# IDA: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146588 Publisher: asx Original announcement: 2026-09-30T07:39:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T08:24:54.603Z Atlas analysis updated: 2026-09-30T08:24:54.603Z - Company: Indiana Resources Limited - Ticker: IDA - Exchange: ASX - Region: South Australia - Primary commodity: Gold - Secondary commodities: Silver, Titanium, Rare earth elements - Document categories: Drill results, Other - Extracted: 2026-09-30 08:24:55 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary Indiana Resources Limited completed a significant capital return of A$32.2 million to shareholders following the final settlement of its arbitration with Tanzania. The company also reported positive gold and silver drill results from its Central Gawler Craton Project in South Australia, extending mineralization at Minos and identifying new targets at Company Well and Ealbara. An ongoing arbitration dispute regarding the distribution of settlement funds remains unresolved, and the company recorded a financial loss for the year. Reasoning: Indiana Resources Limited successfully returned capital to shareholders and reported encouraging drill results from its Central Gawler Craton Project, extending known gold mineralization and identifying new targets. However, an unresolved arbitration dispute and a financial loss for the year temper the overall positive outlook. - Positive factor: Significant capital return to shareholders - Positive factor: Positive drill results extending gold mineralization at Minos - Positive factor: Identification of new gold and silver targets at Company Well and Ealbara - Positive factor: Strong financial position with significant cash and term deposits - Positive factor: Competent Person sign-off on exploration results - Negative factor: Ongoing arbitration dispute regarding settlement funds creates uncertainty - Negative factor: Company reported a financial loss for the year - Negative factor: No true width disclosed for drill intercepts - Negative factor: First strike on remuneration report indicates shareholder dissatisfaction Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 40 ## Classification and evidence **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 1m @ 71.0 g/t gold is exceptionally high-grade, well above the typical threshold for gold deposits. Evidence · text > 1m @ 71.0 g/t gold from 140m \(25LLRC005\) **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 0.8m @ 20.7 g/t gold is exceptionally high-grade, well above the typical threshold for gold deposits. Evidence · text > 0.8m @ 20.7 g/t gold from 408.7m \(25LLRD013\) **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 0.8m @ 68.8 g/t silver is exceptionally high-grade, well above the typical threshold for silver deposits. Evidence · text > 0.8m @ 68.8 g/t silver \(25LLRD013\) **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Drilling extended the known gold structure at Minos to 380m below surface and confirmed a strike length of 650m, indicating mineralization beyond previously known limits. Evidence · text > These results have extended the known gold structure to 380m below surface \(from 200m in prior drilling\) and confirm a strike length of 650m. **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The annual report includes a Competent Person Statement, indicating that exploration results are compiled by a qualified professional. Evidence · text > The information in this annual report that relates to Exploration Results is based on, and fairly represents, information compiled by Ms Barbara Duggan, who is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: All reported drill intercepts are given as downhole lengths without stating the true width or drill orientation, which may overstate true thickness. Evidence · text > 1m @ 71.0 g/t gold from 140m \(25LLRC005\) **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The Company Well prospects are positioned as attractive targets due to their proximity to Minos and being hosted within the same fertile Lake Labyrinth Shear Zone. Evidence · text > Both prospects are located within 3km of Minos and are hosted within the same fertile LLSZ. ## Extracted facts Stored fact records: 40. Some facts used in scoring do not have a stored record. ## Drill Results (40) ### 25LLRC005 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-0) Gawler Craton South · gold #### Identity - Hole ID: 25LLRC005 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 71 - Grade Unit: g/t - Intercept: 1 m - From: 140 m - To: 141 m - Intercept Depth: 140 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRC005:140-141 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept shows an exceptionally high gold grade, indicating a bonanza zone within the Minos prospect, which is highly material for exploration success. - Positive factor: Exceptional gold grade \(71.0 g/t\) for an exploration intercept - Negative factor: Apparent width only, true width not stated Evidence · text > 1m @ 71.0 g/t gold from 140m \(25LLRC005\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRC006 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-1) Gawler Craton South · gold #### Identity - Hole ID: 25LLRC006 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 2.31 - Grade Unit: g/t - Intercept: 21 m - From: 115 m - To: 136 m - Intercept Depth: 115 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRC006:115-136 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept demonstrates strong gold mineralization over a good width, contributing positively to the Minos prospect's potential and extending known mineralization. - Positive factor: Strong gold grade over a significant intercept length - Positive factor: Extends known mineralization - Negative factor: