INDIANA RESOURCES LIMITED — Investor Presentation 2023

Oct 17, 2023

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Investor Presentation

Successful US$109.5m Award Against Tanzania

South Australian Exploration Strategy

O C T O B E R 2 0 2 3

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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 recommendation 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 conjunction 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 future 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 situation 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 “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.

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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 Mr David Ward. Mr Ward 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 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 Ward 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 the Board.

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Disclaimer

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United Kingdom

Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended (“FSMA”)) has been published or is intended to be published in respect of the securities.

The securities may not be offered or sold in the United Kingdom by means of this document or any other document, except in circumstances that do not require the publication of a prospectus under section 86(1) of the FSMA. This document is issued on a confidential basis in the United Kingdom to “qualified investors” within the meaning of Article 2(e) of the UK Prospectus Regulation. This document may not be distributed or reproduced, in whole or in part, nor may its contents be disclosed by recipients, to any other person in the United Kingdom.

Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received in connection with the issue or sale of the securities has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of the FSMA does not apply to the Company.

In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (“FPO”), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (“relevant persons”). The investment to which this document relates is available only to relevant persons. Any person who is not a relevant person should not act or rely on this document.

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Corporate Snapshot

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Indiana Resources (ASX:IDA)

Shareholder Distribution

Board and Management

538 676 061 , ,

Shares on Issue

29,500,000 Options on Issue

A$1.18m

Cash

As of 30 Jun 2023

~A$31M Market Cap A$0.047 - 0.074

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7.5%
35.2%
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Top 20 (excl Board) Board and Management

Bronwyn Barnes Exec Chair Bob Adam NED David Ward NED Maja McGuire NED Kate Stoney CFO & Joint CoSec Josh Merriman Joint CoSec

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Investment Highlights

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US$109.5m Award Against Tanzania Positions IDA for Rapid Growth and Re-Rating

US$109.5m Award Against Tanzania

• Unanimous finding that Tanzania unlawfully expropriated the Ntaka Hill Nickel Project

• Tribunal awards compensation of US$109.5M (~A$160M) plus legal costs of over US$4M

• Interest accrues at rate of US$1 million a month until the amount is paid

• Letter of demand issued in July for US$113.6M – President has requested to meet to discuss a settlement

• Tanzania has requested an annulment hearing – ICSID Committee appointed and preparations for hearings underway

• Enforcement activities stayed pending decision from ICSID Committee – Claimants are preparing to enforce

• Indiana is 62.4% shareholder of the combined holdings of the Claimants

South Australian Exploration Strategy

• Exploring for Rare Earth Elements plus gold and base metals across a 100% owned 5,713km[2] tenement portfolio

• IDA portfolio located in tightly held and rapidly emerging Central Gawler Craton region

• High grade clay REE identified on IDA tenements – test work underway to determine recoverability

• Significant high-grade gold at Minos and recent EM survey confirms base metal potential

I N V E S T O R P R E S E N T A T I O N

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IDA Claims Historic Legal Win

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Indiana Media Headlines

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I N V E S T O R P R E S E N T A T I O N

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ICSID Arbitration

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• ICSID – The International Centre for Settlement of Investment Disputes – a division of the World Bank

• ICSID Award handed down 14 July 2023 – Unanimous finding and award of US$109 million

• Interest continues to accrue at rate of US$1 million per month

• Currently US$112 million plus costs of US$4.28 million is owed to the Claimants

• Annulment - Tanzania has lodged request for annulment

• Claimants consider that Tanzania’s application does not meet any of the criteria for annulment

• Claimants will be seeking to continue with enforcement in parallel with annulment proceedings

• Enforcement = Seizure of assets in any jurisdiction that is a signatory to the World Bank

• The Million Dollar Question – What will Indiana do with its share of the funds?

• AU$15 – 20 million will be retained to fund exploration in South Australia

• Remainder will be returned to shareholders to recognise their lost investment in Tanzania

• Mechanisms to return funds currently being reviewed

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The Claimants – NUKL, NNHL and NNL

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Blue Shading - Entities Involved in Current Shareholder Dispute

Shareholder Dispute - Background

• Relates to failure of LRI to meet a cash call in October 2022

• If NUKL is successful in arbitration, NUKL’s shareholding will increase to 85%

• If LRI is successful in arbitration, there will be no change to NUKL’s shareholding

• Forum – ACICA Arbitration in Perth

• Timing – Hearing December 2023.

