Deccan Gold Mines outlined its strategic pivot from an India-focused exploration entity to a global mining and critical minerals platform during its 42nd Annual General Meeting held on September 29, 2026. The meeting concluded with the approval of all eight resolutions, including material related party transactions and director re-appointments.

The accompanying investor presentation highlighted significant operational milestones, including the commencement of production at the Jonnagiri mine in India and the Altyn Tor project in Kyrgyzstan. The meeting, conducted via Video Conferencing and Other Audio Visual Means, commenced at 11:30 am IST.

Strategic pivot to global operations

Deccan Gold Mines is transitioning from a primarily gold-centric, exploration-led company to a diversified portfolio encompassing gold and critical minerals across multiple geographies. The presentation emphasized that the company is no longer just exploring for resources but is building a global mining business.

Key operational updates disclosed include:

• Jonnagiri (India): In production since June 2026. Q1 FY27 saw 112.7 kg of doré produced and 89.7 kg of gold ingots produced.
• Altyn Tor (Kyrgyzstan): Reached production stage in September 2026, marking the first investment by an Indian company in Kyrgyzstan's gold-mining sector to reach production.
• Finland: Holds over 2,700 hectares of license area with three highly prospective gold projects, including the Kuikka deposit.
• Spain & Mozambique: Developing critical minerals projects focusing on tungsten, tin, lithium, and tantalum.

Financial and production highlights

The shift to production is beginning to reflect in the company’s financial performance. For Q1 FY27, the standalone profit stood at ₹63.5 Mn, with other income contributing ₹11.5 Mn. The company targets expanding resources towards 40+ tonnes of gold and increasing production towards 700 kg per annum, with a long-term ambition of exceeding 1 tonne per annum by 2029.

Governance and resolutions passed

Shareholders voted on eight specific items categorized into ordinary and special business. The ordinary business covered the adoption of financial statements for FY26 and the re-appointment of Dinesh Kumar Gandhi as Director. The special business focused on governance approvals.

Pandarinathan Elango, Chairman of the Company, presided over the meeting. Managing Director Hanuma Prasad Modali presented an overview of operations, projects, and future plans. Remote e-voting facilities were available from September 25 to September 28, 2026.

Voting results summary

All resolutions were approved with requisite majority. Notably, public institutional investors voted against all Material Related Party Transaction (RPT) resolutions (Resolutions 3 through 7), resulting in overall approval percentages between 85.14% and 85.15% for these items. Promoter group votes were excluded for these RPTs as they were deemed interested parties or abstained where required.

What the numbers show

The combined data reveals a diversification strategy where gold production provides immediate cash flow while critical minerals offer long-term growth optionality. With Jonnagiri producing 89.7 kg of ingots and Altyn Tor entering production simultaneously, the company is reducing dependency on a single asset. Furthermore, the exposure to critical minerals like tungsten (which saw a 622% price increase since Jan 2025 according to source data) positions Deccan Gold to capitalize on supply chain shifts driven by global demand for EVs and defence applications.

A notable governance signal emerges from the voting pattern: while promoter and non-institutional public shareholders overwhelmingly supported the Material RPTs, public institutional investors voted unanimously against these transactions. This divergence highlights a potential governance concern regarding related-party dealings, even as the resolutions passed due to the weight of retail and promoter votes.

Deccan Gold Mines issued a corrigendum to its 42nd annual general meeting notice, rectifying an error in the resolution type for a material related-party transaction. The company clarified that the approval requires an ordinary resolution rather than a special one.

The correction addresses Item No. 3 of the AGM notice, which concerns material related-party transactions between the company and its subsidiary. Shareholders will vote on this matter during the meeting scheduled for September 29, 2026, at 11:30 am. The event will be conducted via video conferencing or other audio-visual means.

Correction Details

The original notice dated September 4, 2026, inadvertently listed the resolution as special. The corrigendum, issued on September 17, 2026, aligns the heading with the explanatory statement, which correctly contemplated an ordinary resolution. All other contents of the AGM notice remain unchanged.

Company Secretary Subramaniam Sundaram signed the corrigendum, confirming it forms an integral part of the AGM notice. The document is available on the company website and the Bombay Stock Exchange platform.