Deccan Gold Mines Ltd Auditor Reports

To,

The Members of Deccan Gold Mines Limited

Report on the Audit of the IND AS Standalone Financial Statements Opinion

1. We have audited the accompanying standalone Ind AS financial statements of M/s. Deccan Gold Mines Limited (the Company), which comprise the Balance Sheet as at 31st March 2026, and the Statement of Profit and Loss (including other comprehensive income), the statement of Cash Flows and the statement of changes in equity for the year then ended, and notes to the financialstatementincluding significantaccounting policies summaryof and other explanatory information (herein after referred to as standalone Ind AS financial )

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (Ind AS) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2026, and its Loss including other comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial

4. Emphasis of Matter

Without modifying our opinion, we draw attention to the following matters in the notes to the standalone financial statements: Note 6.1 to the standalone financial statements which explains that the Company has extended unsecured inter-company loans aggregating to Rs. 19,01,640 thousands (P.Y. Rs. 5,07,314 thousands) to its subsidiary, Avelum Partner LLC, Kyrgyzstan (Avelum), at an interest rate of 15% per annum. The management has informed us that the repayment of both principal and accrued interest will start upon commencement of commercial production of gold at the Altyn Tor Gold Project of Avelum. Management believes the carrying amount is fully recoverable as the company is expecting to start commercial production of gold in FY 2026-27 Our opinion is not modified in respect of this matter.

5. Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

	Key Audit Matters	How the matter was addressed in our audit:
A.	Conversion of Compulsorily Convertible Debentures (CCDs) into Equity Shares (Refer Note 16(i) to the Standalone Financials Statements)
	In the F.Y. 2024-25 Allotment of 6,92,764 fully paid-up Compulsorily Convertible Debentures (CCDs) each at an issue price of Rs.116.20/- per CCD with the option of the CCDs convertible into equivalent number of equity shares on preferential basis through private placement for cash consideration carrying carry interest at the rate of 10% p.a. payable annually.	Our audit procedures to assess the accounting for conversion of CCDs included the following:
		Inspected the Board Resolution passed via circulation on June 16, 2025, to verify the formal approval and allotment of equity shares.
	These CCD\u2019s shall be convertible into equity shares at any time not later than 18 months from the date of allotment of such CCD i.e. on or before 30th November 2025;	Verified whether the conversion was carried out within the stipulated timeframe (18 months) as per the original terms of the issue.
	During the year, the Company approved the allotment of 6,92,764 equity shares of face value Rs.1/- each at a premium, resulting from the conversion of 6,92,764 Compulsorily Convertible Debentures (CCDs).	Evaluated the accounting entries for the conversion to ensure the CCD liability/ instrument was accurately transferred to Equity Share Capital and Securities Premium account.
	These CCDs were originally issued on May 30, 2024, on a preferential basis.	Traced the allotment to the filings made with the Registrar of Companies (Form PAS-3) and updated Register of Members.
	The conversion is considered a Key Audit Matter due to the materiality of the transaction and the necessity to ensure compliance with the terms of the issue, the Companies Act, 2013, and the appropriate measurement and reclassification within equity under Ind AS 32.	Verified that the 10% p.a. interest obligation up to the date of conversion was accurately calculated, accounted for, and settled or adjusted as per the terms.
		Assessed the appropriateness of the presentation of issue and conversion of CCD as per IND AS 32,\u2018Financial Instruments: Presentation.\u2019
		Assessed the adequacy and appropriateness of disclosures made in the financial statements regarding the change in capital structure as per Ind AS 1.
B.	Acquisition of Additional Stake in Geomysore Services (India) Private Limited (GMSI) (Refer Note 5.4 & 39 to the Standalone Financials Statements).
	During the year, the Company significantly increased its stake in Geomysore Services (India) Private Limited through two distinct transactions:	Our audit procedures regarding these investments included the following:
	i. Share Transfer: Acquisition of 14,127 equity shares for a total consideration of Rs.22,603 thousands	Traced the total investment to the Company\u2019s bank statements and verified the specific share prices for both the Rights Issue and Private Placement.
	ii. Rights Issue: Subscription to 21,07,460 equity shares for a total consideration of Rs.526,865 thousands.	Inspected the Letter of Offer for the Rights Issue and the Share Subscription/Purchase Agreement for the Private Placement to verify the terms, price per share, and quantity allotted.
		Verified the Allotment Advice and the Company\u2019s updated holding in the investee entity. For the private placement, we reviewed compliance with Section 42 and 62 of the Companies Act, 2013.
		Evaluated the basis of the issue price for the private placement ( 1,600 per share approximately) against the fair valuation report obtained by the management.
		Re-computed the revised percentage of shareholding to ensure the investment is correctly accounted for as per Ind AS 28 (Investments in Associates).
		Reviewed management\u2019s impairment analysis for the investment in GMSI, considering the status of its mining licenses and project feasibility.
C.	Related Party Transactions (Refer Note 39 to the Standalone Financials Statements)
	Related party transactions (RPT) are highly regulated in respect of their identification, evaluation and approvals under various relevant laws and regulations in India. In addition, accounting standards require specific disclosures of related parties and transactions with related parties along with balances and year end balances in the financial statements.	Our procedures towards Investments (including Share Application Money pending for allotment) in Subsidiary & Associates, Loans to Subsidiaries including interest charged thereon, Revenue from Subsidiary towards exports & Project Management Consultancy and Evaluation & Exploration Expenses incurred for the Greenfield Projects included the following:
	The Company has entered into various related party transactions during the year and has significant balances at the reporting date.	Obtained an understanding of the Company\u2019s related party relationships and transactions, by obtaining a listing of related party relationships and related party transactions from the
	We identified as a key audit matter due to the significance of the amounts, the volume of such transactions and risk of non-compliance with various regulations.	management. We also made inquiries related of management regarding the identity of the related parties including changes from the prior year and the nature of relationships and transactions with them.
		We evaluated the design and tested the operating effectiveness of the controls related to identification of related parties, approval of related party transactions and disclosure of transactions and balances at year end in the standalone financial statements;
		Obtained an understanding of the Company\u2019s policies and procedures in respect of evaluating arms-length basis of transactions, including process of obtaining approvals from the Audit Committee, the Board of Directors, Shareholders of the Company, as applicable.
		Reviewed the minutes of the meetings of the Audit Committee, the Board of Directors and Shareholders of the Company in respect of evaluation and approvals of related party transactions;
		On a sample basis, tested the transactions/outstanding balances disclosed in the financial statements with the underlying supporting documentation and records, including relevant agreements, confirmations/ reconciliations, obtained by the Company.
		Evaluated the adequacy of the disclosures made in the standalone financial statements in accordance with the relevant accounting standard and applicable laws and regulations.
D.	Rights Issue of Equity Shares and Utilisation of Proceeds (Refer Note 16(ii) to the Standalone Financial Statements)
	During the year, the Company completed a Rights Issue, allotting 3,93,37,893 equity shares at an issue price of Rs.80 per share (including a premium of Rs.79), aggregating to Rs.314.70 crore. Rights issue expenses of Rs.15,100 thousands have been charged against the Securities Premium Account in accordance with Section 52 of the Companies Act, 2013. The total paid-up share capital increased from Rs.1,56,921 thousands to INR 1,97,902 thousands. The primary objects of the issue included:	Our audit procedures regarding the rights issue and the subsequent utilisation of proceeds included the following:
		Examined the Board Resolution for allotment and verified the Basis of Allotment approved by the BSE to ensure shares were credited to eligible shareholders and renouncees correctly.
		Traced the increase in Paid-up Share Capital and Securities Premium account to the financial statements and verified the filing of Form PAS-3 with the Registrar of Companies.
