Indiana Resources Limited (ASX: IDA) ('Indiana' or the 'Company') is pleased to announce that both its concurrently run Air Core (AC) and Reverse Circulation (RC) drilling programmes have been completed at its Minos Rare Earth Element (REE) Prospect and its Minos Gold Prospect within Indiana's 100% owned 5,713 km2 Central Gawler Gold Project (CGCP) in South Australia.

Company Comment Chief Executive Officer Richard Maish: 'It has been a true Team effort by Indiana's staff and contractors to complete both these drilling programmes safely and on time. With exceptional results received to date from both our REE and Gold exploration programs, these two drill programs will deliver us strong news flow in early 2023 and provide a solid technical base for our continuing geological evaluation. I look forward to releasing results as they are received, and further drill programs in early 2023.

Regional REE Target Definition

The recently completed Phase 1 AC programme consisted of 72 holes for 3,251 metres. The programme was designed to infill and extend at 250 metre line spacings, a 2 km long area within the 10 km strike length already identified along the Lake Labyrinth Shear Zone (LLSZ) northwest of Minos. This 10km long zone has previously returned high TREO grades and significant thicknesses of clay hosted REE mineralisation (Figure 1). Phase 1 of the programme also include an initial test across strike for repetitions of REE mineralisation 1km to the south and up to 2km north of the existing Minos REE trend (Figure 1)

Contact:

Bronwyn Barnes

Executive Chairman

T: +61 (0) 417 093 256

Richard Maish

Chief Executive Officer

T: +61 (0) 412 941 128

Investor

Dannika Warburton

Sarah McCloy

E: indianares@investability.com.au

WEB: www.indianaresources.com.au

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