Apparent width only, true width not stated Evidence · text > 21m @ 2.31 g/t gold from 115m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRC006 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-2) Gawler Craton South · gold #### Identity - Hole ID: 25LLRC006 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 4.67 - Grade Unit: g/t - Intercept: 8 m - From: 128 m - To: 136 m - Intercept Depth: 128 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRC006:128-136 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade sub-interval within a broader zone at Minos enhances the overall prospectivity and indicates good continuity of mineralization. - Positive factor: High-grade sub-interval within a broader mineralized zone - Positive factor: Strong gold grade - Negative factor: Apparent width only, true width not stated Evidence · text > 8m @ 4.67 g/t gold from 128m \(25LLRC006\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRC004 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-3) Gawler Craton South · gold #### Identity - Hole ID: 25LLRC004 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 2.15 - Grade Unit: g/t - Intercept: 12 m - From: 118 m - To: 130 m - Intercept Depth: 118 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRC004:118-130 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept provides good gold grades over a reasonable width, supporting the continuity of mineralization at Minos. - Positive factor: Good gold grade over a moderate intercept length - Positive factor: Extends known mineralization - Negative factor: Apparent width only, true width not stated Evidence · text > 12m @ 2.15 g/t gold from 118m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRC004 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-4) Gawler Craton South · gold #### Identity - Hole ID: 25LLRC004 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 3.78 - Grade Unit: g/t - Intercept: 6 m - From: 121 m - To: 127 m - Intercept Depth: 121 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRC004:121-127 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-interval shows strong gold grades, reinforcing the quality of the mineralization at Minos. - Positive factor: Strong gold grade within a sub-interval - Negative factor: Apparent width only, true width not stated Evidence · text > 6m @ 3.78 g/t gold from 121m \(25LLRC004\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRC019 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-5) Gawler Craton South · gold #### Identity - Hole ID: 25LLRC019 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 5.24 - Grade Unit: g/t - Intercept: 4 m - From: 152 m - To: 156 m - Intercept Depth: 152 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRC019:152-156 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept at Minos shows strong gold grades, indicating continued mineralization in the area. - Positive factor: Strong gold grade over a moderate intercept length - Negative factor: Apparent width only, true width not stated Evidence · text > 4m @ 5.24 g/t gold from 152m \(25LLRC019\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRC007 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-6) Gawler Craton South · gold #### Identity - Hole ID: 25LLRC007 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 0.78 - Grade Unit: g/t - Intercept: 20 m - From: 145 m - To: 165 m - Intercept Depth: 145 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRC007:145-165 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept at Minos shows moderate gold grades over a good width, supporting the overall prospectivity. - Positive factor: Moderate gold grade over a significant intercept length - Positive factor: Extends known mineralization - Negative factor: Apparent width only, true width not stated Evidence · text > 20m @ 0.78 g/t gold from 145m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRC007 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-7) Gawler Craton South · gold #### Identity - Hole ID: 25LLRC007 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 1.2 - Grade Unit: g/t - Intercept: 7 m - From: 145 m - To: 152 m - Intercept Depth: 145 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRC007:145-152 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This sub-interval at Minos shows moderate gold grades, contributing to the overall mineralized footprint. - Positive factor: Moderate gold grade within a sub-interval - Negative factor: Apparent width only, true width not stated Evidence · text > 7m @ 1.20 g/t gold from 145m \(25LLRC007\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRD008 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-8) Gawler Craton South · gold #### Identity - Hole ID: 25LLRD008 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 1.75 - Grade Unit: g/t - Intercept: 10.83 m - From: 219.17 m - To: 230 m - Intercept Depth: 219.17 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRD008:219.17-230 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This diamond drill intercept confirms the continuity of gold mineralization at depth at Minos, which is a positive development for the project. - Positive factor: Good gold grade over a significant intercept length - Positive factor: Confirms continuity of gold structure at depth - Negative factor: Apparent width only, true width not stated Evidence · text > 10.83m @ 1.75 g/t gold from 219.17m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRD008 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-9) Gawler Craton South · gold #### Identity - Hole ID: 25LLRD008 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 9.4 - Grade Unit: g/t - Intercept: 1.1 m - From: 224 m - To: 225.1 m - Intercept Depth: 224 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRD008:224-225.1 