Indiana Resources Limited (ASX: IDA) ('Indiana' or the 'Company') is pleased to announce the appointment of Michael (Mike) Rosenstreich as an Independent Non-Executive Director to the Board with immediate effect.

Mr Rosenstreich is a geologist with more than thirty years' experience in exploration and development across multiple commodities including gold, base metals and specialty energy materials. Mike also brings to the Board a strong blend of resources banking and corporate management expertise, having held senior management roles with NM Rothschild & Sons and several listed ASX companies.

Mr Rosenstreich currently serves as Managing Director of Helix Resources Ltd (ASX: HLX). Mike also has experience working on international arbitration cases, having held the position of Chairman at Tantalum International Ltd when the company's world-class tantalum-tin project was expropriated by the Egyptian Government. Mike led a successful settlement negotiation with the State of Egypt and distributed net funds to shareholders.

Executive Chair Bronwyn Barnes said: 'We are delighted to have strengthened our Board with the appointment of Mike as an Independent Director. Mike brings a strong blend of corporate and operational experience, including firsthand experience working on international arbitration cases. His appointment will support Indiana's current exploration strategy at our Central Gawler Craton Project in South Australia and provide additional Board capability as we advance to the final arbitral hearing in January 2023 for the US$93.7 million claim to compensation against the United Republic of Tanzania over the expropriation of the Ntaka Hill Nickel Sulphide Project.'

This announcement is authorised for release to the market by the Chairman of Indiana Resources

Contact:

Tel: +61 (0) 417 093 256

Web: www.indianaresources.com.au

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 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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