	Repayment/prepayment of Inter- Corporate Deposits (ICDs) from group entities (approx. 203 crore).	Verified thereceipt of Rs.314.70 crore in the separate Monitoring Agency/ Bank account. Traced the outflows to bank statements to confirm with the objects of the issue. Specifically verified the repayment of ICDs to Godawari Power and Ispat and other group entities against loan settlement letters and bank records.
	Investment in Kyrgyzstan subsidiary, Avelum Partner LLC (approx. 50 crore).
	Funding for inorganic growth and general corporate purposes.
	We identifiedthis as a Key Audit Matter due to the materiality of the funds raised and the regulatory requirement under SEBI (ICDR) Regulations and Companies Act, 2013, to ensure that the proceeds are strictly utilised for the objects stated in the Letter of Offer.	Reviewed the report of the Monitoring Agency (if applicable) or managements quarterly statement of deviation/ variation as per Regulation 32 of SEBI (LODR) Regulations.
		For any proceeds remaining unutilised as of the balance sheet date, we verified their placement in liquid instruments or bank deposits as permitted by the Letter of Offer.
		Assessed the adequacy of disclosures in the financial statements regarding the movement in share capital and the status of fund utilisation.
E.	Repayment of Secured Borrowings and Release of Pledged Shares (Refer Note 18 and Note 16(ii) regarding Rights Issue to the Standalone Financial Statements)
	In the previous financial year, the Company had entered into secured borrowing arrangements with body corporates, which were primarily utilized for investments in Avelum Partner LLC and GMSI. These borrowings were secured by the pledge of the Company\u2019s investment in the equity shares of its associate, GMSI.	Our audit procedures to verify the repayment and accounting of these borrowings included the following:
		Traced the total repayment amount to the Company\u2019s bank statements and verified that the payments originated from the designated Rights Issue proceeds account.
	During the current year, the Company completed a Rights Issue of equity shares. A significant portion of the proceeds from this issue was specifically earmarked and utilized for the full repayment of these secured borrowings.	Inspected No-Dues Certificatesor loan closure letters from the respective body corporates to confirm the full settlement of principal and interest.
		Verified the discharge of the pledge on GMSI equity shares by reviewing the confirmation Participant (DP) and checking the updated Register of Investments.
	This is a Key Audit Matter as it involves verifying the closure of significant debt obligations and the discharge of associated encumbrances on the Company\u2019s long-term investments.	Verified the filing of Form CHG-4 (Satisfaction of Charge) with the Registrar of Companies (MCA) to ensure the public record reflects the removal of the security interest.
		Evaluated the adequacy of disclosures in the Standalone Financial Statements regarding the settlement of debt and the change in the status of pledged assets as per Ind AS 107.
F.	Issue of Stock Incentive Plan to the eligible employees of the Company, its subsidiaries and its associates and Vesting and Exercise of Employee Stock Option Plan (ESOP) (Refer note 17.1 of the Standalone Financial Statements)
	The company has framed ESOP scheme for its employees under which the Company pays remuneration to its employees for services received in the form of equity-settled share-based payment transactions.	Our audit procedures to assess the accounting of Share Based Payment and in relation to the vesting and exercise of ESOPs are as follows:
		Obtained an understanding of the terms and arrangements of Employee Stock Option Plans.
	In accordance with the principles of Ind AS 102 Share Based Payments (Ind AS 102), the fair value of aforesaid employee stock options determined at the date of their grant is recognized as employee compensation cost by the Company over the vesting period of such options.	Reviewed the report from managements valuation specialist considered for valuation of options granted during the year and evaluated competency and objectivity of valuation specialist hired by the management.
	The fair valuation of options granted to employees for the services rendered is performed by external valuation specialists using Black-Scholes valuation model which requires the management to make certain key estimates and assumptions including expected volatility, dividend yield interest rate, performance factor, attrition rate and non-acceptance factors.	Evaluated the accounting of Share Based Payment (\u201cSBP\u201d) done by the management to determine the expenses to be accounted and recognized for options granted during the year.
		Verified the transfer of the relevant fair value from the Employee Stock Options Outstanding Account (Reserve) to Share Capital and Securities Premium upon exercise.
	During the year, 50,50,000 stock options vested in favor of eligible employees of the Company, its subsidiaries, and associates. Out of these, 9,50,000 options were successfully exercised during the year ended March 31, 2026, resulting in the allotment of equity shares.	Examined the Board/Committee resolutions for the allotment of shares and verified the filing of Form PAS-3 and the return of allotment with the MCA.
	The accounting for ESOPs is considered a Key Audit Matter in the current year due to:	Verified the vesting schedule and confirmed that the 50,50,000 options became exercisable only after the fulfillment of the requisite service conditions/performance criteria.
	The complexity in calculating the amortization of employee compensation cost over the vesting period as per Ind AS 102.	For the 9,50,000 options exercised, we traced the receipt of the exercise price from employees to the Company\u2019s bank records.
	The significant volume of options exercised and the impact on the Company\u2019s share capital and securities premium.	Reviewed the continued appropriateness of the Black-Scholes model assumptions for the remaining unvested options to ensure the periodic expense recognized in the P&L is accurate.
	The requirement to ensure that the exercise of options strictly adheres to the terms of the Stock Incentive Plan and applicable SEBI regulations.	Verified whether the Company has appropriately complied with TDS requirements on the perquisite value at the time of exercise of options.
	Considering significant judgment and materiality of amounts involved, valuation of ESOP reserve and expense.	Evaluated the adequacy of disclosures required by Ind AS 102, including the movement in the number of options (granted, vested, exercised, and lapsed).
G.	Assessment of Carrying Value of Loans and Investment in Avelum Partner LLC (Refer Note 5.6, 6 & 7.1 to the Standalone Financial Statements).
	The Company\u2019s exposure to its subsidiary, Avelum Partner LLC (Kyrgyzstan), includes equity investments, long-term loans and accrued interest receivable outstanding during the year.	Our audit procedures to evaluate the recoverability of these balances included the following:
	As of the date of this report, the audit of the subsidiarys financial statements is still in progress, and a formal fund utilization certificate not been received from the subsidiary management.	Verified the calculation of interest charged by the Company to Avelum Partner LLC as per the loan agreements and ensured it is accurately recorded as a receivable.
		Obtained a formal Management Representation Letter (MRL) affirming that the Altyn Tor project is technically viable, nearing commercial production, and will generate sufficient cash flows to settle all outstanding dues (Principal + Interest).
	The recoverability of these balances is considered a Key Audit Matter because:
	The holding company continues to recognize interest income on these loans, increasing the total exposure.

