Indiana Resources receives second settlement instalment from Tanzania

Indiana Resources (ASX: IDA) has received US$25 million (approx. A$38 million) from the United Republic of Tanzania as the second installment of a US$90 million settlement agreement established in July.

This payment will aid in fulfilling the company’s plans for a dividend payment to shareholders in December 2024. The final installment, totaling US$30 million, is anticipated on or before 30 March 2025. Upon receiving this, Indiana Resources will announce plans for a further distribution to shareholders in Q2 2025. However, the exact amount of the final distribution is still under discussion among the claimants.

Exploration program

Additionally, Indiana Resources has commenced a systematic exploration program within its 100%-owned Central Gawler Craton Exploration Project (CGCP) in South Australia, targeting a pipeline of gold prospects.

This program, scheduled for completion in Q4 2024, includes geological mapping, auger-assisted calcrete sampling, geochemical analysis, and drilling at the Minos prospect. Key target areas include Lake Labyrinth, Double Dutch, Earea Dam, and Moolkra, chosen based on heritage clearances and regulatory approvals from mining agreements with the Gawler Ranges and AMYAC native title groups. This expanded exploration effort is fully funded by Indiana’s capital reserves, eliminating the need for additional fundraising in the near future.