Summary

Indiana Resources Limited provides the following update on the Settlement Deed concluded with The United Republic of Tanzania on 29 July 2024.

The Company confirms that all instalments were received from Tanzania in compliance with the Settlement Deed. The Company has applied for a tax ruling from the Australian Taxation Office ("ATO") to make a payment to shareholders as a capital return and is awaiting final confirmation from the ATO as to an amount that can be paid as a capital return. The details of the distribution amount and timeline will be confirmed as soon as that advice is received by the Company.

The Company also advises that subsequent to the receipt of a "Notice of Jeopardy Assessment" from the Tanzanian Revenue Authority's regional Lindi office ("Assessment"), as advised on 7 April 2025 (ASX Release 7 April 2025: "US$30 million received from Tanzania"), Tanzania has failed to withdraw the Assessment as requested and continues to be in breach of the Settlement Deed. To protect the Company and the Claimants from legal and accounting jeopardy, it became necessary to seek declaratory relief pursuant to the arbitration provisions of the Settlement Deed. Accordingly, a Notice of Arbitration has been lodged with the London Court of International Arbitration ("LCIA").

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