Deccan Gold Mines Limited (Deccan Gold or the Company), Indias first listed gold exploration and development company on BSE Limited, continues to strengthen its position as a diversified gold and critical minerals company with a growing portfolio of assets spanning India and selected international jurisdictions. The Companys strategic focus remains on creating long-term shareholder value through exploration, project development, resource expansion, acquisition of high- potential mineral assets and responsible mining practices.
Over the years, Deccan Gold has built a unique portfolio comprising gold, nickel, platinum group elements (PGE), copper and other critical mineral assets. The Companys projects are strategically located in jurisdictions that are either geologically prospective for precious and critical minerals or are increasingly important in the global mineral supply chain.
The year under review witnessed continued progress in the Companys efforts to expand its international footprint while advancing key projects in India. Deccan Gold remains focused on identifying opportunities that support global demand for gold and critical minerals, particularly minerals that are essential for energy transition technologies, electrification, advanced manufacturing and national security.
The Company believes that the coming decade will present significant opportunities for companies capable of developing high- quality mineral assets in a responsible and sustainable manner. Increasing global concerns regarding supply- chain security, energy transition, resource nationalism and mineral self- sufficiency have elevated the strategic importance of both gold and critical minerals. In this evolving landscape, Deccan Gold is well- positioned to participate in the growth of these sectors.
Deccan Gold remains committed to the highest standards of corporate governance, environmental stewardship, stakeholder engagement and sustainable development. The Company also acknowledges with gratitude the continued trust and support of its shareholders, employees, business partners, governments, regulatory authorities and local communities.
Gold continued to demonstrate its status as a strategic store of value during FY 2025- 26. Persistent geopolitical uncertainties, concerns relating to inflation, currency volatility, central bank purchases and global economic uncertainties supported strong investor interest in gold.
Central banks across several countries continued to diversify reserves by increasing gold holdings, reinforcing the metals role as a safe- haven asset. Strong demand from exchange traded funds, institutional investors and retail customers further strengthened global gold fundamentals.
Despite elevated gold prices, long- term demand fundamentals remain robust. Gold continues to enjoy a unique position as both a financial asset and a store of wealth. Structural demand from jewellery, investment and central bank purchases is expected to support the global gold market over the medium and long term.
Gold mining companies worldwide are increasingly focusing on project development, reserve replacement, exploration success and acquisition- led growth to replenish depleting mine inventories. Exploration spending has therefore emerged as a strategic priority across the global industry.
India continues to be among the worlds largest consumers of gold. Gold occupies a unique position within Indian society as an investment asset, a store of value and an integral component of cultural and social traditions.
Indias dependence on imported gold remained significant during FY 2025- 26. Gold imports increased from USD 58.01 billion in FY 2024- 25 to a record USD 71.98 billion in FY 2025- 26, notwithstanding a decline in import volumes
from 757.09 tonnes to 721.03 tonnes. The increase was largely attributable to higher global gold prices, which rose from an average of USD 76,617 per kg in FY 2024- 25 to approximately USD 99,825 per kg in FY 2025- 26. The widening gap between domestic demand and indigenous production continues to present a compelling case for accelerated exploration and development of domestic gold resources. As India seeks to strengthen mineral security and reduce import dependence, companies engaged in gold exploration and development are expected to play an increasingly important role in supporting the countrys long- term resource requirements. (Source : https:// bfsi.economictimes.indiatimes.com/news/industry/gold- imports- rise- 24- pc- to- usd- 71- 98- bn- in- 2025- 26/130333603)
Growing disposable incomes, rising financial awareness and increasing demand for portfolio diversification continue to support long- term demand for gold. At the same time, policy initiatives aimed at strengthening domestic mineral exploration and mining are expected to encourage higher investments in the sector.
Notwithstanding Indias substantial geological potential, domestic gold production remains significantly below national consumption requirements, resulting in continued dependence on imports. This imbalance presents a compelling opportunity for responsible development of domestic gold resources.
Critical minerals have emerged as a strategic priority globally due to their indispensable role in clean energy technologies, electric vehicles, energy storage systems, semiconductors, defence applications and advanced manufacturing.
Lithium, nickel, cobalt, copper, graphite, rare earth elements and platinum group metals are expected to experience substantial growth in demand over the coming decades as countries accelerate their transition towards cleaner energy systems.
Governments worldwide are implementing policies aimed at securing access to critical mineral resources and reducing supply- chain concentration risks. Significant investments are being channelled into mineral exploration, processing infrastructure and strategic partnerships.
In India, the Government has taken several initiatives to promote exploration, auctioning and development of critical mineral resources. These measures are expected to facilitate private sector participation, enhance domestic resource security and reduce long- term import dependency.
Against this backdrop, Decca Golds strategic diversification into critical minerals complements its gold portfolio and positions the Company to participate in emerging opportunities within the global energy transition value chain.
During FY 2025- 26, the Company continued to advance its strategy of building a diversified portfolio of precious and critical mineral assets in India and overseas.
Deccan Golds project portfolio presently includes gold projects in India and overseas together with interests in nickel, platinum group element, lithium and copper opportunities.
