Deccan Gold Mines said it proposes to acquire up to a 75% stake in the Logrosan tungsten project before the start of production. The project is at an early exploration stage. The company said it could convert existing mineralisation into Mineral Resources within one to two years.
The Logrosan project is located in a mineralised region of Spain known for tungsten, tin, rare earth elements and gold. Early drilling has shown encouraging tungsten intersections, including 3 metres at 0.42% WO₃ and 8 metres at 0.32% WO₃. Isolated high-grade gold results have also been reported.
The company said Spain offers a favourable mining environment. It cited supportive permitting, competitive operating costs, proximity to European markets and the absence of production-based royalties.
Tungsten is a critical mineral used in defence, aerospace, industrial tools and electronics. Global supply remains constrained. China accounts for over 80% of worldwide production.
Managing director Dr Hanuma Prasad Modali said the project supports the company’s strategy to expand into critical minerals. He added that Deccan Gold’s experience in gold exploration can be applied to tungsten projects.
The company also sees potential in associated gold and rare earth element targets in the region. It includes the nearby Maria Gold Project.
Deccan Gold said it will update shareholders as the evaluation of the project progresses.
Deccan Gold is the first and only gold and critical minerals resource company listed on the stock exchange.
On a standalone basis, Deccan Gold Mines reported net loss of Rs 2.52 crore in Q2 September 2025 as against net loss of Rs 15.03 crore in Q2 September 2024. Net sales were reported at Rs 2.14 crore in Q2 September 2025. No sales were reported in Q2 September 2024.