Indiana Resources Limited (ASX: IDA) announced a robust consolidated cash position of AU$71.6 million as of April 11, 2025. This total comprises AU$52.0 million directly held by Indiana and US$12.3 million held by Ntaka Nickel Holdings Ltd (NNHL). The significant cash influx follows the receipt of the final US$30 million installment from the United Republic of Tanzania, part of a US$90 million settlement agreement disclosed in July 2024. The company confirmed Nachingwea UK Limited has completed repayment of an intercompany loan to Indiana after receiving the settlement funds.
Currently, Indiana is navigating a dispute regarding the distribution of funds between claimants and shareholders of NNHL, specifically Nachingwea UK Ltd (82%) and Loricatus Resource Investments (18%). This matter has been referred to the Australian Centre for International Commercial Arbitration (ACICA), with Perth, Western Australia, as the seat of arbitration. The US dollar amount related to this dispute will be held in a term deposit pending resolution.
With its strengthened financial standing, Indiana Resources plans to accelerate its exploration activities in South Australia, with a primary focus on high-priority gold targets, notably the Minos gold deposit. Drilling is slated to recommence at Minos before the end of April 2025. The company plans to release further details regarding its exploration plans. Indiana Resources’ Executive Chairman Bronwyn Barnes authorized the release of this announcement, highlighting the company’s solid financial foundation and strategic focus on advancing its South Australian projects.
