IRL PPT 2011 & AR 2014

Corporate Presentation
Arvind Misra – Managing Director

Disclaimer
Forward-Looking Statements
This presentation contains forward looking statements concerning the projects owned by India Resources Limited. Statements concerning mining
reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-
looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking
statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions
and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these
beliefs, opinions and estimates should change or to reflect other future developments.
Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are internally generated best estimates
only. All such information and data is currently under review as part of India Resources Limited’s ongoing development and feasibility studies.
Accordingly, India Resources Limited cannot guarantee the accuracy and/or completeness of the figures or data included in the presentation until the
feasibility studies are completed.
Competent Person’s Statement
The geological and assay statements and commentary in this presentation are based on information compiled by Andrew Kohler who is a member of
the Australian Institute of Mining & Metallurgy. Mr Kohler has reviewed the information and has satisfied himself that the values quoted and the
parameters used in the study are reasonable and accurately reflect the operations involved. Mr Kohler is a consultant of India Resources Limited and
has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as
defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Kohler consents
to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this presentation relating to the resource and reserve estimate for the Askot Project is based on information compiled by Mr Souvik B
Banerjee and Dr Jean-Francois Couture. Both Mr Souvik B Banerjee and Dr Jean-Francois Couture are members of Recognised Overseas
Professional Organisations included in a list promulgated by the ASX from time to time.
JORC – Exploration Targets
It is common practice for a company to comment on and discuss its exploration in terms of target size and type. The information in this presentation
relating to exploration targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. Hence the terms
Resource(s) or Reserve(s) have not been used in this context. The potential quantity and grade is conceptual in nature, since there has been
insufficient work completed to define them beyond exploration targets and that it is uncertain if further exploration will result in the determination of a
Mineral Resource.
2

Contents
Introduction to India Resources 4-9
Introduction to Kopex 10
India 11-14
Projects 15-30
Summary 31
3

Introduction
• ASX listed mining and exploration company, headquarters in Perth.
• Listed on Australian Stock Exchange in 2007.
• Invested >$30 million in India in mines and exploration.
• Operator of Surda Copper Mine and Mosaboni concentrator plant.
• Extensive exploration program (Rajasthan and other states).
• Employs 1,500 persons in India.
• Outstanding asset pipeline – two emerging coal projects
• One commenced in Oct 2011.
• Strong JV Partners such as Kopex (Poland).
5

One of the first foreign start-up mining companies currently
operating in India...
Company Overview
Coal – Biharinath Project
LOI signed for development
Awaiting clearances from MoC
Copper - Surda
Producing 3,600tpa Cu
Employing 1,300 people
Iron Ore
Exploration in Orrisa & Jharkhand
Copper
Exploration in Rajasthan
PL application on granted RP
Lead & Zinc
Exploration in Rajasthan
ML application over granted RP
Luminus
MOU signed to provide Mining Services
6
Contracting order book totals A$360
million. Further A$400 million LOI
signed.
Copper – Rakha
Most competitive bid to re-open, operate
and expand Rakha Copper Mine
Coal – Sial Ghogri
Mine Developer and Contractor

Corporate Overview
Ordinary Shares: 563.6m
Options: 49.1m
Share Price: $0.011
Market Cap (undiluted): $6.2m
Key Statistics (A$)
Name Shares % Held
Alexandra Resources 104,822,662 18.6%
Chimaera Capital Limited 55,700,000 9.9%
Antonius Clemens Bohnenn 21,858,313 3.9%
Bruce Alexander Davies 17,920,553 3.2%
Steven Paul Swallow 12,750,000 2.3%
Top 5 Shareholders
7

Board of Directors
Andrew Simpson
Chairman
David Humann
Non-Executive
Director
A mining engineer with 22 years international mining industry
experience. Worked with mining houses such as Rio Tinto Coal, BHP
Mitsubishi Alliance, Mount Isa Mines and Griffin Coal
Established Aranak Pty Ltd, a Perth-based Mining Corporate Advisory
Company
Arvind Misra
Managing Director
Craig Readhead
Non-Executive
Director
Extensive accounting and finance experience
Chairman of Mincor Resources NL and previously Chairman and
Managing Partner of Price Waterhouse (Hong Kong and China)
30 years legal experience
Chairman of Heron Resources, Agincourt Resources and Halcyon
Group
Director of Mount Gibson Iron and Galaxy Resources
IRL has a strong Board, including individuals with extensive experience operating in India
Senior Corporate & Marketing Executive in the resource and mining
industry
Chairman of Swick Mining Services, Non-executive Director of Vital
Metals, Blackwood Corporation and Matilda Minerals
8

Senior Management Team
Strong management team with extensive experience operating in Africa, Australia and Asia
Krishna Kant Dubey
General Manager HR
HR & IR Specialist with over 16+ years of Industrial experience;
Master of Social Work (MSW); Diploma in Industrial Relations &
Personnel Management and Bachelor of Law
Vinay Kumar Singh
General Manager Surda Operations
Metallurgical Engineer with 14 years experience in mineral
processing plant, of gold and copper; worked with The Hutti Gold
Mines Ltd, India
Darryl Cockcroft
General Manager – New
Projects
Mining Engineering along with M.Sc (Mineral Economics) with
several years Operational Management experience on Gold,
Coal and Base Metal Mines.
Frank Campagna
Company Secretary
Certified Practising Accountant with over 25 years experience as
Company Secretary, Financial Controller and Commercial Manager
for listed resources and industrial companies
9
Andrew Kohler
Consultant Geologist
Qualified geologist with several years of working experience from
Australia and Asia. Extensive exploration and mine geology
experience

About Kopex
10
• A Warsaw Stock Exchange listed company.
• Kopex group manufactures and delivers state of the art equipment and
machinery for the mining industry.
• The group is the third largest manufacture of coal mining machinery and
equipment in the world.
• Kopex group owns production facilities in Poland, Australia, China, Czech
Republic and South Africa.
• IRL and Kopex subsidiary Kopex Shaft Sinking have signed MOUs to jointly
develop mining contracting business in India.
• IRL and Kopex PSZB were recently awarded a preferred contractor status to
develop Rakha Mine for Hindustan Copper Limited.

Why India?
Expected to be world’s third largest economy by 2050
GDP to grow four fold by 2025
This will result in significant infrastructure investment
Source: Goldman Sachs Source: http://planningcommission.nic.in
11

Coal:
Rapid increase in domestic demand for
power generation
Strong requirement to replace high-cost
imported material
Slow pace for new development:
- More than 200 coal blocks allocated for
development
- Only handful currently in production
- Per capita consumption is very low
Investment Fundamentals – Key Commodities
Copper:
- Huge copper smelting capacity with more
than 95% of feed imported
- Strong potential for domestic copper
mining with known deposits
12
0
1
2
3
4
5
6
7
8
ConsumptionPerCapita
Country
2010 Coal consumption per capita
2010
Source: U.S. Energy Information Administration

Investment Fundamentals – Key Commodities
13
Source: U.S. Energy Information Administration
0
500000
1000000
1500000
2000000
2500000
3000000
3500000
4000000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
MillionsofTonnes
Years
Top 10 Coal Producing Countries
China
United States
India
Australia
Indonesia
Russia
South Africa
Poland
Kazakhstan
Colombia
Country

Why India?
World-class mineral resources with reserves including:
- 24 billion tonnes of iron ore – 5th largest in the world
- 2.4 billion tonnes of bauxite – 4th largest in the world
- 240 million tonnes of manganese – 2nd largest in the world
- 57 million tonnes of chromium – 3rd largest in the world
- 250 billion tonnes of coal – 4th largest in the world
Relatively under-explored in terms of mineral prospecting
Government initiatives:
- 100% FDI allowed under automatic route for mining of metal ores
- Strong Government support for investment in value-added metal manufacturing
- 2008 National Mining Policy will make it attractive for prospectors and mining
companies to invest in mineral exploration & development
- Although recent suggestion of profit sharing has put a bit of a dampener
Source:http://www.investmentcommission.in/metal_ores.htm14

Surda – Copper Project
Biharinath – Coal Project
Sial Ghogri – Coal Project
Aravalli – Lead-Zinc
Project
Askot – Base Metal Project
Diamond Projects:
Bundelkhand, Bhandara,
Dharwar
Askot
Orissa
Bhandara
Surda
Aravalli
Dharwar
Bundelkhand
Jharkhand
Project Locations
Biharinath
Sail Ghogri
15

Surda
Surda Copper Mine – Overview
IRL’s key project is the Surda copper
mine, previously operated by Hindustan
Copper but abandoned in 2003:
In production since November 07
JORC compliant resource of
12.3Mt @ 1.09% Cu
Estimated 28-year mine life
Off-take contract with HCL until 2014
16
Category Tonnes Grade (Cu %)
Measured 5,220,798 1.06
Indicated 6,959,000 1.12
Inferred 113,000 0.79
TOTAL 12,292,798 1.09
As of 30 June 2011 the JORC compatible resource remaining

Surda Copper Mine – Location
1 Indian Copper Complex (ICC) previously operated by Hindustan Copper Ltd (HCL)
The Surda mine and Mosaboni Concentrator are located in close proximity
to HCL’s Moubhandar copper smelter...
17

Surda Project – Copper Production
IRL produced a record 378 tonnes of copper in May 2011,
compared to the HCL historical average of 215 tonnes of copper
18
100
150
200
250
300
350
1973-74
1974-75
1975-76
1976-77
1977-78
1978-79
1979-80
1980-81
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99
1999-2000
2000-2001
2001-2002
2002-2003
2003-2004
2004-2005
2005-2006
2006-2007
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Mine under
care and
maintenace
Surda Current and Historical Copper Production Tonnes
Target
Industrial Strike
for 24 days in
April and May
HCL Average 215
t/month Copper
IRL Average FY 10-
11, 297t/month
Copper

Operation underpinned by core focus on
safety and environmental responsibility
Integrated management system covering
OHS and environmental management
Approximately 1,300 workers on site
(900 at the Mine, 250 at the Plant and
150 in general administration)
Approximately 80% of the workforce has
never worked underground before
Tailings deposition regularly monitored
Environmental management system
implemented
Water quality PH testing at regular
intervals
Dust and noise level maintained during
operations at Mine & Plant
Surda Project – Safety & Environment
19

Surda Cross Section – Drilling for the Future
Level 11
Blocks 63 & 37
20

IRL and Kopex’s joint tender to re-open, operate and expand the Rakha
Copper Mine was adjudged the most competitive in August 2011.
A contract is expected to be signed in the very near future.
The total contract value is $58m AUD.
Scope of work to include engineering, procurement, construction and
execution of all the activities in relation to the project.
Rakha Copper Project
21
The Rakha site
adjacent to the
existing Surda
operations
offering potential
synergies such
as management,
overheads and
equipment.