In the absence of audited financial Reviewed internal management data from the subsidiary, there is reports and project updates to track significant reliance on Management the progress of plant trials and the pre-Representations regarding the commissioning phase in Kyrgyzstan projects ability to generate future with available project progress reports cash flowsto repay the principal and and geological data for the Altyn Tor interest. Gold Project.

The projects success is vital to Evaluated the impact of the delayed impairment of the avoid a significant subsidiary audit on our assessment investment and receivables. of the subsidiarys financial health and discussed the same with the Companys management.

Reviewed the Companys intent to provide continued financial support (as per upcoming EGM approvals) to ensure the subsidiary remains a going concern until production begins. Assessed the adequacy of disclosures regarding the loans, interest receivables, and the status of the subsidiarys audit in the Standalone Financial Statements.

H. Acquisition of Stake The Companys investments in Our audit procedures regarding the loans and Recoverability of its foreign subsidiaries Deccan and investments included the following: Investments in Foreign Gold FZCO (Dubai), Deccan Gold Verified the calculation of interest Subsidiaries in M/s. Deccan (Tanzania) Private Limited, and charged to Deccan Gold FZCO as per Gold - FZCO, M/s. Dubai, Kalevala Gold Oy (Finland) include the loan agreements and ensured the Deccan Gold (Tanzania) Share Application Money that had total outstanding interest receivable is Private Limited, Tanzania been pending allotment for a period accurately recorded in the books. and M/s. Kalevala Gold Oy exceeding one year, Loans and Analyzed the movement of the (Refer Note 5.2, 5.3, 5.5 accrued interest thereon. loan balances and discussed with & 7.2 to the Standalone Management has represented that management the reasons for the Financials Statements). the procedural hurdles have been continued accrual of interest without resolved, the issue is closed, and share actual cash recovery during the year. certificates are expected shortly for Obtained written confirmations from share application pending allotment. management regarding the resolution This is a Key Audit Matter because: of the year-old share application money The long-standing nature of the and the timeline for receiving the share application money required careful certificates. evaluation of the recoverability and the Obtained a formal Management legal status of the Companys claim. Representation Letter (MRL) affirming Reliance is placed on managements that the Dubai subsidiary is a going representation regarding the imminent concern, the projects it funds are certificates and receipt and no impairment theof share highly profitable, non-impairment of these assets based is required for the loans or interest on project profitabilityin Tanzania and receivables.

Finland. Reviewed the project status of the The underlying projects are in underlying entities (Tanzania and exploration / pre-production phases, Finland) through management reports involving high management judgment to verify that the operational progress regarding future returns. supports the carrying value of the receivables.

Verified valuation of these foreign- the denominated loans and interest at the closing exchange rate as per Ind AS 21.

I.	Classification of Project, expense Exploration and Major	During the year ended 31st March, 2026, the following significant items required significant judgement:	Our audit procedures included, amongst others, the following:
	Expenses: Capital vs Revenue and Completeness (Refer Note 3 & 31.1 to the Standalone Financials Statements)	(i) Project Expenses of INR 50,078 thousands (FY 2024-25: INR 4,980 thousands) a 10x increase year- on-year;	Evaluated the Company\u2019s accounting policy for exploration and evaluation costs against Ind AS 38 and the Company\u2019s stated policy.
		(ii) Exploration and Evaluation Expenses of INR 4,233 thousands charged to profit and loss;	Reviewed underlying contracts, invoices and management approvals for a representative sample of project expenses and agreed to purchase orders, invoices and payment records.
		(iii) Exploration costs of INR 5,840 thousands capitalized as Intangible
		Assets Under Development for the Bhalukona Project (geophysical survey, drone magnetic, IP survey, geochemical samples and analysis) (Refer Note 3);	Assessed the nature of Project
			Evaluation Expenses (INR 53,887 thousands) for due diligence in
			European and CIS markets and verified their revenue character.
		(iv) Project Evaluation Expenses of INR 53,887 thousands relating to due diligence and site evaluations for prospective gold and critical mineral assets in European and CIS markets (Refer Note 31.1); and	Evaluated the basis for capitalising the Bhalukona Project exploration costs (INR 5,840 thousands) as intangible assets under development, including the feasibility assessment framework applied by management.
		(v) Finance Costs of INR 1,49,320 thousands (FY 2024-25: INR 96,037 thousands) including interest on unsecured loans of INR 88,172 thousands, CCD interest of INR 6,749 thousands and Ind AS 116 lease interest of INR 87 thousands.	Reviewed the Bhalukona Project completion schedule disclosure and assessed management\u2019s explanation regarding inability to determine a firm project timeline.
		The correct determination of capital versus revenue classification for exploration expenditure, the completeness and accuracy of project expenses, and the appropriateness of capitalization under Ind AS 38 involved significant management judgement and were therefore identifiedas a key audit matter.

