#1Indiana Resources Limited High-Grade Gold Gawler Craton South Australia February 2022 Investor Presentation RIU Explorers Conference#2Disclaimer Indiana Resources Limited 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. 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 Ms Felicity Repacholi-Muir, whom is a member of the Australian Institute of Geoscientists. Ms Repacholi-Muir 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 she 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)'. Ms Repacholi-Muir consents to the inclusion of the information in the form and context in which it appears. ASX:IDA 2#3Corporate Snapshot Indiana Resources (ASX:IDA) 434,946,960 Corporate Structure 60,279,990 ~A$26M Shares on Issue Options on Issue Market Cap 14 Feb 2022 (A$0.058) 0.1 0.08 Share Price Indiana Resources Limited A$0.051 - $0.11 52 week low-high A$2.2m Cash 0.06 0.04 0.02 Feb 2021 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 2022 Board & Management Bronwyn Barnes Felicity Repacholi-Muir Robert (Bob) Adam Aida Tabakovic Trevor Harris Executive Chair Technical Director Non-executive Director Joint Company Secretary CFO & Joint Company Secretary Shareholder Distribution Board Top 20 6.38% 54.24% ASX:IDA 3#4Investment Highlights 5,713km² District Scale Ground Position in the Central Gawler Craton Indiana Resources Limited 1. Multiple advanced and early-stage targets proximal to existing gold mines and major gold discoveries 2. Early exploration success demonstrates 'district scale' potential of the Lake Labyrinth Shear Zone which hosts several compelling gold targets over a 30km strike 3. Recent RC drilling confirms the Minos Prospect is developing into a continuous orebody that remains open both along strike and at depth 4. A$127M Claim to Arbitration against the Republic of Tanzania over the expropriation of the Ntaka Hill Nickel Project progressing on track HD 193.3 FISH4 ASX:IDA 4#5Portfolio Summary High-Grade gold targets in an under-explored province 100km N to Alice Springs Coober Pedy 135°E 父 Cairn Hill 父 Peculiar Knob Prominent Hill Golf Bore() Challenger + Tarcoola Indiana Resources コ父 x Tunkillia Olympic Dam 父 Gawler Craton 30°S - Khamsin 父 Carrapateena Major Project Deposit/Developing Project Commodity H Port Augusta Barns Weednanna Gold ○ Uranium Copper Zinc-lead Iron Indiana Resources Limited ASX:IDA 5#6Large Strategic Ground Position Exciting under explored gold province • Tunkillia Gold Project (965,000 ounce resource) adjoins the southern edge of the tenements • Historical mining centre of Tarcoola, adjoins the northern edge of the tenements (historic production and current resource total approximately 92,800 ounces) ● Strong competitor activity in the region Challenger 1.27 Moz Au L 6 600 000 mN Trans-Australian Railway Tarcoola 92.8 koz Au² Regional Holdings Indiana Resources (5713 km²) Granted (5086 km²) Recent Application (627 km²) Barton Gold Marmota Barton Marmota JV Vale N 50 km 400 00 000 mE Tunkillia 965 koz Au' Indiana Resources Limited Peculiar Knob Prominent Hill 6 700 000 mN ASX IDA ME#7Multiple Drill Ready High-Grade Targets Historic drilling highlights significant exploration upside Earea Dam: ■ 4m @ 10.2 g/t Au ■ 3m @ 13.8 g/t Au Boomerang: 4m @ 5.44 g/t Au ▪ 2.0m @ 10.5 g/t Au Double Dutch: Minos: 34m @ 1.18 g/t Au 18m @ 1.07 g/t Au 12m @ 10.36 g/t Au ▪ 24m @ 2.18 g/t Au 6m @ 12.37 g/t Au 12.5m @ 2.12 g/t Au Ariadne: ■ 6m @ 4.05 g/t Au 11m @2.44 g/t Au 12m @ 1.18 g/t Au 6 600 000 mN Pinding Rocks Prospects & Minos LLRCO20 Mariner 5.0m @ 24.35 g/t Au 22.0m @ 3.07 g/t Au LLRCO22 28.0m @ 1.45 g/t Au LLRCO25 26.0m @ 4.28 g/t Au Boomerang BG047 10.0m @ 1.29 g/t Au BG161 4.0m @ 4.24 g/t Au 4.0m @ 5.44 g/t Au BGRC11 2.0m @ 10.50 g/t Au BG340 Tarcoola Partridge Company