800 per cent returns: This multibagger mining company receives LOI from Directorate of Geology & Mining, Government of Chhattisgarh!
The stock gave multibagger returns of 350 per cent in just 1 year and a whopping 800 per cent in 3 years.
Deccan Gold Mines has received a letter of intent from the government of Chhattisgarh for the Bhalukona-Jamnidih Nickel, Chromium and Associated PGE Block. This is an important step for the company as it diversifies into the critical minerals’ domain. The company will now work to comply with the terms and conditions of the letter of intent and execute a composite license for the block.
The Bhalukona-Jamnidih Block is a 30 sq km area that is part of the Neo-archean Sonakhan Schist Belt. It contains a wide range of rocks, including volcano-volcanoclastic rocks, mafic-ultramafic intrusives, undeformed granitoids, younger dykes, and quartz veins. Based on initial sampling data, the area has the potential to be a valuable source of critical minerals.
The company has been selected as the “Preferred Bidder” on the basis of the e-auction and had furnished Performance Security for an amount of Rs 1,50,00,000 vide Bank Guarantee dated May 25, 2023 in favour of Directorate of Geology and Mining, Government of Chhattisgarh.
Deccan Gold Mines Limited was established in the year 2003 by Australian promoters with deep roots in the mining and exploration sector. Since its inception, DGML and its wholly owned subsidiary Deccan Exploration Services Private Limited (DESPL) have actively pursued gold exploration activities through the adoption of modern methods and the latest technology in all of its exploration prospects.
DGML has a market cap of over Rs 1,580 crore with a 3-year stock price CAGR of 107 per cent. Today, shares of DGML hit 5 per cent to upper circuit Rs 137.37 per share from its previous closing of Rs 130.83 per share. The stock also made a new 52-week high of Rs 137.37 per share with 5,07,167 quantities traded.
The stock gave multibagger returns of 350 per cent in just 1 year and a whopping 800 per cent in 3 years. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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