Legal Settlement Clears Path for Indiana Resources Amid Exploration Advances

Strong Drilling Results at Minos

Indiana Resources Limited (ASX – IDA) has delivered a compelling update on its Minos Gold Project in South Australia, reporting extensional drilling results that include a standout 1 metre intersection grading 71 grams per tonne (g/t) gold. This high-grade hit, alongside other significant intercepts such as 21 metres at 2.31 g/t and 12 metres at 2.15 g/t, underscores the growing potential of the Minos prospect within the Gawler Craton.

The company’s diamond drilling program has further confirmed that the gold mineralisation extends to depth, with notable intercepts including 3.3 metres at 6.67 g/t gold from nearly 409 metres downhole. These results have been integrated into Indiana’s geological model, supporting ongoing targeting work to identify a high-grade plunge within the system.

Silver Mineralisation Adds New Dimension

Beyond gold, assays have revealed a broad silver halo surrounding the gold zones at Minos, with silver grades reaching up to 68.8 g/t over narrow intervals. This silver presence, historically underexplored at Minos, opens the door to potential multi-element resource opportunities. Indiana plans to re-assay historical samples to better understand the silver distribution across the project.

Exploration Momentum at Ariadne and Company Well

Complementing the Minos drilling, Indiana completed an extensive air-core drilling campaign at the nearby Ariadne and Company Well prospects, located within three kilometres of Minos along the Lake Labyrinth Shear Zone. While assay results are still pending, preliminary calcrete sampling has already indicated strong gold anomalies, including peaks of 3,000 parts per billion (ppb) gold. These prospects form part of Indiana’s hub-and-spoke strategy to build a pipeline of targets within its 5,700 square kilometre tenure.

Strengthening the Technical Team

To drive the next phase of exploration growth, Indiana has appointed Barbara Duggan as Head of Regional Exploration. Ms Duggan brings over 20 years of experience across diverse mineral systems and has a proven track record in discovery and resource expansion in Australia and internationally. Her expertise is expected to enhance Indiana’s ability to identify and develop key mineral systems within the Gawler Craton.

Resolution of Tanzania Dispute

On the corporate front, Indiana announced a comprehensive settlement with the United Republic of Tanzania, resolving all outstanding disputes related to its joint venture interests. This settlement removes significant legal uncertainty and confirms that no further taxes or penalties are payable by Indiana’s associated entities in Tanzania. However, a related arbitration involving Loricatus Resource Investments remains ongoing, with a hearing scheduled for December 2026.

Additionally, Indiana received a favourable Australian Taxation Office Class Ruling confirming that its recent capital return will not be treated as a dividend for tax purposes, providing clarity and potential tax benefits for shareholders.

Financial Position and Outlook

Indiana closed the quarter with a robust cash balance of A$33.8 million, positioning the company well to continue its aggressive exploration and development programs. With promising drilling results, a strengthened technical team, and legal uncertainties largely resolved, Indiana is poised to unlock further value from its extensive Gawler Craton portfolio.