Bishkek, 17th December 2025: Novo Chaarat has agreed main terms and conditions with the Government of the Kyrgyz Republic, represented by Kyrgyzaltyn and the National Investment Agency (NIA), to advance the Unkurtash Gold Project through a capital commitment backed by international industrial and financial investors over three years and an initial capital programme of US$150 million.
This agreement establishes a framework for coordinated workstreams between Novo Chaarat and the Government’s representatives, Kyrgyzaltyn and the NIA, to progress Unkurtash as a nationally significant project that supports Kyrgyzstan’s development priorities, attracts high‑quality inward investment, and upholds strong environmental and community standards.
This marks a step towards a significant new investment in the Kyrgyz Republic and signifies how the National Investment Agency and Kyrgyzaltyn are working with strong international partners like Novo Chaarat to realise that opportunity. Novo Chaarat is focused on securing long-term international capital that will provide jobs and investment into local Kyrgyz communities.
The parties envisage a staged development for Unkurtash, with an initial phase focused on completing detailed engineering, permitting and technical work alongside construction of a pilot CIL operation of around 0.6 million tonnes per year. Subject to the results of this phase and the usual approvals, the project is expected over time to ramp up to a full‑scale processing facility of approximately 4 million tonnes of ore per year with a target annual production of 200k Oz of gold and a Life of Mine (LOM) well in excess of 10 years.
Ravshanbek Sabirov, Director of the NIA under the President of the Kyrgyz Republic, said:
“The Unkurtash project has the potential to become a major long‑term investment for the Kyrgyz Republic. This agreement shows how the National Investment Agency and Kyrgyzaltyn can work with strong international partners like Novo Chaarat to attract capital, create high‑quality jobs and deliver investment into local Kyrgyz communities.”
Novo Chaarat is led by founder‑investor Mert Çiftçi, Chief Executive Officer, and is also pleased to announce the forthcoming appointment of Martin Andersson as Chair of the company. Martin brings decades of experience in both the region and the mining sector.
Novo Chaarat’s incoming Chair, Martin Andersson, said:
“Unkurtash can become a flagship project for both Novo Chaarat and the Kyrgyz Republic. My focus as Chair will be on strong governance, disciplined project delivery and working with our partners to ensure Unkurtash creates lasting value for the country and for our investors.”
About the National Investment Agency: The National Investment Agency under the President of the Kyrgyz Republic is a governmental agency promoting foreign investments and assisting international companies in finding business opportunities in the Kyrgyz Republic.
About Novo Chaarat: Novo Chaarat, founded in April 2024, is dedicated to supporting mining projects across the country of Kyrgyzstan, working alongside government bodies and key stakeholders to secure long-term significant investment, bringing together world-class technical expertise, ensuring responsible governance and delivering lasting benefits to local communities.
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