Indiana Resources (ASX:IDA) reports US$25 million ($38 million) in funds have been received by the claimants’ legal representatives from the United Republic of Tanzania as the second instalment of the US$90 million settlement agreement announced in July.
The company is currently planning for a dividend payment to shareholders in December 2024.
Indiana Resources reports the final instalment of US$30 million is due to be paid on or before 30 March 2025.
When received, Indiana Resources will make a further announcement on distribution to shareholders in Q2 2025.
The company says the final distribution between the claimants remains under discussion so Indiana Resources is not able to confirm a final expected figure at this time.
Meanwhile, Indiana Resources has started a systematic exploration program to identify and advance a pipeline of gold targets within its 100% owned Central Gawler Craton Exploration Project (CGCP) in South Australia.
The program is planned to be completed during the December quarter and has been based on a detailed review of historical data combined with existing heritage and Department of Mines approvals.
The works will follow a systematic process through several concurrent work streams, including detailed geological mapping; auger assisted calcrete sampling and geochemistry; and drilling at Minos.
Several prospective target areas have been identified around the Lake Labyrinth trend (including Minos), Double Dutch, Earea Dam, and Moolkra prospects.
These selections are based on existing heritage clearances and statutory approvals under the Company’s mining agreements, specifically with the Gawler Ranges and AMYAC native title agreements.
The expanded and accelerated exploration program will be fully funded from existing capital reserves and will not require any additional fundraising for the foreseeable future.
Write to Adam Orlando at Mining.com.au
Images: Indiana Resources