Project owned by Prism Cement
IRL signed contract in Sept 2011
Long life (30+ years) coal
development and mining contract
Contract value $247m AUD
First coal delivery of 30,000 tonnes
targeted for third year of
operations, ramping up to targeted
330,000tpa by seventh year
Two mineable coal seems IC and
the underlying III JORC compliant
resources and reserves:
Sial Ghogri Coal Project
Sail Ghogri
22
IC 4,091 8,785 12,876 5,020
III 1,926 2,093 4,019 670
Total 6,017 10,878 16,895 5,690
Resource
<250m
Resource
>250m Total Reserve
tonnes (x000)
Seam

Resource quality wise
The Sial Ghogri coal resource, excluding coal in barriers and
built up areas and seams <1.2m, is given below in the
Government of India coal categories for non-coking coal :
Grade
ON 60% RH & 400 C
ASH + MOISTURE % Useful heat value (U.H.V.)
(K.CAL/KG)
A <19.6 >6,200
B 19.6 - 23.9 >5,600 - 6,200
C 24.0 – 28.6 >4,940 – 5,600
D 28.7 – 34.0 >4,200 – 4,940
E 34.1 – 40.1 >3,360 – 4,200
F 40.2 – 47.1 >2,400 – 3,360
G 47.2 – 50.0 >1,300 – 2,400
Category Depth (m) A B C D E F G Total
Above 250 49 5,160 808 6,017
250 to 500 278 9,544 1,054 2 10,878
327 14,704 1,862 2 16,895
Measured
resource
Total
Categories of Coal (tonnes x000)

Letter of Intent signed between Bankura
DRI and India Resources Limited on 24
January 2010
30-year mine development and coal
mining contract
Base case production at 0.48Mtpa
Awaiting clearances from Government of
India agencies to commence the work
First coal delivery of 30,000 tonnes
targeted for third year of operations,
ramping up to targeted 480,000tpa by
seventh year
Biharinath Coal Project
Biharinath
24

Aravalli Lead-Zinc Project
IRL drilling has confirmed
mineralisation
Two excised mines owned by
Vedanta Resources Ltd:
- Major resource and reserve increase
from 83Mt in FY2009 to 103Mt in
FY2010
- JORC resource at Rajpura-Dariba of
42.2Mt @ 7.7% Zn, 1.9% Pb and
Sindesar Khurd of 60.8Mt @ 5.3%
Zn, 3.4% Pb from Verdanta PLC
website www.vedantaresources.com
Mining Licence Application
accepted and progressing at
state level – process will take
time
Aravalli
25

Hindoli Base Metal Project
Hindoli
Hindoli
Aravalli
26
Located near Aravalli Lead-Zinc
Project
RP area of 3,754km2 in
Rajasthan
Located between RP’s held by
Anglo American, HZL and ACC
Rio Tinto
Ideal structural setting for copper
mineralisation
Surface mineralisation primarily
copper, subordinate lead, zinc
and silver and one area of gold

Sathuddia (Base Metals)
Formerly part of Aravalli RP
IRL drilling at 50m intervals – all holes intersected disseminated or
stringer chalcopyrite; best intercept of 9m at 1.7%
Limited drilling on old workings, with excellent potential to expand
along strike and at depth
27

Mineral Resources Increasing at Askot
7,500m diamond drill program in 2010
Hole 019A intersected 8.7m of
disseminated sulphide mineralisation,
incl. 2.2m at 5.57% Cu Eq, from 363.7m
Opens up a large untested area along
strike to the NW and down dip from the
previously delineated mineral resource
Askot
28
Note: IRL holds a strategic 10% shareholding in
Pebble Creek Mining Limited, which owns
100% of the Askot Project

Increase in Resources
Pebble Creek announced an increase in resources from the
2010 drill program

Signed MOU with Luminus Systems Limited in September 2011
Subject to the conclusion of definitive agreements, IRL is to be the
exclusive provider of mining services for several Australian mining
projects.
Services are expected to include feasibility reports, mine planning,
engineering and contract mining.
Luminus
30

Summary & Outlook
Only foreign-owned mine operator to successfully negotiate the challenges of
commencing mining in India.
Strong brand name in India and in-depth understanding of environment.
Surda operation performing strongly – stable production levels.
Recently awarded a preferred contractor status to sink several shafts and
underground development to set up Rakha mine for Hindustan Copper.
Signed 30 year life of mine contract as Mine Developer and Contractor for Prism
Cement.
Near term exposure to another major new coal mine project development - Bankura.
Signed MOU with Luminus as exclusive mining service provider for several Australian
mining projects.
Outstanding asset pipeline – grassroots exploration to near-term production.
Experienced Board and Management.
New opportunities constantly being offered and reviewed.
31

ABN 77 121 339 704 Annual Report
2014

CORPORATE DIRECTORY CONTENTS
BOARD OF DIRECTORS Chairman’s Review................................................1
Review of Operations............................................3
Statutory information and Financial report
Directors’ report.................................................15
Auditor’s independence Declaration..................24
Consolidated statement of profit or loss
and other comprehensive income......................25
Consolidated statement of financial position.....26
Consolidated statement of changes in
equity..................................................................27
Consolidated statement of cash flows................28
Notes to the consolidated financial
statements..........................................................29
Directors’ declaration.........................................64
Independent auditor’s report.............................65
Corporate Governance Statement......................67
Shareholder Information....................................71
Tenement Directory............................................73
Andrew Simpson
Arvind Misra
David Humann
Chairman
Managing Director
Non-executive Director
COMPANY SECRETARY
Frank Campagna
REGISTERED OFFICE
Level 1 18 Kings Park Road
West Perth Western Australia 6005
Telephone: (61-8) 9327 7444
Facsimile: (61-8) 9327 7499
Email: admin@indiaresources.com.au
Web-site: www.indiaresources.com.au
SHARE REGISTRY
Computershare Investor Services Pty Ltd
Level 2 45 St Georges Terrace
Perth Western Australia 6000
Telephone:
Facsimile: (61-8) 9323 2033
Email: perth.services@computershare.com.au
Web-site: www.computershare.com.au
AUDITORS
BDO Audit (WA) Pty Ltd
SOLICITORS
Allion Legal Pty Ltd
BANKERS
National Australia Bank Limited
Axis Bank
STOCK EXCHANGE LISTING
Shares in India Resources Limited are quoted
on ASX Limited.
ASX code: IRL
This financial report covers the consolidated entity of India Resources Limited and its controlled entities
(the Group).
The financial report is presented in Australian dollars.
India Resources Limited is a company limited by shares and is incorporated and domiciled in Australia.

INDIA RESOURCES LIMITED 2014
REVIEW OF OPERATIONS
Surda Project
The Surda copper mine remains the cornerstone of
IRL’s business in India. The Surda mine and
Mosabani concentrator plant are located in the
Indian State of Jharkhand. IRL re-opened these in
2007, and from that time on it has made continual
improvements to increase mining and processing
capabilities, resulting in new production records
each year.
In the June 2014 quarter the Board of HCL formally
approved an extension of the term of the Surda
Operations Contract to the later of March 2017 or
the date of completion of the Surda Shaft Sinking
and Excavation contract awarded to Sriram EPC
(SEPC). This extension was achieved through IRL’s
wholly owned subsidiary, IRL Copper Mining Pvt Ltd
(ICMPL), entering into an agreement with SEPC to
undertake the Surda Expansion project on a back to
back basis in March 2013. This agreement required
the Surda Operations and Surda Expansion projects
to be executed simultaneously.
Surda underground mine loading ore
The Surda Copper mine is located in India’s prime
copper producing belt known as the Indian Copper
Complex (ICC). The ICC is a major zone of thrusting
and later extensional shearing to form the
Singhbhum Shear Zone, of Proterozoic rocks to the
east over Archean rocks of the Singhbhum Craton
to the west. Surda is one of several copper deposits
that have been mined since ancient times that are
associated with the Singhbhum shear.
Occupational Health and Safety
This year Surda continued its exceptional safety
performance with a Lost Time Injury Frequency
Rate (LTIFR) of 0.13. This is an improvement upon
last year’s rate of 0.75, both of which are below
world industry standards for metalliferrous
underground mining of this type.
The IRL safety management team is to be
commended for this extraordinary result, and
compared to the 2013 year the overall LTIFR has
been reduced by 83%.
The following safety areas were focused on in the
2014 year:
Hazard awareness and job safety analysis (JSA)
training of all staff.
Take 5 hazard identification reporting. Don’t go
past hazards without taking action.
Improved safety induction process
Strict disciplining action against safety
breaches.
Improved incentive scheme for improvements
to safety.
Working in confined space permitting and
safety protocols training.
Surda Mine Operations Review
Over the 2014 year the major disruption to
production was the ore transportation limit to the
Mosabani concentrator of 400,000 tonnes per
annum being reached in November 2013. The
resulting transport stoppage caused the ore to be
stockpiled at the mine until the new calendar year.
Despite this, IRL achieved another year of improved
production from the Surda Operations.
FY'2011 FY'2012 FY'2013 FY'2014
IRL 1.30 1.25 0.75 0.13
0.00
0.50
1.00
1.50
2.00
LTI Frequency Rate
0
50
100
150
200
250
300
350
400
450
-
10,000
20,000
30,000
40,000
50,000
MetalinConcentrate(T)
HoistingandoretoMill(T)
MIC Ore Processed Hoisting Ore to Mill