Well- Au Calcrete Anomalies Indiana Resources O Prospect location & name Indiana drilling highlight Historic drilling highlight Au ppb in calcrete >12 6-12 3-6 Area of wide spaced, limited or no calcrete sampling (SARIG supplied data) 父 Mullina West Earea Dam Mullina Well EDR20 4.0m @ 10.20 g/t Au ERCO10 3.0m @ 13.83 g/t Au Talia 6 550 000 mN 450 000 mE Tunkillia Well Indiana Resources Limited LLRCD028 26.0m @ 3.58 g/t Au LLRCO29 35.0m @ 7.08 g/t Au LLRC035 20.0m@ 7.31 g/t Au LLRC041 21.0m @ 8.43 g/t Au LLRC042 10.0m @ 8.83 g/t Au 5.0m @ 7.32 g/t Au THRC-033 THRC-052 10.0m @ 4.64 g/t Au THRC-060 24.0m @ 2.18 g/t Au 12.0m @ 10.36 g/t Au 6.0m @ 12.37 g/t Au Ariadne LLRC046 10.0m @ 2.24 g/t Au LLRC052 6.0m @ 3.29 g/t Au LLRC056 9.0m @ 2.61 g/t Au LLRCO57 18.0m @ 1.16 g/t Au LL41 THRC-012 6.0m @ 4.05 g/t Au 8.0m @ 2.08 g/t Au 11.0m @2.44 g/t Au THRC-014 12.0m @ 1.18 g/t Au North Hicks Moolkra O Renton O Kenella Rocks O Double Dutch Hopeful Hill-O TARC-084 34.0m @ 1.18 g/t Au TARC-085 18.0m @ 1.07 g/t Au TARC-162 25.0m @ 1.25 g/t Au Yerda West Yerda O -Lake Harris A Tunkillia 20 km ASX:IDA 7 500 000 mE#82021 Exploration Recap Foundations Set for Sustained Exploration Success Key 2021 exploration outcomes: ✓ +12,000m of RC and Diamond drilling completed across the Central Gawler Craton Gold Project ✓ 4,500m Aircore Drilling completed along the LLSZ ✓ Awaiting assays from December drilling at Minos Prospect, results expected later February ✓ Calcrete sampling program at Partridge, Earea Dam and Ealbara areas completed results expected March 2022 ✓ Heritage survey completed over portions of the Lake Labyrinth Shear Zone Working with Native Title groups to progress drilling at North Hicks and Partridge Prospects Indiana Resources Limited ASX:IDA 8#9Minos Drilling Highlights 49 RC/DD drillholes completed for 7,953m Open 6 608 000 mN 1 @ 5.50 3 @ 1.63 Lake Labyrinth Shear Zone 35 @ 7.08 5 @ 2.73 28 @ 1.45 8 @ 4.79 8 @ 4.47 12 @ 10.36 9 @ 2.77 5 @ 24.35 26 @ 3.58 12 @ 1.80 6 @ 12.37 5 @ 1.08 18 @ 1.11 22 @ 3.07 3 @ 18.33 19 @ 2.88 24 @ 2.18 20 @ 7.31 26 @ 4.28 7 @ 2.14 13 @ 1.34 10 @ 8.83 14 @ 1.31 10 @ 4.64 5 @ 7.32 21 @ 8.43 20 @ 1.55 2 @ 18.43 18 @ 1.05 6 @ 2.63 7@ 3.18 Highlight (m@ Aug/t) Indiana Historic 5 @ 3.21 Drilling with intercept >0.5 g/t Au 11 @ 2.16 Indiana Historic. 18 @ 1.15 100 m 16 @ 1.01 7 @ 0.91 Awaiting results Planned 495 500 mE Indiana Resources Limited Indiana Resources Limited Minos Prospect 1 @ 6.90 4 @ 4.49 9 @ 1.01 2 @ 2.08 4 @ 1.18 Open 495 900 mE Results confirm geological interpretation Reinforces LLSZ is a significant gold bearing system 21m @ 8.43g/t Au from 176m including 1m @ 159g/t Au 35m @ 7.08g/t Au from 29m including 16m @ 13.12g/t Au 20m @ 7.31g/t Au from 186m including 1m @ 118g/t Au 10m @ 8.83/t Au from 39m including 3m @ 26.03g/t Au 5m @ 24.35g/t Au from 78m including 2m @ 59g/t Au Mineralisation remains open along strike in both directions and at depth ASX:IDA 9#10Ariadne Drilling Highlights. 12 RC holes completed in October for 1,379m Lake Labyrinth Shear Zone (LLSZ) -6 607 500 mN Open 100 m 9 @ 2.61 18 @ 1.16 3 @ 2.30 2 @ 3.02 5 @ 1.04 9 @ 1.23 10 @ 0.83 496 500 mE Minos Historic Highlight (m @ Aug/t) Indiana Drilling with intercept >0.5 g/t Au Indiana Historic Historic workings Quartz outcrop 700 m 6 @ 4.05 3 @ 3.61 3 @ 1.32 4 @ 0.60 10 @ 2.24 12 @ 1.18 6 @ 1.16 11 @ 2.44 8 @ 2.08 5 @ 3.59 Figure Area 9 @ 0.74 16 @ 0.79 Ariadne -6 607 000 mN 8 @ 0.63 3 @ 2.27 Indiana Resources Limited 6 @ 3.29 9 @ 0.83 Ariadne Stope Indiana Resources Limited Ariadne Prospect 4 @ 2.28 Open Maiden RC programme focused on confirming the historical results and broadening exploration on LLSZ 10m @ 2.24 g/t Au from 9m including 1m @ 13.4 g/t Au 5m @ 3.59 g/t Au from 49m 9m @ 2.61 g/t Au from 131m