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade sub-interval from diamond drilling further confirms the presence of significant gold mineralization at depth at Minos. - Positive factor: High-grade gold sub-interval at depth - Positive factor: Confirms continuity of gold structure at depth - Negative factor: Apparent width only, true width not stated Evidence · text > 1.1m @ 9.4 g/t gold from 224m \(25LLRD008\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRD013 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-10) Gawler Craton South · gold #### Identity - Hole ID: 25LLRD013 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 1.64 - Grade Unit: g/t - Intercept: 7 m - From: 330 m - To: 337 m - Intercept Depth: 330 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRD013:330-337 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept at 330m depth further confirms the continuity of gold mineralization at Minos, extending the known depth of the structure. - Positive factor: Good gold grade at significant depth - Positive factor: Confirms continuity of gold structure at depth - Negative factor: Apparent width only, true width not stated Evidence · text > 7m @ 1.64 g/t gold from 330m \(25LLRD013\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRD013 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-11) Gawler Craton South · gold #### Identity - Hole ID: 25LLRD013 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 6.67 - Grade Unit: g/t - Intercept: 3.3 m - From: 408.7 m - To: 412 m - Intercept Depth: 408.7 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRD013:408.7-412 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade intercept at over 400m depth is highly material, significantly extending the known gold structure at Minos to 380m below surface. - Positive factor: Strong gold grade at significant depth - Positive factor: Extends known gold structure to 380m below surface - Negative factor: Apparent width only, true width not stated Evidence · text > 3.3m @ 6.67 g/t gold from 408.7m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRD013 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-12) Gawler Craton South · gold #### Identity - Hole ID: 25LLRD013 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 20.7 - Grade Unit: g/t - Intercept: 0.8 m - From: 408.7 m - To: 409.5 m - Intercept Depth: 408.7 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRD013:408.7-409.5 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This bonanza-grade sub-interval at depth is highly material, confirming very high-grade mineralization and extending the known gold structure at Minos. - Positive factor: Exceptional gold grade \(20.7 g/t\) at significant depth - Positive factor: Extends known gold structure to 380m below surface - Negative factor: Apparent width only, true width not stated Evidence · text > 0.8m @ 20.7 g/t gold from 408.7m \(25LLRD013\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRD014 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-13) Gawler Craton South · gold #### Identity - Hole ID: 25LLRD014 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 0.81 - Grade Unit: g/t - Intercept: 11 m - From: 167 m - To: 178 m - Intercept Depth: 167 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRD014:167-178 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept at Minos shows moderate gold grades over a good width, supporting the overall prospectivity of the area. - Positive factor: Moderate gold grade over a good intercept length - Positive factor: Extends known mineralization - Negative factor: Apparent width only, true width not stated Evidence · text > 11m @ 0.81 g/t gold from 167m \(25LLRD014\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRD013 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-14) Gawler Craton South · silver #### Identity - Hole ID: 25LLRD013 - Project: Gawler Craton South - Commodity: silver - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 18.33 - Grade Unit: g/t - Intercept: 3.3 m - From: 408.7 m - To: 412 m - Intercept Depth: 408.7 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRD013:408.7-412 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This silver intercept at depth is a new and positive dimension to the Minos deposit, indicating polymetallic potential. - Positive factor: Moderate silver grade at significant depth - Positive factor: New dimension of mineralization identified - Negative factor: Apparent width only, true width not stated Evidence · text > 3.3m @ 18.33 g/t silver from 408.7m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRD013 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-15) Gawler Craton South · silver #### Identity - Hole ID: 25LLRD013 - Project: Gawler Craton South - Commodity: silver - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 68.8 - Grade Unit: g/t - Intercept: 0.8 m - From: 408.7 m - To: 409.5 m - Intercept Depth: 408.7 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRD013:408.7-409.5 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This bonanza-grade silver sub-interval at depth is highly material, adding a new and significant polymetallic component to the Minos deposit. - Positive factor: High-grade silver sub-interval at significant depth - Positive factor: New dimension of mineralization identified - Negative factor: Apparent width only, true width not stated Evidence · text > 0.8m @ 68.8 g/t silver \(25LLRD013\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRC005 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-16) Gawler Craton South · silver #### Identity - Hole ID: 25LLRC005 - Project: Gawler Craton South - Commodity: silver - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 4.68 - Grade Unit: g/t - Intercept: 7 m - From: 