Key financial update and strategic focus

Indiana Resources (ASX:IDA) has announced a significant update on its financial status following a US$25 million payment from the United Republic of Tanzania. This payment marks the second installment of a US$90 million Settlement Agreement. The company currently holds a consolidated cash position of AU$57,619,294, with AU$47,610,521 held directly and US$6,591,396 held by its joint venture, Ntaka Nickel Holdings Ltd.

Overview of financial and strategic developments

Indiana Resources Limited has successfully received the second installment of its US$90 million Settlement Agreement with Tanzania, amounting to US$25 million. This strengthens its cash position and allows the company to focus on exploration activities in South Australia, particularly targeting gold. With a total cash position of AU$57,619,294, the company is well-placed to advance its exploration projects. The final installment from Tanzania is expected in March 2025, which will enable further intercompany loan repayments. A fund distribution to shareholders is anticipated in December 2024, aligning with Indiana's strategic growth objectives in the gold-rich Central Gawler Craton Province.

Executive insights on the settlement and future plans

Indiana's robust financial position will enable it to accelerate exploration activities focused on high-priority gold targets in South Australia.