Event Summary
Deccan Gold Mines Limited announced the successful production of its first gold doré at the Altyn Tor Gold Project in Kyrgyzstan on 05 August 2026. This represents a significant milestone in the company's transition from explorer to producer.
Production Process Details
The first batch of gravity circuit concentrate was processed through the newly installed Intensive Leach System (ILS) tanks as a proof-of-concept run. Gold was recovered from the pregnant leach solution via the Merrill-Crowe process and then smelted to produce doré.
The primary aim of this initial batch was to evaluate the integrated process design and validate parameters under active field conditions. The outcome confirmed the metallurgical leachability of the material and successfully translated the high recovery rates established in earlier laboratory test work into the production environment.
Strategic Significance
This milestone represents a critical de-risking step for the processing flowsheet and demonstrates operational viability as the company advances toward full-scale commercialization.
Management Commentary
Dr. Hanuma Prasad Modali, Managing Director, stated that this achievement marks a defining milestone in Deccan Gold's journey from explorer to gold producer. He emphasized that successfully validating the complete processing flowsheet under live operating conditions significantly de-risks the project and provides confidence in its commercial potential. The achievement reinforces confidence in the upgraded processing plant and the strategy of building a globally diversified portfolio of producing gold and critical mineral assets.
Project Background: Altyn Tor
Deccan Gold holds a 60% stake in Avelum Partners LLC, the developer and operator of the Altyn Tor Gold Project. This investment marks the first by an Indian mining and exploration company in Kyrgyzstan and is expected to enhance economic ties between the two countries.
The project is located in the Naryn region of central Kyrgyzstan, approximately six hours by road from the capital Bishkek. The deposit forms part of the highly mineralized Soltan Sary mineralization zone, which extends over 300km length and is part of the major Tien Shen Shear Zone, host to numerous world-class gold deposits. Gold mineralization is hosted in quartz, quartz-carbonate veins and stockworks.
Resource Estimates and History
Current mineral resources at the Project are estimated to contain 180 koz (5.6t) of gold.
Mining at Altyn Tor commenced in 1993 by the State-owned Kyrgyzaltyn OJSC. The mine produced approximately 2,200 kg of gold before its temporary closure in 2022. In that year, Avelum entered into a simple agreement with Kyrgyzaltyn to develop and operate the mine.
A 2023 feasibility study demonstrated the viability of increasing gold recovery through the addition of a leaching circuit and expanding the existing open pit mine.
Current Operations and Future Plans
Avelum is currently upgrading and expanding the processing plant capacity to include a gravity and leaching circuit.
Concurrently, drilling programmes have demonstrated that the current mineral resource understates the true size of the deposit significantly. Recent drilling has shown extensions of the deposit to the west and below the current pit design. The high-grade intersections below the pit design could support future underground mining, subject to further drilling planned from 6 onwards.
Deccan Gold will update the mineral resources and develop a revised life-of-mine plan. The results of this work will be presented to the Kyrgyzstan Committee of State Reserves for authorization to increase the life of the operation.
Company Overview
Deccan Gold Mines Ltd remains the first and only gold and critical mineral resource company listed on the Bombay Stock Exchange Limited (BSE). Established in 2003, the company holds a strategic portfolio of gold and critical mineral assets across India and internationally, including projects in Andhra Pradesh, Kyrgyzstan, Chhattisgarh, Spain, Mozambique, Finland, and Tanzania.