HIGHLIGHTS

The Central Gawler Craton holds remarkable potential for the identification of substantial gold deposits, exemplified by the Tunkillia deposit (featuring a 965,000-ounce gold resource). This deposit is situated adjacent to the southern extent of Indiana’s portfolio. The historical mining hub of Tarcoola, located at the northern boundary of Indiana’s portfolio, has witnessed both historical production and contains an existing resource totalling around 190,000 ounces.

Indiana has pinpointed a highly prospective gold structure spanning 50 kilometres within the Lake Labyrinth Shear Zone offering considerable possibilities for future discoveries. The Company has completed initial exploration including over 14,000 meters of RC and Diamond Drilling and more than 7,700 meters of Air Core Drilling on the Lake Labyrinth Shear Zone. Both the Minos and Ariadne prospects exhibit promising signs, remaining open along strike and at depth.  Other priority targets include Earea Dam, Company Well, Boomerang and Partridge.

The LLSZ Project contains several fully permitted, drill ready drill targets positioned along a 30km strike, which have been prioritised for follow-up drilling.

At the Minos Prospect, mineralisation has been recorded over wide intervals on a 600m strike length from 12m depth, with significant historical drill intersections at Minos including:

• 25m @ 2.3 g/t Au (incl. 10m@ 4.6 g/t)
• 23m @ 2.0 g/t Au (incl. 8m @ 4.5 g/t)
• 9m @ 4.2 g/t Au (incl. 5m @ 7.3 g/t)
• 130m @ 2.3 g/t (incl. 1m @ 65.9 g/t)*

(*vertical hole drilled down dip)

The gold mineralisation intersected in drilling to date within the LLSZ is concentrated within an intense alteration system (primarily sericite, chlorite, pyrite) of up to 100 metres wide. The LLSZ is interpreted from magnetic imagery to extend for approximately 60 kilometres along strike, of which approximately half is within the Company’s ground holding. The majority of the LLSZ is under a thin (2-20m) veneer of transported cover rendering conventional surface geochemical exploration largely ineffective along the majority of the shear zone.

The Minos, Ariadne and North Hicks prospects are all in areas of outcrop or shallow cover and their discovery resulted from the follow-up of anomalous gold from surface sampling or from sporadic historic shallow drilling. Little or no effective exploration has been completed over the vast majority of the LLSZ under the thin cover.

This highlights the potential for further discoveries of gold deposits at shallow depths below surface to be made along the LLSZ within the Company’s ground holding.

The Minos and Ariadne prospects have only been partially drill-tested and remain open along strike and at depth and are a priority for further drilling by the Company. The prospects are proximal to the historic Lake Labyrinth gold workings and lie within the LLSZ.

Initial drilling of over 14,000meters of RC and DD along with over 7,700 of AC drilling to date on the Minos and Ariadne prospects confirm the historical intercepts and the prospectivity of the region. The December 2022 drill program identified that both the Minos and Ariadne prospects remain open along strike at depth and toward the South West with the recent discovery of an additional new zone of mineralisation.