Indiana Resources Limited announced that Air-Core (AC) drilling is in progress at its Minos Rare Earth Element (REE) Prospect located on the Lake Labyrinth Shear Zone (LLSZ) within Indiana's 100% owned 5,713 km2 Central Gawler Craton Exploration Project in South Australia. The current AC programme consists of about 100 shallow Air Core holes for approximately 5,300 metres to be completed in 2 Phases. The programme will infill and extend at 250 metre line spacings a 5km long area within the 10 km strike length already identified along the LLSZ northwest of Minos.

This 10km long zone has previously returned high grade TREO's and significant thicknesses of clay hosted REE mineralisation. Phase 1 of the programme will 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. Phase 1 is anticipated to conclude in mid-December 2022 with Phase 2 to be completed during the March quarter 2023.

Air Core REE Drilling Minos: The AC drill programme has been designed to achieve the following: Infill the existing 500 metre spaced lines at 250 metre spacings; Extend existing 500m spaced drill sections across strike where required; Complete a single traverse across strike about 1km to the southwest and 2km to the northeast of the existing Minos/LLSZ trend to identify extensions or repetitions of the clay horizons; Enhance the understanding of vertical zonation within the regolith and clay hosts; and Assist in determining the most appropriate material(s) for mineralogical and metallurgical test work to characterise the style of REE mineralisation and determine the processes available to maximise the recovery of the REEs from the host material. Background: The Gawler Craton has recently attracted significant interest for its ionic absorption/clay-hosted rare earth element exploration opportunities. IDA completed a review of historic Reverse Circulation (RC) and AC drilling that identified elevated rare earth elements (REE) in a number of areas including Minos, based on historic assays of a limited number of REE's. Subsequent analysis of sample pulps, retained from previous gold AC drilling completed in 2021, for the Total Rare Earth Oxide (TREO) suite identified significant zones of clay hosted TREO mineralisation.

Ionic absorption clay-hosted REE mineralisation's are derived from weathering of underlying basement rocks that are subsequently enriched in the regolith profile, forming a shallow, continuous, sub-horizontal zone. The source of IDA's REE is not well understood at this stage. IDA however currently holds the view that the REE mineralisation within the Central Gawler Project occurs in the weathered profile (regolith) associated with the alkaline Hiltaba Granite and gneissic basement rocks which are enriched in REE and are prevalent in the extensive northern portion of the Indiana's tenure.

Significant previous results (refer to previous ASX releases detailed above) include: 37 metres @ 1,687ppm TREO (24.9% Magnet REO) from 32 metres (LLAC006); 12 metres @ 1,284ppm TREO (25.8% Magnet REO) from 48 metres (LLAC007); 20 metres @ 1,170ppm TREO (16.1% Magnet REO) from 32 metres (LLAC008); 20 metres @ 2,242ppm TREO (14.7% Magnet REO) from 28 metres (LLAC010); 24 metres @ 4,021ppm TREO (41.9% Magnet REO) from 24 metres (LLAC012); 30 metres @ 1,095ppm TREO (32.5% Magnet REO) from 20 metres (LLAC016); 19 metres @ 2,166ppm TREO (29.2% Magnet REO) from 36 metres (LLAC043); 31 metres @ 1,513ppm TREO (30.9% Magnet REO) from 40 metres (LLAC044); 24 metres @ 924ppm TREO (39.5% Magnet REO) from 44 metres (LLAC045); 31 metres @ 1,069ppm TREO (34.3% Magnet REO) from 44 metres (LLAC046); 33 metres @ 1,218ppm TREO (42.5% Magnet REO) from 44 metres (LLAC047); 40 metres @ 1,178ppm TREO (30.4% Magnet REO) from 48 metres (LLAC050); 78 metres @ 740ppm TREO (31.5% Magnet REO) from 28 metres (LLAC051); 56 metres @ 940ppm TREO (29.9% Magnet REO) from 32 metres (LLAC053); 8 metres @ 941ppm TREO (28.1% Magnet REO) from 4 metres (LLAC054); and 24 metres @ 999ppm TREO (34.4% Magnet REO) from 40 metres (LLAC056). Upcoming News Flow: December 2022 ­ Drill sample sizing and assay as precursor to metallurgical test work; December 2022 ­ Completion of Phase 1 of the AC program; December 2022 ­ Commencement of Gold RC Drilling ­ Minos; January 2023 ­ Assay results ­ REE AC drilling; February 2023 ­ Drill sample sizing assay results; February 2023 ­ Arbitration ­ United Republic of Tanzania; February/March 2023 ­ REE AC drilling; February/March 2023 ­ Assay results REE AC drilling; February/March 2023 ­ Assay results ­ Gold RC Drilling; February/March 2023 ­ Results from Heli/TEM Survey ­ Harris Greenstone Domain; and March 2023 - Identify zones of REE enrichment for follow up AC programs.