Indiana Resources : June 2021 Quarterly Activities and Cashflow Reports

ASX: IDA

23rd July 2021

QUARTERLY ACTIVITIES REPORT

Quarter ended 30 June 2021

Indiana Resources Limited (ASX: IDA) ('Indiana' or the 'Company') is pleased to provide its Quarterly Activities report for the June Quarter 2021.

During the period activities focused on exploration activities at the Minos Prospect located within Indiana's 100% owned 5,090 km2 Central Gawler Craton Gold Project in South Australia. The Company's Central Gawler Craton tenements host a suite of advanced to early-stage targets proximal to existing gold mines and major gold discoveries.

Highlights

Exploration

• Follow-upRC drilling program completed at Minos prospect. Results received subsequent to the end of the quarter include:
• • 21m @ 8.43gt/t Au from 176m in Hole LLRC041 including 1m @ 159g/t Au from 185m
  • 2m @ 18.4g/t Au from 162m in Hole LLRC041 including 1m @ 35.5g/t Au from 163m
  • 23m @ 6.44g/t Au from 186m in Hole LLRC035 including 1m @ 118g/t Au from 198m
  • 10m @ 8.83g/t from 39m in Hole LLRC042 including 3m @ 26.03g/t Au from 40m
• Results confirm the prospectivity of the Minos prospect with further drilling currently being planned
• Aircore/slimline RC drilling program comprising 79 holes for 4,496m commenced during the quarter and completed subsequent to the end of the quarter - assay results expected early August
• Native Title Mining Agreement (NTMA) signed with the Antakirinja Matu-Yankunytjatjara Aboriginal Corporation

Claim to Arbitration - Tanzania

• First session of the Arbitration Tribunal took place on 22 April 2021
• Procedural timetable for arbitration has been confirmed - final hearing to take place in early 2023

Corporate

• Felicity Repacholi-Muir appointed to the Indiana Board as a Non-Executive Director
• Trevor Harris appointed as Chief Financial Officer and Joint Company Secretary

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Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley WA 6014

ASX code: IDA | T [phone]| E [e-mail] | www.indianaresources.com.au

EXPLORATION

South Australia - Gawler Craton Gold Project

During the quarter the Company continued its exploration activities at its Minos Prospect, part of its extensive ground position of 5,090 km2 in the Central Gawler Craton of South Australia (Figures 1 & 2). Exploration activities during the quarter included a second RC drilling program at Minos; diamond drilling at Minos and a regional aircore/slimline RC drilling program.

RC Drilling

Indiana completed its second RC drilling program at Minos in early May with 16 drill holes completed for 2,196m. The drilling program was designed to infill the existing drill pattern plus test the NW and SE strike extent of known mineralisation within the Lake Labyrinth Shear Zone ('LLSZ').

Due to significant delays at the laboratory, assays were not received until early July (see Figure 3). The results confirmed previous high grade results received from the maiden RC drilling program at Minos which included:

• 38m @ 6.54 g/t Au from 29m in Hole LLRC029 including 16m @ 13.12 g/t Au from 37m
• 2m @ 6.32 g/t Au from 100m in Hole LLRC029
• 26m @ 4.28 g/t Au from 68m in Hole LLRC025 including 3 m @ 20.21 g/t Au from 82m (see ASX Release 3rd March 2021 for full details)

Results from the RC drilling program are detailed in significant events after the reporting date (page 13).

Aircore/Slimline RC Drilling

Towards the end of the quarter, the Company commenced an aircore/slimline RC program comprised of 79 drill holes for a total of 4,494m (see Figure 4). Composite 4m samples were collected for each drill hole with a total of 1,155 samples submitted to the laboratory for gold analyses. Results are expected early August.

The aim of the program was to test for areas within the LLSZ along strike from the main workings at Ariadne and the Minos prospect which are under cover and had not previously been drill tested. The drilling has highlighted several areas of interest and has provided valuable information on the depth to basement and basement lithology.

Diamond Drilling

During the RC drilling program completed in January 2021, two holes LLRC027, LLRC028 and one drill hole from the April/May RC drilling program LLRC045 were drilled as pre-collars. During the quarter a program for three diamond tails was commenced (see Figure 3 and ASX Release dated 14th July for details). The purpose of the diamond tails is to provide drill core to assist the Company in developing an improved geological and structural understanding of the mineralisation at Minos. The holes were completed subsequent to the end of the quarter and the core is currently being logged before being sent for assay.

Mineralised sheared/fractured and altered (silica-siderite-sericite-pyrite) host rock was intersected in all drill holes interpreted to be located within a sub vertical shear zone immediately south of a NW-SE trending chert/quartz marker horizon. Sulphide mineralisation is commonly associated with multiple stages of fracturing in at least three different orientations. Pyrite is associated with the fine fracturing that sometimes contains quartz and in some orientations is stylolitic in nature. This appear to be consistent with mineralisation intersected in the RC drilling.

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Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley WA 6014

ASX code: IDA | T [phone]| E [e-mail] | www.indianaresources.com.au

Native Title Agreement - AMYAC

During the quarter, Indiana signed a Native Title Mining Agreement ("NTMA") with the Antakirinja Matu- Yankunytjatjara Aboriginal Corporation ("AMYAC") covering 13 tenements (full and partial tenements) and 3 Exploration Licence Applications which form part of the Company's Central Gawler Craton Gold Project (see Figure 8).

The signing of the NTMA is a key milestone and allows the Company to progress discussions with AMYAC to obtain the necessary heritage clearances to allow for additional exploration activities to take place across the LLSZ. Discussions are also progressing well with two additional native title groups for NTMAs to be signed across the remainder of Indiana's tenement package.

New Exploration Licences Granted

Two new Exploration Licences (EL 6600 & EL 6601) were granted by the South Australian Government during the quarter. Both tenements are located to the east of Minos and contain areas of gold-in-calcrete anomalism and historical anomalous drilling results. The Company is currently formulating an exploration program over this area.

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

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Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley WA 6014

ASX code: IDA | T [phone]| E [e-mail] | www.indianaresources.com.au

Figure 2: Tenement Location Plan - Prospects, Current and Historic Drilling Highlights and Calcrete Anomalies

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Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley WA 6014

ASX code: IDA | T [phone]| E [e-mail] | www.indianaresources.com.au

Figure 3: Lake Labyrinth Shear Zone Significant Drilling Results - Minos Prospects

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Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley WA 6014

ASX code: IDA | T [phone]| E [e-mail] | www.indianaresources.com.au