• Decision expected Q1 2024

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I N V E S T O R P R E S E N T A T I O N

Gawler Craton Portfolio

Acknowledgment of country

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I N V E S T O R P R E S E N T A T I O N
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Indiana Resources acknowledges the traditional custodians of the lands on which we work. We pay our respects to the traditional custodians, past, present and emerging, and acknowledge their continuing connection to the lands.

Indiana Resources is proud to have Native Title Mining Agreements with the Gawler Ranges Aboriginal Corporation and the Antakirinja Matu-Yankunytjatjara Aboriginal Corporation.

The Far West Coast Aboriginal Corporation has looked after country on behalf of the Far West Coast traditional owners since their native title was recognised in 2013 which covers the southern part of Indiana’s project.

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Gawler Craton Portfolio

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Large ownership position in an under-explored province

5,713km² district scale ground position in the Central Gawler Craton

Under explored landholding with immense upside potential Targeting rare earth elements with advanced high–grade gold and base metals optionality

100% owned tenement package with no royalty obligations

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I N V E S T O R P R E S E N T A T I O N

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G a w l e r C r a t o n Rare Earth Elements

Rare Earth Elements

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Current assays identify high grade clay REE[1]

Indiana’s assays confirm thick regolith -hosted REE mineralisation over a 10km strike length

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126 of 151 (83%) holes assayed contained composite results ≥ 500 ppm TREO

REE AC Drill Program at Minos planned to define extent of mineralisation

Minos REE Highlights

	Minos REE Highlights	Minos REE Highlights
	26m @ 4,767ppm TREO from 46m including:
	Including	@ ppmTREO	Including	@ ppmMREO
	5m	16,706 (1.67%) from 48m	7m	5,597 (0.55%) from 48m
	1m	46,721 (4.67%) from 48m	1m	22,255 (2.23%) from 48m
	20m @ 4,021ppm TREO from 24m including:
	Including	@ ppmTREO	Including	@ ppmMREO
	4m	15,487 (1.55%) from 28m	4m	7,436 (0.74%) from 28m
	37m @ 1,687ppm TREO from 32m including:
	Including	@ ppmTREO	Including	@ ppmMREO
	17m	2,640 from 52m	4m	2,010 from 52m
	35m @ 1,483ppm TREO from 36m including:
	Including 8m	@ ppmTREO 2,588 from 52m	Including 8m	@ ppmMREO 1,050 from 52m

1 Refer to Indiana ASX Releases dated 8th September 2022 and 19th September 2022 for significant intercepts. The group of metals referred to as rare earth elements (REE) comprises the 15 elements of the lanthanide series. Metals in the lanthanide series are: lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), promethium (Pm), samarium (Sm), europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb) and lutetium (Lu). In addition, yttrium (Y) and scandium (Sc) are often grouped with the lanthanides and referred to as REE.

I N V E S T O R P R E S E N T A T I O N

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10km Rare Earths Strike Length

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TREO Highlights

	@ ppm TREO
26m	4,767 from 46m
20m	4,021 from 24m
37m	1,687 from 32m
35m	1,483 from 36m
32m	1,444 from 56m
23m	1,974 from 32m
20m	2,242 from 28m
26m	1,656 from 49m
40m	1,047 from 14m
33m	1,250 from 23m

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I N V E S T O R P R E S E N T A T I O N

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10km Rare Earths Strike Length

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MREO Highlights

	@ ppm MREO
26m	1,894 from 46m
20m	1,684 from 24m
26m	622 from 49m
21m	749 from 56m
37m	419 from 32m
35m	428 from 36m
32m	423 from 56m
23m	546 from 32m
33m	317 from 25m
22m	454 from 26m

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I N V E S T O R P R E S E N T A T I O N

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G a w l e r C r a t o n High Grade Gold

Gold – Multiple Drill Ready Targets

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Sparse, historic drilling highlights significant exploration upside[1]

Pipeline of targets include

Minos @ g/t Au 35m 7.08 21m 8.43 20m 7.31 5m 24.35 26m 4.28 12m 9.06 Earea Dam @ g/t Au 4m 10.2 2m 10.6	Ariadne @ g/t Au
	11m 2.44
	6m 4.05
	9m 2.61
	Boomerang @ g/t Au
	4m 4.14
	2m 16.6
	Double Dutch @ g/t Au
	34m 1.18
	25m 1.2

1 Refer to Indiana ASX Release dated 4 August 2020 for historical significant intercepts. Drillhole details for Indiana’s drilling results at Minos and Ariadne are presented in IDA ASX releases dated, 22 February, 3 March, 13 July, 21 December 2021 and 11 January, 23 February, 15 March , 9 June , 21 July & 2 November 2022 and 13 February 2023

