ASX: IDA

2nd October 2020

Conversion of Options, Issue of Shares and Options and

Issue of Executive Chair Options

Indiana Resources Limited (ASX: IDA) ('Indiana' or 'the Company') wishes to advise that is has received valid applications to exercise options 996,677 Unlisted Options exercisable at $0.036, expiring on 25 October 2020 and 40,600 Listed Options exercisable at $0.03 (ASX: IDAOA), expiring on 5 August 2021. The Company has issued today Fully Paid Ordinary Shares for the conversion of these options.

The Company has also issued 3,000,000 Unlisted Options, exercisable at $0.03, expiring on 1 October 2023, as approved by Shareholders at the 7 July 2020 General Meeting. A further 450,000 Fully Paid Ordinary Shares and 275,000 Unlisted Options exercisable at $0.08 on 1 October 2023 have also been issued under ASX Listing Rule 7.1 capacity. Corresponding Appendices 2A and 3G and a Notice Under Section 708A relating to today's issues accompany this announcement.

The Company also refers to its announcements dated 7 February 2020 and 10 February 2020 respectively with regards to the Executive Chair Options approved by shareholders at the General Meeting held on 7 July 2020. The Company has today issued and allotted 4,500,000 Type 1 (c) Executive Chair Options as a result of the set milestone being achieved. Type 1(c) Executive Chair Options are unlisted with exercise price of $0, vesting no later than 1 September 2020 and expiring on 7 February 2021. The Company announced Appendix 3G relating to the Executive Chair Options to the market on 10 February 2020.

Ends

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

For further information, please contact:

Bronwyn Barnes

Aida Tabakovic

Executive Chair

Company Secretary

T: +61 (0) 417 093 256

T: +61 8 9481 0389

___________________________________________________________________________________________________________

Indiana Resources Limited | ABN 67 009 129 560 | Spectrum Building, Unit 18, Level 2, 100 - 104 Railway Road, Subiaco WA 6008

| T +61 (08) 6149 6128| E info@indianaresources.com.au | www.indianaresources.com.au

1

This appendix is not available as an online form

Please fill in and submit as a PDF announcement

+Rule 2.7

Appendix 2A

Application for quotation of +securities

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

If you are an entity incorporated outside Australia and you are seeking quotation of a new class of +securities other than CDIs, you will need to obtain and provide an International Securities Identification Number (ISIN) for that class. Further information on the requirement for the notification of an ISIN is available from the Create Online Forms page. ASX is unable to create the new ISIN for non- Australian issuers.

*Denotes minimum information required for first lodgement of this form, with exceptions provided in specific notes for certain questions. The balance of the information, where applicable, must be provided as soon as reasonably practicable by the entity.

Part 1 - Entity and announcement details

Question

Question

Answer

no

1.1

*Name of entity

Indiana Resources Limited

We (the entity here named) apply for

+quotation of the following +securities and

agree to the matters set out in

Appendix 2A of the ASX Listing Rules.1

1.2

*Registration type and number

ACN: 009 129 560

Please supply your ABN, ARSN, ARBN, ACN or

another registration type and number (if you supply

another registration type, please specify both the type

of registration and the registration number).

1.3

*ASX issuer code

IDA

1.4

*This announcement is

A new announcement

Tick whichever is applicable.

An update/amendment to a previous

announcement

A cancellation of a previous

announcement

1.4a

*Reason for update

N/A

Mandatory only if "Update" ticked in Q1.4 above. A

reason must be provided for an update.

1.4b

*Date of previous announcement to this

N/A

update

Mandatory only if "Update" ticked in Q1.4 above.

1.4c

*Reason for cancellation

N/A

Mandatory only if "Cancellation" ticked in Q1.4 above.

1.4d

*Date of previous announcement to this

N/A

cancellation

Mandatory only if "Cancellation" ticked in Q1.4 above.

1 Appendix 2A of the Listing Rules includes a warranty that an offer of the securities for sale within 12 months after their issue will not require disclosure under section 707(3) or 1012C(6) of the Corporations Act. If the securities to be quoted have been issued by way of a pro rata offer, to give this warranty, you will generally need to have lodged a cleansing notice with ASX under section 708AA(2)(f) or 1012DAA(2)(f) of the Corporations Act within 24 hours before the securities are offered (see ASIC Regulatory Guide 189 Disclosure relief for rights issues). If in doubt, please consult your legal adviser.

