Indiana Resources (IDA) Q4 2024 TU earnings summary

Executive summary

• Completed RC and AC drilling at Minos and Hopeful Hill, targeting gold, REE, Zn, and Cu mineralisation; assay results expected in August.

• Final ICSID annulment hearing regarding Tanzania arbitration scheduled for 26 July 2024; award stands at approximately USD $125 million including interest and legal costs.

• Raised ~$1.1M via a 1-for-30 rights issue, with directors subscribing for full entitlements.

Financial highlights

• Cash at bank at 30 June 2024 was approximately $1.90 million.

• Net cash used in operating activities for the quarter was $1.13 million, mainly due to administrative, corporate, staff, and legal costs.

• Payments for exploration and evaluation during the quarter totaled $218,000.

• Net cash from financing activities was $1.21 million, primarily from the rights issue.

Outlook and guidance

• Assay results from recent drilling at Minos and Hopeful Hill expected in August.

• Company expects lower operating cash outflows in future quarters as legal costs subside.

• Confident in ability to raise additional funds if required, supported by history of successful capital raisings.