Announcement • May 29
Indiana Resources Limited Announces Management Changes Indiana Resources Limited had appointed Mr. Tim Slate as Company Secretary, effective June 1, 2026. Mr. Slate brought a wealth of experience, with over 15 years in the accounting and company secretarial profession. He had worked across a wide range of multinational corporations and smaller companies in Perth, including ASX and LSE-listed entities, private businesses, and collaborations with high-net-worth individuals. He held a Bachelor of Commerce from the University of Western Australia, was a Chartered Accountant, an Associate Member of the Governance Institute of Australia and a Graduate of the Australian Institute of Company Directors. Indiana Resources Limited had announced the resignation of Mr. Alex Neuling as Company Secretary, effective June 1, 2026. Indiana Resources Limited had announced the resignation of Mr. John Fitzgerald as Chief Operating Officer. These operational changes had enabled the Company to rationalise personnel roles and realise additional cost savings as part of its ongoing costs review. New Risk • Mar 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: -50% Last year net profit margin: 52% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (1,757% accrual ratio). Revenue is less than US$1m. Minor Risks Profit margins are more than 30% lower than last year (-50% net profit margin). Market cap is less than US$100m (AU$23.2m market cap, or US$16.2m). New Risk • Oct 05
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (1,607% accrual ratio). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (19% average weekly change). Market cap is less than US$100m (AU$32.1m market cap, or US$21.2m). 