Information other than the Standalone Ind AS Financial Statements and auditors report thereon

6. The Board of Directors of the Company is responsible for the preparation of other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility & Sustainability Report Corporate Governance and Shareholders Information but does not include the Standalone Financial Statements and our auditors report thereon

7. Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

8. In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Standalone Ind AS Financial Statements

9. The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these standalone Ind AS financial statements, that give a true and fair view of the financialposition,financialperformance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind As) specified under Section 133 of the Act, read with relevant rules issued thereunder. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act; for safeguarding the assets of the Company; for preventing and detecting frauds and other irregularities; selection and application of appropriate implementation and maintenance of accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

10. In preparing financial statements, management is responsible for assessing the Companys ability to the continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. 11. Those Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibility for the Audit of the Standalone Ind AS Standalone Financial Statements

12. Our objectives are to obtain reasonable assurance about whether the standalone financialstatements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonablybeexpectedtoinfluencethe economic decisions of users taken on the basis of these standalone financial statements.

13. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate tstatements, including heoverallpresentation, structure and content of the standalone financial the disclosures, and whether the standalone financial statements represent and events in a manner that achieves fair presentation.

14. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

15. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

16. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

17. As required by the Companies (Auditors Report) Order, 2020 (the Order) issued by the Central Government in terms of Section 143(11) of the Act, we give in Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

18. As required by Section143(3) of the Act, we report that: i. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; ii. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. iii. The Company has no branch office and hence the company is not required to conduct audit under section 143 (8) of the Act; iv. The Standalone Ind AS Balance sheet, the standalone statement of profit and loss including other comprehensive income, the statement of cash flow and the statement of changes in equity dealt with by this report are in agreement with the books of account. v. In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards (Ind As) specified under Section 133 of the Act, read with relevant rule issued thereunder. vi. During our audit we did not come across any financial transaction or matters which might have an adverse effect on the functioning of the company. vii. remark relating to the maintenance of accounts and Wedo nothaveany other matters connected therewith. viii. On the basis of the written representations received from the directors as on 31 March, 2026 and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2026 from being appointed as a director in terms of Section 164(2) of the Act; ix. With respect to the adequacyoftheinternalfinancialcontrols over financial reporting of the Company with reference to these standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B. x. In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us. xi. With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company does not have any pending litigations which may impact its standalone Ind AS financial statements; ii. The company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. iii. The company does not have any amounts that pending to be transferred to the Investor Education and Protection Fund. iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identifiedin any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (Funding Parties), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate (c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11 (e), as provided under (a) and (b) above, contain any material misstatement.

v. No dividend has been declared or paid during the year by the Company. vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2026 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with.

For V K Beswal & Associates

Chartered Accountants Firm Registration No 101083W

CA Nishit S Agrawal

Partner

M No- 159882

UDIN No.: 26159882XDVVRF9902 Place: Mumbai Date: 14-05-2026

Annexure A to the Ind AS Standalone Independent Auditors Report of Deccan Gold Mines Limited for the year ended 31st March 2026

The Annexure A as per para 16 referred to in Independent Auditors Report to the members of the Company on the Ind AS standalone financial statements for the year ended 31st March 2026, we report the i. In respect of Property, Plant & Equipment: a) A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment B) The Company has maintained proper records showing full particulars of intangible assets. b) As explained to us, physical verification of these Property, Plant and Equipment is being conducted in a phased programme by the management designed to cover all the assets over a period of three to four years, which in our opinion is reasonable having regard to the size of the Company and the nature of assets. According to the information and explanations given to us no material discrepancies were noticed on such verification. c) According to the information and explanations given to us and the records examined by us the Company does not have any immovable properties under Property, plant and equipment. Accordingly, the provisions of clause 3(I)(c) of the Order is not applicable to the Company. d) The Company has not revalued any of its Property, Plant and Equipment and intangible assets during the year. e) No proceedings have been initiated during the year or are pending against the Company as at March 31st, 2026 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder. ii. In respect of Inventories: a) Based on our scrutiny of the companys books of accounts and other records and according to the information and explanations given to us, we are of the opinion that the company though purchased/sold goods during the year however there is no opening/closing stock lying at the end of the year, therefore, requirement on reporting on physical verification of stocks or maintenance of inventory records, in our opinion, does not arise. b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been sanctioned any working capital limits in excess of five crore rupees in aggregate from banks and financialinstitutions on the basis of security of current assets at any point of time of the year. Accordingly, clause 3(ii)(b) of the Order is not applicable to the Company.

iii. Loans, Investments, Guarantees and Security: a) The Company has made investments in and granted unsecured loans to companies, firms and other parties, during the year. The Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties.