including 1m @ 9.5 g/t Au 6m @ 3.29 g/t Au from 70m including 1m @ 16.7 g/t Au 497 000 mE ASX:IDA 10#11Drilling Continues to Extend LLSZ Strike 30km strike of Lake Labyrinth Shear Zone remains under-explored Initial drilling at Minos and Ariadne have demonstrated the potential for significant exploration upside . • . LLSZ is under-explored Minos and Ariadne prospects remain open along strike and at depth Recent drilling results confirm the historical intercepts and the prospectivity of the Lake Labyrinth Shear Zone Previous exploration focused on areas of outcrop and old-timers pits t 6 600 000 mN Pinding Rocks Lake Labyrinth Shear Zone Minos Indiana Resources Limited LLRC020 Mariner 5.0m @ 24.35 g/t Au LLRCD028 26.0m @ 3.58 g/t Au 22.0m @ 3.07 g/t Au LLRC029 35.0m @ 7.08 g/t Au LLRCO22 28.0m @ 1.45 g/t Au LLRC035 20.0m @ 7.31 g/t Au LLRCO25 26.0m @ 4.28 g/t Au LLRC041 21.0m @ 8.43 g/t Au Boomerang BG047 10.0m @ 1.29 g/t Au BG161 4.0m @ 4.24 g/t Au BG340 4.0m @ 5.44 g/t Au 2.0m @ 10.50 g/t Au Tarcoola BGRC11 Partridge Company Well- O Talia Mullina West Earea Dam Mullina Well EDR20 4.0m @ 10.20 g/t Au ERC010 3.0m @ 13.83 g/t Au Prospects & Au Calcrete Anomalies Indiana Resources O Prospect location & name 2021 Drilling highlight Historic drilling highlight Au ppb in calcrete >12 6-12 3-6 Area of wide spaced, limited or no calcrete sampling (SARIG supplied data) Indiana Resources Limited 450 000 mE Tunkillia Well LLRC042 10.0m @ 8.83 g/t Au THRC 033 5.0m @ 7.32 g/t Au THRC 052 10.0m @ 4.64 g/t Au THRC-060 24.0m @ 2.18 g/t Au 12.0m @ 10.36 g/t Au 6.0m @ 12.37 g/t Au Ariadne LLRC046 10.0m @ 2.24 g/t Au LLRC052 6.0m @ 3.29 g/t Au LLRC056 9.0m @ 2.61 g/t Au LLRCO57 18.0m @ 1.16 g/t Au 6.0m @ 4.05 g/t Au THRC 012 8.0m @ 2.08 g/t Au LL41 11.0m @2.44 g/t Au THRC-014 12.0m @ 1.18 g/t Au North Hicks 50 kms Moolkraco Renton Kenella Rocks O Double Dutch Hopeful Hill TARC-084 34.0m @ 1.18 g/t Au TARC-085 18.0m @ 1.07 g/t Au TARC-162 25.0m @ 1.25 g/t Aut Yerda West Yerda O -Lake O Harris 6 550 000 mN Tunkillia 500.000 mE ASX:IDA 20 km 11#12AU$127m Compensation Claim United Republic of Tanzania - International Centre for Settlement of Investment Disputes . Indiana Resources Limited AU$127m compensation claim against Tanzania for illegal expropriation of Ntaka Hill Nickel Project Arbitration commenced April 2021 - scheduled to complete February 2023 Highly experienced international arbitration firm LALIVE appointed to represent to arbitration • All hearings to take place in London. . • Arbitral Schedule remains on foot • An award issued by ICSID is enforceable over assets held in any of World Bank 155 member states (including Tanzania) • All legal costs funded through US$4.65m litigation funding facility with LCM, UK - success based repayment ASX:IDA 12#13Near Term Work Plans Aggressive exploration strategy to drive value creation in 2022 Indiana Resources Limited Multiple drilling programmes planned for South Australian gold portfolio in 2022 starting with further RC drilling at Minos in Q1 2022 • Planned RC drill programme at Minos to include 15 drillholes for a total of 2,310m, with drilling focused on tightening the existing drill density and extending the lodes at depth • Results from calcrete geochemistry sampling completed across the Partridge, Earea Dam and Ealbara Prospects, expected to identify further gold anomalies to assist with drillhole targeting • Indiana to progress new priority targets - Double Dutch, Boomerang, Earea Dam • Technical review underway for remainder of tenement package - potential for other commodities ASX:IDA 13#14Indiana Resources Limited Contact Technical Director: Felicity Repacholi-Muir [email protected] www.indianaresources.com.au Suite 3, 339 Cambridge St Wembley WA 6014 ID 193.3 TRAY 1 ASX:IDA