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I N V E S T O R P R E S E N T A T I O N

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Lake Labyrinth Shear Zone

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Fertile gold structure with 50km strike, provides significant discovery potential

Initial drilling at Minos and Ariadne highlights potential for significant exploration upside

+14,000m of RC Majority of LLSZ and DD, 7,700m AC remains untested drilling to date

Indiana drilling results confirm the historical intercepts and the prospectivity

Minos and Ariadne prospects remain open along strike and at depth

August 2022 program identified a new high grade gold bearing system[1]

1 Refer to Indiana ASX Release dated 2 November 2022

• 2Refer to Indiana ASX Release dated 4 August 2020 for historical significant intercepts. Drillhole details for Indiana’s drilling results at Minos and Ariadne are presented in IDA ASX releases dated, 22 February, 3 March, 13 July, 21 December 2021 and 11 January, 23 February, 15 March , 9 June , 21 July & 2 November 2022 and 13 February 2023

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I N V E S T O R P R E S E N T A T I O N

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Minos Drilling Highlights +600m strike extent

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88 RC/DD drillholes completed by Indiana for 13,812m

Results confirm geological	Results confirm geological	interpretation	interpretation
Reinforces LLSZ is a significant
gold	bearing system 1
	@ g/t Au	Including	@ g/t Au
35m	7.08 from 29m	16m	13.12
21m	8.43 from 176m	1m	159
20m	7.31 from 186m	1m	118
5m	24.35 from 106m	2m	59
26m	4.28 from 68m	3m	20.21
12m	9.06 from 106m	1m	95.6
36m	2.63 from 124m
1Refer to IDA ASX Releases dated 22 February, 3 March, 13 July, 7 October, 3 November 2021 and 11
January, 23 February, 15 March 2022, 9 June 2022, and 21 July 2022 and 13 February			2023

I N V E S T O R P R E S E N T A T I O N

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Emerging Ariadne Prospect

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14 RC holes completed by Indiana for 1,659m

RC programme focused on confirming the historical	RC programme focused on confirming the historical	RC programme focused on confirming the historical	RC programme focused on confirming the historical
results and broadening exploration on LLSZ			1
Open to NW and SE
@ g/t Au	Including	@ g/t Au
10m 2.24 from 9m	1m	13.4
5m 3.59 from 49m
9m 2.61 from 131m	1m	9.5
6m 3.29 from 70m	3m	16.7
18m 1.16 from 19m
1Refer to IDA ASX Releases dated 21 December 2021 and 2 November 2022 and 13 February 2023

I N V E S T O R P R E S E N T A T I O N

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Harris Greenstone Domain

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Historic drilling highlights strong Au, Zn, Ni and Co potential[1]

Recent technical review highlights targets Prospective Archaean greenstones 120km interpreted strike length of greenstone belt within tenure Native Title Agreement registered July ‘22

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1 Refer to Indiana ASX Release dated 4 August 2020 and 21st June 2022 for historical significant intercepts

I N V E S T O R P R E S E N T A T I O N

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G a w l e r C r a t o n Base Metal and VMS Targets

VMS Targets within Hopeful Hill Greenstone Belt

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Review highlighted potential for VMS Zn-Cu mineralisation[1]

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Review completed by leading
industry expert Dr Jon Hronsky
AOM
$255k South Australian
Government grant secured to
advance VMS targets
Large-scale 17km zone of zinc
anomalism
Helicopter EM survey completed
Kenella Rocks area only significant
bedrock exposure
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1 Refer to Indiana ASX Release dated 21st June 2022 for historical significant intercepts

I N V E S T O R P R E S E N T A T I O N

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Investment Summary

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Exploring for Rare Earth Elements plus gold and base metals across a 100% owned portfolio

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Extensive land package
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Project located in tightly held
Central Gawler Craton region
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ICSID Award

IDA to receive min 62.4% of US$109 million

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REE Exploration Upside
Large untested land package
with multiple regional targets
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04
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High grade clay REE
identified
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10km by 4.5km zone
identified NW of Minos
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Gold Optionality
High grade gold results
consistently delivered at Minos
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Base metal potential
Within Harris Greenstone
Domain
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I N V E S T O R P R E S E N T A T I O N

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Contact

Bronwyn Barnes Executive Chair info@indianaresources.com.au www.indianaresources.com.au Level 2, 50 Kings Park Rd West Perth WA 6005

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