Indiana Resources (IDA) H2 2024 earnings summary

Executive summary

• Achieved a landmark US$90 million settlement with Tanzania over the expropriation of the Ntaka Hill Nickel Project, with the first US$35 million instalment received in July 2024 and further payments due in October 2024 and March 2025.

• Focus shifted back to Australian mineral exploration, particularly the 100%-owned Central Gawler Craton Project in South Australia, with ongoing rare earth, gold, and base metal exploration.

• No dividends declared for FY2024; company plans to return funds to shareholders after receipt of settlement instalments.

Financial highlights

• Net loss after tax for FY2024 was $4.12 million, compared to $1.94 million in FY2023.

• Revenue from other income was $229,000, up from $18,000 in the prior year.

• Cash and cash equivalents at 30 June 2024 were $1.39 million, up from $1.19 million at 30 June 2023.

• Exploration and evaluation assets increased to $6.37 million from $5.33 million year-over-year.

• Equity raised: $3.83 million via placement in October 2023 and $1.13 million via entitlement issue in June 2024.

Outlook and guidance

• Anticipates significant financial resources from the remaining US$55 million in settlement payments over the next 6-8 months.

• Plans to confirm and distribute returns to shareholders after the second instalment is received in October 2024, with a final return expected in Q2 2025.

• Renewed focus on advancing exploration in South Australia, leveraging the strengthened balance sheet.