Deccan Gold Mines Ltd — Important, 09-06-2026: Company Update

June 09, 2026

To

Corporate Relationship Department

Bombay Stock Exchange Limited

P.J. Towers, Dalal Street,

Mumbai.

(BSE Scrip Code: 512068)

Dear Sir,

Sub: Definitive Earn-in agreement signed for Tungsten Project in Spain

Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations,

2015.

Deccan Gold Mines Limited (“Deccan Gold”) is pleased to inform its shareholders that the Company has entered into a

definitive Earn‑In / Option and Shareholders Agreement, pursuant to which it will initially acquire a 51% stake in Logrosan

Minera S.L. (“LMSL”) Spain, through an earn‑in investment of EUR 1.76 million, to be made by Deccan Gold and/or its

wholly owned subsidiary, DGFZCO. This 51% acquisition is expected to be completed progressively by March 2027.

Upon completion of the earn‑in, Deccan Gold will have the option to increase its stake from 51% to 75% through a further

direct investment, subject to an independent valuation and achievement of agreed milestones and upon payment of an

incremental consideration of EUR 1.0 million to the existing shareholder (Logrosan Minerals Limited, United Kingdom

"LMLUK").

Thereafter, the parties shall fund the project on a pro‑rata basis to maintain their respective shareholding, failing which the

non‑contributing party will be subject to dilution, with LMLUK retaining a non‑dilutable minimum interest of 5%, enabling

Deccan Gold to potentially increase its stake up to 95%. The investment will be deployed towards exploration and

development of mineral assets held by Logrosan in Spain. The transaction is subject to applicable statutory and regulatory

approvals and permissions in the relevant jurisdictions, including India, Spain and UK.

As we informed Shareholders on 23 December 2025, the granted 37km2 Logrosan and 40km2 Maria projects lie within a highly

mineralised region of Spain known for tungsten, tin, rare earth elements, and gold occurrences. Our partners in LMSA have

undertaken considerable greenfield exploration work over the licence areas. Ground magnetic surveys and a comprehensive

soil sampling programme identified targets for tungsten(W), gold (Au), tin (Sn), phosphorous (P), REE, and Nb–Ta. At Logrosan

they tested for the presence of sub-surface mineralisation over the areas prospective for tungsten (Figure 3) with a small

RAB drilling programme and followed this up with a 6-hole diamond core drilling programme which intersected multiple veins

of potentially economic scheelite (tungsten) mineralisation (Figure 1). An application to extend the Logrosan licence area by

a further 30km2 has also been lodged. Further information is provided below.

A drilling programme is currently in progress to further

define and extend mineralised zones intersected in the

previous core drilling programme. Early evidence

suggests that Dehesa could be a significant tungsten

discovery, with additional, largely under-explored

upside in gold and REE. Further technical updates will be

provided to Shareholders when available.

Figure 1: Zone of scheelite (tungsten) mineralisation

intersected in a diamond core drill hole at Logrosan.

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Forward looking statement

Dr. Hanuma Prasad Modali, Managing Director, Deccan Gold Mines Ltd., said: “The definitive agreement for Logrosan marks

another important step in Deccan Gold’s strategy to build a globally diversified portfolio of gold and critical mineral assets.

Securing a pathway to operational control of a prospective tungsten project in Spain strengthens our exposure to a mineral

that is increasingly critical to defence, advanced manufacturing, semiconductors, and industrial technologies.

As resource security and supply-chain resilience become strategic priorities worldwide, access to critical minerals is emerging

as a key driver of long-term economic and industrial competitiveness. Logrosan complements our growing portfolio across

gold and critical minerals and reinforces our commitment to building a globally relevant mining platform positioned for the

opportunities of the future.”.

About Logrosán Tungsten Project

Logrosán lies within an Iberian metallogenic belt and is best understood as a district-scale, multi-commodity critical mineral

cluster rather than a single-commodity prospect. The exploration model is vein- and greisen-style tungsten–tin mineralisation

associated with a blind parent intrusion (Figure 2), with near-surface mineralisation representing only the upper part of a

larger system that should intensify toward the intrusion cupola at depth.

Our partners in the Project have undertaken considerable greenfield exploration work over the granted 37 km2 licence area

including ground magnetic surveys and a comprehensive soil sampling programme. The results of this work identified targets

for tungsten(W), tin (Sn), phosphorous (P), REE, and Nb–Ta. Initial sub-surface testing was via a small RAB drilling programme

over the areas prospective for tungsten (Figure 3). Promising near surface indications of tungsten mineralisation prompted a

6-hole diamond core drilling programme which intersected multiple veins of potentially economic scheelite (tungsten)

mineralisation.

A selection of best results from the drilling programmes include:

 LDD007: 3m @ 0.42% WO₃ from 258m

 LDD013: 2.7m @ 0.29% WO₃ from 118.3m

 LDD013: 9m @ 0.32% WO₃ from 192.2m

Figure 2: Logrosán exploration model and greenfield exploration results.

An application to extend the Logrosan licence area by a further 30km2 has also been lodged.

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Figure 3: Logrosán tungsten targets over magnetic survey data.

About The Maria Gold Project

The 40 km2 Maria Gold Project is located within the broader Logrosan mineralised corridor in Spain and represents a

prospective near-surface gold and antimony system. Historical work and recent exploration have identified encouraging

gold anomalies through stream sediment sampling and reconnaissance studies, suggesting the potential for a structurally

controlled mineralised trend across the Maria zone. The proximity of Maria to the Logrosan tungsten project provides

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additional geological context and underscores the multi-commodity potential of the region, further aligning with DGML’s

long-term focus on advancing gold exploration opportunities alongside its emerging critical minerals strategy.

Spain as a Mining jurisdiction

Spain is among the most mineralised regions in the EU and offers an open, EU-aligned investment framework: 100%

foreign ownership, no production-based royalties, competitive labour and energy costs, a ~30,000-strong mining

workforce, and alignment with the EU Critical Raw Materials Act (streamlined permitting; processing incentives under the

Mineral Raw Materials Plan 2025–2029).

About Tungsten

Tungsten (W, atomic no. 74) is a dense, refractory metal with the highest melting point of any metal (~3,422°C) and a density

close to gold. It is mined chiefly as scheelite (CaWO₄) and wolframite and is critical because it has no easy substitutes. The

supply chain is currently dominated by China (~80–85% of production; >75% of processing). Tungsten carbide alone accounts

for ~65% of consumption, with further demand from aerospace, defence, electronics and semiconductors.

Figure 4: Wolframite concentrate price (CNY/mt) — sustained surge into 2025–2026. Source: SMM.

About Deccan Gold

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, Deccan Gold 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.

Deccan Gold’s vision is to be India’s leading gold and critical minerals producer, transforming natural resources into shared

prosperity. We are here to set new standards for mining - doing it ethically, responsibly, and with care. Through genuine

respect for the land and its people, clear policies, and professional rigor, we are committed to showing that ethical mining

and sustainable nation-building are powerful allies.

For further information, refer to https://deccangoldmines.com/

Yours truly,

For Deccan Gold Mines Limited

Subramaniam Sundaram

Company Secretary & Compliance Officer

Membership No.: ACS 12110

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