💰 Financial Performance

Revenue Growth by Segment

0% current (pre-revenue stage); however, gold import value in India grew 27.38% YoY to USD 58.01 billion in FY25, indicating robust market demand for the company's primary target commodity.

Geographic Revenue Split

Currently pre-revenue; project portfolio is diversified across India (Jonnagiri, Ganajur), Kyrgyzstan (Altyn Tor - 60% stake), Finland (Kalevala - 32% stake), and Mozambique (DGMOZ/DMMOZ).

Profitability Margins

All-in sustaining cost (AISC) is projected at $1045 per ounce for the Altyn Tor project; Total Cash Costs (TCC) in the sector have risen 31% since 2019 due to labor and energy inflation.

EBITDA Margin

Not disclosed as the company is in the exploration and development phase with no active mining revenue.

Capital Expenditure

Rights issue planned to clear existing debt and fund drilling across 4 key projects; Altyn Tor gravity capacity expanded from 300-400 tpd to 1,000 tpd (330,000 tons annually).

Credit Rating & Borrowing

Not disclosed; company faced historical difficulty raising bank debt due to lack of production track record, leading to reliance on the Hira Group for financing.

⚙️ Operational Drivers

Raw Materials

Gold ore and critical mineral deposits (Lithium, Tantalum, Copper, Nickel); operational inputs include labor, energy, and royalties which drove a 31% TCC increase.

Import Sources

Kyrgyzstan (Altyn Tor), Finland (Kalevala), Mozambique (Lithium/Tantalum), and India (Jonnagiri/Ganajur).

Key Suppliers

Hira Group (primary financier and lender for the rights issue and debt clearing).

Capacity Expansion

Altyn Tor: 300-400 tpd current, expanded to 1,000 tpd (330,000 tpa); Jonnagiri: 12 tons initial resource, with a clear path to expand to 42 tons through depth drilling.

Raw Material Costs

Total Cash Costs (TCC) rose 31% since 2019; procurement strategy focuses on majority ownership or a clear path to majority ownership within 2-3 years in high-potential jurisdictions.

Manufacturing Efficiency

Gold recovery rate at Altyn Tor improved from 60% to over 90% through the addition of leaching circuits to the gravity plant.

📈 Strategic Growth

Expected Growth Rate

42.8%

Growth Strategy

Commencing trial production at Jonnagiri in Q3 FY26; reaching 800kg-1ton gold production at Altyn Tor by 2026; drilling 4 key projects to increase resources from 5.6 tons to 8 tons (42.8% growth); acquiring gold assets with <2 year production timelines.

Products & Services

Gold Dore bars, refined gold (rock-to-refinery model), Lithium, Tantalum, Copper, and Nickel.

Brand Portfolio

Deccan Gold Mines, Geomysore, Altyn Tor, Kalevala Gold.

New Products/Services

Lithium and Tantalum production in Mozambique; Copper-Gold production in Mozambique; Nickel-Chromium-PGE in new blocks starting January 2026.

Market Expansion

Expansion into Finland (Kalevala) and Mozambique (DGMOZ) for critical minerals by 2026-2027 to capitalize on the global energy transition.

Strategic Alliances

Hira Group (funding partner), Geomysore (associate for Jonnagiri), Avelum Partners LLC (Kyrgyzstan partner).

🌍 External Factors

Industry Trends

Capital is the #1 risk for 2025; TCC up 31% since 2019; grassroots exploration spend limited to 20% of total budgets; India gold imports grew 27.38% to $58.01B.

Competitive Landscape

Key competitors include Hatti Gold Mines (India) and global majors focusing on brownfield projects rather than grassroots exploration.

Competitive Moat

End-to-end mining capability from exploration to refining; majority ownership strategy in diverse jurisdictions provides a resilient supply chain against local disruptions.

Macro Economic Sensitivity

Highly sensitive to global gold prices and Indian import duties, which were recently cut by 9 percentage points (15% to 6%).

Consumer Behavior

Robust demand in India driven by festive buying and a 60% reduction in import duties (15% to 6%) which encourages domestic consumption.

Geopolitical Risks

Resource nationalism in gold-producing countries leading to regulatory shifts, export restrictions, and potential government ownership increases.

⚖️ Regulatory & Governance

Industry Regulations

Auction-based allocation in India discourages early-stage exploration; export restrictions in foreign jurisdictions create uncertainty for foreign investors.

Environmental Compliance

Alignment with UN SDGs, IFC performance standards, and EITI compliance; focus on decarbonization and responsible tailings management.

Taxation Policy Impact

Gold import duty slashed from 15% to 6% in August 2024; potential for tighter tax rules in foreign jurisdictions due to resource nationalism.

Legal Contingencies

Indocil court case regarding the Ganajur license; legal and regulatory impasse for Hatti and Ganajur blocks which are considered key assets.

⚠️ Risk Analysis

Key Uncertainties

Execution risk (31% TCC rise and production delays); geological surprises where actual metal content differs from survey data; resource nationalism impact % not specified.

Geographic Concentration Risk

Portfolio spread across India, Kyrgyzstan, Finland, and Mozambique to mitigate single-country risk and regulatory shifts.

Third Party Dependencies

High dependency on Hira Group for financial support and rights issue success to clear debt and fund drilling.

Technology Obsolescence Risk

Mitigated by adopting leaching circuits to improve gold recovery from 60% to 90% and focusing on frontline extraction technologies.