The company has entered into a strategic alliance agreement with AK Corporation — FZCO (AKC) a company organized and existing under the laws of United Arab Emirates. Under this agreement, the company and AKC will work as strategic partners in the setting up of / construction of processing plant focused on gold mining industry.

AKC has extensive experience in the construction of processing plants for the gold mining industry and has successfully completed / operating such plants in Africa particularly in the country of Mauritania.

Deccan Gold Mines has also inked a strategic alliance agreement with Kartikay Exploration and Mining Services, Nagpur (Kartikay). Under this Agreement, the company and Kartikay will work as strategic partners in the execution of mineral exploration and drilling work.

Kartikay is one of the leading mineral exploration and drilling contractor with a pool of highly experienced and professional manpower consisting of Geologists, Drilling Experts, Engineers and offers services to mining industry in India and abroad.

Deccan Gold Mines further stated that the company has started providing mineral exploration consultancy services during the last one year for clients in India / abroad. The company believes that entering into the above agreements will also further consolidate and strengthen its efforts in this domain.

Deccan Gold Mines (DGML) has been involved in gold exploration activities in the states of Karnataka and Andhra Pradesh where the activities have resulted in defining a number of gold prospects spread across these states. The ultimate objective of DGML is to advance these gold prospects into commercial gold production.

The company had reported a consolidated net loss of Rs 0.84 crore in Q3 FY23 as against net loss of Rs 0.53 crore in Q3 FY22. There were no sales reported in the quarter ended December 2022.

The scrip rose 0.49% to currently trade at Rs 45.44 on the BSE.