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Indiana Resources Limited (AU:IDA)
ASX:IDA

Indiana Resources Limited (IDA) AI Stock Analysis

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AU:IDA

Indiana Resources Limited

(Sydney:IDA)

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Neutral 54 (OpenAI - 5.2)
Rating:54Neutral
Price Target:
AU$0.04
▲(10.00% Upside)
The score is held back primarily by weak cash generation (negative operating and free cash flow) despite strong reported revenue growth and a low-leverage balance sheet. Technical indicators are broadly neutral with mild support, while valuation metrics (very low P/E and very high dividend yield) contribute positively but are secondary to the cash flow risk.
Positive Factors
Revenue growth and gross margin
Sustained +52% reported revenue growth alongside an almost 100% gross margin suggests the company’s exploration/product-related activities can generate high incremental returns. Over 2–6 months this supports project valuation uplift, partner interest and potential non-dilutive monetisation.
Low leverage / healthy capital structure
Minimal leverage provides structural financial flexibility for a resource explorer: lower solvency risk, more headroom to pursue farm-outs or staged project spend, and greater resilience to commodity cycles, helping sustain multi-month project advancement without forced asset sales.
High reported return on equity
A very high ROE signals strong capital efficiency when measured against the current equity base, highlighting that incremental capital can generate outsized returns on successful exploration or asset transactions. This can aid future fundraising and partner negotiations over time.
Negative Factors
Negative operating and free cash flow
Persistent negative OCF and FCF indicate the company cannot self-fund exploration or development activities and must rely on external capital. Structurally this increases dilution risk, constrains long-term project pacing, and heightens financing vulnerability across a 2–6 month horizon.
Historical negative EBIT/EBITDA margins
Despite revenue growth, negative operating margins point to ongoing operating cost or non-recurring expense pressures. This limits durable profitability until projects reach production or profitable monetisation, reducing sustainable cash generation and operational scalability.
Exploration-stage funding model
A business model reliant on financing and asset sales, rather than recurring operating revenue, creates structural dependency on capital markets and partner deals. Over months this raises execution and dilution risk and makes long-term planning sensitive to funding availability and commodity cycles.

Indiana Resources Limited (IDA) vs. iShares MSCI Australia ETF (EWA)

Indiana Resources Limited Business Overview & Revenue Model

Company DescriptionIndiana Resources Limited (IDA) is an Australian-based mineral exploration company focused on the discovery and development of economically viable mineral resources. The company primarily operates in the gold and mineral exploration sectors, with projects located in strategic regions known for their rich mineral deposits. Its core products include exploration and development of gold, as well as potentially other minerals, leveraging advanced geological techniques and technologies to identify promising sites for extraction.
How the Company Makes MoneyIndiana Resources Limited generates revenue primarily through the exploration and development of mineral resources. The company engages in drilling activities and geological assessments to uncover valuable mineral deposits, particularly gold. Revenue streams may arise from the sale of mineral rights or the eventual extraction and sale of mined resources. Additionally, partnerships with larger mining companies or joint ventures can provide financial backing and shared expertise, enhancing the potential for profitable operations. The success of the company is also influenced by market demand for gold and other minerals, exploration success rates, and operational efficiencies.

