Deccan Gold Mines has scheduled remote e-voting for its Extraordinary General Meeting (EGM) from August 29, 2026, to September 1, 2026, to seek shareholder approval for a ₹1370 million capital raise. The funding, structured through Compulsorily Convertible Debentures (CCDs), equity shares, and equity warrants, is critical for scaling gold production at its Jonnagiri project in India and the Altyn Tor project in Kyrgyzstan. This move follows a strong financial turnaround in Q1FY27, where the company reported a standalone net profit of ₹11.52 million, reversing a net loss of ₹155.90 million in the corresponding period last year.

The EGM will be held on September 2, 2026, via Video Conference (VC) or Other Audio-Visual Means (OAVM), in compliance with Ministry of Corporate Affairs (MCA) General Circulars Nos. 14/2020, 17/2020, 09/2024, and 03/2025, as well as SEBI Circular Ref. No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2024/133. Shareholders holding shares as of the cut-off date of August 26, 2026, are eligible to vote. The remote e-voting module, facilitated by MUFG Intime India Private Limited, will open at 09:00 A.M. on August 29 and close at 05:00 P.M. on September 1. Once cast, votes cannot be changed.

Financial Performance and Operational Highlights

Deccan Gold Mines’ Q1FY27 results reflect significant operational momentum. Standalone total income from operations surged by 266% year-on-year to ₹114.36 million. A primary driver of this improvement was the share of profit from associates, which reached ₹66.44 million. This was largely supported by Geomysore Services (India) Private Limited (GMSI), which contributed ₹63.5 million in profit after tax from the sale of 59 kg of gold. On a consolidated basis, total income rose by 56%, while the consolidated loss narrowed by 69%.

*Note: Previous year revenue derived from 266% increase statement.

Project Updates and Strategic Expansion

The company’s gold portfolio is advancing across multiple geographies. At Jonnagiri, inaugurated in June 2026, the development plan aims to increase resources to over 4 tons of gold and reach 90 kg of quarterly production. The goal is to acquire approvals for over 700 kg of annual production, targeting more than 1 ton per annum by 2029.

At Altyn Tor, the Merrill-Crowe Intensive Leach System (ILS) test run demonstrated operational viability. The company is now advancing toward full-scale commercialization, with mining activities set to restart and a revised mine design targeted for October 2026. In Finland, drilling for the Kuikka and Pahkalampi deposits is scheduled to resume in Q4 CY2026, with mineral resources expected to be published in Q1 CY2027.

Governance and Shareholder Procedures

In compliance with regulatory guidelines, the EGM notice was sent electronically to members with registered email addresses as of August 7, 2026. No physical copies were dispatched. Members without registered emails can temporarily register via MUFG Intime India Private Limited to participate in e-voting. The Board also strengthened its governance framework by appointing Ms. Jade Gemma Devenish as a Non-Executive Non-Independent Director and designating Mr. Pandarinathan Elango as Chairperson following the retirement of Mr. Kailasam Sundaram. Dr. Hanuma Prasad Modali, Managing Director, stated that the Q1 performance reflects steady execution of the long-term strategy.

What the Numbers Show

The shift from a standalone loss of ₹155.90 million to a profit of ₹11.52 million underscores the growing impact of associate contributions. With ₹66.44 million of the consolidated gain stemming from associates like Geomysore Services, profitability remains heavily dependent on these joint ventures. The proposed ₹1370 million raise aims to reduce this dependency by scaling direct production capabilities at owned assets like Jonnagiri and Altyn Tor, potentially stabilizing future earnings streams.

Deccan Gold Mines has received regulatory approval to increase gold production at its Jonnagiri gold mine to over 700 kg per year. This development marks a notable step forward in the company's efforts to expand its gold output from one of its key mining assets.

Production Scale-Up at Jonnagiri

The Jonnagiri gold mine has been granted approval to ramp up its annual gold production, with the current sanctioned capacity now exceeding 700 kg per year. Beyond this near-term milestone, Deccan Gold Mines is aiming to further scale operations at the mine to achieve an annual production target of more than 1 tonne by 2029.

The key production milestones for the Jonnagiri gold mine are outlined below:

Strategic Significance

The approval to increase production capacity at Jonnagiri underscores Deccan Gold Mines' commitment to scaling its domestic gold mining operations. The phased approach — first surpassing 700 kg annually and subsequently targeting over 1 tonne by 2029 — reflects a structured expansion strategy for the mine. The Jonnagiri project represents a key component of the company's broader portfolio of gold mining assets in India.