold projects: Tulkubash and Kyzyltash.
“Q1 also included a very significant financing – US$30m equity and a US$22m debt for equity swap,” noted Long.