Mr. Brian Kerzner reports

INDICO RESOURCES PROVIDES CORPORATE UPDATES

Indico Resources Ltd. has provided corporate updates.

Reinstatement application

On Oct. 5, 2023, the company was issued a failure-to-file cease trade order (the CTO) by the British Columbia Securities Commission (the BCSC) for failing to file timely continuous disclosure documents required under the securities legislation of British Columbia. The company subsequently filed the continuous disclosure documents required, and on Oct. 10, 2023, the BCSC revoked the CTO.

As a result of the revocation, the company has been co-ordinating with the TSX Venture Exchange to reinstate trading of the company's common shares. The reinstatement submission is continuing. The company expects to have the shares reinstated for trading in the near future.

Convertible loan facility

On Sept. 22, 2022, the company entered into a $60,000 convertible loan facility with certain related parties of the company, in order to pay outstanding account and exchange related fees. The convertible loan carries an interest rate of 25 per cent per annum, and will be payable on a date to be determined after the first financing the company completes after shares are reinstated for trading on the TSX-V. Lenders shall have the option to convert the balance of the principal amount and any interest accrued into shares, at a price equal to the last closing price of the shares prior to suspension from trading. If the company undertakes a consolidation of shares, the issuance of shares pursuant to the convertible loan will be completed on a postconsolidated basis.

The convertible loan is subject to TSX-V approval. The company has not yet received TSX-V approval for the convertible loan and there is no assurance that the terms of the convertible loan will be approved by the TSX-V. The terms of the convertible loan remain subject to change pending TSX-V review.

Management changes

Robert Baxter, the former chief executive officer and a director of the company, resigned on Feb. 11, 2021. Brian Kerzner is the current chief executive officer of the company.

Markus Willi, a former director of the company, resigned as director on March 19, 2018.

About Indico Resources Ltd.

Indico is a mineral resource exploration company focused in the discovery and exploration of porphyry copper gold deposits.

We seek Safe Harbor.