1. Limited geographical diversification: Indiana Resources Ltd operates primarily in Tanzania, which exposes the company to political and economic risks associated with operating in a single country.

2. Small market capitalization: Indiana Resources Ltd has a relatively small market capitalization compared to its peers, which may limit its ability to attract investors and raise capital.

3. Limited production capacity: Indiana Resources Ltd is still in the exploration phase and has not yet commenced production, which may limit its ability to generate revenue and compete with its peers.

4. High exploration costs: Indiana Resources Ltd's exploration activities require significant capital investment, which may strain the company's financial resources and limit its ability to pursue other growth opportunities.

5. Dependence on key personnel: Indiana Resources Ltd's success is heavily dependent on the expertise and experience of its management team, which may pose a risk if key personnel leave the company.

6. Limited track record: Indiana Resources Ltd is a relatively new company with a limited track record, which may make it difficult for investors to assess the company's performance and prospects.

7. Exposure to commodity price fluctuations: Indiana Resources Ltd's operations are exposed to fluctuations in commodity prices, which may impact the company's profitability and financial performance.