Gold exploration in Tanzania

July 2016

INDIANA RESOURCES - Starting Strongly

Strategy reset, exploration under way

• Focus is gold exploration in Tanzania

• Starting with a solid asset base of exploration and development

  projects in Tanzania

• New capital structure following a 1:50 consolidation

• The company cost base has been reset

• Prioritising financial resources into GOLD exploration in Tanzania

• Technically focused. We aim to deliver value through our

  exploration results

• Reviewing the value of the Ntaka Nickel Project to Indiana

  shareholders

• Exploration is underway at the Naujombo gold target

  www.indianaresources.com.au

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  INDIANA RESOURCES - Starting Strongly

  A new company under new management

  Campbell Baird Managing Director

  Capital Structure
  ASX Code	IDA
  Issued Capital (shares)	31.3M
  Market capitalisation	$3.6M
  Cash (June 30 2016)	ca. $0.7M
  EV	$2.9M
  No. Options	407K

  A mining executive who has been part of the Australian and global mining industry for over 25 years. During his 4 years of tenure as CEO at Focus Minerals Pty Ltd, Campbell increased annual gold production from 5,000 ounces to 175,000. Prior to holding this position, Campbell had extensive international experience developing projects and leading multiple feasibility studies across multiple commodities.

  Derek Fisher Chairman

  Dr Fisher has more than 40 years' experience in mining companies, spanning both corporate and operational roles, with a particular emphasis on iron ore and nickel projects. He has played key roles in listing and managing resources companies on both the ASX and TSX as well as identifying, evaluating, developing and operating quality mine developments.

  Bruce McFadzean Non-Executive Director

  Bruce has over 30 years' experience in mining and minerals processing across a range of commodities including gold, copper and nickel. Bruce has had extensive exposure to all levels of operations, with his work history including five years with BHP Billiton, ten years with Rio Tinto and overseas roles where he managed the construction and start-up of several new mining operations.

  Indiana shareholder base

  Nick Corlis General Manager - Technical

  Nick is a geologist with over 20 years of Australian and international experience in the resources industry across a broad range of commodities including, gold, iron ore, base metals, graphite and coal. He has significant experience in mineral exploration and project management; from M&A/ project generation, discovery and resource definition, through to feasibility and development.

  Remaining shareholders

  Top 20

  Shareholders

  www.indianaresources.com.au

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  TANZANIAN FOCUS ON GOLD AND NICKEL

• The Indiana team are custodians of:

  • Kishugu gold target

  • Naujombo gold target

  • Ntaka Hill nickel project

  • Nanyindwa nickel-copper prospect

  • Misikisi nickel-copper prospect

• Substantial datasets from a decade of

  exploration campaigns

• Previous discoveries give confidence of

  further exploration success

• Tanzania is a highly prospective country for

  gold

• Excellent existing infrastructure

• Tanzania is the 4th largest producer of gold in

  Africa

  Outstanding gold exploration targets - immediate focus of strategy

  www.indianaresources.com.au

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  A NEW GOLD PROVINCE IN TANZANIA

  Kishugu / Naujombo gold targets

  • Two large drill ready anomalies

  • Each anomaly ~6km x 600 m

  • Anomalies are 35 km apart and sit on a

    common structural corridor

  • Kishugu soil sampling results up to 0.9

    g/t along main trend1

  • Kishugu 2015 test pitting program in

    2015 returned positive results (see Appendix B)2

  • Limited soil sampling at Naujombo to

    date (up to 0.1 g/t), but enough to identify extensive trend within the structural setting3

  • Both anomalies exhibit very similar

    multi-element signatures. Gold correlates strongly with arsenic, bismuth and silver signatures

  • NO drilling on either target areas

    Location of Kishugu and Naujombo

  • Since announcing these exploration results on 14 October 2014, Indiana is not aware of any new information or data that materially affects the information included in that announcement.

  • Since announcing these exploration results on 30 November 2015, Indiana confirms that it is not aware of any new information or data that materially affects the information included in that announcement.

  • Since announcing these exploration results on 7 May 2015, Indiana confirms that it is not aware of any new information or data that materially affects the information included in that announcement.

  • www.indianaresources.com.au

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    KISHUGU

    Extensive gold-in-soil anomaly - Work-to-date

    IP Conductivity, gold in surface soils and location of planned drill lines2

• Measures 6km by 600m @ +10ppb with significant higher soils values within the main trend1

• Soil sampling on 400m x 200m centres

  over main trend

• Gradient array induced polarisation

  (GAIP) over identified trend

• 7 test pits to nine metres depth on

  selected targets, but failed to intersect bedrock (see Appendix B)

• No drilling in the area and little

  effective outcrop

• Work to date has not closed the

  anomaly off along the strike

• Since announcing these exploration results on 14 October 2014, Indiana confirms that it is not aware of any new information or data that materially affects the information included in that announcement.

• Since announcing these exploration results on 26 November 2014, Indiana confirms that it is not aware of any new information or data that materially affects the information included in that announcement.