A) Based on the audit procedures carried on by us and as per the information and explanations given to us, the Company has granted loans to its foreign subsidiary as below:

Particulars	Loans (Amount in Rs. \u2018000)
Aggregate amount given during the year Subsidiary	13,46,935
Balance outstanding as at balance sheet date - Subsidiary	19,06,354

B) Based on the audit procedures carried on by us and as per the information and explanations given to us, the Company has granted loans and Receivables on account of taxes payments which are classifiedas loan to parties other than subsidiaries, joint ventures and associates as below

Particulars	Loans
	(Amount in Rs. \u2018000)
Aggregate amount given during the year Deposits with Other Party	-
Aggregate amount given during the year Receivables with Other Party	-
Balance outstanding as at balance sheet date Deposits with Other Party	30,000
Balance outstanding as at balance sheet date Receivables with Other Party	#44,253

#While originally recognized as an Other Receivable (Refer Note 15.2 in the financial statements) arising from the acquisition transaction, the amount has remained outstanding since March 2023 without a specified repayment schedule. Consequently, for the purposes of reporting under Clause 3(iii) of the Companies (Auditors Report) Order, 2020, the same is being disclosed as an receivable. The Company is in active discussion with AIR for the recovery of this amount and considers it fully recoverable. b) In our opinion and according to the information and explanations given to us, In respect of the aforesaid:-i. Loans to subsidiaries, the terms and conditions under which such loans were granted are not prejudicial to the Companys interest. ii. The company has paid an amount of Rs. 4.42 crore as with holding tax on behalf of Australian Indian Resources Limited(AIR), Australia during March 2023. It may be noted that this amount was due and payble by AIR pursuant to the share swap transanction hereby AIR has swapped its shareholding in Geomysore Services (India) Private Limited in favour of Deccan Gold Mines Limited (Deccan Gold) and in return received in shares of Deccan Gold. This amount has remained outstanding since March 2023 and there is no stipulated schedule for the repayment. iii. The investments made and outstanding at the year-end are, prima facie, not prejudicial to the Companys interest. c) In our opinion and according to the information and explanations given to us, The schedule of repayment of principal and payment of interest has been stipulated for the loan granted to its subsidiaries:-i) Avelum Partners LLP, Kyrgyzstan (Refer Note 6.1 & 7.1) in the financial statements: Pursuant to the modified loan agreement and addendum, the loan (carrying 15% interest) is repayable along with accrued interest upon the commencement of commercial production and cash flows by the subsidiary. Specifically, for an amount of USD 7,096,518, the repayment deadline has been formally extended to March 31, 2029. For the remaining balance of USD 13,066,559, the management is in the process of finalizing similar addendums to align the terms.

Having regard to the revised terms and the fact that the project is yet to commence commercial production, the repayment of principal and payment of interest are not yet due as of the balance sheet date; therefore, the regularity of payments is not applicable at this stage. ii) Deccan Gold - FZCO, Dubai (Refer Note 12.2) inthefinancialstatements: Based on our examination of the records, while the principal is not yet due, and the interest due for the current financial year remains unpaid as of the date of this report. We are informed by the management that the Company is currently in the process of revising the loan agreement to address these terms. iii) Further based on the records produced before us, there are no specifiedterms of repayments of principal and payment of interest. Hence, we are unable to comment on the regularity of repayment of receivables to Australian Indian Resources Ltd (AIR), amounting to Rs.44,253 thousands. d) In respect of loans granted by the Company to its subsidiaries, there is no overdue amount remaining outstanding as at the balance sheet date.

Further there are no specifiedterms of repayment of principal or interest on receivables in the nature of loan. Hence, we are unable to comment on whether the amount of principal or interest as stipulated is overdue for more than 90 days.

e) According to the information and explanations given to us and based on our examination of records, no loans or advances in the nature of loans granted by the Company have fallen due during the year. Consequently, no such loans have been renewed or extended, nor have fresh loans been granted to settle the overdues of existing loans, except for the following: i. Avelum Partners LLC: Pursuant to a modified agreement, during the year under audit was formally extended to March 31, 2029. As the project is yet to commence commercial production, this amount was not considered due for payment during the current year. ii. Australian Indian Resources Ltd (AIR): In the absence of specified terms of repayment for the receivable amounting to Rs. 44,253 thousands, we are unable to determine if any amount has fallen due or requires renewal. f) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has granted an advance in the nature of a loan to a party which is repayable on demand or without specifying any terms or period of repayment, as per the details below:

Particulars	Promoters
Aggregate amount of loans/advances in nature of loans (INR 000)	44,253
Percentage to total loans granted (receivables in the nature of loan)	100%

iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to loans, investments and guarantees made. Hence reporting under clause (v) of the order is not applicable. v) According to the information and explanations given to us, the Company has not accepted any deposits or amounts which are deemed to be deposits, hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act. Further, according to the information and explanations given to us, no order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal. vi) To the best of our knowledge and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act. in respect of the business activities carried on by the company. Accordingly, the provisions of the clause 3 (vi) of the Order is not applicable to the Company.

vii) In respect of Statutory Dues:

a) According to the records of the Company and the information and explanations given to us, the Company has generally been regularly depositing with the appropriate authorities undisputed statutory dues including Goods and Service Tax, Provident Fund, Employees State Insurance, Income tax, Sales-Tax, Service tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues applicable to it. There are no undisputed statutory dues as referred to above as at 31st March, 2026 outstanding for a period of more than six months from the date they become payable.

b) According to the information and explanation given to us, there are no dues of Goods and Services Tax, Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities outstanding on account of any dispute.

viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.

ix) Borrowings and Defaults: a) Based on our audit procedures and according to the information and explanations given by the management, the Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender. b) The Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

c) In our opinion and according to information and explanation given to us, the company has taken secured term loan from Body corporates which are fully repaid during the year, and a fresh unsecured loan from Body corporates which are outstanding was applied for the purpose for which the loan was taken. d) According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the standalone financial statements of the Company, we report that funds amounting to Rs. 6 Crores raised from Body corporate during the year on short-term basis have been utilized for granting a long-term loan to its subsidiary, Avelum Partners LLP, Kyrgyzstan, for project working capital. e) According to the information and explanations given to us, the Company has taken a loan of Rs.6 Crores from a body corporate to meet the funding requirements/obligations of its subsidiary, Avelum Partners LLP, Kyrgyzstan. f) According to the information and explanations given to us and procedures performed by us, we report that the Company had previously raised loans on the pledge of securities held in its associate company (Geomysore Services (India) Private Limited).

During the current financial year, the Company has utilized the proceeds from its Rights Issue to fully repay the corporate loans taken from Ardent Steel Private Limited and Godawari Power & Ispat Limited. Consequently, the pledge on the equity shares of the said associate company has been released. As at the balance sheet date, the Company has no outstanding loans raised on the pledge of securities held in its subsidiaries, joint ventures, or associate companies.

x. Public Offer and Private Placement: a) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has raised moneys by way of Rights Issue during the year. In our opinion, the funds raised were utilized for the purposes for which they were raised as mentioned below: (Amount in Crs.)

Sr. No.	Objects of the Issue/Revised Object	Amount Proposed	Amount Proposed (Amended)	Amount Utilized as on March 31, 2026	Unutilized Amount as on March 31, 2026
1	Repayment of Inter Corporate Deposits availed by the Company from Godawari Power and Ispat Limited, Ardent Steel Private Limited and Hira Ferro Alloys Limited	203	203	203	Nil
2	Investment in Avelum Partner LLC, Kyrgyzstan, our subsidiary for further project development and enhancement of resources at its Altyn Tor Gold Mine, Kyrgyzstan	50	31.5	31.50	Nil#
3	Funding unidentified strategic investment and acquisition to pursue inorganic growth for development of new brownfield exploration projects	35	0.81	0.81	Nil#
4	Subscription to rights issue of Geomysore Services India Privat Limited (\u2018\u2019Geomysore\u2019\u2019), an associate company with shareholders\u2019 approval for deviation in the issue proceeds.	Nil	52.69	52.69	Nil#
5	General Corporate Purposes	25.20	25.20	25.14	0.06
6	Expenses in relation to the Issue	1.51	1.51	1.51	Nil#
	Total	314.70	314.70	314.65	0.06

#The Company had invested Rs. 52.69 crore into the Rights Issue of Geomysore Services (India) Private Limited, an associate company (Geomysore) as approved by the shareholders of the company at their Extraordinary General Meeting held on February 20, 2026. The funds for this investment were from the unutilized proceeds of the rights issue under the following heads:

