Response to ASX Aware Letter

• $90 million settlement reached with United Republic of Tanzania
• Settlement relates to illegal expropriation of Ntaka Hill Nickel Project in 2018
• Settlement amount represents a significant sum for Indiana Resources

Indiana Resources Limited (IDA) has reached a $90 million settlement with the United Republic of Tanzania to resolve a dispute over the illegal expropriation of the Ntaka Hill Nickel Project in 2018. The dispute was being heard by the International Centre for Settlement of Investment Disputes (ICSID), part of the World Bank. On 14 July 2023, ICSID declared the arbitration proceedings closed and ordered Tanzania to pay $109.5 million in compensation to the Claimants. The $90 million settlement amount represents a significant sum for IDA, given that the company's last quarterly report showed a closing cash balance of only $1.39 million. IDA received the signed settlement deed from Tanzania on 1 July 2024 but did not make an announcement until 29 July 2024, after the first $35 million payment was made by Tanzania and the final ICSID annulment hearing had taken place. IDA acted prudently to ensure the settlement announcement was only released once the agreed actions under the deed had been satisfied.

The $90 million settlement amount represents a significant sum for Indiana Resources, given the company's last reported closing cash balance of $1.39 million.