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Indiana Resources Ltd ASX:IDA

0 opened or increased0 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

31 Dec 2024 to today

Commentary Showing 2 of 4

DateManagerActionSummary

30 Jun 2025NGE CapitalHeldNGE Capital continues to hold Indiana Resources Ltd because the company is executing a capital return of 5 cents per share following receipt of a draft ATO Class Ruling, and has flagged the possibility of a further distribution subject to the resolution of a dispute related to the Ntaka Nickel Holdings Ltd fund distribution. NGE Capital notes that after acquiring its holding at an average entry cost of approximately 8.78 cents per share in late July 2024, the forthcoming capital return will bring total distributions to 10 cents per share — representing approximately 114% of the initial investment — with remaining shares continuing to hold residual value.

Monthly Report, price recorded $0.08

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27 May 2025NGE CapitalHeldThe manager continues to hold Indiana Resources (IDA), noting the company received a further capital return based on the third and final tranche payment of US$30 million from Tanzania. The manager notes a brief weakening in the Australian dollar against the US dollar aligned with the timing of the receipt, providing an additional cash boost of approximately 0.3 cents per share, and notes the fund was up approximately 46% on the investment as at 30 April after accounting for the 5 cents per share dividend received in December.

Annual Report, price recorded $0.08

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on IDA.

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About Indiana Resources Ltd

Materials, Metals and Mining

Indiana Resources (ASX:IDA), an explorer that received a large arbitration settlement, has returned capital to shareholders. In June 2025, NGE Capital noted Indiana announced a 5 cent per share capital return after receiving a draft ATO class ruling. NGE earlier noted receipt of the third and final US$30 million payment from the Tanzanian government under a settlement, leaving Indiana with around $71.6 million of cash, or about 11.1 cents per share, and a prior 5 cent special dividend. Indiana Resources operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 4 comments from 1 fund manager, NGE Capital. Founded in 1985 and headquartered in West Perth, Indiana Resources explores for gold, rare earths and base metals in South Australia's Central Gawler Craton, and received compensation from Tanzania for the expropriation of its Ntaka Hill nickel project.

Market cap: $10m
Price to earnings: 0.3x
Return on equity: 138.0%
Dividend yield: 0.0%
Price to book: 0.37x
Net margin: -50.2%
52-week range: $0.02 to $0.06

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Indiana Resources Ltd (ASX:IDA)?

Fund managers including NGE Capital have invested in Indiana Resources Ltd (ASX:IDA).

What opportunities or catalysts do fund managers highlight for Indiana Resources Ltd?

NGE highlights the receipt of all Tanzanian settlement payments, a large cash balance relative to market value and capital returns through dividends and a 5 cent capital return.

What are the key risks to the Indiana Resources Ltd investment thesis, according to fund managers?

The available commentary does not set out specific risks, though after returning capital Indiana's value depends on its early-stage exploration projects in South Australia.

What does Indiana Resources Ltd (ASX:IDA) do?

Indiana Resources Ltd. is an Australian minerals exploration and development company headquartered in West Perth. Founded in 1985, the company focuses on the exploration, development, and production of graphite, nickel, gold, and copper mineralization. Indiana Resources operates through two geographic segments: Tanzania and Mali. The firm advances its project portfolio across these regions to identify and develop mineral resources.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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