+ See chapter 19 for defined terms

31 January 2020

Page 1

This appendix is not available as an online form

Appendix 2A

Please fill in and submit as a PDF announcement

Application for quotation of +securities

1.5

*Date of this announcement

2 October 2020

Part 2 - Type of issue

Question

Question

Answer

No.

2.1

*The +securities to be quoted are:

Being issued as part of a transaction or

Select whichever item is applicable.

transactions previously announced to

If you wish to apply for quotation of different types of

the market in an Appendix 3B

issues of securities, please complete a separate

Being issued under a +dividend or

Appendix 2A for each type of issue.

distribution plan

Being issued as a result of options

being exercised or other +convertible

securities being converted

Unquoted partly paid +securities that

have been paid up and are now quoted

fully paid +securities

+Restricted securities where the escrow

period has expired or is about to expire

+Securities previously issued under an

+employee incentive scheme where the

restrictions on transfer have ceased or

are about to cease

+Securities issued under an +employee

incentive scheme that are not subject to

a restriction on transfer or that are to be

quoted notwithstanding there is a

restriction on transfer

Other - Facilitator fully paid ordinary

shares as part of a facilitation fee in

consideration for the services in

sourcing South Australian project for the

Company and assisting the Company in

negotiating the terms.

2.2a.1

*Date of Appendix 3B notifying the market

N/A

of the proposed issue of +securities for

which quotation is now being sought

Answer this question if your response to Q2.1 is "Being

issued as part of a transaction or transactions

previously announced to the market in an Appendix

3B"

2.2a.2

*Are there any further issues of +securities

N/A

yet to take place to complete the

transaction(s) referred to in the

Appendix 3B?

Answer this question if your response to Q2.1 is "Being

issued as part of a transaction or transactions

previously announced to the market in an Appendix

3B".

+ See chapter 19 for defined terms

31 January 2020

Page 2

This appendix is not available as an online form

Appendix 2A

Please fill in and submit as a PDF announcement

Application for quotation of +securities

2.2a.2.1

*Please provide details of the further issues

N/A

of +securities yet to take place to complete

the transaction(s) referred to in the

Appendix 3B

Answer this question if your response to Q2.1 is "Being

issued as part of a transaction or transactions

previously announced to the market in an Appendix

3B" and your response to Q2.2a.2 is "Yes".

Please provide details of the proposed dates and

number of securities for the further issues. This may

be the case, for example, if the Appendix 3B related to

an accelerated pro rata offer with an institutional

component being quoted on one date and a retail

component being quoted on a later date.

2.2b.1

*Date of Appendix 3A.1 lodged with ASX in

N/A

relation to the underlying +dividend or

distribution

Answer this question if your response to Q2.1 is "Being

issued under a dividend or distribution plan".

2.2b.2

*Does the +dividend or distribution plan

N/A

meet the requirement of listing rule 7.2

exception 4 that it does not impose a limit

on participation?

Answer this question if your response to Q2.1 is "Being

issued under a dividend or distribution plan".

Note: Exception 4 only applies where security holders

are able to elect to receive all of their dividend or

distribution as securities. For example, Exception 4

would not apply in the following circumstances: 1) The

entity has specified a dollar limit on the level of

participation e.g. security holders can only participate

to a maximum value of $x in respect of their

entitlement, or 2) The entity has specified a maximum

number of securities that can participate in the plan

e.g. security holders can only receive securities in lieu

of dividend payable for x number of securities.

2.2c.1

Please state the number and type of

-996,677 Unlisted Options exercisable at

options that were exercised or other

$0.036 on or before 25 October 2022,

+convertible securities that were converted

exercised into IDA Ordinary Fully Paid

(including their ASX security code)

Shares;

Answer this question if your response to Q2.1 is "Being

-40,600 Listed Options exercisable at $0.03

issued as a result of options being exercised or other

on or before 5 August 2021, exercised into

convertible securities being converted".

IDA Ordinary Fully Paid Shares;

2.2c.2

And the date the options were exercised or

2 October 2020

other +convertible securities were

converted

Answer this question if your response to Q2.1 is "Being

issued as a result of options being exercised or other

convertible securities being converted".

Note: If this occurred over a range of dates, enter the

date the last of the options was exercised or

convertible securities was converted.

2.2d.1

Please state the number and type of partly

N/A

paid +securities (including their ASX

security code) that were fully paid up

Answer this question if your response to Q2.1 is

"Unquoted partly paid securities that have been paid

up and are now quoted fully paid securities".

+ See chapter 19 for defined terms

31 January 2020

Page 3

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Indiana Resources Limited published this content on 14 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2020 04:24:01 UTC