INDIANA RESOURCES LIMITED - Capital/Financing Update 2021

ASX: IDA

3[rd] May 2021

Completion of Drilling – Central Gawler Craton Gold Project

RC Drill Programme completed at Minos Prospect in Central Gawler Craton Gold Project
A total of 2196m drilled across 16 holes within the Lake Labyrinth Shear Zone
Program designed to infill the existing drill pattern plus test the NW and SE strike extent of the known mineralised zone
Previous significant drilling intercepts at Minos include:
- 38m @ 6.54 g/t Au from 29m in Hole LLRC029 including 16m @ 13.12 g/t Au from 37m
- 5m @ 24.35 g/t Au from 106m in Hole LLRC020 including 2m @ 59 g/t Au from 106m
- 3m @ 18.33 g/t Au from 189m in Hole LLRC020 including 1m @ 42.1 g/t Au from 190m
- 26m @ 4.28 g/t Au from 68m in Hole LLRC025 including 3 m @ 20.21 g/t Au from 82m
Samples to be delivered today for assay in South Australia
Diamond drilling planned to commence mid-May
Aircore drilling planned to commence late-May

Indiana Resources Limited ( ASX: IDA ) ( ‘Indiana’ or the ‘Company’ ) is pleased to announce that follow-up RC drilling has now completed at the Minos Prospect located within Indiana’s 100% owned 5,090 km[2] Central Gawler Craton Gold Project in South Australia (Figures 1 & 2).

A total of 16 holes were completed for 2,196m and was designed to infill the existing drill pattern plus test the NW and SE strike extent of the known mineralised zone within the Lake Labyrinth Shear Zone (“ LLSZ ”). The LLSZ project area hosts several high-priority exploration targets including Ariadne, Partridge, Company Well, North Hicks and Minos. Samples are being delivered for assay to the laboratory in South Australia with results expected within the next 4-5 weeks.

Company Comment

Indiana’s Executive Chairman Bronwyn Barnes said:

“ We are very pleased to have safely completed our latest round of RC drilling at Minos. With diamond and air core drilling planned to commence later this month, we are pushing ahead with an aggressive exploration strategy for our Gawler Craton projects. We look forward to updating shareholders on assay results from this programme in due course .”

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The majority of the RC drilling was designed to infill the historic and recently completed drilling with holes to be drilled between Sections 200 to 700 to provide further information and results, which will ultimately be included within a maiden Mineral Resource Estimate, contingent upon results and the need for further drilling (Figure 3).

As previously reported (refer ASX releases dated 4[th] August, 28[th] September and 16[th] November 2020 respectively), significant mineralisation has been intersected in previous drilling at the Minos and Ariadne targets located within the 40km long Lake Labyrinth Shear Zone (“LLSZ”) (Figure 3). Initial review of historic drill hole data, including diamond drilling completed at Minos, has highlighted significant high-grade structures within the mineralised zone that were not tested effectively by earlier drilling programmes.

Following completion of the RC drill programme, a diamond drilling programme of approximately 500m will be undertaken comprising three diamond tails extending existing RC pre-collars. This is planned to take place in mid-May, and will be immediately followed by a 3,600, air core reconnaissance drilling programme to be completed along strike of Minos within the LLSZ. The planned diamond drilling will provide important information on the geological structure of the LLSZ and the Air core programme has been designed to test the LLSZ structure that appears to trend to the NW. Further details of these planned programmes will be provided to the market prior to the start of the drilling.

Technical information included in this announcement has previously been provided to the market in releases dated: 4[th] August 2020 Indiana to Acquire South Australia Gold Projects

28[th] September 2020 IDA Completes Acquisition of South Australian Gold Projects 16[th] November 2020 RC Drilling Campaign at Central Gawler Craton 18[th] January 2021 Unassayed Historic Diamond Core Discovered – Minos Prospect 21[st] January 2021 Commencement of Drilling at Minos Prospect 27[th] January 2021 Completion of Drilling at Central Gawler Craton Gold Project 9[th] February 2021 Significant Au Results – Minos Diamond Hole 22[nd] February 2021 Exceptional High-Grade Gold Results at Minos Prospect 3[rd] March 2021 High Grade Gold Results Continue at Minos 18[th] March 2021 Exploration Update – Minos Prospect

Ends

This announcement is authorised for release to the market by the Board of Directors.

For further information, please contact :

Bronwyn Barnes Executive Chairman T: +61 417 093 256

Aida Tabakovic Company Secretary T: +61 8 9481 0389

To find out more, please visit www.indianaresources.com.au

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Figure 1: IDA’s ground position in the Central Gawler Craton

Challenger Historical Production : www.bartongold.com.au/presentations- 24th April 2020- p13. Tarcoola Resource : www.bartongold.com.au/mineral-endowment- 2017 JORC Resource- depleted for 2018 mining *non JORC (2012) Tunkillia Resource : https://www.asx.com.au/asxpdf/20150204/pdf/42wdj3ts5gz5t4.pdf p1

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Figure 2: Tenement Location Plan showing Prospects and historic Calcrete Anomalies

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Figure 3: Completed drilling at Minos with Lake Labyrinth Significant Historic Drilling Results

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Competent Person Statement

The information in this report that relates to the Exploration Results within the Patron Resources subsidiary tenure is based on information reviewed by Mr Gary Ferris, who is a member of the Australian Institute of Mining and Metallurgy. Mr Ferris is a full-time employee 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 he 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)’. Mr Ferris consents to the inclusion of the information in the form and context in which it appears.

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.

AI assistant

INDIANA RESOURCES LIMITED Capital/Financing Update 2021

65098_rns_2021-05-02_ee619320-e36d-43d2-8489-08ace3d6cf34.pdf

ASX: IDA

Completion of Drilling – Central Gawler Craton Gold Project

Company Comment

Indiana’s Executive Chairman Bronwyn Barnes said:

Ends

Competent Person Statement

Forward Looking Statements

AI assistant

INDIANA RESOURCES LIMITED — Capital/Financing Update 2021

65098_rns_2021-05-02_ee619320-e36d-43d2-8489-08ace3d6cf34.pdf

ASX: IDA

Completion of Drilling – Central Gawler Craton Gold Project

Company Comment

Indiana’s Executive Chairman Bronwyn Barnes said:

Ends

Competent Person Statement

Forward Looking Statements

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INDIANA RESOURCES LIMITED Capital/Financing Update 2021