Indiana Resources Limited provided the following update on the dispute with the United Republic of Tanzania ("Tanzania") which is the subject of arbitration through the International Centre for Settlement of Investments Disputes ("ICSID"). As the majority shareholder in Ntaka Nickel Holdings Ltd. ("NNHL") and Nachingwea UK Ltd. ("NUK") (both incorporated in the United Kingdom), Indiana is the manager of the Joint Venture and responsible for all activities for the pending arbitration. The Company confirms that the evidentiary hearing has commenced at the Washington headquarters of ICSID, an organisation of the World Bank Group.

The hearing will be presided over by a 3-person tribunal panel and is scheduled to conclude on 4th February 2023. The ICSID Convention has been ratified by 158 States, including Tanzania. An award issued by an ICSID tribunal is enforceable in any one of those 158 member States as if it were a judgment of one of their own courts.

Partly because of this, States often comply voluntarily with the payment terms of such awards. LALIVE and Boies Schiller Flexner LLP, two international law firms that specialise in international arbitration, are representing the Claimants in the arbitration process, with the Claimants seeking compensation of USD 98.83 million for the loss of their investment in Tanzania (including interest up to July 2022, which continues to accrue). In addition, the Claimants seek reimbursement of their arbitration costs and fees by Tanzania.

A litigation funding facility for USD 4.65 million is in place with Litigation Capital Management Limited ("LCM"), a firm listed on the Alternative Investment Market ("AIM") of the London Stock Exchange. This funding facility covers all legal costs associated with arbitration and is only repayable in the event of a successful award that is recovered from the United Republic of Tanzania. In July 2017, the Government of Tanzania amended the Mining Act 2010 by, inter alia, abolishing the legislative basis for the Retention Licence classification with no replacement classification.

On 10 January 2018, Tanzania published the Mining (Mineral Rights) Regulations 2018, which cancelled all Retention Licences issued prior to 10 January 2018 at which point they ceased to have any legal effect. The rights over all areas under Retention Licences, including the Retention Licence held for the Project, were immediately transferred to the Government of Tanzania. During the time from January 2018 to December 2019, the Company actively engaged with the Tanzanian Minister for Minerals and the Mining Commission in an effort to resolve a suitable tenure mechanism for the Project Licence to be reinstated.