Indiana Resources : Investor Presentation

onlyGold

useRare Earth Elements Base Metals

ersonalGawler Craton South Australia

Investor Presentation

July 2022

Disclaimer

This Presentation has been prepared by Indiana Resources Limited (Indiana). No party other than Indiana has authorised or caused the issue of this document, or takes responsibility for, or makes any statements, representations or undertakings in this Presentation. This Presentation does not constitute an offer, invitation or

onlyrecommendation to subscribe for or purchase any securities and neither this Presentation nor anything contained in it shall form the basis of any contract or commitment.

This Presentation contains summary information about Indiana and its activities, which is current as at the date of this Presentation. The information in this Presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in Indiana that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 (Cth). This Presentation should be read in

c njunction with Indiana's other disclosures and announcements lodged with the Australian Stock Exchange (ASX), which are available at www.asx.com.au.

Each recipient of the Presentation should make its own enquiries and investigations regarding all information in this Presentation including but not limited to the assumptions, uncertainties and contingencies which may affect

usefuture operations of the Company and the impact that different future outcomes might have on the Company. Information in this Presentation is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking account of any person's individual investment objectives, financial ituation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. The Company is not licensed to provide financial product advice in respect of its securities.

This Presentation includes certain "forward-looking statements". Forward-looking statements and forward-looking information are frequently characterised by words such as "plan," "expect," "project," "intend," "believe,"

"anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will" or ersonal"could" occur. All statements other than statements of historical fact included in this presentation are forward-

looking statements or constitute forward-looking information. Although the Company believes the expectations expressed in such statements and information are based on reasonable assumptions, there can be no assurance

that such information or statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from those in forward-looking statements include the market price of base and precious metals, exploitation and exploration successes, capital and operating costs, changes in project parameters as plans continue to be evaluated, continued availability of capital and financing and general economic, market or business conditions, as well as those factors disclosed in the Company's filed documents. Accordingly, readers should not place undue reliance on "forward looking information".

This Presentation has been prepared in good faith, but no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, correctness, reliability or adequacy of any statements, estimates, opinions or other information, or to the reasonableness of any assumption or other statement, contained in the Presentation (any of which may change without notice). To the maximum extent permitted by law, Indiana and its professional advisers and their related bodies corporate, affiliates and each of their respective directors, officers, partners, employees, advisers and agents and any other person involved in the preparation of the Presentation disclaim all liability and responsibility (including, without limitation, any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use of or reliance on anything contained in, or omitted from, this Presentation.

The information in this report that relates to the Exploration Results at the Central Gawler Project Area is based on information reviewed by Ms Felicity Repacholi-Muir, whom is a member of the Australian Institute of Geoscientists. Ms Repacholi-Muir is a Director of Indiana Resources Limited and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity she is undertaking to qualify as Competent Persons as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)'. Ms Repacholi-Muir consents to the inclusion of the information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results information included in this report from previous Company Announcements announced to the ASX.

Authorised for release to the ASX by Felicity Repacholi-Muir, Technical Director

ASX:IDA2

Corporate Snapshot

Indiana Resources (ASX:IDA)

Corporate		478,122,466	53,282,353	~A$26M	A$0.051 - $0.095	A$1.6m
Structure
only			Shares on Issue	Options on Issue	Market Cap	52 week low-high	Cash
1 July 2022 (A$0.055)								As of 31 Mar 2022
use
Board & Management				Shareholder Distribution
ersonal	Bronwyn Barnes		Executive Chair
			Top 20	49.10%
	Felicity Repacholi-Muir	Technical Director			Board	6.54%
	Bob Adam		Non-executive Director
	Mike Rosenstreich		Non-executive Director
	Kate Stoney		CFO & Company Secretary
								ASX:IDA
									3

Investment Highlights

5,713km² District Scale Ground Position in the Central Gawler Craton

1. Multiple advanced and early-stage targets proximal

	to existing gold mines and major gold discoveries
2.	Early exploration success demonstrates 'district scale'
only	potential of the Lake Labyrinth Shear Zone which hosts
several compelling gold targets over a 50km strike
use
3.	Consistent high-quality results from drilling at the
	Minos Prospect confirms shallow, continuous zones of
	gold mineralisation
4.	Potential for both REE and base metalmineralisation
ersonal	highlighted by recent technical reviews
5.	US$93.7M Claim to Arbitrationagainst the Republic of
	Tanzania over the expropriation of the Ntaka Hill Nickel
	Project progressing on track

ASX:IDA4

Gawler Craton Portfolio Summary

High-Grade gold targets in an under-explored province

ersonal use only

ASX:IDA5