October 27, 2017 Dear Shareholder, The past year has been one of positive progress, with the completion of the Joint Ore Resources Committee, Australia (JORC) compliant Feasibility Study by Snowden and reporting a robust project and positive decision to develop the Ganajur Gold Project . On the other hand, the delay in receiving the Letter of Intent (LoI) has understandably caused much anxiety for shareholders but owing to the clear legal standing, I remain confident that the LoI will ultimately be issued. In the meanwhile, significant progress has been made in regards to the required preparation to build the Ganajur mine.

Feasibility studies have increased the level of confidence in the Ganajur gold mineralisation with bulk of the resource being upgraded to mineable proved category reserves as per JORC Standards.

The financial model has indicated net cash flows of USD 133 million before tax over the life of the mine. The Net Present Value (NPV) at 5% DCF is USD 91.6 M and USD 61.4 M before and after tax respectively at a gold price of USD 1250 per ounce. The Internal Rate of Return (IRR) is a very healthy 39.1% and 29.6% before and after tax respectively, and the payback period for the Project is 2.7 years. Financial analysis has also indicated that Ganajur Project can break even at a price of just 700 USD per ounce.

These numbers are very exciting for any gold project and as Chairman of the Company I would like to remind shareholders that Ganajur is a robust gold mining project that would often be referred to as a ‘company maker'. Most successful gold mining companies in jurisdictions such as Australia, started with an open pit mine similar in size to Ganajur. It is the engine that will drive the subsequent development of our other valuable assets in the Hutti Greenstone Belt and other areas. The Ganajur cash flows will enable us to drill and prove up these other world-class gold targets I would also like to inform the shareholders that Deccan has made serious progress in the field of infrastructure which will be critical in commissioning of the project. We have progressed in land acquisition process, water, power and getting permission from Railways. We are also in the process of getting environmental clearance for the processing plant.

We have a strong technical team that through the undertaking of the Feasibility Study, has strengthened its detailed knowledge of the Ganajur project although, we must continue to build on this with the addition of mining and processing specific expertise to ensure efficient and successful implementation of the project.

I would like to remind shareholders that I am continually lobbying and advocating at various political levels directly, as well as through various industry bodies, in terms of the much required changes to the Mining Act and associated Policy. I am led to believe that the Government is seriously considering revisiting some of the areas that would help boost the exploration industry and although we must remain cautiously optimistic, I will continue to advocate strongly for the industry's best interests. In spite of the regulatory delays, Deccan remains resolute, with an incredibly robust and much sought after portfolio of gold projects. Deccan remains well placed to become a major Indian gold miner and I hope the shareholders can appreciate that although we await the LoI, significantprogress has been and continues to be made in regards building India's first private sector gold mine.

Yours truly

Charles E.E. Devenish