An update on the Jonnagiri Gold Mining Project of Geomysore Services (India) Private Limited ("Geomysore"), which is situated in Andhra Pradesh, India, has been made public by Deccan Gold Mines Ltd.

Thriveni Earth Movers Pvt Ltd ("Thriveni") and Deccan Gold Mines Limited ("DGML"), two of Geomysore's major shareholders, have committed to inject INR 60 Cr of equity capital into Geomysore by the end of August 2023.

The remaining INR 25 Cr of Thriveni's INR 15 Cr investment is anticipated by the end of August 2023. DGML has also committed to injecting an additional INR 20Cr in August 2023.

Proceeds of this investment will be used for land acquisition, ordering the equipment and commencement of civil work for the processing plant and the water pipeline.

120 acres of key land has been already acquired in Jonnagiri. Efforts are on to acquire another 130 acres of land by the end of this quarter.

Thus, by the end of the current quarter, a total of 250 acres is expected to be in the possession of Geomysore, which is required to build the processing plant, water reservoir and tailing dam.

It is planned to acquire additional 100 acres would be acquired in the next 2 quarters.