The 2014 Year Production Highlights:
The Company completed its seventh full
calendar year of production at the Surda mine
and Mosabani concentrator plant.
Record monthly hoisting of 40,539 tonnes was
achieved in December 2013.
Record monthly ore transported from the mine
to the plant of 48,612 tonnes in February 2014.
Record monthly milling of 45,008 tonnes in
February 2014.
Monthly sales record of 1,089 tonnes metal in
concentrate in the September 2013 quarter.
The mine produced a record 3,850 tonnes of
copper metal in concentrate (equivalent
mined) compared to the previous record set in
the 2012 year of 3,556 tonnes copper metal in
concentrate.
Record ore mined over the year of 454,094
tonnes compared to 425,357 tonnes set in the
2013 year.
Record ore processed of 431,009 tonnes
compared to a previous best of 413,191 tonnes
set in the 2013 year.
Surda Shaft 4
Operational Highlights:
Level 11’s 180 North and 130 South Blocks,
Shaft 3 are now in full production.
One new LHD (loader) was commissioned to
work in the 130 Block, 11 level, and production
from this level has increased significantly.
Block 6 uplift has been established, extending
Block 6 from 4 to 3 Level. 100m of sill
development has been completed.
Revival program of geological mapping and
modelling enabling the development of cut
plans for mining of each newly exposed area of
a Block. This will greatly assist in waste
segregation, dilution control, blending and
mine planning to achieve an optimum copper
grade from the mine.
Establishment of a new sump at Level 9 is in
progress to improve the pumping system of
Shaft 4.
Establishment of the 890 ore pass for Block 6
uplifting after opening of the 890 Ore Transfer
point.
Refurbishment of grizzly and tracks. Purchase
of additional equipment, upgrade of the
underground substation and improvement of
the backfilling system.
Surda drillers in action
30.09.13 31.12.13 31.03.14 30.06.14
Ore Mined (Tonnes) 119,419 117,301 108,775 108,599 454,094
Ore Processed (Tonnes) 126,877 51,935 132,634 119,563 431,009
Mill Feed Grade (Cu) 0.95% 0.95% 0.89% 0.82% 0.90%
Concentrate Produced (Tonnes) 4,329 1,727 4,098 3,398 13,552
Concentrate Grade (Cu) 24.99% 25.86% 26.11% 25.72% 25.67%
Recovery 93.31% 93.27% 92.74% 92.04% 92.84%
Metal in Concentrate (Tonnes) – Equivalent Mined 1,082 1,014 880 874 3,850
Metal in Concentrate (Tonnes) – Dispatched 1,089 473 997 869 3,428
Quarterly Production
Quarter Ended
Total

Development Highlights
Work has commenced to remove the sump
above Block 180 North, Level 11 which will give
access to material with a forecast copper head
grade of 1.2%.
The waste segregation program continues in all
Blocks to reduce the dilution of the copper
grade.
Block 29 - dewatering and raise development is
ongoing. One pneumatic loader and loco are
deployed in this block. The production from
block 29 will increase Shaft 4’s production.
Block 28 (the extension above Block 32 from
Level 8 to 7) is in progress with the
commencement of the north long raise into
high grade copper mineralisation.
Block 1 extension above level 2 has
commenced.
Raise development from Level 6 to 5 has
commenced in Block 20.
As well as providing the Company with an ongoing
operating cash flow, the Surda project also
provides the Company with a platform of ready
expertise and infrastructure to carry out minerals
exploration, and to tender for additional
contracting work. Through the Surda operations
contract the Company won the Surda Expansion
project.
Surda Expansion Project
The Surda Expansion project is an important
project for IRL that will provide a continued and
sustainable future for the Company. IRL signed a
sub-contracting agreement with Indian company
SEPC whereby IRL will conduct all of the shaft
sinking and development work at the Surda mine.
Highlights to date:
Development of the shaft to 47 m including
shaft lining. Raises of 82.8m and drive
development of 495.7m
Staff numbers for the project have increased to
101 from 62 in the 2013 year as the work
ramps up.
Delivery and installation of part of the capital
equipment, electric/pneumatic loaders,
locomotives drill machine, pneumatic pumps
has been done.
The 260 Winze hoisting system has been
established, this will allow the expansion
development to carry on without impacting on
the ore haulage in this area.
Geology and Exploration
The Surda mine and copper deposit is owned by
Hindustan Copper Limited and operated under
contract by India Resources Limited.
The Surda copper mine is located in the
Singhbhum Copper Belt which comprises the
Singhbhum shear
zone. Copper mineralization is localized along this
shear zone. Prominent deposits of the belt are
Chapri, Rakha, Surda, Kendadih, Pathargora,
Dhobani and Mosabani.
In the 2013-2014 year HCL conducted a deep
diamond drilling program using the services of
Minerals Exploration Corporation Limited (MECL, a
Government of India enterprise). Drilling has been
collared at surface and accesses mineralisation
from approximately the 18 level and below. The
results of the program are yet to be released by
HCL.
The Surda deposit remains open at depth and
along strike to the north. Confidence in the
resources at Surda remains strong as
demonstrated by the Surda Expansion Project
involving shaft sinking to the 18 Level. Currently
the mine is at 12 level, approximately 450m below
the surface. The extent of the Surda workings and
Expansion Project are shown in the long section on
the following page.
New Shaft with Shaft 3
in the foreground

Mosabani Concentrator
The concentrator plant continues to perform well
with the concentrate grade achieving 25.67% copper
(2013: 25.57%) during the year. The average recovery
and total copper metal in concentrate (MIC) was
92.84% (2013: 92.94%) and 3,428 tonnes (2013:
3,283) respectively. MIC equivalent mined exceeded
MIC dispatched by 422 tonnes due to the adverse
affects of the consent to operate limits that prevented
transportation and forced the plant to close in
November/December 2013.
-
10,000
20,000
30,000
40,000
50,000
Oretonnes
Plant- Processing Summary
(tonne)
0
50
100
150
200
250
300
350
400
450
Coppertonnes
Metal in Concentrate (MIC)
(tonne)
0.10
0.30
0.50
0.70
0.90
1.10
Coppergrade%
Feed Grade
(% cu)

INDIA RESOURCES LIMITED
Ball mill for grinding (label capacity 2,200 T
Thickener pond at the Mosabani concentrator
Human Resources:
The Surda Operation employs 1,470 worker
broken up as follows:
The Company anticipates that the R
Project will commence sometime in the
PD)
rs on site and is
Rakha Copper
2015 year and
require a complete mini
Many of the Rakha team
pool of expertise, others
some specialist expertise
consortium partner Kopex
Community Developme
IRL is very proud of its ef
as much as possible as d
below:
IRL is playing a very sig
nearby community at Surd
that administer first aid a
its clinic at the town sit
helping the immediate
promotes an understan
projects.
With IRL’s help the Bra
speciality Hospital, Jamsh
medical facility at the Sur
in support of underprivil
the locality. IRL has provi
broadband as well as the
smooth operations.
43%
7%
8%
7
Surda Project-
Wor
3 Kms 7 Kms 10 K
Page 7
2014
ng and development team.
will be sourced from Surda
will be recruited locally and
e may be supplied by our
x.
ent
fforts to employ staff locally
demonstrated by the graph
gnificant health role in the
da by providing medical staff
and outpatient treatments at
te. The Company finds that
community in this way
nding and support for IRL
ahmananda-Narayana Multi-
hedpur, has setup an online
rda Training Centre premises
eged people in and around
ided a dedicated high speed
e necessary support for their
35%
7%
Staff Proximity to
rkplace
Kms 14 Kms Above 14 kms

The online medical facility at the Surda training centre
Training and Development
The safety training team and employees are to be
congratulated for the 2014 year’s low LTIFR of 0.13.
This is a world class achievement in safety and is a
credit to all IRL’s training programs and instructors.
Another initiative is the implementation of an
apprentice training program. The program will involve
giving bright young people with the necessary
aptitude a chance to commence work with IRL under
an apprenticeship scheme; they will learn new skills
that will benefit themselves and the Company.
In December 2013 IRL in coordination with Hindustan
Copper Limited conducted an executive development
programme at the Surda training centre. The topic
was, ‘Managing Discipline in the Workplace’. Senior
management teams from both IRL and HCL attended
the training.
MD Arvind Misra; Executive Development Program Key Note Speaker
Environment
The plant site of the Mosabani Concentrator has to
meet many monitored environmental compliances.
The Environmental Department is the quiet achiever
at IRL that diligently undertakes their business of
sampling and creating awareness amongst staff. To
date all environmental parameters are within
statutory limits.
Exploration Projects
India in the late 1990’s changed its policies and
encouraged direct foreign investment. This along with
a range of other policy changes has allowed
opportunities to develop in India, and IRL is in a good
position to take advantage of them.
IRL has been applying for a number of tenements to
pursue exploration activities in India for base metals,
gold, iron ore, diamonds and coal. IRL’s ambition is to
explore, develop and operate its own mine in India.
IRL has entered into a joint venture arrangement for
its diamond projects.
IRL undertakes consulting work for other companies
both in mining and exploration and uses its expertise
from both India and Australia.
Aravalli (Base Metals)
The Aravalli project is made up of three components
that were generated from the Company’s exploration
of Reconnaissance Permit RP1- 2004:
Aravalli lead-zinc project now awaiting grant of
Mining License (ML). IRL’s wholly owned
subsidiary Crown Mining Pvt Ltd (Crown or CMPL)
has the preferential right to be granted the ML.
The Sathuddia Prospecting License (PL)
application located within RP1-2004.
The newly accepted but yet to be granted Hindoli
RP.
Crown has applied for the ML over the lead-zinc
mineralisation located along the same mineralisation
trend as the Vedanta PLC’s Sindesar-Khurd and
Rajpura-Dariba Mines.
Figure A: Aravalli Project

