Deccan Gold Mines Ltd Share Price

History of Deccan Gold Mines Ltd

Deccan Gold Mines Limited (DGML) is the first and only gold exploration Company and was established on November 29, 1984 by Australian promoters with deep roots in the mining and exploration sector. The Company was earlier known as 'Wimper Trading Limited'. The name of the company was changed to Deccan Gold Mines Limited in March, 2003. A rights issue to increase the paid up capital of the company to Rs.5 crore was undertaken in the year 2004. Presently, the Company is engaged in the business of extraction, processing & sale and exploration & development of mining assets mainly Precious Metals such as Gold. DGML currently holds active operations and exploration initiatives in Kyrgyzstan, India, Finland, Mozambique, and Tanzania, with a vision of sustainable development, robust community ... engagement, and strategic growth within the critical and precious minerals sectors. DGML has a portfolio of exploration prospects in the States of Karnataka, Andhra Pradesh and Rajasthan. DGML's projects include Dharwar-Shimoga belt project; Hutti-Maski belt projects; Ramgiri belt project and Mangalur belt project. DGML explored 5,329 square kilometers in the Dharwar-Shimoga belt under 3 RO blocks and identified 22 prospects. Hutti-Maski belt projects prospects included Hutti Mine North, Hirenagnur prospect, and Chinchergi-Wandalli prospect. Its Ramgiri belt project prospects include Ramagiri Gold Fields PL Block (20 square kilometers area), Boksampalle PL block (17 square kilometers). The Mangalur belt project is 25 kilometers long and four to five kilometers wide, located 40 kilometers north of Hutti gold mines. In May 2006, DGML allotted 70 lakh shares at Rs. 15.10 per share to SUN Mining and Exploration Ltd - a Cyprus based company, which is a part of multi-national group of companies with investments in many projects, like energy, oil and gas and core infrastructure projects in India and overseas, with a turn over of about US $2bn per annum. The group of companies are majority owned by the Khemka family who are of Indian origin. Additional details on the SUN Group are available on their website (www.sungroup-global.com). DGML entered into agreements with its associated company, Geomysore Services (India) Pvt. Ltd.,and its 100% owned subsidiary Indophil Resources Exploration Services Pvt. Ltd. for the transfer of Prospecting Licences to DGML in the Dharwar-Shimoga, North and South Hutti, Ramgiri and Mangalur Prospecting blocks. The associated companies have made several applications for the grant of Prospecting Licences (PLs) in these prospecting blocks and are awaiting grant of licences from the Government. The associated companies were originally granted Reconnaissance Permits (RPs) to undertake exploration activities in these prospecting blocks. In 2010, the Company completed Transient Electromagnetic Survey (EM) followed by a detailed Induced Polarisation (IP) survey. SRK Mining Services (India) Private Limited (SRK) completed in May 2010 an initial mineral resource estimate and compilation of a technical report according to the JORC guidelines for the Ganajur Main Gold Prospect. The Company also completed 1,739 metres of infill and step out drilling in order to explore the strike and depth continuity of gold mineralization of the Ganajur Main prospect to JORC standards. In 2016, Drilling activity was carried on by Kyrgyziiz Open Joint Stock Company. Company started drilling at 8th of June 2016, first stage completed as of June 2016 and the second stage completed as of February 2017. Total of 65 drillholes were completed and 702 samples were sent to ALS to analyze. In 2023, the Company acquired 41.81% stake in Geomysore Services (India) Private Limited (GMSI) on March 2, 2023 which got an advanced stage gold project at Jonnagiri, Andhra Pradesh and close to production. During July, 2023 the Company also initiated action to secure 60% stake in Avelum Partners LLC, Kyrgyzstan which got an advanced stage gold project in Altyn Tor, Kyrgyzstan. During August, 2023 the Company incorporated a wholly owned subsidiary under the name of Deccan Gold - FZCO, Dubai for the purpose of providing Geological consultancy and related services. In 2023, preliminary to detailed exploration for gold in Hesdaba and Asaleyta Blocks of Gaggade and Lake Asal province was carried out covering 12 and 9 sq km areas respectively. Detailed geological mapping with emphasis on locating and delineating mineralized chalcedony veins and alteration haloes around them was completed. The work revealed the presence of four 10 - 130 m wide mineralized zones of 1160 - 4080 m strike length in Hesdaba Block and a 100m wide and 500m long mineralized zone in Asaleyta Block. In 2022-23, a total of 1090 channel samples collected across these mineralized zones were analysed to establish a low - grade epigenetic gold mineralization. The gold content in chalcedony veins and the ferruginous haloes ranges from <1 g/t to over 25 g/t, averaging around 1 to 2 g/t in 10-25 m wide zones of mineralization. A total of 1000m core drilling in Hesdaba Block got completed in 8 test boreholes. Exploration was carried out by under two Reconnaissance exploration Licences (RPs) covering a total area 851 sq. km of the most prospective part of the Hutti belt. DGML with large portfolio of assets, which range from near producing to long term potential gold and multimetal deposits, is in an unique situation of becoming an Indian owned global mining entity in long term. DGML with two commercially operating gold mines in 2024 is committed to yield significant value to its shareholders. DGML has Dedicated and Focussed management with strong shareholder support. In 2024, Company has been granted a Lithium Block Project in Tanzania. It set up a Wholly Owned Subsidiary in Dubai, UAE viz., Deccan Gold FZCO (DGFZCO) in providing mineral exploration consultancy services to the clients in Africa & CIS in particular. It has ventured into the critical mineral sectors, aligning with India's strategic objective. In May 2024, DGFZCO has acquired a majority stake in 5 Lithium assets in Mozambique and has acquired 51% stake in Deccan Gold Mozambique (DGMOZ), into which the Lithium assets have been vended by the Mozambique Partners. During the year 2023-24, the Company acquired 31.52% stake in Kalevala Gold Oy, Finland and thereafter, acquired 60% stake in Avelum Partner LLC, Kyrgyzstan. In FY 2025, DGML has moved into the critical mineral arena with new copper projects in Mozambique and commenced its exploration activities on the Bhalukona Ni-Cr-PGE Project in Chhattisgarh, India. Altyn Tor Gold Project, in Naryn Province of Kyrgyzstan has marked the first investment by an Indian mining and exploration company. 11 units have been commissioned for Conveyor system at Altyn Tor site. Gravity Concentrator and early gold recovery equipment is at site. Excavation of the new tailings dam has commenced during the year.