Chaarat Gold Holdings Ltd (AIM:CGH) shares jumped 11% as it signed a memorandum of understanding (MOU) with the Kyrgyz Republic government covering its Tulkubash and Kyzyltash projects.
The MOU sets out the framework for collaboration going forward and confirms the Kyrgyz Republic's commitment to facilitating the development of the Chaarat projects, said the statement.
Chaarat added it continues to work towards completing financing for the Tulkubash project, which is expected to be by the end of the first quarter of 2024.
David Mackenzie, Chaarat’s chief financial officer, commented: "The memorandum of understanding actively promotes further development of Chaarat's gold projects.
"The specific actions highlighted, with regards to facilitating the progression of Chaarat projects and reinforcing the Stabilisation Agreement, further highlights the stable fiscal and taxation conditions in the country.”
Shares rose 0.7p to 7.25p.