Indiana Resources Limited (ASX: IDA) ('Indiana' or the 'Company') is pleased to announce that it has successfully completed the Reverse Circulation (RC) and Air Core (AC) drilling programs at the Company's Minos and Hopeful Hill prospect areas.

A total of 16 holes were completed for 1,638 metres with the samples to be delivered to the laboratory in Adelaide for assay with the results expected in mid to late August. At Minos a total of 732 metres of RC drilling was completed across 5 holes.

These holes were designed to test the extension of high-grade gold mineralisation and a parallel structure located at the northwest end intersected in earlier drill campaigns. A total of 8 AC holes were completed at the Minos REE prospect for 576 metres. Assay results will be used to confirm the extension of high-grade REE mineralisation and to provide additional samples for metallurgical test work. At the Company's Hopeful Hill prospect area a total of 3 RC holes were drilled for 330 metres, testing a number of areas of interest identified following the completion in late 2022 of the HeliTEM2 survey as part of the exploration program co-funded with the South Australian Government.

Contact:

Bronwyn Barnes

Executive Chairman

Tel: +61 (0) 417 093 256

Competent Person Statement

The information in this report that relates to the Exploration Results at the Central Gawler Project Area is based on information reviewed by Mr Michael Fotios who is a member of the Australian Institute of Mining and Metallurgy. Mr Fotios is a consultant to 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 he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)'. Mr Fotios 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.

Forward Looking Statements

Indiana Resources Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Indiana Resources Limited, its directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement may contain forward looking statements that are subject to risk factors associated with exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimate

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