The project, a Rs 400 crore private gold mining venture, marks a significant milestone as India's first large-scale private gold mine since Independence. The development is seen as a step towards reducing the country's heavy reliance on imported gold.

India imports over 800 tonnes of gold annually, while domestic production remains limited. Hutti Gold Mines is currently the only major producer, with output of around 1.5 tonnes per year. The closure of Kolar Gold Fields in 2000 had further constrained domestic supply.

Spread across nearly 598 hectares, the Jonnagiri mine is expected to have a life of over 15 years and produce up to 1,000 kg of gold annually. Certified resources stand at 13.1 tonnes, with potential to increase to 42.5 tonnes. The project is owned by Geomysore Services India, in which Deccan Gold Mines holds a minority stake of 27.67%.

The stock has gained momentum in recent weeks, supported by improving project visibility and broader interest in the gold and critical minerals space.

In a separate development, Deccan Gold Mines said its equity shares have been admitted for trading on the National Stock Exchange with effect from 20 April 2026.

Deccan Gold Mines is engaged in the business of extraction, processing & sale and exploration & development of mining assets mainly precious metals such as gold.

On a consolidated basis, Deccan Gold Mines reported net loss of Rs 18.92 crore in Q3 December 2025 as against net loss of Rs 21.04 crore in Q3 December 2024. Net sales declined 93.85% YoY to Rs 0.04 crore in Q3 December 2025.