File: Attachment Indico Resources Ltd. NR 0.21 Unit Private Placement November 24 2025.pdf

1500 Royal Centre 1055 W. Georgia Street Vancouver, British Columbia V6E 4N7

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

INDICO ANNOUNCES PROPOSED PRIVATE PLACEMENT OF UNITS

November 24, 2025

Vancouver, British Columbia Indico Resources Ltd. ("Indico" or the "Company") (TSX-V: IDI) is pleased to announce that it intends to proceed with a non-brokered private placement of up to 952,381 units of the Company (the "Units") at a price of $0.21 per Unit for gross proceeds of up to $200,000 (the "Private Placement").

Each Unit will consist of one common share in the capital of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Share at an exercise price of $0.275 per Share for a period of one year from the date of issuance of the Warrant.

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

Proceeds from the Private Placement will be used to settle outstanding accounts payable, including for audit, accounting, legal, regulatory and transfer agent fees, and for general working capital. The Company does not expect to pay any finder's fees on the Private Placement.

Insiders of the Company will participate in the Private Placement. Any such participation will be considered a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of any securities issued to such insiders nor the consideration that will be paid by such persons will exceed 25% of the Company's market capitalization.

On behalf of Indico Resources Ltd.,

Brian Kerzner Chief Executive Officer

For further information, please contact: Brian Kerzner brian@kerzner.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Statements

LEGAL_48201023.1 Indico Resources Ltd. 2

This news release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements may include but are not limited to, statements relating to the trading of the Company's common shares on the TSX-V and the Company's use of proceeds are subject to all the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. No securities regulatory authority has either approved or disapproved of the contents of this news release. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

LEGAL_48201023.1

File: '\\swfile\EmailIn\20251125 095216 Attachment Indico Resources Ltd. NR 0.21 Unit Private Placement November 24 2025.docx'

Indico Resources Ltd. 2

LEGAL_24112085.1

LEGAL_48201023.1

LEGAL_48201023.1

1500 Royal Centre - 1055 W. Georgia Street

Vancouver, British Columbia

V6E 4N7

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

INDICO ANNOUNCES PROPOSED PRIVATE PLACEMENT OF UNITS

November 24, 2025

Vancouver, British Columbia - Indico Resources Ltd. ("Indico" or the "Company") (TSX-V: IDI) is pleased to announce that it intends to proceed with a non-brokered private placement of up to 952,381 units of the Company (the "Units") at a price of $0.21 per Unit for gross proceeds of up to $200,000 (the "Private Placement").

Each Unit will consist of one common share in the capital of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Share at an exercise price of $0.275 per Share for a period of one year from the date of issuance of the Warrant.

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

Proceeds from the Private Placement will be used to settle outstanding accounts payable, including for audit, accounting, legal, regulatory and transfer agent fees, and for general working capital. The Company does not expect to pay any finder's fees on the Private Placement.

Insiders of the Company will participate in the Private Placement. Any such participation will be considered a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of any securities issued to such insiders nor the consideration that will be paid by such persons will exceed 25% of the Company's market capitalization.

On behalf of Indico Resources Ltd.,

Brian Kerzner

Chief Executive Officer

For further information, please contact:

Brian Kerzner

brian@kerzner.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Statements

This news release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements may include but are not limited to, statements relating to the trading of the Company's common shares on the TSX-V and the Company's use of proceeds are subject to all the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. No securities regulatory authority has either approved or disapproved of the contents of this news release. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.