Indiana Resources Limited released an update addressing developments related to its Settlement Deed with the United Republic of Tanzania, originally concluded on 29 July 2024. The company confirmed that it has received all scheduled instalments—US$35 million in July 2024, US$25 million in October 2024, and US$30 million in April 2025—totalling US$90 million, in accordance with the deed. In parallel, the company has applied for a tax ruling from the Australian Taxation Office to facilitate a capital return to shareholders. The definitive amount eligible for distribution, along with the timeline for payment, will be provided once the ATO renders its final decision. In response to receiving a “Notice of Jeopardy Assessment” from the Tanzanian Revenue Authority’s Lindi office on 7 April 2025, Indiana Resources Limited reported that Tanzania has not withdrawn the assessment as requested, thereby remaining in breach of the Settlement Deed. To shield both the company and its claimants from potential legal and accounting risks, the company has lodged a Notice of Arbitration with the London Court of International Arbitration. Furthermore, Tanzania’s refusal to issue a letter of discontinuance to conclude the International Centre for Settlement of Investment Disputes arbitration means that the claimants may choose to request that annulment proceedings be resumed. Should the suspension be lifted and the annulment application dismissed, Tanzania is expected to fulfil its commitment by paying the outstanding amount of approximately US$36.88 million (the remainder of a full award amount, including interest, of roughly US$126.88 million) within 45 days. Indiana Resources Limited currently has a capital structure of 642,732,458 shares on issue with a share price of A$0.079, which sets its market capitalization at about A$50.1 million. The board, led by Executive Chair Bronwyn Barnes and supported by industry veterans including Chief Executive Officer Lindsay Owler and Company Secretary Alex Neuling, is at the forefront of managing these complex proceedings. Bullish sentiment could be derived from the company’s successful collection of the agreed instalments and forward-looking plans for a shareholder capital return pending the ATO ruling. The organized approach to addressing Tanzania’s non-compliance via arbitration might also reassure investors about the company’s ability to protect its interests. Conversely, the bearish view is anchored in concerns around Tanzania’s breach of the Settlement Deed, the ensuing legal and taxation complications, and potential delays in the capital return process. These uncertainties and the possibility of additional legal proceedings might prompt cautious sentiment among traders and investors.