Indiana Resources Limited announced that further significant REE mineralisation has been returned from Indiana's 100% owned 5,713 km² Central Gawler Project in South Australia. The assay results relate to samples from 36 aircore (AC) holes that were previously assayed for gold during 2021 and have now been re-assayed for the full suite of light and heavy rare earth elements (Total REE). These holes were drilled along an 8km strike within an identified prospective 10km strike extent of the Lake Labyrinth Shear Zone (LLSZ) with REE mineralisation remaining open in all directions.

Assays highlight a high proportion of high-value Magnet Rare Earth Oxides (MREOs). Next Steps: The Central Gawler Project represents a potentially large-scale rare-earth opportunity. The re- assaying exercise has tested only a small portion of the Project that was indicated to be prospective for REEs.

Indiana is looking forward to systematically testing the REE potential of the additional target areas. The REE results returned to date have given the Company confidence to commit to a specific REE focused drilling campaign. Preliminary assessment of the historical geological logging indicates that the REE mineralisation generally occurs from surface to 100 metres vertical depth with the host lithology varying between upper kaolinitic clays to lower zones of weathered granitic bedrock (saprolite).

The samples assayed so far have returned highly positive REE results, including a significant percentage of high-value MREOs. The MREOs are predominantly Terbium (Tb) and Dysprosium (Dy) which are referred to as`heavy REEs' (HREEs) and Neodymium (Nd) and Praseodymium (Pr), which are termed `light REEs' (LREEs). Indiana is continuing to review the data to better characterise the mineralogy of the REE mineralisation and to gain further understanding of the vertical zonation and clay hosts as well as the areal extent of the REE mineralisation discovered to date.

A rare earth metallurgical test work programme to determine the optimal extraction options to produce a commercial product is being examined. Indiana also awaits gold assay results from Reverse Circulation drilling completed during August at the Minos Gold Prospect. Results are expected in October.

REE Mineralisation Identified at Central Gawler Project: Results to date have confirmed the concentration of thick REE accumulations in the northern portion of the project along ~8km of strike. Indiana carried out gold reconnaissance drilling along the LLSZ during 2021. This programme comprised 79 AC holes, the 4m composite pulp samples from the drillholes were submitted to the laboratory for re-assaying for the full suite of REEs using a near complete digestion (Lithium Borate Fusion method).

This release relates to the assay results for remaining 36 drill holes, following the high-grade REE assays released previously. Assays continue to confirm the widespread REE mineralisation, returning up to 5,290 ppm TREO and 2,775ppm MREO. Intersections up to 76m thick were recorded with high proportions of the valuable magnet REEs.

Significant intersections (500ppm TREO grade) include: 33m @ 1,218ppm TREO from 44m (LLAC047); including 8m @ 3,202ppm TREO from 56m; including 4m @ 5,290ppm TREO and 2,775ppm MREO from 56m; 19m @ 2,166ppm TREO from 36m (LLAC043); including 4m @ 4,334ppm TREO and 1,416ppm MREO from 48m; 31m @ 1,513ppm TREO from 40m (LLAC044); 40m @1,178ppm TREO from 48m (LLAC050); including 24m @ 1,532ppm TREO from 60m; including 4m @ 2,501ppm TREO and 1,058ppm MREO from 68m; 76m @ 740ppm TREO from 28m (LLAC051); including 4m @ 1,018ppm TREO from 64m; including 4m @ 1,532ppm TREO from 100m; 56m @ 940ppm TREO from 32m (LLAC053); including 28m @ 1,150ppm TREO from 32m; including 4m @ 1,244ppm TREO from 84m. Significant intersections previously reported (500ppm TREO grade) included: 20m @ 4,021ppm TREO from 24m (LLAC012); including 16m @ 4,830ppm TREO from 24m; including 4m @ 15,486ppm (1.55%) TREO and 7,403ppm MREO from 28m; 37m @ 1,687ppm TREO from 32m (LLAC006); including 17m @ 2,640ppm TREO from 52m; including 4m @ 7,039ppm TREO and 2,003ppm MREO from 52m; 20m @ 2,242ppm TREO from 28m (LLAC010); including 12m @ 3,236ppm TREO from 32m; 30m @ 1,095ppm TREO from 20m (LLAC016); 54m @ 747pm TREO from 0m (LLAC027); including 8m @ 1,649ppm TREO from 4m; 45m @ 751ppm TREO from 24m (LLAC015); including 12m @ 1,276ppm TREO from 28m. Insufficient work has been undertaken to categorise the Central Gawler REE mineralisation.