1. Financial Results

  • Approved the Un-audited Financial Results (Standalone & Consolidated) for the quarter ended June 30, 2026.
  • Took on record the Limited Review Report issued by the Statutory Auditors, V. K. Beswal & Associates, on the said Financial results.

2. Director Appointment

  • Appointed Ms. Jade Gemma Devenish (DIN: 02647675) as a Director (Non-Executive Non-Independent Director) liable to retire by rotation, effective from August 07, 2026.
  • Her appointment is to be placed before shareholders for approval at the ensuing Extra Ordinary General Meeting.

3. Preferential Issuance of Securities

The Board approved the following preferential issuances to entities belonging to the non-promoter category, subject to shareholder and regulatory approvals:

a) Compulsorily Convertible Debentures (CCDs) to Proposed Allottee 1:

  • Number of CCDs: 8,57,216
  • Aggregate Amount: ₹16,44,99,750 (Rupees Sixteen Crore Forty Four Lakh Ninety Nine Thousand Seven Hundred Fifty only)
  • Issue Price: ₹191.90 per CCD
  • Conversion: Convertible into an equivalent number of fully paid equity shares of face value Re. 1 each within 18 months from the date of allotment.

b) Equity Shares to Proposed Allottee 2:

  • Number of Shares: 3,90,827
  • Aggregate Amount: ₹7,49,99,701 (Rupees Seven Crore Forty Nine Lakh Ninety Nine Thousand Seven Hundred One Only)
  • Issue Price: ₹191.90 per Equity Share

c) Equity Warrants to Proposed Allottee 3:

  • Number of Warrants: 59,26,196
  • Aggregate Amount: ₹1,13,72,37,012 (Rupees One Hundred Thirteen Crore Seventy-Two Lakh Thirty Seven Thousand Twelve Rupees only)
  • Issue Price: ₹191.90 per Equity Warrant
  • Conversion: Each warrant convertible into one fully paid-up equity share of face value Re. 1 each within 18 months from the date of allotment.

Total Fundraising: The three proposals aim to raise an aggregate of ₹137.67 Crore.

The issue price for all instruments was determined by the Board in accordance with Chapter V of the SEBI (ICDR) Regulations, 2018, and the Companies Act, 2013.

4. Extraordinary General Meeting (EGM)

  • Approved convening an EGM on Wednesday, September 02, 2026, at 11:30 AM (IST) through Video Conferencing / Other Audio-Visual Means.

Financial Results for Quarter Ended June 30, 2026 (₹ in Millions)

Standalone Performance

  • Total Income from Operations (Net): ₹114.36 (vs. ₹31.21 in Q1 FY26)
  • Total Expenses: ₹102.84
  • Profit/(Loss) from Operations before Exceptional Items: ₹11.52 (vs. Loss of ₹155.90 in Q1 FY26)
  • Net Profit/(Loss) for the period: ₹11.52 (vs. Loss of ₹155.90 in Q1 FY26)
  • Total Comprehensive Income for the period: ₹17.50

Consolidated Performance

  • Total Income from Operations (Net): ₹60.20
  • Total Expenses: ₹159.72
  • Profit/(Loss) from Operations before Exceptional Items: Loss of ₹153.70 (vs. Loss of ₹309.84 in Q1 FY26)
  • Exceptional Items (Prior year adjustments): ₹-0.76
  • Net Profit/(Loss) for the period: Loss of ₹153.70 (vs. Loss of ₹309.89 in Q1 FY26)
  • Total Comprehensive Income for the period: Loss of ₹115.50
  • Profit/Loss attributable to:
  • Owners of the parent: Loss of ₹66.05
  • Non-controlling interests: Loss of ₹21.20

Subsidiary & Associate Highlights (from Auditor's Report)

The consolidated results include the following entities:

  • Deccan Exploration Services Pvt Ltd (Subsidiary): Revenue ₹0.45 million; Net Loss ₹1.33 million.
  • Novadhatu Minerals Pvt Ltd (Subsidiary): Revenue Nil; Net Loss ₹0.16 million.
  • Deccan Gold (TZ) Pvt Ltd (Subsidiary, Tanzania): Revenue Nil; Net Loss ₹0.12 million.
  • Avelum Partner LLC (Subsidiary, Kyrgyzstan): Revenue ₹2.33 million; Net Loss ₹51.99 million.
  • Deccan Gold FZCO, Dubai & its subsidiary (Dubai Group): Revenue ₹2.87 million; Net Loss ₹0.98 million.
  • Geomysore Services (India) Pvt Ltd (Associate): Share of Profit ₹63.48 million.
  • Kalevala Gold Oy (Associate, Finland): Share of Profit ₹2.97 million.

Avelum Partner LLC and the Dubai Group (Deccan Gold FZCO and Deccan Gold Mozambique) are considered 'material subsidiaries' as per the company's policy.

Auditor's Emphasis of Matter

In the limited review report on the standalone results, the auditor drew attention to a significant inter-company loan:

  • The company has extended unsecured loans aggregating ₹22,480.65 million to its subsidiary, Avelum Partner LLC, Kyrgyzstan.
  • Accrued interest on this loan amounts to ₹3,096.38 million at a rate of 15% per annum.
  • Management expects repayment of principal and interest to commence upon the start of commercial production at Avelum's Altyn Tor Gold Project and expects to recover the carrying amount based on future business projections.

The auditor's conclusion on the financial results was not modified in respect of this matter.