Deccan Gold Mines is scaling gold production in India and Kyrgyzstan while expanding into tungsten, lithium, tantalum, nickel, copper and platinum-group elements across a growing international portfolio.
Deccan Gold Mines is moving into a more diversified phase of growth.
The company is scaling its gold operations in India and Kyrgyzstan while adding exposure to critical minerals in Spain, Mozambique and India. The strategy gives Deccan a portfolio that spans producing gold projects, development assets and exploration-stage critical-mineral opportunities.
The immediate focus remains gold.
A September 2026 BusinessLine report said Deccan is targeting 700–750 kg of annual gold production from Jonnagiri by FY28. The company has also discussed higher production guidance in its investor communications, so the precise FY28 figure should be treated as management guidance that can change as the project develops.
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What matters more is the direction of travel: Deccan wants Jonnagiri to move from its current production phase into a substantially larger underground operation.
Jonnagiri is the foundation of the gold strategy
Jonnagiri in Andhra Pradesh is the company’s flagship Indian gold project.
Deccan holds an interest in Geomysore Services (India) Pvt Ltd, the project company. Deccan’s current disclosures identify Jonnagiri as being in production, while earlier company filings documented the transition from pre-commercial trials into commercial operations.
The project has reported mineral resources of approximately 6.5 million tonnes grading 2.03 grams per tonne gold, containing about 365,000 ounces of gold mineralisation, according to Deccan’s project information.
The scale-up target is considerably larger than the project’s initial production profile.
That means the next stage is not simply about processing more ore. It involves additional mine development and capital investment, including the eventual move towards underground mining.
The 700–750 kg figure should therefore be read as a management production target, not as current production, a mineral reserve or a guaranteed future output level.
Altyn Tor adds a second gold platform
Deccan’s second major gold asset is the Altyn Tor Gold Project in Kyrgyzstan.
The company’s current project portfolio lists Altyn Tor as in production, with production achieved in late 2024.
The project has reported mineral resources of approximately 4.65 million tonnes grading 1.21 g/t gold, equivalent to about 180,000 ounces at a 0.5 g/t cut-off, according to Deccan’s project information.
Altyn Tor gives Deccan another operating gold asset while Jonnagiri moves through its production ramp-up and longer-term expansion plans.
The two projects also have different development profiles. Jonnagiri is the larger Indian growth platform, while Altyn Tor provides international operating exposure in Central Asia.
That diversification matters because Deccan’s future gold production will increasingly depend on more than one mine and one jurisdiction.
Spain brings tungsten into the portfolio
Gold is no longer the company’s only focus.
In Spain, Deccan is advancing the Logrosán and María Critical Minerals Project in Extremadura. The company identifies the project as an exploration asset focused on tungsten, gold and other critical minerals.
Tungsten gives Deccan exposure to a commodity with a very different market from gold. It is widely used in hard materials, cutting tools and high-performance industrial applications.
The project’s current status remains important. Exploration results are not the same as a defined mineral resource, and a mineral resource is not the same as an economically mineable reserve.
Further drilling, geological modelling, metallurgical work, permitting and economic studies would be required before any potential Spanish operation could be assessed as a development project.
For Deccan, Spain is therefore a critical-minerals exploration option, rather than an established production asset.
Mozambique adds lithium and tantalum
Mozambique provides another route into critical minerals.
Deccan’s Mozambique portfolio includes lithium and tantalum opportunities, with exploration centred on pegmatite systems in the Alto Ligonha region of Zambezia. The company’s current project information classifies the Mozambique assets as exploration/development projects.
The company’s earlier disclosures also show that Mozambique has progressed beyond purely conceptual exploration. In 2025, Deccan reported work to delineate lithium deposits and plans for small-scale mining and lithium-ore sales, alongside metallurgical testing for lithium and tantalum concentrates.
That history needs to be separated from the current development stage.
Past ore activity does not establish commercial-scale lithium production. The larger opportunity depends on resource definition, metallurgical results, processing design, permitting and financing.
The Mozambique projects therefore remain a longer-term part of Deccan’s critical-minerals strategy.
Bhalukona adds nickel, copper and PGE exposure
Deccan is also expanding its critical-minerals portfolio within India.
The Bhalukona–Jamnidih block in Chhattisgarh is being explored for nickel, copper, chromium and associated platinum-group-element mineralisation. Deccan currently classifies the project as an exploration asset.
The project is significant because it broadens Deccan’s exposure beyond both gold and lithium-related minerals.
Nickel, copper and PGEs serve different industrial markets, including stainless steel, electrification, catalysts and other advanced applications. However, the project’s commercial potential still depends on the outcome of exploration and subsequent technical and economic work.
This is another case where the distinction between mineralisation, resources and mineable reserves is critical.
Finland keeps another gold project in the pipeline
Finland provides Deccan with an additional gold exploration and development platform.
The company’s current project information says Deccan holds a 32% stake in the Syrjala–Kalevala Gold Project, with an option to increase its shareholding to 51%. The project remains at the exploration/development stage.
Finland therefore sits further along the portfolio timeline than a simple greenfield concept but remains separate from Deccan’s current producing gold operations.
Its importance lies in the potential to add another gold resource to the company’s international pipeline.
Capital will determine how quickly the portfolio grows
The bigger the portfolio becomes, the more important capital allocation becomes.
Jonnagiri requires funding for production expansion. Altyn Tor needs continued investment as production develops. Spain, Mozambique and Bhalukona require exploration expenditure before their economic potential can be established.
That creates a different challenge from simply discovering more mineralisation.
Deccan has to decide how much capital should go into producing assets, how much should support exploration and which projects are mature enough to justify larger development spending.
The company has also pursued capital raising to support its expansion plans. These financing activities should be considered separately from the much larger capital requirement associated with developing the wider project portfolio.
For a mining company at this stage, the key measure is not the number of commodities in the portfolio. It is how efficiently exploration expenditure becomes resources, how resources become projects and how projects ultimately become cash-generating mines.
From gold explorer to multi-commodity mining company
Deccan’s portfolio now spans several stages of the mining cycle.
Jonnagiri and Altyn Tor provide the gold production base. Spain adds tungsten exploration. Mozambique brings lithium and tantalum exposure. Bhalukona adds nickel, copper and PGE potential, while Finland provides another gold exploration and development option.
That makes Deccan’s growth strategy broader than its traditional gold focus.
The more difficult task now is execution.
The next milestones will be measurable: higher production from Jonnagiri, continued output from Altyn Tor, further resource-definition work in Spain and Mozambique, and additional exploration at Bhalukona and Finland.
The 700–750 kg Jonnagiri target is therefore only one part of the story. The larger development question is whether Deccan can increase gold production while advancing its critical-minerals portfolio and allocating capital across projects at very different stages of maturity.
For now, the company is building a multi-commodity portfolio around an existing gold production base. The next phase will show how much of that exploration pipeline can be converted into defined resources, financed developments and sustained production.