Indiana Resources Limited Financial Statement Overview

Summary
Strong latest-year revenue growth (52.26%) and a near-100% gross margin are positives, and the balance sheet shows low leverage and a healthy equity ratio. However, cash flow is a key weakness with negative operating and free cash flows and unfavorable operating cash flow to net income, and historical EBIT/EBITDA margins were negative.
Income Statement
45
Neutral
Indiana Resources Limited has shown significant revenue growth of 52.26% in the latest year, indicating a strong upward trajectory. The company maintains a high gross profit margin of nearly 100%, reflecting efficient cost management. However, the net profit margin of 69.73% is primarily due to a low revenue base, and historical EBIT and EBITDA margins have been negative, indicating past operational challenges.
Balance Sheet
55
Neutral
The balance sheet reflects a stable financial position with a very low debt-to-equity ratio, suggesting minimal leverage and financial risk. The return on equity has improved significantly, reaching 132.45%, but this is largely due to a low equity base. The equity ratio is healthy, indicating a strong capital structure.
Cash Flow
30
Negative
Cash flow analysis reveals challenges, with negative operating and free cash flows indicating liquidity issues. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is unfavorable, suggesting cash flow management needs improvement. However, the free cash flow to net income ratio is positive, indicating some alignment between cash generation and profitability.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue139.60M139.60M210.00K6.00K2.00K0.00
Gross Profit139.58M139.58M210.00K-72.00K-73.00K-13.00K
EBITDA102.88M103.03M-4.13M-1.92M-2.04M-1.67M
Net Income97.34M97.34M-4.17M-1.99M-2.11M-1.68M
Balance Sheet
Total Assets79.91M79.91M8.17M6.91M6.58M3.12M
Cash, Cash Equivalents and Short-Term Investments69.35M69.35M1.39M1.19M2.37M1.28M
Total Debt3.00K3.00K32.00K96.00K196.00K62.00K
Total Liabilities3.04M3.04M922.00K977.00K789.00K989.00K
Stockholders Equity73.50M73.50M6.88M5.65M5.44M2.13M
Cash Flow
Free Cash Flow-7.70M-6.15M-4.72M-2.95M-4.50M-2.40M
Operating Cash Flow-6.15M-6.15M-4.20M-1.47M-2.53M-2.39M
Investing Cash Flow79.55M79.55M-494.00K-1.39M-1.97M-8.00K
Financing Cash Flow-31.64M-31.64M4.89M1.68M5.57M3.18M

Indiana Resources Limited Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.04
Price Trends
50DMA
0.04
Positive
100DMA
0.04
Positive
200DMA
0.04
Positive
Market Momentum
MACD
<0.01
Positive
RSI
54.33
Neutral
STOCH
19.05
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IDA, the sentiment is Positive. The current price of 0.04 is below the 20-day moving average (MA) of 0.04, below the 50-day MA of 0.04, and above the 200-day MA of 0.04, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 54.33 is Neutral, neither overbought nor oversold. The STOCH value of 19.05 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:IDA.

Indiana Resources Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
54
Neutral
AU$26.41M0.30239.14%270.27%
49
Neutral
AU$42.87M-6.82-29.96%-214.29%
47
Neutral
AU$64.23M-8.58-17.91%-213.85%
47
Neutral
AU$80.75M-3.35-148.97%-643.11%
46
Neutral
AU$134.34M-42.20-31.71%
29
Underperform
AU$96.23M-11.36-9377.41%-214.29%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:IDA
Indiana Resources Limited
0.05
0.02
50.00%
AU:LRM
Peak Minerals
0.03
0.02
150.00%
AU:RIM
Rimfire Pacific Mining Limited
0.02
-0.02
-54.55%
AU:FEG
Far East Gold Ltd
0.18
>-0.01
-2.78%
AU:MM1
Midas Minerals Limited
0.73
0.63
630.00%
AU:OSM
Osmond Resources Limited
0.56
0.06
12.00%

Indiana Resources Limited Corporate Events

Indiana Resources Issues 500,000 New Shares on Option Exercise
Jan 6, 2026

Indiana Resources has issued 500,000 new fully paid ordinary shares following the exercise of an equivalent number of unlisted options, modestly increasing its share capital base. The company stated that the shares were issued without a prospectus under the Corporations Act disclosure exemptions, confirmed its ongoing compliance with financial reporting and continuous disclosure obligations, and noted that there is no undisclosed material information requiring release to the market, indicating a routine capital management action with limited immediate impact on existing shareholders.

The most recent analyst rating on (AU:IDA) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Indiana Resources Limited stock, see the AU:IDA Stock Forecast page.

Indiana Resources Seeks ASX Quotation for 500,000 New Ordinary Shares
Jan 6, 2026

Indiana Resources Limited has applied to the Australian Securities Exchange for quotation of 500,000 new fully paid ordinary shares, to be issued under its existing listing code IDA. The additional securities, resulting from the exercise or conversion of existing instruments, modestly expand the company’s listed share capital and may provide incremental funding flexibility and liquidity for shareholders without materially altering its capital structure.

The most recent analyst rating on (AU:IDA) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Indiana Resources Limited stock, see the AU:IDA Stock Forecast page.

Indiana Resources Director Bronwyn Barnes Increases Indirect Shareholding via On-Market Trades
Jan 6, 2026

Indiana Resources has disclosed changes in the relevant interests of director Bronwyn Barnes, who has increased her indirect holdings in the company through entities she controls, including Laclos Pty Ltd and family trusts. Across a series of on-market trades conducted between 29 December 2025 and 5 January 2026, Barnes acquired 2,472,798 fully paid ordinary shares for approximately $100,337, lifting her indirect shareholdings while her direct holdings remained unchanged; the move signals a higher personal financial commitment to Indiana Resources and may be viewed by shareholders as a vote of confidence in the company’s prospects.

