Deccan Gold Mines Limited has confirmed and expanded its Bhalukona critical minerals discovery in Chhattisgarh, establishing a broad corridor of potentially economic nickel, copper, and palladium mineralisation. The mineralised corridor extends over a strike length of approximately 430 metres to depths exceeding 200m and remains open, with ongoing drilling indicating potential continuation across a larger target zone extending up to 1.3 kilometres. This development reinforces the project's potential to emerge as one of India's most significant critical minerals discoveries, strengthening domestic resource security essential for clean energy technologies and electric mobility.

The company has completed approximately 1,500 metres of diamond drilling across nine drill holes. Assay results confirm widespread sulphide mineralisation containing nickel, copper, and platinum group elements (PGEs), including localised occurrences of platinum. Microscopic studies have confirmed the presence of pentlandite, chalcopyrite, and pyrrhotite sulphides, which are key indicators of a potentially significant nickel-copper sulphide system. The Bhalukona-Jamnidi Composite Licence was among the first critical minerals licences granted in India following the government's strategic push to accelerate domestic exploration.

Key Assay Results

The drilling programme has yielded significant intersections of nickel equivalent (Ni_Eq) mineralisation. The Ni_Eq is calculated by weighting metal grades by current market values, using prices of US$20,000/t for nickel, US$13,000/t for copper, and US$1,500/oz for palladium. The table below summarises the key drill hole intersections reported to date:

Exploration Progress and Future Plans

Deccan Gold initiated exploration activities at the 30 sq. km Bhalukona Nickel Block following the execution of the Bhalukona-Jamnidi Composite Licence by the Government of Chhattisgarh on 01 April 2025. The company acquired necessary forestry approvals for non-destructive exploration activities. Dr Hanuma Prasad Modali, Managing Director of Deccan Gold, stated that the latest results significantly strengthen confidence in the scale and continuity of the mineralised system. He noted that the project's potential to become India's first Nickel-Copper-PGE mine is increasingly encouraging given the strategic importance of critical minerals for economic competitiveness and resource security. The company plans to accelerate exploration activities to define a mineable resource and progress toward mining lease applications, with drilling resuming aggressively post-monsoon.

Deccan Gold Mines Limited has approved the grant of 7,50,000 stock options to eligible employees under its Stock Incentive Plan 2024 (DGML SIP 2024). The Nomination and Remuneration Committee of the company passed a resolution by circulation on May 23, 2026, to authorize the grant of these options to employees of a subsidiary company.

The scheme is compliant with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. Each granted option is convertible into one fully paid-up equity share of the company, which has a face value of ₹1. The total number of shares covered by these options is 7,50,000.

Key Details of the Grant

The company has determined the exercise price for the stock options at ₹20 per share. This price is in accordance with the regulations and the company's internal policies, ensuring it is not less than the face value of the equity shares. The total scheme size for DGML SIP 2024 is 8,000,000 stock options.

Vesting and Exercise Period

As of the date of the intimation, no options have vested or been exercised. The exercise period will commence from the date of vesting and extend up to five years from that date, or a lesser period as decided by the Nomination and Remuneration Committee. The company noted that 30,000 options have lapsed in accordance with the terms and conditions of the ESOP plan.

The grant of these options is subject to in-principle approval from the stock exchanges. The company confirmed that the terms of the plan are in line with the accounting policies specified under Regulation 15 of the SEBI regulations.