Deccan Gold Mines inks pact to acquire Tungsten Project in Spain

The acquisition is expected to be completed progressively by March 2027.

Following completion of the earn-in, the company will have the option to increase its stake to 75% through an additional EUR 1.0 million investment, subject to milestone achievement and independent valuation.

LMSL holds the 37 square kilometres Logrosan project and the 40 square kilometres Maria project in Spain. The investment proceeds will be utilized for exploration and development of these mineral assets.

Under the shareholders' agreement, subsequent project funding will be undertaken on a pro-rata basis, with Deccan Gold's stake potentially increasing up to 95% through dilution of non-contributing shareholders, while the existing shareholder retains a minimum non-dilutable 5% interest.

Previous exploration work at Logrosan has identified targets for tungsten, gold, tin, rare earth elements, niobium and tantalum.

Earlier drilling programs intersected multiple zones of scheelite-bearing tungsten mineralization, while an ongoing drilling campaign is aimed at expanding and defining the identified mineralized zones.

The transaction remains subject to regulatory approvals in India, Spain and the UK.

Dr. Hanuma Prasad Modali, managing director, Deccan Gold Mines, said: The definitive agreement for Logrosan marks another important step in Deccan Gold?s strategy to build a globally diversified portfolio of gold and critical mineral assets.

Securing a pathway to operational control of a prospective tungsten project in Spain strengthens our exposure to a mineral that is increasingly critical to defence, advanced manufacturing, semiconductors, and industrial technologies.

Logrosan complements our growing portfolio across gold and critical minerals and reinforces our commitment to building a globally relevant mining platform positioned for the opportunities of the future.

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

The company had reported 47.27% fall in consolidated net profit to Rs 7.62 crore in the quarter ended March 2026 from Rs 14.45 crore during the previous quarter ended March 2025. Sales for Q4 FY26 were Rs 0.59 crore as against Rs 0.01 crore in Q4 FY25.

The scrip fell 1.74% to currently trade at Rs 164.05 on the BSE.

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