Deccan Gold Mines - pathway to earn an initial 51% stake in Logrosan Tungsten Project by March 2027

Deccan Gold Mines Limited has signed a definitive Earn-In and Shareholders Agreement to acquire a 51% stake in Logrosan Minera S.L., a Spanish company operating the Logrosan Tungsten Project, for an investment of EUR 1.76 million. The agreement includes an option for Deccan Gold to increase its stake to 75% by investing an additional EUR 1.0 million, subject to independent valuation and the achievement of specific milestones. The transaction is expected to be finalized by March 2027, pending statutory approvals in India, Spain, and the UK.

The Logrosan project is located in a mineral-rich region of Spain known for tungsten, tin, rare earth elements, and gold. Early exploration and drilling have revealed encouraging tungsten mineralization, including intersections such as 3m @ 0.42% WO₃ and 8m @ 0.32% WO₃. The company highlighted that tungsten is a critical mineral with strategic applications in defense, aerospace, and industrial cutting tools, with global supply concentrated in China.

Deccan Gold Mines’ Managing Director, Dr. Hanuma Prasad Modali, emphasized the strategic importance of the acquisition in strengthening India’s access to critical minerals and reducing supply chain vulnerabilities. The company’s experience in gold exploration is being leveraged to evaluate and develop tungsten deposits, given similarities in geological models.