• www.indianaresources.com.au

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  NAUJOMBO

  Developing gold-in-soil anomaly

  Naujombo soil sampling1

• 6km x 1km soil anomaly

• Located ~35km north-east of Kishugu

• Similar structural setting to Kishugu

• Similar geochemical and geophysical

  signature to Kishugu

• Niton analysis shows arsenic levels

  most closely correlate to existing laboratory analysed gold data

• Reconnaissance soil sampling

  conducted on a 400m x 200m grid with maximum values of up to 131ppb Au (0.13g/t)1

  1. Since announcing these exploration results on 7 May 2015, Indiana confirms that it is not aware of any new information or data that materially affects the information included in that announcement.

  www.indianaresources.com.au

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  KISHUGU AND NAUJOMBO

  Work underway

• In-fill soil sampling is underway at Naujombo

• Gradient Array Induced Polarisation (GAIP) work underway at Naujombo

• Priority drill targets identified at Kishugu

• Current work at Naujombo will guide drill programs

• RAB drill programs to commence at both Kishugu and Naujombo in July / August

• Potential for early exploration success to provide re-rating within a market responding to

  strengthening gold sentiment

  Ntaka Exploration Camp and road to project - note mobile phone tower in background

  www.indianaresources.com.au

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  Ntaka Hill Nickel Project (60% and project manager)

  Re-evaluation of a smaller mine option may add significant value

  Ntaka Hill Resource model showing a 0.75% Ni cut-off1

• High-grade lower capex project identified

  and scoped

• High-grade core within existing 2013 JORC

  Resource1

• Mix of open pit and UG over 10 years,

  potential to produce ~10,000 tonnes of Ni

  metal per annum1

• Excellent metallurgy capable of producing a

  premium concentrate with low impurities (~18% Ni & low levels of MgO).

• Access to existing road and port

  infrastructure

• Low holding cost, limiting future

  expenditure

  Indiana management is reviewing how best to

  maximise the value of Ntaka Hill for shareholders

• Power infrastructure is expanding into

  region

• Retention Licence provides security of

  tenure to April 2020 - low cost exposure to

  Ni price upside

• Significant exploration upside; no inclusion

  1. Since announcing this exploration information on 13 July 2015, Indiana confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the exploration information in that announcement continue to apply and have not materially changed.

  of exploration results in resource model since 2012

  www.indianaresources.com.au

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  Ntaka Hill

  Ntaka offers significant opportunity

• An immediate head start over the majority of its global competitors in the nickel industry

• Control of a project with a desirable

  commodity in a stable jurisdiction

• A large world class well defined

  resource from surface (see Appendix C)

• Potential resource upside with inclusion

  of drilling post 2013

• Excellent exploration upside

• High-grade scenario indicates scope for

  lower half of cost curve

• Sufficient critical mass to move straight

  to DFS level and then into production

  within 24 months

• Potential for relatively low capital

  intensity

• Access to existing infrastructure

  Significant high-grade intersections at Ntaka Hill since 2006

• NAD13-372: ASX announcement 1/ November 2013

• NAD11-238: ASX announcement 3 November 2011

• NAD10-220: ASX announcement 14 December 2010

• NAD10-226: ASX announcement 25/1/2011

• NAD013: ASX announcement 17 /7/2006

• NAD08-121: ASX announcement 6/1/2009

• NAD07-028: ASX announcement 21 11/2007

• Since announcing these seven exploration results, Indiana is not aware of any new information

  or data that materially affects the information included in those announcements.

  www.indianaresources.com.au

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  REGIONAL EXPLORATION OPPORTUNITY

  Substantial exploration data set with limited drilling

• Historical focus and significant expenditure on nickel exploration

  • Significant datasets from multiple

    exploration campaigns

  • Over 68,000 surface samples

    (soil/stream/rock chip)

  • VTEM and soil surveys have identified

    several nickel sulphide and copper targets

  • Au anomalies in stream sediment surveys

• High likelihood of defining and delineating

  additional targets

• Soil sampling programs will be undertaken to

  refine previous results and improve targeting for follow up drilling programs

• Regional targets:

  • Nanyindwa nickel sulphide

  • Misikisi nickel sulphide

    Regional soil sampling programs since 2006

    www.indianaresources.com.au

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    MISIKISI AND NANYINDWA

    Early stage nickel sulphide targets

• Misikisi1

  • Up to 3.1% Ni in Niton surface samples

  • Wide sampling on a 400 x 200m grid

  • Geochemistry infers ultramafic host

    rock present

• Nanyindwa

  • Ni and Cu anomalism at surface

  • Interpreted ultramafic

  • Electromagnetic target coincides with

    anomalous copper like Ntaka - massive sulphide target

• Next steps will be to follow up in-fill soil

sampling and GAIP programs

Misikisi soil geochemistry historical program results

Sample 96454

returned 1.4% Ni,

406 ppm Cu, 3.6% Cr

Sample 96482

returned 3.1% Ni,

762 ppm Cu, 4.9% Cr

1. See Appendix A for JORC 2012 Table One Reporting

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