Deccan Gold Mines Limited’s Wholly-Owned Subsidiary, DGTPL, Discovers Gold in Tanzania; Awaits Prospecting Licence for Lithium

§ Deccan Gold Tanzania Private Limited (“DGTPL”) discovers high grade quartz veins, up to a maximum of 8.52 g/t Gold grade in the PL block 11524 in the Nzega – Tabora Greenstone belt

§ Prospecting Licence (PL) for Lithium and associated metals covering an area of 100.49 sq.km has been recommended in favour of Deccan Gold Tanzania Pvt. Ltd. and grant order is awaited

Bengaluru, 19th March, 2024 — Deccan Gold Tanzania Private Limited (“DGTPL”), a wholly-owned subsidiary of Deccan Gold Mines Limited (DGML), India’s only listed gold exploration and mining company (Scrip Code: DECNGOLD | 512068 | INE945F01025), has discovered gold in the PL block 11524 in the Nzega – Tabora Greenstone belt, Tanzania. Also, a Prospecting Licence (PL) for lithium and associated metals covering an area of 100.49 sq.km has been recommended in favour of Deccan Gold Tanzania Pvt. Ltd. and grant order is awaited.

“The discovery in the Nzega – Tabora Greenstone belt in Tanzania, highlights our technical expertise in exploration and prospecting, across some of the most complex terrains globally. Our ongoing efforts to scale up our global assets complements the core business, and augments our operational strengths. The lithium discovery is a significant step towards our strategy to diversify into Critical Minerals”, said Mr. Hanuma Prasad Modali, Managing Director, Deccan Gold Mines Limited.

DGTPL has 4 Prospecting Licences (PL) for gold over the Nzega-Tabora Greenstone Belt and 1 PL for gold over the Geita-Sukumaland Greenstone Belt. All these 5 PLs were granted during end-2021.

The Company recently applied for lithium PL that has been recommended for grant. DGML as a part of its strategy to diversify into Critical Minerals, has carried significant amount of desktop studies on potential areas in Tanzania. Based on these studies the company has identified a potential area of 100.49 sq.km, on which it has applied for Prospecting License (PL). The PL has already been recommended and grant order is awaited.