Highlights:
Aravalli (ML 87/08)
Lobbying efforts for the grant of the Mining
Licence (ML 87/08) for the Aravalli project
continued throughout the year, including a
detailed representation to the Indian
Department of Industrial Policy and Promotion
(DIPP). The DIPP has agreed to support the
Aravalli project before the Project Management
Group, and the project has since been
successfully registered.
IRL’s mining lease contains significant base
metals mineralisation (see Exploration Target
discussion below).
IRL has also entered into discussions with
Hindustan Zinc Limited (HZL) regarding the
remaining overlapping licence applications.
CMPL submitted a Mandamus writ in November
2013 in the Jodhpur High Court, seeking the court
to direct the State Government, of Rajasthan to
dispose of the notice/representation dated 23
October 2013 to consider the preferential right of
CMPL to be granted the Aravalli ML under section
11(1) of MMDR Act, 1957. The Jodhpur High
Court vide Order has directed the State
Government to consider the representation
within one month from the date of service of the
certified copy, of the order by CMPL. This was
delivered on 24 December 2013 and received by
the State Government on 1 January 2014, leaving
them until the end of January to respond to the
order of the High Court. At this stage IRL has not
further intensified the legal follow up because
helpful responses are being received from the
Rajasthan State Government. Instead, IRL has
increased lobbying at higher levels of the Indian
Government bureaucracy.
The Rajasthan Department of Mines has
submitted a report defining the nature of
overlapping claims of mining lease applications
submitted by Hindustan Zinc Limited and
Terramine Developers Private Limited over
prospective areas covering the Aravalli project
claimed by IRL subsidiary, CMPL. The report is in
accordance with CMPL’s request for the
Department to bring up to date Aravalli’s
prospecting and title data.
The status report for ML 87/08 from the
Department of Mining and Geology (DMG) has
been submitted to the State Government which
states that a 667 hectare area at present is
available in favour of IRL subsidiary, Crown
Mining. Two overlapping PL applications of HZL
are under a cancellation process which is pending
with the State Government. Once complete a
total of 1,500 hectares are expected to be
available in CMPL’s favour. CMPL is seeking 2,500
hectares in total.
‘Invest India’ (the national investment promotion
and facilitation agency for foreign investors in
India) has acknowledged all IRL issues in regard
to the Aravalli base metals project. In this
process, letters of request for a favourable
response have been sent to the Principal
Secretary (Mines) of Rajasthan and all the
concerned State officials in favour of IRL
enquiring about the progress made by the State
Government in the Aravalli project mining licence
and prospecting licence applications.
Aravalli Project Resource Statement
The Company’s Aravalli Project in Rajasthan has
reported the existence of substantial lead-zinc
mineralisation on its Mining Lease application, for
which the Company has provided a historic (foreign)
resource estimate and the Company’s own
exploration target. The Mining Lease application has
not yet been granted, so no further update on these
estimates has been possible; an upgrade to JORC
compliance awaits the grant of the mining lease and
subsequent drilling by IRL.
Foreign Resource Estimate – Geological Survey of India
As documented in the Company’s ASX announcement
of 23 July, 2014, the Geological Survey of India (GSI)
estimated 165.6 million tonnes of mineralisation at
2.3% Zn, 0.7% Pb at a minimum of a 2% Pb + Zn cut
off, which lie in areas covered by the Company’s
Mining Lease application. The Company is not in
possession of any new information or data relating to
the historical estimate that materially impacts on the
reliability of the estimate or the Company’s ability to
verify the historical estimate in accordance with the
JORC Code. The supporting information provided in
the initial market announcement referred to
continues to apply and has not materially changed.
This Foreign Resource Estimate is not reported in
accordance with the JORC code and it is uncertain
that following evaluation and/or further
exploration the resource will be able to be
reported in accordance with the JORC Code. A
competent person has not done sufficient work to
classify these historic, foreign estimates in
accordance with the JORC code.
The Foreign Estimates are sourced from
exploration reports by the GSI dated from 1983 to

1993 on several “blocks” in the area: principally
Sindesar Kalan (Bapna et al 1983), Mokanpura
North (Samadder et al 1984) and North Sindesar
Ridge (Yadav et al 1993). The Foreign Estimates
were generated from exploration work, mainly
diamond drilling, undertaken by the GSI. The
Foreign estimates were repeated in Table 33 of
the GSI Miscellaneous Publication no. 30 “Geology
and Mineral Resources of Rajasthan" dated 2001.
It is the opinion of IRL that the Foreign Estimates
quoted are highly relevant to the value of the
Aravalli Project as they provide an estimation as to
the quantum of base metal mineralisation present
in the Mining Lease (ML) application area.
Having examined the protocols and criteria
observed in the estimation of the Foreign
Estimate, it is in the opinion of Mr Eoin Rothery,
who is a Member of the Australian Institute of
Geoscientists and can be described as a
Competent Person as defined in the 2012 Edition
of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore
Reserves (JORC, 2012), that the resources quoted
are reliable as to the quantum of mineralisation
and an accurate representation of the available
data and studies for the Aravalli Project. In
summary these criteria are:
o Exploration was methodically carried out by
the GSI to delineate a number of mineralised
lodes within the Aravalli Project area
extending north from the operating mine at
Rajpura Dariba.
o Base metal mineralisation estimates were
compiled by GSI for 14 “blocks” extending
north from Rajpura Dariba up till 1993 and GSI
work in the area is continuing to the present
day.
o Base metal mineralisation estimates were
produced by the GSI from an assay data-set
compiled from surface diamond drilling;
o GSI Sampling methodology is well
documented;
o GSI quality control of the assays is
documented and appears diligent;
o The estimate methodology for each lode is
compiled by GSI using a polygonal estimation
technique;
o The average bulk density used by GSI was
2.5t/m3
for the generally fresh, garnet
graphitic schist host rock which appears
reasonable.
Materiality
o IRL considers the Foreign Estimate is material
as IRL has applied for a Mining Lease over the
area through its subsidiary Crown Mining Pvt
Ltd and the grade and tonnage of the Foreign
Estimates imply that there is potential for the
economic extraction and treatment of this
base metal-bearing material.
o IRL intends to complete a program of drilling
to confirm the Foreign Estimate. These
additional exploration programs will be
combined with the historical information to
seek to generate a base metal Mineral
Resource which will be in compliance with the
reporting guidelines of the JORC code.
o IRL considers that the Foreign Estimate from
the GSI is estimated under criteria comparable
to the Inferred Mineral Resource category of
the JORC code, although the terminology used
by GSI is “Proved and Possible Ore Reserves”.
The difference comes down to geological
continuity and drill hole spacing which at
around an average of 200m is considered too
wide to define Reserves.
o There has been no relevant resource estimate
update since the Company’s announcement
of 23 July, 2014.
o IRL intends to conduct progressive exploration
with the intention of bringing base metal
deposits at the Aravalli Project into
compliance with the JORC code within the
first year of exploration after grant of the
Mining Lease. IRL has begun the process of
transferring historical information into digital
format, obtaining topographic surveys and has
conducted initial limited drilling at a standard
suitable for generating a resource estimate in
compliance with the reporting of Mineral
Resources as defined by the JORC Code.
o In IRL’s considered opinion this report is
consistent with the guidance contained in the
ASX Listing Rules, Chapter 5 and the ASX
Listing Rules Guidance Note no. 31.
o The information in this report that relates to
Exploration Results or Mineral Resources is
based on information compiled by Mr Eoin
Rothery, who is a member of the Australian
Institute Geoscientists. Mr Rothery has
sufficient experience relevant to the style of
mineralisation and types of deposits under
consideration and to the activity which he is
undertaking to qualify as a Competent Person
as defined in the 2012 Australasian Code for
Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC, 2012). Mr
Rothery accepts responsibility for the
accuracy of the information disclosed relating
to the requirements for historical and foreign

reporting as detailed in ASX Company Listing
Rules, Chapter 5 and the ASX Listing Rules
Guidance Note no. 31
Exploration Target
IRL has previously reported an exploration target at
the Aravalli Project in the range of 95-135 million
tonnes at between 2.2 to 4.5% zinc and 0.7 to 1.8%
lead (“Quarterly activities and cash flow report” 31
July, 2008) and in the announcement dated 23 July
2014. This exploration target should not be mistaken
for an estimate of Mineral Resources or Ore Reserves.
The potential quantity and grade is conceptual in
nature, there has been insufficient exploration as yet
to define a Mineral Resource, and it is uncertain if
further exploration will result in the determination of
a Mineral Resource. Further drilling will be required to
establish JORC standard estimates of Resources. The
figures are based on the above historic resource
estimate by the Geological Survey of India (GSI) and
subsequent drilling and modeling by IRL.
The Company confirms that it is not aware of any new
information or data that materially affects the
information included in the original market
announcement. The Company confirms that the form
and context in which the Competent Person’s findings
are presented have not been materially modified from
the original market announcement. The deposit is of a
SEDEX style similar to Mount Isa in Australia. There is
potential to upgrade the target substantially in both
tonnes and grade by further drilling and higher grade
zones can be identified within it.
IRL set out to validate and extend the mineralisation
in the GSI estimate above for the blocks in IRL’s ML
application area with its own drilling. However in
doing so IRL was restricted by Indian Mining
Legislation in the number of holes it could drill under
its Reconnaissance Permit and further drilling is
needed which will take place once the Mining Lease is
granted. A total of six deep diamond drill holes for a
total of 3,349m were drilled.
Using the GSI and IRL drilling as well as other
information on the geology of the area IRL
wireframed and 3D modelled the zones. The model
was interrogated to come up with the exploration
target given above. Further drilling to target high
grade zones and upgrade the exploration target to a
JORC estimate is planned on grant of the Mining
Lease.
Drilling at IRLs Aravalli Project. The IRL lease boundary shown is the
original reconnaissance project. The red “zone of mineralisation” is an
interpretation, based on a horizontal projection of drill results from GSI
and IRL drilling. The grey areas are mining leases of Vedanta Resources’
subsidiary Hindustan Zinc Limited excised from within IRL’s RP.
The information in this report that relates to Exploration Targets,
Exploration Results, Mineral Resources or Ore Reserves is based on
information compiled by Eoin Rothery, a Competent Person who is
a Member of the Australian Institute of Geoscientists. Eoin
Rothery is employed by India Resources Ltd on a consultancy basis
and is an employee of Thomson Resources Ltd. Eoin Rothery has
sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration and to the activity being
undertaken to qualify as a Competent Person as defined in the
2012 Edition of the ‘Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves’. Eoin Rothery
consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears
Sathuddia (Base Metals)
The Sathuddia base metals project falls within the
area of the Aravalli RP1/2004. Following positive
exploration results on RP1/2004 a Prospecting Licence
application was made. From Crown’s previously
reported drill results the area produced significant
copper grades with the best intercept being 9m at
1.7% copper. The Sathuddia PL application area is
significant because drilling is limited and centred on
old workings and there is potential to expand the
known copper mineralization at depth and along
strike.
The State Government of Rajasthan has not accepted
the plea of CMPL and vide Order dated 11/6/2014
stating that according to Sec 11(1)(D) of MMRD Act
1957, PL application 56/2010 has been cancelled.
CMPL has decided to challenge this Order in the
Revision Court of Ministry of Mines (New Delhi).

