Indiana Resources : Investor Presentation

1. Golden Future

Investor Presentation

ASX: IDA

October 2020

DISCLAIMER & COMPETENT PERSON'S STATEMENT

This presentation (the "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 ASX, which are available at www.asx.com.au.

This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investment Commission) or any

other law. A prospectus for an initial public offering of Indiana Mining Limited is available at www.Indianamining.com and www.asx.com.au.

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. 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 South Australian Project Areas is based on information reviewed by Mr Craig Hall, whom is a member of the Australian Institute of Geoscientists. Mr Hall 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 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 Hall consents to the inclusion of the information in the form and context in which it appears.

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INVESTMENT HIGHLIGHTS

5,090 km² highly prospective gold tenement package in the Central Gawler Craton, South Australia

Multiple advanced targets located between the historic mining centres of Tarcoola and Tunkillia

USD$ 95m Claim to Arbitration against Government of Tanzania for loss of Ntaka Hill Nickel Project

Drilling to commence Q4 2020 - Results by end 2020

Drill ready and fully permitted targets on Lake Labyrinth Shear Zone at

Minos and Ariadne

USD$4.65M litigation funding secured - de-risked for shareholders

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CENTRAL GAWLER CRATON GOLD PROVINCE

5,090 KM² PORTFOLIO OF HIGHLY PROSPECTIVE GOLD TENEMENTS IN THE CENTRAL GAWLER CRATON GOLD PROVINCE

Strategic holding between historic gold deposits at Tunkillia and Tarcoola

Multiple advanced to early stage targets proximal to existing gold mines and major gold discoveries

Several fully permitted targets identified and ready to be drilled Q3 2020

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