Mr. Brian Kerzner reports

INDICO RESOURCES ANNOUNCES CLOSING OF CONVERTIBLE LOAN FACILITY

Indico Resources Ltd., pursuant to its news releases dated Nov. 29, 2023, and Jan. 10, 2024, has closed on a $60,000 convertible loan facility, 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 company's next financing, but will be no later than Sept. 22, 2027. Lenders shall have the option to convert the balance of the principal amount into common shares of the company, at a price of 20 cents per share. Additionally, the lenders will have the option to convert any accrued interest into shares at a price that is the greater of: (i) the conversion price; or (ii) the market price of the shares on the NEX board of the TSX Venture Exchange at the time the accrued interest becomes payable. Any payment of accrued interest in shares will be subject to prior approval of the exchange. Certain lenders of the convertible loan are non-arm's length to the company. The exchange has provided conditional approval for the convertible loan.

About Indico Resources Ltd.

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

We seek Safe Harbor.