Hindoli (Base Metals)
The Hindoli reconnaissance permit (RP) application
area is located to the northeast of the Aravalli Project.
The approval of the Government of Rajasthan is
pending. Crown is in the process of executing the RP
license application. After negotiations with the
Government of Rajasthan the area of the RP was
reduced from that which was reported in the previous
year to 677 km2 this was done to expedite the
execution of the RP application. The Hindoli RP is
located between large Anglo American, HZL and ACC
Rio Tinto RPs.
The Hindoli RP has excellent structural settings,
prospective lithological units and numerous recorded
instances of surface mineralisation, primarily copper,
lead, zinc, silver and gold. IRL believe that this area
has the potential to be a substantial project for the
company.
Badiya (Copper)
The Badiya Mining Lease application is along the same
trend as the Surda copper mine within the highly
prospective ground of the Singhbhum shear Zone.
Badiya is located 3km to the south of the now closed
mine of Mosabani that is the current site of IRL’s
processing facility, the Mosabani Concentrator. The
Badiya copper mineralisation has been traced along
strike for hundreds of metres and was once an
operating mine that closed in the 1980’s due to the
low copper prices. The major sulphide minerals are
copper bearing chalcopyrite and also pyrite. The
country rocks are metamorphosed sediments and
metavolcanics of Pre-Cambrian age. The host rocks
are quartz-chlorite-biotite schists and sometimes
feldspathic schists the mineralised zone strikes
indirection of 0200 and dips 30-350 (similar to Surda).
It is IRL’s opinion that Badiya is very prospective for
copper and has the potential after exploration for the
discovery of significant mineralisation close to the
Mosabani Concentrator. So far the ML application has
progressed through the Director Geology of
Jharkhand, who has requested more information
concerning the previous work on the property and
this is being followed up by IRL. The District forest
office has completed their report and the application
is under the scrutiny of the District Mining Office.
Singhbhum (Copper)
IRL develops and pursues mineral license applications
for copper and other commodities particularly in close
proximity to its flagship area, the Surda Mine and
Mosabani concentrator, (where the ore is processed).
These applications when granted will provide
synergies with IRL’s primary business.
Two recent Prospecting Licence applications have
been the Sohada and Baharagora areas located
between Surda and Mosabani and are prospective for
copper.
Diamonds (Bhandara, Dharwar)
The IRL Bhandara and Dharwar diamond projects are
in a joint venture between IRL and a private Indian
diamond company, Vajra Diamond Mining Private
Limited (Vajra).
Bhandara (Orissa)
The area of the Prospecting License PL 410 application
is 10 km north of Nuapada diamondiferous
kimberlites. IRL through its subsidiary, Amil Mining
Private Limited, has the preferential right to be
granted this PL.
Dharwar (Andhra Pradesh)
Renewal of prospecting licenses PL309 and 306 are
pending with the State Government of Andhra
Pradesh. After renewal, bulk sampling is planned for
the Kimberlite Pipe, CC4 located on Prospecting
License PL 309. On PL 306 Geophysical work is
planned to locate potential targets for follow up
sampling.
Bonai (Iron ore)
IRL has maintained its portfolio of 14 mineral license
applications for iron ore in the states of Orissa and
Jharkhand. IRL is also investigating the potential of
forming joint ventures with iron ore mining and
exploration companies in the Bonai region of India
with the vision of developing iron ore prospects or
acquiring leases.
Business Development
Several of IRL Projects have commenced operations:
The Surda Operation contract extension has
been formally signed by HCL, and IRL and is in
operation.
The Surda Expansion Project has commenced
in earnest.
The Rakha Copper Project is held up while HCL
obtain the necessary environmental
clearances from the Government.
Surda Operations Extension
IRL has been awarded the extension of the Surda
Operation contract. Critical details are as follows:

The IRL Surda Operating contract is currently valid
until March 2017 or the conclusion of the Surda II
Expansion project.
The contract is self sustaining and underpins the
other contracts in the area.
Surda Expansion Project
Update on Surda Expansion Project
IRL Copper Mining Pvt Ltd (ICMPL), a wholly owned
subsidiary of India Resources Limited, has successfully
started the Surda Expansion work of shaft sinking and
allied mine development at the Surda mine.
The work achieved in the 2013-2014 year is as
follows:
Hindustan Copper Limited (HCL) awarded the contract
for the Stage II development of Surda Mine to Shriram
EPC (SEPC) in November 2011. The contract involves
development up to Level 18 from the current Level 10
and sinking of one new vertical shaft to a depth of
600m. SEPC have awarded the contract to ICMPL as
Sub-Contractor on a back to back basis.
Terms of the agreement are:
This sub-contracting project with SEPC offers solid
returns to IRL shareholders at minimal risk and
without requiring significant cash outlays.
All aspects of the funding of the project, including
bank guarantees but excluding working capital,
falls under the responsibility of SEPC.
Surda Expansion project equipment
Rakha Copper Project
Hindustan Copper Limited is following up on
environmental clearances for the Rakha Copper
project. Once obtained the IRL – Kopex consortium
will progress and finalise the contract agreement with
HCL.
The Project involves re-opening, operation and
expansion of the Rakha Mine to produce at a rate of
1.5 million tonnes per year of copper ore. The Rakha
Copper Mine is located 7km north of IRL’s current
Surda operation, along strike and within the same
geological structure of the Indian Copper Complex,
Jharkhand. The Board of Directors of Hindustan
Copper Limited, have approved the award of the
contract to the IRL/KOPEX consortium.
The scope of work includes dewatering, rehabilitation
and installation of new winders for Rakha old shafts,
sinking a 7.1m diameter shaft to a depth of 330m,
excavation of a decline of length 2,359m, excavation
of 10,200m of drives and crosscuts at various levels.
The total period of the contract is five years.
IRL CONSORTIUMS
IRL/TATA
IRL and Tata Projects Limited jointly qualified for the
Concentrate Ore Treatment Tailings project at the
Khetri Copper Complex (HCL). HCL proposed a pre-bid
meeting in April 2014. Mineral Technologies, part of
the Downer EDI Group, has agreed to join the team as
a technology partner.
IRL/KOPEX
The IRL-Kopex consortium was formed to tender for
underground projects. The consortium is evaluating
opportunities and exploring and follow up is ongoing.
IRL/ Briety Limited
The IRL-Brierty consortium was formed to tender for
open pit projects and have taken the following
initiatives:
Creating a database of open pit tenders. Initial
meetings, applications for several tenders and
follow up.
Seeking promotion of the consortium at the
International Mining and Machinery Exhibition in
December 2014.
Recruiting of a Manager and an Engineer/
estimator.
Excavationofhorizontaldrive Excavation Sinkingof6.6m
3X2.4sqmX-Sec(m) ofraise(m) diametershaft(m)
Total 504.9 89.7 46.9 34.5
ShaftLiningRCC(m3)

IRL and Briety staff at Shaft 3
The consortiums have jointly evaluated mining related
contracts. So far no decisions on any tenders have
been made.
Hindustan Copper Limited (HCL) and IRL Claims
IRL has several claims against HCL. Developments over
the 2014 year are as follows:
1. In September 2014 IRL received an unfavourable
decision from the Supreme Court regarding HCL’s
treatment of the contract price under the work
order as if it was inclusive of taxes and levies. IRL
is reviewing its options on this matter. No value is
reported in IRL’s financial position for this claim.
2. An amount of $122,000 in interest payments
relating to the Arbitration Award was received by
$1.5M AUD as at September 2014), and the
refund of two years liquidated damage payments
(15M INR or $0.27M AUD) based on the
Arbitrator’s decision, IRL in the June 2014
quarter. The Arbitration Award for material
escalation (estimated at 85M INR or are expected
to be considered by the HCL Board in October
2014. The limitation period has expired and HCL
has not challenged the Award.
3. IRL has well progressed claims for fixed costs
incurred during the plant closures in 2012/13 and
November/December 2013 due to the consent to
operate limits being reached. IRL expects to
receive 20M INR ($0.35M AUD) for these.
IRL has a number of other claims that it is yet to
progress to an advanced stage with HCL. IRL’s claims
in relation to the Arbitration Award and the fixed
costs amount to 120M INR ($2.1M) are well advanced
and IRL is confident these will be received.
Nonetheless these claims are yet to be recorded in
IRL’s financial statements.
The information in this report that relates to exploration targets or
exploration results is based on information compiled by Andrew
Kohler, a Competent Person, who is a member of the Australian
Institute of Geoscientists. Mr Kohler is Group Technical Manager
and is a full time employee of the Company. Mr Kohler has
sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration and to the activity being
undertaken to qualify as a Competent Person as defined in the
2012 Edition of the “Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves”. Mr
Kohler consents to the inclusion in the report of the matters based
on his information in the form and context in which it appears.
This information was prepared and first disclosed under the JORC
Code 2004. It has not been updated since to comply with the JORC
Code 2012 on the basis that the information has not materially
changed.