140 m - To: 147 m - Intercept Depth: 140 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRC005:140-147 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This silver intercept at Minos adds to the polymetallic potential of the deposit, representing a new dimension of mineralization. - Positive factor: Moderate silver grade over a good intercept length - Positive factor: New dimension of mineralization identified - Negative factor: Apparent width only, true width not stated Evidence · text > 7m @ 4.68 g/t silver from 140m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRC005 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-17) Gawler Craton South · silver #### Identity - Hole ID: 25LLRC005 - Project: Gawler Craton South - Commodity: silver - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 28 - Grade Unit: g/t - Intercept: 1 m - From: 140 m - To: 141 m - Intercept Depth: 140 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRC005:140-141 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This strong silver grade sub-interval at Minos further highlights the polymetallic nature of the deposit. - Positive factor: Strong silver grade within a sub-interval - Positive factor: New dimension of mineralization identified - Negative factor: Apparent width only, true width not stated Evidence · text > 1m @ 28.0 g/t silver \(25LLRC005\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 25LLRC001 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-18) Gawler Craton South · silver #### Identity - Hole ID: 25LLRC001 - Project: Gawler Craton South - Commodity: silver - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 6.31 - Grade Unit: g/t - Intercept: 6 m - From: 87 m - To: 93 m - Intercept Depth: 87 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 25LLRC001:87-93 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This silver intercept at Minos contributes to the understanding of the polymetallic potential of the deposit. - Positive factor: Moderate silver grade over a good intercept length - Positive factor: New dimension of mineralization identified - Negative factor: Apparent width only, true width not stated Evidence · text > 6m @ 6.31 g/t silver from 87m \(25LLRC001\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### CWAC034 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-19) Gawler Craton South · gold #### Identity - Hole ID: CWAC034 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 1.2 - Grade Unit: g/t - Intercept: 18 m - From: 10 m - To: 28 m - Intercept Depth: 10 m #### Classification - Program: exploration - Sample Type: drill - Group ID: CWAC034:10-28 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This intercept represents a significant new discovery, identifying a previously unknown mineralized splay with good gold grades, enhancing the prospect pipeline. - Positive factor: Good gold grade over a significant intercept length - Positive factor: Identified a previously unidentified mineralised splay off the main LLSZ - Negative factor: Apparent width only, true width not stated Evidence · text > 18m @ 1.2 g/t gold, 4.6 g/t silver from 10m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### CWAC034 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-20) Gawler Craton South · silver #### Identity - Hole ID: CWAC034 - Project: Gawler Craton South - Commodity: silver - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 4.6 - Grade Unit: g/t - Intercept: 18 m - From: 10 m - To: 28 m - Intercept Depth: 10 m #### Classification - Program: exploration - Sample Type: drill - Group ID: CWAC034:10-28 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This silver intercept from a newly identified mineralized splay adds to the polymetallic potential of the Company Well prospect. - Positive factor: Moderate silver grade over a significant intercept length - Positive factor: Identified a previously unidentified mineralised splay off the main LLSZ - Negative factor: Apparent width only, true width not stated Evidence · text > 18m @ 1.2 g/t gold, 4.6 g/t silver from 10m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### CWAC034 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-21) Gawler Craton South · gold #### Identity - Hole ID: CWAC034 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 3.6 - Grade Unit: g/t - Intercept: 3 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade gold sub-interval further confirms the quality of the new mineralized splay at Company Well. - Positive factor: Strong gold grade within a sub-interval - Positive factor: Identified a previously unidentified mineralised splay off the main LLSZ - Negative factor: Apparent width only, true width not stated - Negative factor: From depth not explicitly stated for sub-interval Evidence · text > 3m @ 3.6 g/t gold and 6.1g/t silver #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### CWAC034 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-22) Gawler Craton South · silver #### Identity - Hole ID: CWAC034 - Project: Gawler Craton South - Commodity: silver - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 6.1 - Grade Unit: g/t - Intercept: 3 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This silver sub-interval contributes to the polymetallic nature of the new mineralized splay at Company Well. - Positive factor: Moderate silver grade within a sub-interval - Positive factor: Identified a previously unidentified mineralised splay off the main LLSZ - Negative factor: Apparent width only, true width not stated - Negative factor: From depth not explicitly stated for sub-interval Evidence · text > 3m @ 3.6 g/t gold and 6.1g/t silver #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### CWAC034 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-23) Gawler Craton South · gold #### Identity - Hole ID: CWAC034 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 4.7 - Grade Unit: g/t - Intercept: 1 m - From: 18 m - To: 19 m - Intercept Depth: 18 m #### Classification - Program: exploration - Sample Type: drill - Group ID: CWAC034:18-19 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade gold sub-interval further confirms the quality of the new mineralized splay at Company Well. - Positive factor: Strong gold grade within a sub-interval - Positive factor: Identified a previously unidentified mineralised splay off the main LLSZ - Negative factor: Apparent width only, true width not stated Evidence · text > 1m @ 4.7 g/t gold and 39.1 g/t silver at 18m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### CWAC034 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-24) Gawler Craton South · silver #### Identity - Hole ID: CWAC034 - Project: Gawler Craton South - Commodity: silver - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 39.1 - Grade Unit: g/t - Intercept: 1 m - From: 18 m - To: 19 m - Intercept Depth: 18 m #### Classification - Program: exploration - Sample Type: drill - Group ID: CWAC034:18-19 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This strong silver grade sub-interval contributes to the polymetallic nature of the new mineralized splay at Company Well. - Positive factor: Strong silver grade within a sub-interval - Positive factor: Identified a previously unidentified mineralised splay off the main LLSZ - Negative factor: Apparent width only, true width not stated Evidence · text > 1m @ 4.7 g/t gold and 39.1 g/t silver at 18m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### CW20 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-25) Gawler Craton South · gold #### Identity - Hole ID: CW20 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 2.19 - Grade Unit: g/t - Intercept: 1 m - From: 18 m - To: 19 m - Intercept Depth: 18 m #### Classification - Program: exploration - Sample Type: drill - Group ID: CW20:18-19 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows moderate gold grades, supporting the prospectivity of the Company Well area, though with limited context. - Positive factor: Moderate gold grade - Negative factor: Apparent width only, true width not stated - Negative factor: Limited geological information for historical hole Evidence · text > 1m @ 2.19 g/t Au from 18m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### CW20 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-26) Gawler Craton South · gold #### Identity - Hole ID: CW20 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 11.27 - Grade Unit: g/t - Intercept: 2 m - From: 26 m - To: 28 m - Intercept Depth: 26 m #### Classification - Program: exploration - Sample Type: drill - Group ID: CW20:26-28 #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows strong gold grades, indicating high-grade potential at Company Well, though with limited context. - Positive factor: Strong gold grade - Negative factor: Apparent width only, true width not stated - Negative factor: Limited geological information for historical hole Evidence · text > 2m @ 11.27 g/t from 26m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### LLRC001 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-27) Gawler Craton South · gold #### Identity - Hole ID: LLRC001 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 5.7 - Grade Unit: g/t - Intercept: 1 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows strong gold grades, supporting the prospectivity of the Company Well area, though with limited context. - Positive factor: Strong gold grade - Negative factor: Apparent width only, true width not stated - Negative factor: Limited geological information for historical hole - Negative factor: From depth not explicitly stated Evidence · text > 1m @ 5.7 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### LLRC002 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-28) Gawler Craton South · gold #### Identity - Hole ID: LLRC002 - Project: Gawler Craton South - Commodity: gold - Region: australia\_sa - Reported Region: australia\_sa - Ticker: IDA #### Geometry - Grade: 3.25 - Grade Unit: g/t - Intercept: 1 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows good gold grades, supporting the prospectivity of the Company Well area, though with limited context. - Positive factor: Good gold grade - Negative factor: Apparent width only, true width not stated - Negative factor: Limited geological information for historical hole - Negative factor: From depth not explicitly stated Evidence · text > 1m @ 3.25 g/t Au #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 30 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-29) #### Identity - Region: australia\_sa - Reported Region: South Australia - Ticker: IDA #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The capital return of A$32.2 million is highly material for shareholders, representing a direct return of funds and a key commitment fulfilled by the company. - Positive factor: Significant capital return to shareholders - Positive factor: ATO confirmed no adverse tax consequences for IDA Evidence · text > approximately A$32.2 million was paid in August 2025 as a capital return of A$0.05 per share. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 31 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-30) #### Identity - Region: australia\_sa - Reported Region: South Australia - Ticker: IDA #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The US$90 million arbitration settlement is a highly material event, providing substantial funds to the company and resolving a long-standing dispute. - Positive factor: Successful settlement of arbitration proceedings - Positive factor: Significant cash inflow for the company Evidence · text > A Settlement Deed was concluded in July 2024 for a total payment of US$90 million. