Ann: Drilling Targeting High-Grade Gold Underway at Minos, page-12

Here goes, all my opinion and assumptions made as Indiana have not disclossed material information regarding their cash.

VALUATION

1. Cash of circa A$71.5 million,
LESS: 18 % of Nett - being 18% of US$ 23 million ( last payment of US$30 million less final loan repayment of US$7 million)
EQUALS: A$71.5 less A$6.5 million = A$65 million OR 10 Cents per share.
2. ADD an estimate for Minos Gold
At an guess 300,000 ounces when a JORC comes out @ 150 per ounce ( shallow, open pit, good ground and at circa 1.5 to 2 grams per
tonne - this is less then 2 percent of the current spot gold price.
EQUALS A$ 45 million or 7 cents per share.
3.A$ 20 million for all our great ground REE and other excellent walk up targets.

EQUALS 20c per share