Indiana Resources : Appendix 3B

This appendix is available as an online form

Appendix 3B

Proposed issue of +securities

1.4b

*Date of previous

N/A

announcement(s) to this

update

only

1.4c

*Reason for cancellation

N/A

1.4d

*Date of previous

N/A

announcement(s) to this

cancellation

use

1.5

*Date of this announcement

2 June 2022

1.6

*The proposed issue is:

☐ A +bonus issue

☐ A standard +pro rata issue (non-renounceable or

renounceable)

☐ An accelerated offer

personal

☐ An offer of +securities under a +securities purchase

plan

☐ A non-+pro rata offer of +securities under a

+disclosure document or +PDS

☐ A non-+pro rata offer to wholesale investors under an

information memorandum

X A placement or other type of issue

1.6a

*The proposed standard +pro

rata issue is:

☐ Non-renounceable

☐ Renounceable

For

1.6b

*The proposed accelerated

☐ Accelerated non-renounceable entitlement offer

offer is:

(commonly known as a JUMBO or ANREO)

☐ Accelerated renounceable entitlement offer

(commonly known as an AREO)

☐ Simultaneous accelerated renounceable entitlement

offer (commonly known as a SAREO)

☐ Accelerated renounceable entitlement offer with dual

book-build structure (commonly known as a

RAPIDS)

☐ Accelerated renounceable entitlement offer with retail

rights trading (commonly known as a PAITREO)

+ See chapter 19 for defined terms

5 June 2021

Page 2

This appendix is available as an online form

Appendix 3B

Proposed issue of +securities

only

Question

Question

Answer

No.

7B.1

*Class of +securities to be offered under the

Unquoted options

placement or other issue (please enter both

the ASX security code & description)

7B.2

Number of +securities proposed to be

(i) 2,000,000 unquoted options exercisable at

issued

$0.12 within 12 months from the satisfaction of

use

the vesting condition

(ii) 2,000,000 unquoted options exercisable at

$0.15, within 12 months of the satisfaction of

the vesting condition.

7B.3

*Are the +securities proposed to be issued

No

personal

being issued for a cash consideration?

7B.3a

*In what currency is the cash consideration

being paid

7B.3b

*What is the issue price per +security

Nil

7B.3c

AUD equivalent to issue price amount per

N/A

+security

7B.3d

Please describe the consideration being

None

provided for the +securities

For

7B.3e

Please provide an estimate of the AUD

Nil

equivalent of the consideration being

provided for the +securities

+ See chapter 19 for defined terms

5 June 2021

Page 4

This appendix is available as an online form

Appendix 3B

Proposed issue of +securities

only

Question

Question

Answer

No.

7C.1

*Proposed +issue date

of $0.15 (15 cents), at any time within

Options will only be issued on satisfaction of

the following vesting requirements:

(i)

Upon ASX quoted shares of the

Company achieving a 30 day volume

weighted average price (VWAP) price

For personal use

24 months of the Non-Executive

Director's Commencement Date.

(ii)

Upon ASX quoted shares of the

Company achieving a 30 day volume

weighted average price (VWAP) price

of $0.25 (25 cents), at any time within

36 months of the Non-Executive

Director's Commencement Date.

+ See chapter 19 for defined terms

5 June 2021

Page 5