Please find enclosed the Transcript of Investor Relations (IR) call-Q2 FY 2025-2026
DECNGOLD · price
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Deccan Gold Mines held its IR call on November 20, 2025, with MD Hanuma Prasad providing updates on multiple projects. The Jonnagiri gold mine in India has been successfully commissioned and is running at its approved capacity of ~1,000 tons/day, with 12 tons of proven gold resource (potential beyond 20 tons). The Kyrgyzstan Altyn Tor project (60% stake) is ready for trial production within two weeks, with 5.6 tons of proven resource targeted to rise to 8 tons, and an all-in sustaining cost of ~$1,045/oz. A rights issue of approximately Rs. 315 crores is being planned, primarily to repay Rs. 200 crores of debt (which would make the company debt-free), with the balance for exploration drilling across four projects (Finland, Mozambique, Bhalukona) and possible new acquisitions. New discoveries include nickel-copper-PGM mineralization at Bhalukona and copper-gold mineralization in Mozambique's Tete province. Management also defended its decision to dilute Deccan's stake in Jonnagiri from 42% to 27% in favor of the majority-owned Kyrgyzstan project, addressing long-standing shareholder concerns about communication and strategy.
Positive for shareholders in the long term as the company transitions into a multi-project gold and critical minerals producer, with debt expected to be fully cleared. However, the Rs. 315 crore rights issue means equity dilution for existing shareholders, and near-term production ramp-up at Kyrgyzstan depends on successfully navigating winter commissioning. Stock could see volatility around rights issue pricing and timing of trial-production announcements.