Mr. Brian Kerzner reports

INDICO RESOURCES ANNOUNCES CHANGE OF AUDITOR

Indico Resources Ltd. has changed its auditor from Smythe LLP to Crowe MacKay LLP. The former auditor was terminated as the auditor of the company by the company, effective July 15, 2025, and the board of directors of the company appointed the successor auditor as the company's auditor, effective July 15, 2025, until the next annual general meeting of the company.

There were no reservations in the former auditor's audit reports for the relevant period, being the previous two financial years of the company, and any period subsequent to the most recently completed financial year for which an audit report was issued and preceding the resignation of the former auditor. In accordance with National Instrument 51-102, Continuous Disclosure Obligations, the company has filed a change of auditor notice on SEDAR+, together with letters from both the former auditor and successor auditor, with each lettering confirming agreement with the statements contained in the notice, as applicable. There were no reportable events as defined in NI 51-102 between the former auditor and the company.

About Indico Resources Ltd.

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