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 32 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-31) #### Identity - Region: australia\_sa - Reported Region: South Australia - Ticker: IDA #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The preservation of US$13 million in an interest-bearing term deposit due to an ongoing arbitration dispute is a negative factor, as it ties up significant funds and creates uncertainty for shareholders. - Negative factor: Significant portion of settlement funds tied up in ongoing dispute - Negative factor: Uncertainty regarding final distribution of funds Evidence · text > A portion \(18%\) of the net settlement proceeds received from Tanzania have been preserved in an interest-bearing term deposit pending resolution of the dispute with LRI. The amount is currently US$13,052,178.06 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 33 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-32) #### Identity - Region: australia\_sa - Reported Region: South Australia - Ticker: IDA #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The increase in exploration and evaluation expenditure assets indicates continued investment in the company's projects, which is a positive for future growth potential. - Positive factor: Continued investment in exploration activities - Positive factor: Growth in exploration assets Evidence · table > 12,805 Context: Exploration and evaluation expenditure assets #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 34 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-33) #### Identity - Region: australia\_sa - Reported Region: South Australia - Ticker: IDA #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The net loss of A$3.815 million for the financial year is a negative financial outcome, indicating that the company's operations were not profitable during this period. - Negative factor: Company reported a net loss for the financial year Evidence · table > \(3,815\) Context: Owners of Indiana Resources Limited #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 35 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-34) #### Identity - Region: australia\_sa - Reported Region: South Australia - Ticker: IDA #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company maintains a strong cash and cash equivalents position, providing financial stability and capacity for future activities despite the decrease from the prior year. - Positive factor: Strong cash position provides financial flexibility - Positive factor: Sufficient funds for ongoing exploration and operations Evidence · table > 11,360 Context: Cash and cash equivalents #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 36 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-35) #### Identity - Region: australia\_sa - Reported Region: South Australia - Ticker: IDA #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The substantial amount held in term deposits indicates a strong financial position, although a portion remains subject to an ongoing arbitration dispute. - Positive factor: Significant funds held in term deposits - Positive factor: Provides financial security and interest income - Negative factor: Portion of funds tied to arbitration dispute Evidence · table > 18,713 Context: Other financial assets – term deposits #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 37 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-36) #### Identity - Region: australia\_sa - Reported Region: South Australia - Ticker: IDA #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company maintains a healthy total asset base, reflecting its financial strength and investment in exploration properties. - Positive factor: Strong asset base supports company operations and future growth Evidence · table > 43,314 Context: TOTAL ASSETS #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 38 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-37) #### Identity - Region: australia\_sa - Reported Region: South Australia - Ticker: IDA #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's total liabilities are relatively low, indicating a strong balance sheet and limited financial risk. - Positive factor: Low total liabilities relative to assets Evidence · table > 3,751 Context: TOTAL LIABILITIES #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 39 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-38) #### Identity - Region: australia\_sa - Reported Region: South Australia - Ticker: IDA #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's strong net asset position reflects a healthy financial state, providing a solid foundation for future operations. - Positive factor: Strong net asset position Evidence · table > 39,563 Context: NET ASSETS #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 40 [Link to this fact](https://atlas-staging.minestarters.com/news/ida-annual-report-to-shareholders--2f77e46c-2e8e-44b0-99b3-5cf985db9a64#fact-drill-facts-39) #### Identity - Region: australia\_sa - Reported Region: South Australia - Ticker: IDA #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The 'first strike' on the remuneration report signals significant shareholder dissatisfaction with the company's executive compensation, which is a negative governance indicator. - Negative factor: Shareholder dissatisfaction with remuneration practices - Negative factor: Indicates a lack of alignment between board and shareholders Evidence · text > more than 25% of votes cast on Resolution 1 were against the adoption of the 2025 Remuneration Report, which constitutes a “first strike” for the purposes of the Corporations Act 2001 \(Cth\). #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.