Deccan Gold Mines has issued a corrigendum to the notice of its Extraordinary General Meeting (EGM) scheduled for September 2, 2026. The company filed the correction with BSE Limited on August 25, 2026.

The corrigendum addresses a technical error in the original EGM notice dated August 7, 2026. Specifically, it corrects the website link provided for shareholders to inspect the certificate from M/s. Rathi & Associates, Company Secretaries. This certificate confirms that the proposed preferential issue complies with SEBI ICDR Regulations.

Corrected Inspection Link

Shareholders can now access the Practicing Company Secretaries' certificate via the updated link on the company's investor relations page. The document remains available for inspection until the date of the EGM.

Preferential Issue Details Unchanged

The substantive terms of the preferential issue remain unaffected by this administrative correction. The aggregate size stands at ₹13,567.37 lakhs, following the earlier exclusion of allottee Mr. Rian Sumit Gala due to securities transaction violations.

Subramaniam Sundaram, Company Secretary & Compliance Officer, signed both the exclusion announcement and this corrigendum. The EGM will be held through Video Conferencing or Other Audio Visual Means.

Deccan Gold Mines Limited transitioned from an explorer to a producer in Q1FY27, reporting a profit after tax (PAT) of ₹6.35 crore. The result was driven by the company’s stake in the Jonnagiri gold project, where it sold 59 kg of gold bullion, generating ₹87 crore in revenue. The broader project recorded a PAT of ₹25 crore, with Deccan’s share contributing to the consolidated bottom line.

The company also announced a board-approved capital raise of ₹137 crore through compulsorily convertible debentures (CCDs), equity shares, and warrants. Management stated the funds will accelerate exploration for projects outside Kyrgyzstan, including critical mineral assets in Mozambique, Spain, and Chhattisgarh.

Financial Performance

The Q1FY27 results reflect the initial ramp-up phase of the Jonnagiri mine. While production reached approximately 1 kg per day, sales were limited by timing relative to the official inauguration on June 24.

Management noted that 40 kg of gold and 60 kg of dore bar remain in stock at the end of Q1. With current gold prices near ₹1.5 lakh per 10 grams, the company plans to optimize sales in subsequent quarters to capture price arbitrage.

Project Updates

Gold Vertical

• Jonnagiri (India): Production stabilized at ~30 kg per month. The company aims to expand processing capacity from 1,010 tons per day to 2,500 tons per day, targeting up to 2 tons of gold annually by FY30. Drilling continues to extend mine life beyond 25 years.
• Altyn Tor (Kyrgyzstan): Dore bar production has commenced via the Merrill-Crowe system. The larger leach circuit and tailings facility are nearing completion, with full-scale production expected soon. Initial output will come from 0.6 million tons of existing tailings.
• Kalevala (Finland): Focus shifts to drilling at the Kuikka and Pahkalampi prospects. An investment of $1–$2 million will secure a 51% stake, with feasibility studies planned for 2027.

Critical Minerals Vertical

The company is advancing three key battery-metal projects:

• Bhalukona (Chhattisgarh): Drilling for nickel, copper, and palladium has identified a 1.3 km mineralized zone. A 3,000-ton-per-day processing plant is envisaged, requiring ₹650–700 crore in capital.
• Logrosan (Spain): Tungsten drilling completed 3,000 meters, intersecting mineralization up to 626 meters deep. Preliminary resource modeling is due by October 2026.
• Mozambique: Lithium, cesium, and tantalum exploration will begin in September, funded by the recent capital raise. A concentrate plant is targeted for completion by end-2027 or early 2028.

What the Numbers Show

Deccan Gold Mines’ Q1 profitability is heavily dependent on inventory realization rather than just production volume. With 80 kg of equivalent gold remaining in stock (40 kg bullion + 60 kg dore), the disconnect between production (~90 kg) and sales (59 kg) suggests significant unrealized revenue. This inventory buffer positions the company to benefit from higher gold prices in Q2FY27, potentially improving EBITDA margins which management expects to stabilize toward 65–70% after initial setup costs.

Governance and Strategy

The Board appointed Pandarinathan Elango as Chairman and added Jade Gemma Devenish as a Non-Executive Director. Management emphasized a dual-strategy approach: organic growth in gold via asset acquisitions targeting 2028 production, and strategic partnerships in critical minerals, including an MoU with CECRI for battery research.