The Company continued its efforts towards advancing the development of its gold assets and evaluating opportunities for resource expansion through exploration and acquisitions.
Significant attention was devoted towards strengthening the Companys international presence through strategic investments and partnerships in mineral- rich jurisdictions. These initiatives are intended to diversify geological risk, strengthen future production potential and create long- term value for shareholders.
The Company also continued to evaluate and progress opportunities related to critical minerals, recognizing their growing strategic importance in the global economy.
As an exploration and development company, Deccan Golds principal focus remains on enhancing the value of its mineral assets through systematic exploration, technical studies, project development and strategic acquisitions. Revenue generation from mining operations will be dependent on successful project development and commencement of commercial production.
More details about the Company and its operations are contained in the Report Summary of Operations forming part of this Annual Report.
The mining industry is inherently exposed to a variety of operational, financial, regulatory and geopolitical risks. Deccan Gold continuously evaluates and manages these risks through appropriate governance frameworks and risk mitigation strategies.
The Companys prospects are influenced by fluctuations in gold and critical mineral prices. Commodity markets are affected by global economic conditions, geopolitical events, currency movements, interest rates and investor sentiment.
Mineral exploration is inherently uncertain. Exploration activities may not always lead to economically viable discoveries or resource additions.
Advancing exploration projects into production requires substantial capital investment, regulatory approvals, infrastructure development and technical execution. Delays in any of these areas may affect project timelines.
Mining activities are subject to laws, regulations, permitting requirements and policy frameworks in each jurisdiction in which the Company operates. Changes in regulatory policies may affect project economics and operational plans.
The Companys international investments expose it to political, economic, fiscal, legal and regulatory developments in host countries. DGML seeks to mitigate such risks through prudent project evaluation and local stakeholder engagement.
Stakeholder expectations regarding environmental, social and governance performance continue to evolve. The Company recognizes the growing importance of responsible mining, environmental management, community engagement and transparent governance practices.
The global critical minerals industry continues to face supply- chain concentration risks, processing bottlenecks and geopolitical uncertainties. While these challenges may affect project development, they also present strategic opportunities for companies capable of securing high- quality resources.
Long- term fundamentals for both gold and critical minerals remain positive.
The growing importance of resource security, energy transition, electrification and economic development is expected to drive sustained demand for strategic minerals. Simultaneously, gold continues to play a vital role as a store of value and portfolio diversification instrument.
Indias increasing focus on domestic mineral development, mineral security and critical mineral self- reliance is expected to create favourable conditions for exploration and mining companies.
Deccan Gold believes that its diversified portfolio of gold and critical mineral assets provides a strong platform for future growth. The Companys strategic priorities include:
Advancement of existing gold projects towards development. Expansion of mineral resources through exploration. Development of critical mineral opportunities.
1 Evaluation of value-accretive acquisitions and strategic partnerships. Strengthening of technical and operational capabilities. Maintaining strong ESG and sustainability practices. Enhancing long-term shareholder value through disciplined capital allocation.
The Company remains optimistic about the opportunities available within the gold and critical minerals sectors and will continue pursuing growth while adhering to the principles of responsible mining and sustainable development.
The Company maintains an adequate system of internal controls commensurate with the size, scale and complexity of its operations.
The internal control framework is designed to ensure reliability of financial reporting, safeguarding of assets, compliance with applicable laws and regulations, operational efficiency and effective risk management.
The Company has appointed independent Internal Auditors who periodically review the effectiveness of internal control systems and processes. Their findings and recommendations are placed before the Audit Committee of the Board at regular intervals.
The Audit Committee continuously reviews internal controls, risk management practices, compliance mechanisms and governance standards to ensure transparency and accountability across the organization.
Deccan Gold recognizes that sustainable development is fundamental to long-term business success.
The Company is committed to conducting its operations responsibly and in a manner that balances economic growth with environmental protection and social well-being. Sustainability considerations are integrated into the Companys business strategy and decision- making processes.
Deccan Gold strives to minimize environmental impact arising from its activities, promote responsible exploration and mining practices, support local communities and stakeholder development, ensure safe and healthy workplaces, encourage ethical business conduct and good governance and contribute to socio- economic progress in areas where it operates.
The Company believes that responsible resource development can generate lasting benefits for governments, communities, employees, shareholders and future generations.
The Company recognizes that its employees are among its most valuable assets and remain central to achieving its strategic objectives.
Deccan Gold continues to focus on attracting, developing and retaining talented professionals while fostering a culture of integrity, excellence, safety, innovation and collaboration. Employee engagement, continuous learning and professional development remain important priorities of the Company.
Relations between management and employees remained cordial throughout the year.
Statements in this Management Discussion and Analysis Report describing the Companys objectives, expectations, estimates, projections or predictions may constitute forward- looking statements within the meaning of applicable laws and regulations.
Actual results may differ materially from those expressed or implied due to various factors including changes in economic conditions, commodity prices, regulatory developments, project- related risks, financing availability, geopolitical events and other risks associated with the mining industry.
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