DGML Update on Company Operations – May 30, 2019

We provide here under an Update on the Company’s operations.
(1) Acquisition of equity stake in Geomvsore Services (India) Private Limited (GMSI)
In continuation of our Update made on February 5, 2019 and after evaluating and arriving at a better
understanding of the challenges in acquiring equity stake in GMSI (through a share swap) at the
Board Meeting of the Company held on May 21, 2019 we are happy to report that a valuation process
to ascertain the share swap ratio between DGML and GMSI has been commenced by the appointment
of an Australian based valuation expert. Once a value has been ascribed to the mineral assets of both
the companies (a process which could take 6-8 weeks), a SEBI registered merchant banker will be
appointed to determine the share swap ratio. Deccan Gold Mines Limited (DGML) shareholders
will be then provided with a detailed information memorandum for their consideration and approval
of the transaction.

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