Indiana Resources Limited (ASX: $IDA) Quarterly Activities Report

Indiana Resources Limited (ASX: $IDA) has released its quarterly activities report for the quarter ended 30 June 2024. The report highlights the completion of RC and AC drill programmes at the Minos and Hopeful Hill targets in South Australia. Additionally, the company announced the final ICSID annulment hearing scheduled for 26 July 2024 and the successful completion of a 1-for-30 rights issue, raising approximately $1.1 million before costs, with directors subscribing for full entitlements.

Executive Commentary

The completion of the RC and AC drill programmes at the Minos and Hopeful Hill targets marks significant progress for Indiana Resources. We are eagerly anticipating the assay results expected in August, which will provide valuable insights into the high-grade gold and REE mineralisation. Furthermore, the upcoming final ICSID annulment hearing is a crucial step in our efforts to resolve the arbitration with the Government of Tanzania. The successful completion of the rights issue demonstrates the confidence of our directors in the company's prospects and strategic direction.

Summary

Indiana Resources Limited has made substantial advancements in its exploration activities, particularly in South Australia, with the completion of drill programmes at the Minos and Hopeful Hill targets. The forthcoming assay results are expected to shed light on the potential extension of high-grade gold and REE mineralisation, providing a basis for future decision-making. Additionally, the progress in the ICSID annulment proceedings signifies the company's commitment to resolving the arbitration with the Government of Tanzania. The successful completion of the rights issue further strengthens the company's financial position, reflecting positive market sentiment and support from the directors. Indiana Resources remains focused on its exploration and corporate objectives, aiming to leverage its strategic positioning in the Gawler Craton to unlock value for its stakeholders.