Condor

Overview

The Chaarat Gold Project is located in the Tien Shan belt of northwestern Kyrgyzstan, approximately 490 km by road southwest of the capital city of Bishkek. The project is held through a joint venture in which Silvercorp Metals holds a 70% interest, and Kyrgyzaltyn (a state-owned entity) holds a 30% free-carried interest.

The project will be developed in two phases and comprises a fully permitted mining license and exploration license:

Phase 1: Tulkubash — Oxide gold deposit, fully permitted for construction and operation. Planned as an open-pit heap-leach operation.

Phase 2: Kyzyltash — Sulphide gold deposit, planned for open-pit and underground mining. Currently in the PEA stage, with a focus on resource conversion and development studies.

Primary gold
Oxide and Sulphide Deposits

100–110 koz Au/yr
Tulkubash (oxide)

190–230 koz Au/yr
Kyzyltash (sulphide)

LOCATION & GEOLOGY

The Chaarat Gold Project is located in the Sandalash Range of the Alatau Mountains in the Jalal-Abad region of north western Kyrgyzstan. The property lies within the middle Tien Shan metallogenic belt, part of the broader Tien Shan gold belt that extends across Central Asia and hosts several world-class gold deposits, including Muruntau, Zarmitan, Jilau, and Kumtor.

PROJECT DEVELOPMENT

The gold resources contained in the Tulkubash and Kyzyltash deposits will be developed using a two-phase approach, with phase 1 focusing on the development, mining, and extraction of the Tulkubash oxide gold mineral resource, and phase 2 focusing on the Kyzyltash sulphide gold mineral resource.

PHASE 1: TULKUBASH

Tulkubash is an oxide gold deposit suitable for open-pit mining and extraction using conventional heap leach gold extraction technology. The project is fully permitted for construction and operation and has been developed in accordance with international environmental and social standards.

KEY FACTS

4 Mtpa open-pit heap leach operation mining ~500 koz of oxide gold resource over a 3 year period at recoveries of 74–76%.
Producing 100–110 koz/yr gold in dore over ~3 years.
Committed to invest $150M, with production start-up in 2027–2028.
Karator oxide zone to the NE could add 2–3 years of production to the heap leach operation.

PHASE 2: KYZYLTAASH

Kyzyltash is a sulphide gold deposit consisting of two mineralized zones (main zone and contact zone), suitable for open-pit and underground mining, planned for development between 2028 and 2031. A PEA-level study for the Kyzyltash sulphide deposit is planned during 2026.

KEY FACTS¹

Production rates of 3–4 Mtpa open-pit/underground, flotation–BIOX–CIL operation, mining ~5.5 Moz of sulphide gold resource with recoveries between 82–88%.
Producing 190–230 koz/yr gold in dore over ~18 years.
Estimated $400M CAPEX investment funded by cash flow from Tulkubash, with production start-up in 2031.

¹ Not yet permitted for exploitation. Scope based on 2016 PFS by NERIN (Non-NI 43-101).