DIRECTORS' REPORT
The Directors of India Resources Limited (Company) present their report together with the financial report of
the Group (consisting of the Company and its controlled entities, referred to hereafter as the Group) for the
financial year ended 30 June 2014.
DIRECTORS
The names of the Directors of the Company in office during the course of the financial year and up to the date
of this report are as follows:
Andrew Simpson (Non Executive Chairman)
Arvind Misra (Managing Director)
David Humann (Non Executive)
Unless otherwise indicated, all Directors held their position as a director throughout the entire financial year
and up to the date of this report.
PRINCIPAL ACTIVITIES
The principal continuing activities of the Group during the financial year were copper mining and mineral
exploration.
RESULTS OF OPERATIONS
The net loss of the Group after provision for income tax for the year ended 30 June 2014 was $2,273,000
(2013: $785,000). Group EBITDA for the year was a loss of $1,163,000 (2013: profit of $933,000).
The loss includes exploration expenditure written off of $929,000 in relation to the Bonai Iron Ore Project, and
does not include $2M that the Company expects to receive from Hindustan Copper Limited (HCL) in relation
to the Arbitration Award won in August 2013 and other well advanced claims made by the Company for fixed
costs in relation to the plant closures in 2012/13 and 2013/14 due to the consent to operate limits imposed
on HCL’s mining license.
REVIEW OF OPERATIONS
During the year, the Group continued its copper mining and other exploration and development activities in
India. Copper in concentrate production at the Surda mine for the year was 3,428 tonnes, a similar result to
last year’s 3,283. The mine actually produced the equivalent copper metal in concentrate of 3,850 tonnes, but
due to the consent to operate production limits some of this ore material remained in stockpiles awaiting
processing at the end of the financial year. During the year, production levels achieved were above the cash
flow break-even level for the mine after capital expenditure requirements. The very good safety performance
continued.
On the development front, the final Conditions Precedent for the Group’s four year sub-contracting project
with Shriram EPC Limited for the Surda Expansion Project were finalised. The IRL led consortium with Kopex
was issued the Letter of Intent from HCL to award the Rakha copper project, but the contract signing has been
delayed until HCL is awarded its renewal of the mining licence from the Jharkhand state Government. The
Group has been granted an extension of its operations at Surda to the later of March 2017, or the completion
of the Surda Expansion Project. The possible gross future income to be derived from carrying out these
projects is estimated to be $132 million.
During the year the Group continued to progress its long standing legal dispute with HCL as to whether the
Surda Operations contract should be inclusive or exclusive of taxation, however subsequent to year end this
case was decided against IRL. The Company continues to consider its options in relation to this case, which
include another appeal to the Supreme Court of India. Other claims are progressing, with $0.55M paid in the
March quarter 2014 and $0.12M paid in the June 2014 quarter which related to the Arbitration Award. The
Arbitration Award for material escalation (estimated at 73M INR or $1.34M AUD), and the refund of two years
liquidated damage payments (15M INR or $0.27M AUD) based on the Arbitrator’s decision, are expected to be

considered by the HCL Board in the near future. The Group expects to receive these payments as the
limitation period has expired and HCL has not challenged the Award.
Exploration activities during the year included further work on securing ground for various projects, especially
the Aravalli base metals project.
DIVIDENDS
The Directors do not recommend the payment of a dividend (2013: Nil).
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
During the course of the next financial year the Group has continued its copper mining and expansion work at
the Surda copper mine, however subsequent to year end both projects have been halted by a stop work
instruction from HCL. This instruction impacts many mines in the State of Jharkhand, and whilst it cannot be
known when this instruction will be lifted every effort is being made by many affected parties to enable
mining to recommence.
The Group will continue to seek to sign a contract for the Rakha copper project and commence this work. It
will also continue its mineral exploration and development activities in India, and consider other resource
projects in which the Group may participate.
The Group is considering its options regarding its loss in the Supreme Court of India. It will continue to pursue
several other large legal claims with HCL, and it remains confident that some of these will be resolved in its
favour in the immediate future.
In the opinion of the Directors there is no additional information available as at the date of this report on any
likely developments which may materially affect the operations of the Group and the expected results of
those operations in subsequent years.
OPTIONS GRANTED OVER UNISSUED SHARES
At reporting date, 35,013,066 (2013: 50,663,066) ordinary fully paid shares which are subject to options were
unissued.
The options are granted over fully paid shares and are exercisable:
Number
- at 2.5 cents each on or before 31 December 2014 25,013,066
- at 6.0 cents each on or before 30 November 2015 2,000,000
- at 10.0 cents each on or before 30 November 2015 2,000,000
- at 0.25 cents each on or before 31 December 2017 6,000,000
35,013,066
Details of options issued and exercised during the financial year are contained in Note 16 to the financial
report.
No person entitled to exercise the options has any right by virtue of the option to participate in any share
issue of the Company or any other corporation.
SIGNIFICANT CHANGES
Significant changes in the state of affairs of the Group during the financial year were as follows:
(a) In July 2013 IRL and its consortium partner, Kopex PBSz, were issued a Letter of Intent by Hindustan
Copper Limited (HCL) to award them the contract for the Rakha Copper Project.
(b) During the financial year an Arbitrator awarded three of our four claims against HCL in favour of IRL.
At that time these claims were estimated to be worth $1.154M, noting that the claim for material
escalation continues to grow each month.

(c) In March 2014 the Group received 30M INR ($0.55M AUD) from Hindustan Copper Limited being a
part payment of the total amount awarded to IRL by an Arbitrator against HCL.
EVENTS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
Significant events which have occurred subsequent to the end of the financial year were as follows:
(a) In August 2014 the Company signed a placement agreement with Resources Capital Fund VI L.P. (RCF)
to issue up to 200 million fully paid ordinary shares at $0.008 each to raise $1.6 million (before costs).
The issue is to be completed in two tranches; the first tranche of 73,897,694 shares to raise $591,182
was subject to IRL entering into a legally binding term sheet with Noble Resources International Pty
Ltd (Noble) for the issue of 90 million shares at a deemed issue price of $0.008 per share to extinguish
the loan payable to Noble of $0.72M. The second tranche of up to 126,102,306 shares to raise up to
an additional $1,008,818 is subject to shareholder approval and limited so that RCF’s voting power in
the Company does not exceed 19.9%
(b) In September 2014 the Company entered into a placement agreement with Noble for the issue of 90
million shares at a deemed issue price of $0.008 per Share to extinguish the secured loan of $0.72
million. In accordance with the Loan Repayment Agreement 72.8 million shares were issued as partial
repayment of $582,400 from the loan. The balance of the loan of $137,600 will be satisfied by the
issue of a further 17.2 million shares to be issued contemporaneously with the completion of the
second tranche of the share placement with RCF which remains subject to the approval of
shareholders.
(c) In September 2014 the Company issued and allotted 73,897,694 fully paid ordinary shares to RCF at
an issue price of $0.008 per share to raise $591,182 (before costs).
(d) In September 2014 IRL received an instruction from Hindustan Copper Limited (HCL) to stop non-
essential production and development operations at the Surda mine site. The instruction is
understood to affect a number of mines, and is a result of the Jharkhand State Government (JSG)
enforcing recent amendments to the mineral concession rules regarding mines that continue to await
the renewal of their mining licence. Whilst it cannot be known how long the Stop Work Notice will
remain in effect, it is noted that the closure of the mines is having a significant detrimental economic
effect on the Jharkhand economy. The closures impact a number of organisations, including
significantly large enterprises and Indian government enterprises. This is creating financial, political
and social pressure on the JSG to bring about a solution to enable the mines to recommence
production.
In response to the Stop Work Notice, HCL has filed a Writ Petition (WP) requesting stay of the order
issued by the JSG. As an affected party, the Company has filed an Interlocutory Application in support
of HCL’s WP. Other large companies are filing similar WPs. HCL is also pursuing the renewal of the
Surda mining lease with the JSG, and it is understood that the JSG cabinet is will be meeting to
consider the issue. This cabinet has the power to allow the resumption of operations.
During the stoppage the majority of IRL’s workforce has been placed on an official No Work No Pay
notice. Approximately 25% of its workforce is engaged in care and maintenance work, including
essential maintenance of the shaft systems and their machineries. IRL is also cleaning up the mine by
removing saleable scrap from underground. These actions will make the mine safer and more
efficient when normal operations resume.
IRL has requested HCL to reimburse its costs for the period during which the Stop Work Notice
remained effective, noting that HCL is responsible for the mining lease and that it pays care and
maintenance to other mines in similar circumstances.
(e) In September 2014 IRL lost its case in the Supreme Court of India regarding HCL’s treatment of the
contract price under the Surda work order as if it was inclusive of taxes and levies.

INFORMATION ON DIRECTORS
Director Qualifications, experience and special responsibilities
Andrew V
Simpson
Grad. Dip. Bus. (Curtin) MAICD
Non-Executive
Chairman
A Director since August 2006 and Chairman since February 2008. Mr Simpson is a senior
corporate executive with extensive business development and global marketing experience in
the resource and mining industry, including more than 30 years in international marketing and
distribution of minerals and metals. He is a professional Company Director and also the
Managing Director of Resource & Technology Marketing Services Pty Ltd, a company providing
specialist marketing and business assessment advisory services to the mineral resources and
technology industries, both in Australia and internationally. Mr Simpson is Chairman of the
remuneration committee.
Other current Directorships:
Swick Mining Services Limited (since October 2006) and Vital Metals Limited (since February
2005).
Former Directorships in the last three years:
Kaboko Mining Limited (resigned November 2013), Territory Resources Limited (resigned
December 2013) and Blackwood Corporation (previously Matilda Minerals Limited) (resigned
December 2013).
Arvind Misra
Managing
Director
B.Tech.(Mining Engineering), B.Comp.Studies, MAusIMM, MAICD
A Director since February 2008 and Managing Director from April 2009. Mr Misra is a Mining
Engineer with over 20 years experience in the resources industry with extensive skills in
business improvement and project mine management. Mr Misra has worked in various
companies covering all aspects of underground and open pit mining in various regions covering
Australia, Africa and India. He previously established a contracting company, Aranak Pty Ltd and
consulted on numerous high profile projects for BHP, Mitsubishi, Alliance, LionOre and Griffin
Coal. Mr Misra is contracted to perform the duties of Managing Director through a consultancy
agreement between Aranak Pty Ltd and the Company.
Mr Misra has not held Directorships in any other listed companies in the last 3 years.
David J
Humann
Non-Executive
Director
FCA FCPA FAICD
Mr Humann was previously a Director of the Company between April 2007 and July 2008. He
was reappointed in July 2010. Mr Humann is a Fellow of the Institute of Chartered
Accountants, a Fellow of the Institute of Certified Practising Accountants and a Fellow of the
Australian Institute of Company Directors.
He was Chairman and Senior Partner of Price Waterhouse (Hong Kong and China firm) from
1986 until 1995. He was also the Managing Partner of Price Waterhouse, Asia Pacific Region,
and a member of the World Board of Price Waterhouse and of the global firms’ World
Executive Management Committee based in London, and New York. He was formerly a
member of the Australian and New Zealand Firms’ Executive Policy Committee.
Mr Humann is Chairman of the audit committee.
Other current Directorships: Non-executive Chairman of Mincor Resources NL.

