Deccan Gold Mines is India’s only listed company focused entirely on gold and critical minerals, and it was the partner behind the first private gold mine commissioned in the country since independence. Founded in 2003 by Australian promoters and reshaped under new management since 2021, the company has built a multi-country portfolio of projects that spans early exploration all the way to commercial production. Its recurring approach is to use a team with decades of geological experience to identify and secure mineral assets early, then advance them step by step - from drilling to trial mining to full-scale processing - across gold, nickel, lithium, tungsten and other minerals that India and the world increasingly need. # Business segments A single engine at different stages of maturity - a producing gold mine in India, a second gold mine nearing full production in Kyrgyzstan, and a pipeline of exploration projects across critical minerals and gold on three continents, all advanced through a network of subsidiaries and associates. ## 1. Jonnagiri Gold: India’s first private gold mine **The company’s 26% stake in this operating mine gives it a share of profits from the first privately owned gold production in India since independence, with expansion already underway.** - **First-mover in a closed market** - India imports roughly 800 tonnes of gold every year, and Jonnagiri, developed by associate Geomysore Services, is the first private mine to produce and sell refined gold domestically, where gold cannot be exported. - **Simple ore, high recovery** - the open-pit mine in Andhra Pradesh processes ore with straightforward metallurgy, recovering more than 90% of the gold, and the on-site refinery turns it into bullion sold straight into the Indian market. - **Built to get bigger** - the current licence allows 1,000 tonnes of ore per day, yielding roughly 400-600 kg of gold a year, but the foundation stone for an expansion to 2,500 tonnes per day has already been laid, which would push annual output past one tonne. - **Resource upside is being drilled right now** - mining has so far touched only the east block, which holds about 12 tonnes of gold; ten drill rigs are working on the west and south blocks to grow the total resource to at least 32 tonnes, which could extend the mine life beyond 15 years. ## 2. Altyn Tor Gold: near-term production from tailings in Kyrgyzstan **A 60%-owned mine that will run for its first four years on already-mined material sitting on the surface, slashing upfront costs before it taps the higher-grade ore underground.** - **Four years of free feedstock** - about 1.6 million tonnes of tailings and low-grade stockpiles, averaging 1.0-1.1 grams of gold per tonne, are ready to feed the plant without any large-scale mining, which keeps operating costs low while the deeper mine is prepared. - **Plant commissioning in stages** - the gravity circuit is already producing gold concentrates, the Merrill-Crowe circuit for making doré bars was due for commissioning in June 2026, and the full leaching circuit was targeted for August 2026, when commercial production is set to begin. - **Revenue shared with the state** - the project pays a 5% royalty and shares 17% of revenue with a government partner, and gold is sold directly to the National Bank of Kyrgyzstan, creating a built-in buyer. - **Underground potential beyond the stockpiles** - the open-pit ore grades are above 3 grams per tonne, and drilling below the existing pit is planned to design a longer-life underground operation with even higher grades, with a revised resource estimate and mine plan due by mid-2026. ## 3. Critical minerals exploration: nickel, lithium, tungsten and more **A portfolio of early-stage projects across India, Mozambique, Finland and Spain that targets the minerals needed for batteries, defence and the energy transition - owned or optioned, and advanced with the company’s own drilling rigs and geological teams.** - **India’s first nickel, chromium and PGE licence** - the 100%-owned Bhalukona project in Chhattisgarh sits on a 30-square-kilometre composite licence that runs seamlessly from exploration to mining; drilling has already hit a 2.6-metre zone grading 1.01% nickel, 0.29% copper and palladium, and geophysical surveys suggest mineralisation extends to 300 metres depth. - **Lithium shipments already happening from Mozambique** - through a 51%-held subsidiary, the company exported its first 150 tonnes of lithium ore at 2.5% Li₂O to China and is scaling toward 1,000 tonnes a month, while planning a processing plant to produce high-grade concentrates of lithium, tantalum and other minerals. - **Tungsten in a top-tier mining jurisdiction** - the Logrosan project in Spain, where the company is earning in up to 95%, has returned drill hits of 1 metre at 96.2 grams per tonne gold and multiple tungsten-tin intersections; tungsten is classified as a critical mineral for defence and semiconductors, and Spain allows full foreign ownership. - **Gold in Finland’s established mining belt** - the Kalevala projects, where the company holds 32% with a path to 51%, include a deposit with a small mining licence and a bulk sample that yielded 591 grams of gold in doré; the plan is to feed a central plant from three deposits with grades of 5 grams per tonne or more. # Group structure and partners **A hub-and-spoke model: the Indian listed parent holds direct stakes in operating subsidiaries and associates across five countries, with local partners and strategic alliances filling in capabilities from drilling to plant construction.** - **Wholly owned exploration arms** - Deccan Exploration Services (India), Deccan Gold Tanzania, Deccan Gold FZCO (Dubai), and Novadhatu Minerals (India, for critical minerals) are all 100% held, giving the parent full control over exploration spend and licence holdings. - **Majority-owned operating subsidiaries** - the Kyrgyzstan gold mine is held through a 60% stake in Avelum Partner LLC, while the Mozambique lithium and copper ventures are held through step-down subsidiaries at 51% and 90% respectively, with local partner Magnifica Group holding the balance. - **Associates with carried stakes** - the Jonnagiri mine is held via a 29.44% stake in Geomysore Services, whose majority owner is the Thriveni Group, and the Finnish gold projects sit in Kalevala Gold Oy at 32.5% with a right to increase to 51%. - **Strategic partners for execution** - alliances with AK Corporation for processing-plant construction, Kartikay Exploration for drilling services, and Steiger Geoscience for drone-based geophysical surveys give the company access to specialised skills without building them all in-house.