Overview of Indiana Resources Limited and settlement announcement

Indiana Resources Limited (ASX:$IDA) has announced the settlement of the shareholder dispute involving Ntaka Nickel Holdings Ltd. The agreement resolves the dispute over the October Funding Call and the Australian Centre for International Commercial Arbitration proceedings. Under the agreement, Loricatus Resources Investments' shareholding in NNHL will dilute from 30% to 18%, and Nachingwea UK Ltd's shareholding will increase from 70% to 82%. Each party will bear its own costs in relation to the proceedings. Indiana, as the majority shareholder of the Claimants, is the manager of the ICSID arbitration against the United Republic of Tanzania.

Executive Commentary on Settlement

It is pleasing to have this matter resolved in advance of the arbitration hearing. There is now clarity around the shareholding structure of the Claimants although it should be noted that the Award may not necessarily be distributed between the Claimants in a manner that reflects underlying shareholdings. Finalising this dispute allows Indiana to now focus on enforcement and annulment activities relating to arbitration against the United Republic of Tanzania. Activities for this phase are significantly advanced, with plans for enforcement in place, and the Claimants well prepared for the ICSID hearing on 20th December 2023 with regards to annulment proceedings.

Summary of Settlement and Future Focus

Indiana Resources Limited (ASX:IDA) has successfully settled the shareholder dispute related to Ntaka Nickel Holdings Ltd. The agreement provides clarity on the shareholding structure of the Claimants, with Loricatus Resources Investments' shareholding diluting from 30% to 18%, and Nachingwea UK Ltd's shareholding increasing from 70% to 82%. The company is now positioned to focus on enforcement and annulment activities concerning the arbitration against the United Republic of Tanzania. Indiana's management is well-prepared for the ICSID hearing on 20th December 2023 with regards to annulment proceedings. Indiana Resources Limited, an exploration company focused on advancing a portfolio of tenements, including rare earths, gold, and base metals, is strategically positioned in the highly prospective Central Gawler Craton Province in South Australia. With a tightly held register and strong support from major shareholders, Indiana is poised for growth and is progressing plans for a targeted Rare Earth Elements (REE) drilling programme. The company's strategic positioning in a region known for gold presents exciting REE opportunities, and its highly experienced management team, led by Executive Chair Bronwyn Barnes, is driving the company's growth story.