Former Directorships in the last three years:
Logicamms (resigned 2011); Exxaro Australia/Sands (2005 – 2012); (Advanced Braking
Technologies Ltd (2006 – 2013).
INFORMATION ON COMPANY SECRETARY
Frank
Campagna
B.Bus (Acc) CPA
Company Secretary since August 2006. Mr Campagna is a Certified Practicing
Accountant with over 25 years experience as Company Secretary, Financial Controller
and Commercial Manager for listed resources and industrial companies. He presently
operates a corporate consultancy practice which provides corporate secretarial and
advisory services to both listed and unlisted companies.
Details of Directors’ interests in the securities of the Company as at the date of this report are as follows:
Director Fully paid shares Unlisted
options
A Simpson 13,000,000 -
A Misra 19,012,773 6,000,000
D Humann 10,000,000 -
MEETINGS OF DIRECTORS
There were five board meetings, three audit committee meetings and one remuneration committee meetings
during the year. The number of meetings attended by each Director was as follows:
Board meetings Audit committee Remuneration
committee
Number
Eligible to
attend
Number
Attended
Number
Eligible to
attend
Number
Attended
Number
Eligible to
attend
Number
Attended
A Simpson 5 5 3 3 1 1
A Misra 5 5 * * * *
D Humann 5 5 3 3 1 1
* Not a member of this committee.
REMUNERATION REPORT (AUDITED)
This report sets out the remuneration arrangements in place for Directors and key management personnel of
the Company and the Group in accordance with the requirements of the Corporations Act 2001 and its
regulations. For the purposes of this report key management personnel are defined as those persons having
authority and responsibility for planning, directing and controlling the major activities of the Company and the
Group, directly or indirectly, including any Director (whether executive or otherwise) of the Company. The
information provided in this remuneration report has been audited as required by Section 308(3C) of the
Corporations Act 2001.
Principles used to determine the nature and amount of remuneration
Directors’ and executives’ remuneration
Overall remuneration policies are determined by the Board of Directors and are adapted to reflect
competitive market and business conditions. Within this framework, the remuneration committee meets,
both formally and informally, to consider remuneration policies and practices generally and determines
specific remuneration packages and other terms of employment for executive Directors and senior
management. Executives may be provided with longer-term incentives through participation in option
schemes, which serve to align the interests of the executives with those of shareholders. Executive

remuneration and other terms of employment are reviewed by the remuneration committee having regard to
performance, relevant comparative information and expert advice.
The Company’s remuneration policy for executive Directors and senior management is designed to promote
superior performance and long term commitment to the Company. Remuneration packages are set at levels
that are intended to attract and retain executives capable of managing the Group’s operations. Executive
Directors receive a base remuneration which is market related, together with performance based
remuneration linked to the achievement of pre-determined milestones and targets.
The Company’s remuneration policies are designed to align executives’ remuneration with shareholders’
interests and to retain appropriately qualified executive talent for the benefit of the Company. The main
principles of the policy include:
- reward reflects the competitive market in which the Group operates;
- individual reward should be linked to performance criteria; and
- executives should be rewarded for both financial and non-financial performance.
The structure of remuneration packages for executive Directors and other senior executives comprises:
- a fixed sum base salary payable monthly in cash;
- short term incentives, through eligibility to participate in performance bonus plans and cash bonuses;
- long term incentives through executive Directors being eligible to participate in the share option plan as
approved by shareholders. Senior executives may also participate in the employee share option plan, with
any option issues generally being made in accordance with thresholds set in plans approved by
shareholders; and
- other benefits, including participation in superannuation schemes.
The proportion of fixed and variable remuneration is established for each executive by the remuneration
committee. The objective of any short term incentives is to link the achievement of the Group’s operational
targets with the remuneration received by executives charged with meeting those targets. The objective of
long term incentives is to reward executives in a manner which aligns this element of their remuneration with
the creation of shareholder wealth. The Group’s activities comprise the exploration, evaluation and
development of mineral tenements aimed at identifying economic mineral deposits capable of development.
The Group’s financial performance reflects the nature of these ongoing activities.
The payment of bonuses, share options and other incentive payments are reviewed by the Board as part of
the review of executive remuneration and a recommendation is put to the Board for approval. The Board can
exercise its discretion in relation to approving incentives, bonuses and options. Any changes must be justified
by reference to measurable performance criteria.
The annual performance objectives are the means by which the Company links Company performance and
remuneration policy. Having regard to the current stage of the Group’s development, the linking of
remuneration policy to production performance milestones and progress rather than earnings is considered
the most appropriate method of rewarding relevant senior executives. These principles are expected to
continue to provide appropriate incentives for key management personnel.
Non-executive Directors’ remuneration
In accordance with current corporate governance practices, the structure for the remuneration of non-
executive Directors and senior executives is separate and distinct. Shareholders approve the maximum fees
payable to non-executive Directors, with the current approved limit being $500,000. The Board determines
the actual payments to Directors. The Board approves any consultancy arrangements for non-executive
Directors who provide services outside of and in addition to their duties as non-executive Directors.
Non-executive Directors are entitled to statutory superannuation benefits. At this stage of the Company’s
development, non-executive Directors may be entitled to participate in equity based remuneration schemes.
Shareholders must approve the framework for any equity based compensation schemes and if a
recommendation is made for a director to participate in an equity scheme, that participation must be

specifically approved by the shareholders. All Directors are entitled to have their indemnity insurance paid by
the Company.
During the financial year ended 30 June 2014 the company did not engage remuneration consultants.
Details of remuneration
The following table discloses details of the nature and amount of each element of the remuneration of the
Directors and key management personnel of the Group and the Company.
KEY MANAGEMENT PERSONNEL
(a) Details of key management personnel
Name Position
Arvind Misra Managing Director
Andrew Simpson Chairman (Non Executive)
David Humann Director (Non Executive)
Michael Muhling Group Commercial Manager
(b) Compensation of key management personnel
Remuneration by category 2014 2013
$ $
Key management personnel
Short-term 892,055 778,114
Post-employment 5,550 5,513
Long Term Benefits 36,951 40,065
Share-based payment - 85,000
934,556 908,692
2014 Short term
Post-
employment
Long term
benefits
Share based
payments
Total
Name Cash salary
and fees
$
Cash
bonus (b)
$
Super-
annuation
$
Annual and
long service
leave (c)
$
Options
$
Shares
$
Total
$
Perfor-
mance
Related
%
Directors
Executive Director
A Misra (a) 400,000 191,667 - 49,779 - - 641,446 29.9%
Non-executive Directors
A Simpson (a) 60,000 - 5,550 - - - 65,550 -
D Humann (a) 43,600 - - - - - 43,600 -
Other executives
M Muhling 196,788 - - (12,828) - - 183,960 -
Total 700,388 191,667 5,550 36,951 - - 934,556 20.5%
a) The remuneration report has been prepared on an accruals basis. The total amount payable to
directors for remuneration at 30 June 2014 amounted to $0.88M. On a cash basis Mr Misra was paid
$336,000 during the year.

b) Cash bonuses provided for by the Company for Mr Misra in respect of the Key Performance Targets
during the 2014 year were as follows:
a. Mr Misra earned $41,667 cash bonus, and another $50,000 has been accrued, in relation to the
2012/13 financial year. Previously earned $41,667 of the potential $183,333 had been approved
by the Board. The amount of $41,667 was earned in consideration of commercial success with
regards to negotiations with the Surda Operations, Surda Expansion and Rakha contracts.
$50,000 was accrued of the potential $50,000 per annum cash bonus relating to the June 2013
quarter as processing exceeded 1,050T MIC and with regards to the commencement of the Surda
Expansion project, the signing of the Rakha LOI and settlement of Surda bonus and Binani court
case.
b. Mr Misra earned $50,000 of the potential $50,000 cash bonus for the September 2013 quarter for
exceeding production equivalent to 1,050T MIC.
c. Mr Misra earned $50,000 of the potential $50,000 cash bonus for the December 2013 quarter.
$25,000 was approved for exceeding production equivalent to 975T MIC, with an additional
$25,000 approved for various matters including progression of the Surda Expansion project,
arbitration negotiations and progress with the Aravalli project.
d. The Board is yet to consider Mr Misra’s bonus for the March and June 2014 quarters.
c) Mr Misra’s long term benefits include a provision for statutory long service leave which has been
adjusted to fair value. The total amount of leave provided for Mr Misra at 30 June 2014 was $217,140.
2013 Short term
Post-
employment
Long term
benefits
Share based
payments Total
Name
Cash salary
and fees
$
Cash
bonus (d)
$
Super-
annuation
$
Annual and
long service
leave (e)
$
Options
$
Shares
(f)
$
Total
$
Perfor-
mance
Related
%
Directors
Executive Director
A Misra (a) 383,333 116,667 - 34,028 - 25,000 559,028 20.9%
Non-executive Directors
A Simpson (a) 36,250 - 5,513 - - 25,000 66,763 -
C Readhead (b) 8,333 - - - - - 8,333 -
D Humann (a) 9,508 - - - - 35,000 44,508 -
Other executives
D Cockcroft (c) 27,823 - - - - - 27,823 -
M Muhling 196,200 - - 6,037 - - 202,237 -
Total 661,447 116,667 5,513 40,065 - 85,000 908,692 12.8%
(a) The remuneration report has been prepared on an accruals basis. The total amount payable to directors
for remuneration at 30 June 2013 amounted to just over $0.4M. On a cash basis Mr Misra was paid
$391,667 excluding GST during the year for his services.
(b) Mr C Readhead resigned as a director on 29 August 2012.
(c) Mr D Cockroft ceased employment on 3 August 2012.
(d) Cash bonuses determined to be payable to Mr Misra during the 2013 year were as follows:

