Mr. Brian Kerzner reports

INDICO RESOURCES PROVIDES CLOSING OF SHARES FOR DEBT SETTLEMENT

Indico Resources Ltd., pursuant to its news releases dated Jan. 10, 2024, Jan. 24, 2024, and Sept. 27, 2024, has closed the previously announced shares for debt transaction, pursuant to which the company has converted an aggregate of $1,145,972.37 in debt owed to certain creditors of the company for 7,639,815 common shares in the capital of the company at a deemed issue price of 15 cents per debt share.

Certain insiders of the company participated in the debt settlement and are related parties of the company pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Related party involvement in the debt settlement constitutes a related party transaction. As the company is listed on the NEX board of the TSX Venture Exchange, the debt settlement is exempt from the formal valuation requirements of MI 61-101 by virtue of Section 5.5(b) -- Issuer not Listed on Specified Markets. The debt settlement is subject to minority shareholder approval requirements of MI 61-101, which was successfully obtained at the company's annual general meeting of shareholders held on Oct. 13, 2023. Further information on the company's insiders who participated in the debt settlement can be found in the company's information circulated prepared for the meeting and dated Sept. 5, 2023, as can be found on SEDAR+.

All debt shares issued in connection with the debt settlement are subject to a statutory hold period of four months plus a day from the date of issuance of the debt shares in accordance with applicable securities legislation.

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.