The most recent analyst rating on (AU:IDA) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Indiana Resources Limited stock, see the AU:IDA Stock Forecast page.

Indiana Resources Finalises Tanzania Dispute, Clears Path to Refocus on SA Gold Exploration
Dec 28, 2025

Indiana Resources has reached a comprehensive, final settlement with the United Republic of Tanzania over its long‑running investment dispute, resulting in a consent award from the London Court of International Arbitration and the discontinuation of annulment proceedings at the International Centre for Settlement of Investment Disputes. With all claims resolved and no taxes, penalties or other financial obligations owed by Indiana’s claimant group in Tanzania, the company has removed a significant legal overhang and says it can now fully refocus management and capital on advancing its gold exploration assets in South Australia’s Gawler Craton, a shift likely to be welcomed by shareholders seeking operational clarity and exploration-led value creation.

The most recent analyst rating on (AU:IDA) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Indiana Resources Limited stock, see the AU:IDA Stock Forecast page.

Indiana Resources Appoints New Head of Regional Exploration
Dec 14, 2025

Indiana Resources Limited has appointed Ms. Barbara Duggan as Head of Regional Exploration to drive growth at the Gawler Craton Project. With over 20 years of experience in mineral exploration, Ms. Duggan’s expertise will be crucial as the company plans an aggressive exploration program for 2026, leveraging its strong cash position to unlock the full value of its projects.

The most recent analyst rating on (AU:IDA) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Indiana Resources Limited stock, see the AU:IDA Stock Forecast page.

Indiana Resources Advances Minos Gold Project with Successful Drilling Program
Dec 9, 2025

Indiana Resources Limited has completed an Air Core drilling program at its Minos Gold Project in South Australia, targeting high-tenor gold anomalies at the Ariadne and Company Well prospects. The program, which drilled 218 holes totaling 5,738 meters, aims to expand the project’s scale by following up on strong gold results from recent calcrete sampling. With $35 million in cash reserves, Indiana Resources is well-positioned to continue its exploration efforts and anticipates further defining drill targets in the coming quarter.

The most recent analyst rating on (AU:IDA) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Indiana Resources Limited stock, see the AU:IDA Stock Forecast page.

Indiana Resources Announces Director’s Interest Change
Dec 4, 2025

Indiana Resources Limited announced a change in the director’s interest, with Matthew Bowles acquiring a significant number of unlisted options and performance rights. This acquisition, approved by shareholders, reflects the company’s strategy to align leadership incentives with shareholder interests, potentially impacting the company’s operational focus and stakeholder engagement.

The most recent analyst rating on (AU:IDA) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Indiana Resources Limited stock, see the AU:IDA Stock Forecast page.

Indiana Resources Issues New Equity Securities as Part of Incentive Scheme
Dec 3, 2025

Indiana Resources Limited has announced the issuance of new unquoted equity securities, including 18,900,000 Performance Rights, 22,350,000 Class A Incentive Options, and 27,350,000 Class B Incentive Options. This development is part of an employee incentive scheme and reflects the company’s strategic efforts to enhance employee engagement and align their interests with corporate goals, potentially impacting its operational dynamics and market positioning.

The most recent analyst rating on (AU:IDA) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Indiana Resources Limited stock, see the AU:IDA Stock Forecast page.

Indiana Resources Confirms Depth of Gold Mineralisation at Minos Project
Nov 6, 2025

Indiana Resources Limited has announced promising assay results from its Minos Gold Project, confirming that the gold mineralisation extends at depth. The results, which include high-grade gold and a broad silver halo, support the company’s strategy to expand the project. With a well-funded exploration program, Indiana is progressing with a significant drilling initiative at nearby prospects to further explore the potential of the region.

Indiana Resources Faces ‘First Strike’ at 2025 AGM
Nov 6, 2025

Indiana Resources Limited, a company listed on the Australian Securities Exchange under the code IDA, held its 2025 Annual General Meeting where various resolutions were voted on. Notably, more than 25% of votes were cast against the adoption of the 2025 Remuneration Report, marking a ‘first strike’ under the Corporations Act 2001. This outcome could have implications for the company’s governance and future shareholder engagement.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 30, 2026