Sl. No.	Original Object as stated in the Rights Issue Offer Document	Amount utilized from this head for investment into rights issue of Geomysore with approval of shareholders of the Company (Amount Rs. In crores)
1.	Investment in Avelum Partner LLC, Kyrgyzstan, our subsidiary for further project development and enhancement of resources at its Altyn Tor Gold Mine, Kyrgyzstan	18.50
2.	Funding unidentified strategic investment and acquisition to pursue inorganic growth for development of new brownfield exploration projects	34.19
	TOTAL	52.69

b) During the year, the Company has made preferential allotment/private placement of Equity Shares and Unsecured Compulsory Convertible Debentures (CCDs) during the year and in our opinion, the requirements of section 42 and section 62 of the Act have been complied with and the funds raised have been used for the purpose(s) for which they were raised. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has increased its share capital during the year through the following: i) Employee Stock Option Plan (ESOP): Allotment of shares pursuant to the exercise of options under the Companys ESOP scheme in compliance with Section 62(1)(b) of the Companies Act, 2013. Shares were allotted upon the exercise of options by employees. The funds received from the exercise of these options have been utilized for the working capital requirements of the Company. ii) Compulsorily Convertible Debentures (CCDs): The Company has made a preferential allotment of 6,92,764 Equity Shares at Rs. 116.20/- per share upon the conversion of 6,92,764 Compulsorily Convertible Debentures (CCDs) issued on May 30, 2024. In our opinion, the Company has complied with the requirements of Section 42 and Section 62 of the Companies Act, 2013, and the funds raised have been used for the purposes for which they were intended. xi. Fraud: a) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud by the Company or on the Company, noticed or reported during the year, nor have we been informed of any such case by the Management. b) According to the information and explanations given to us, no report under sub-section (12) of Section 143 of the Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government. c) According to information and explanations given to us, the company have not received any whistle blower complaints during the year (and upto the date of this report), neither any reported to auditor for consideration. xii. In our opinion and according to Information and explanations provided to us, the Company is not a Nidhi Company. Accordingly, provisions of the clause 3(xii) of the Order are not applicable to the Company.

xiii. In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial as required by the applicable accounting standards.

xiv. Internal Audit a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business. b) We have considered the internal audit reports of the Company for the period under audit. xv. Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with Directors or persons connected with him. xvi. In our opinion, and to the best of our information and according to the explanations provided by the management, we are of the opinion that the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and has not conducted any Non-Banking Financial or Housing Finance activities without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934. Accordingly, the provisions of clause 3 (xvi) (a) to (d) of the Order is not applicable to the Company. xvii. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not incurred cash losses in the current financial year. However, it cash losses of Rs.1,34,973 thousand in the immediately preceding financial year. xviii. There has been no resignation of the statutory auditors of the Company during the year and accordingly reporting under clause 3(xviii) of the order is not applicable to the Company. xix. On the basis of the financial ratios, ageing and expected dates of realisation of financial assets of financial liabilities, other information accompanying the financial statements and our Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due. xx. The provision for contribution towards Corporate Social Responsibility (CSR) u/s 135, of the Companies Act are not applicable to the company, hence the provisions of clause 3 (xx) (a) to (b) of the Order is not applicable to the Company..

For V K Beswal & Associates

Chartered Accountants Firm Registration No 101083W

CA Nishit S Agrawal

Partner

M No- 159882

UDIN No. : 26159882XDVVRF9902 Place: Mumbai Date: 14-05-2026

Annexure B to the Standalone IND AS Independent Auditors Report of Deccan Gold Mines Limited for the year ended 31st March 2026.

Independent Auditors report on the Internal Financial Controls with reference to financial statements and its operative effectiveness under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act)

1. In conjunction with our audit of the standalone Ind AS financial statements of Deccan Gold Mines Limited (the Company) as of and for the year ended 31st March, 2026, we have audited the internal financial controls over financial reporting (IFCoFR) of the company of as of that date.

OPINION

2. In our opinion, the Company has, in all material respects, an adequate internal financial controls system over reportingfinancial with reference to these Standalone Financial Statements and such internal financial controls over financial reporting were operating effectively as at 31st March, 2026, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Managements Responsibility for Internal Financial Controls

3. The Companys management is responsible for establishing and maintaining internal financial controls based on internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under theAct

Auditors Responsibility

4. Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of controls. Those Standards and the Guidance Note require that we comply with ethical requirements internalfinancial and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls was established and maintained and if such controls operated effectively in all material overfinancial respects.

5. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financialcontrols over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error.

6. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financialcontrols system over financial reporting with reference to these Standalone Financial Statements.

Meaning of Internal Financial Controls over Financial Reporting

7. 7. A companys internal financialcontrol over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Standalone Financial Statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairlyreflectthe transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Standalone Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the Standalone Financial Statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

8. Because of the inherent limitations of IFCoFR, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the IFCoFR to future periods are subject to the risk that IFCoFR may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

For V K Beswal & Associates

Chartered Accountants Firm Registration No 101083W

CA Nishit S Agrawal

Partner

M No- 159882

UDIN No. : 26159882XDVVRF9902 Place: Mumbai Date: 14-05-2026