a. Mr Misra earned $41,667 of the potential $183,333 per annum cash bonus relating to the
2012/13 financial year payable on a quarterly basis based in accordance with agreed key
performance indicators. Mr Misra earned $16,667 for exceeding 975T MIC equivalent tonnes
mined in the September 2012 quarter (bonus applicable to August and September only), and
$25,000 for exceeding 975T MIC equivalent tonnes mined in the March quarter 2013.
b. Mr Misra earned $25,000 of the potential $100,000 per annum cash bonus for the 2011/12
financial year in accordance for exceeding 975T MIC in the June 2012 quarter
c. Mr Misra earned $50,000 of the potential $50,000 for the period August 2010 to February 2011
by exceeding agreed contract hours, and achieving several agreed production and corporate
objectives.
(e) Long term benefits of annual leave accrued were not included in the 2013 report. They have been
included in the 2014 remuneration table and added to the 2013 table for comparative purposes.
(f) Shares were issued in lieu of fees in accordance with a resolution of shareholders at the Extraordinary
General Meeting held on 3 August 2012.
All of the Directors and key management personnel, in the above and below tables, work for the Company.
(c) Option holdings of key management personnel (Options in India Resources Limited - number)
2014
Balance at
1 July 2013
or at date of
appointment
Granted as
remuneration
Options
lapsed
Other
changes
Balance at
30 June 2014 or
at date of
resignation
Balance
vested and
exercisable at
30 June 2014
A Simpson 1,250,000 - 1,250,000 - - -
A Misra 7,500,000 - 1,500,000 - 6,000,000 6,000,000
D Humann 750,000 - 750,000 - - -
M Muhling - - - - - -
Total 9,500,000 - 3,500,000 - 6,000,000 6,000,000
(d) Shareholdings of key management personnel (Shares in India Resources Limited - number)
2014
Balance at
1 July 2013
or at date of
appointment
Granted during the
year as remuneration
On market
purchases
Balance at
30 June 2014
or at date of
resignation
A Simpson 8,000,000 - 5,000,000 13,000,000
A Misra 18,012,773 - 1,000,000 19,012,773
D Humann 10,000,000 - - 10,000,000
M Muhling 1,000,000 - 5,000,000 6,000,000
Total 37,012,773 - 11,000,000 48,012,773
Except for equity issued as part of remuneration, all equity transactions with key management personnel have
been entered into under terms and conditions no more favourable than those the Group would have adopted if
dealing at arm’s length.
(e) Other transactions with Directors
The following transactions occurred during the year between the Group and Directors or their director-
related entities:
(i) The Company incurred $164,413 (2013: $32,151) in consulting and contract services with Aranak Pty Ltd,
a company associated with Mr A Misra, the Managing Director, on normal commercial terms (excluding

the services supplied directly by Mr Misra). At 30 June 2014 $465,195 (2013: $277,033) was payable to
Aranak Pty Ltd (excluding leave provisions).
(ii) At 30 June 2014 $125,500 (2013: $89,762) was payable to Mr Andrew Simpson, the non-executive
Chairman, for outstanding director fees.
(iii) The company pays the fees of Mr David Humann, a non-executive Director, through his private company
James Anne Holdings Pty Ltd. At 30 June 2014 $71,941 (2013: $35,970) was payable to James Anne
Holdings Pty Ltd. $2,241 was payable at 30 June 2014 to Mr David Humann (2013: Nil).
Bonuses
Bonuses reported as income for Mr Misra during the financial year were as follows:
Quarter Potential
Bonus
Earned
previously
Earned 2014 Total Earned 2014 Paid
2013 FY
Sept 2012 33,333 16,667 16,667 33,334 -
Dec 2012 50,000 - - - -
March 2013 50,000 25,000 25,000 50,000 -
June 2013 50,000 - 50,000 50,000 -
2014 FY
Sept 2013 50,000 - 50,000 50,000 -
Dec 2013 50,000 - 50,000 50,000 -
March 2014 50,000 - Yet to be considered -
June 2014 50,000 - Yet to be considered -
TOTAL 383,333 41,667 191,667 233,334 -
A further $50,000 in bonuses earned in prior years is yet to be paid to Mr Misra.
Compensation options: granted and vested during the year
During the financial year and the 2013 financial year, no options were granted or vested as equity
compensation benefits.
Shares issued on exercise of compensation options
No compensation options were exercised during the financial year ended 30 June 2014 (2013: Nil). The
following compensation options expired during the financial year ended 30 June 2014 (2013:Nil).
Directors Number Exercise price
per option ($)
Expiry date
A Simpson 1,250,000 0.07 30 June 2014
A Misra 1,500,000 0.07 30 June 2014
D Humann 750,000 0.07 30 June 2014
Employee option plan and share purchase plan
The establishment of the Company Employee Share Option Plan and Share Purchase Plan was approved by
shareholders on 17 May 2007. The plans are designed to provide long term incentives to senior management
and employees to deliver long term shareholder returns.
Any option issues are made in accordance with thresholds set in plans approved by shareholders. Options are
granted under the plan for no consideration and carry no dividend or voting rights.
No loans have been provided to Key Management Personnel, and there are no other transactions with Key
Management Personnel other than those identified in this report.

Compensation options: granted and vested during the year
No options were issued to directors or officers during the year ended 30 June 2014 or 30 June 2013.
No shares were issued during the year as a result of the exercise of options granted as part of remuneration.
There were no alterations to the terms and conditions of options granted as remuneration since their grant date.
Options granted as part of remuneration
Information on any benefits received by Directors of the Company by reason of a contract made by the Group
with a Director or a Director-related entity is contained in Note 17 of the financial report.
Service agreements
The terms of employment for executive Directors and key management personnel are formalised in service
agreements. Major provisions of the agreements relating to duration and termination are set out below.
Andrew Simpson – Non-Executive Chairman
Term of agreement: No fixed term.
Remuneration: At the date of this report his director fee is $65,700 (2013: $60,000 plus superannuation) per
annum payable to Resources and Technology Marketing Services Pty Ltd.
Termination provisions: None.
Arvind Misra – Managing Director
Remuneration: At the date of this report, the current consulting fee payable to Aranak Pty Ltd is $400,000
(2013: $400,000) per annum. Mr Misra is also entitled to a performance bonus of up to 50% of base
remuneration (2013: 50% of base remuneration) dependent upon achievement of pre-determined
performance targets.
Termination provisions: The agreement can be terminated by the Company upon giving six months’ notice and
by Mr Misra giving three months’ notice.
David Humann – Non-Executive Director
Remuneration: At the date of this report his director fee is $43,600 (2013: $43,600) payable to James Anne
Holdings Pty Ltd.
Termination provisions: None.
Michael Muhling – Group Commercial Manager
Remuneration: At the date of this report, the current consulting fee payable to Aurum Corporate Pty Ltd is
$215,820 per annum (2013: $196,200). There is no entitlement to an incentive or bonus payment.
Termination provisions: The agreement can be terminated by the Company upon giving three months’ notice
and by Mr Muhling by giving two month’s notice.
Share-based compensation
Directors, employees and consultants may be eligible to participate in equity based compensation schemes.
An employee share option scheme has been adopted by the Board of the Company. The primary purposes of
the scheme are to increase motivation, promote retention, align interests with those of the Company and its
shareholders and to reward contribution to the growth of the Company. The plan rules contain a restriction
on removing the ‘at risk’ aspect of the instruments granted to executives. Plan participants may not enter into
any transaction designed to remove the ‘at risk’ aspect of an instrument before it vests.
2013 Annual General Meeting
During the year, more than 99% of eligible, voting shareholders supported the Company’s Remuneration
report at the 2013 Annual General Meeting (AGM).
End of the audited remuneration report.

Insurance of officers
During the financial year, the Company paid premiums of $21,476 (2013: $27,606) to insure the Directors and
other officers of the Group. The liabilities insured are for costs and expenses that may be incurred in
defending civil or criminal proceedings that may be brought against the officers in their capacity as officers of
entities in the Group, other than conduct involving a wilful breach of duty in relation to the Company.
The Company has entered into indemnity agreements with each of the Directors and officers of the Company.
Under the agreements, the Company will indemnify those officers against any claim or for any expenses or
costs which may arise as a result of work performed in their respective capacities as officers of the Company
or any related entities.
NON-AUDIT SERVICES
During the year, the Company’s Indian external auditors, Haribhakti & Co., provided other services in addition
to its statutory audit function. Non-audit services provided by the external auditors comprise $1,770 (2013:
$13,650) for taxation advisory services. These services were not provided by the head auditor, BDO Audit
(WA) Pty Ltd. Further details of remuneration of the auditors are set out in Note 18.
The Board has considered the non-audit services provided during the year and is satisfied that the provision of
those services is compatible with the general standard of independence for auditors imposed by the
Corporations Act 2001 and did not compromise the auditor independence requirements of the Corporations
Act 2001, for the following reasons:
- all non-audit services were subject to the corporate governance guidelines adopted by the Company;
- all non-audit services have been reviewed by the Board to ensure that they do not impact the
impartiality and objectivity of the auditor; and
- the nature of the services provided do not compromise the general principles relating to auditor
independence in accordance with APES 110: Code of Ethics for Professional Accountants set by the
Accounting and Professional and Ethical Standards Board.
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act is
included immediately following the Directors’ Report and forms part of the Directors’ Report.
ENVIRONMENTAL REGULATIONS
The Group is subject to significant environmental regulation in respect to its mining and mineral exploration
activities. These obligations are regulated under relevant government authorities within India. The Group is a
party to exploration and mine development licences. Generally, these licences specify the environmental
regulations applicable to exploration and mining operations in the respective jurisdictions. The Group aims to
ensure that it complies with the identified regulatory requirements in each jurisdiction in which it operates.
Compliance with environmental obligations is monitored by the Board of Directors. No environmental
breaches have been notified to the Company by any government agency during the financial year ended 30
June 2014.
ROUNDING
The amounts contained in the Directors’ Report and financial report have been rounded to the nearest $1,000
(where rounding is applicable) under the option available to the Company under ASIC Class Order 98/100.
The Company is an entity to which the Class Order applies.

AUDITOR
BDO Audit (WA) Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.
Signed in accordance with a resolution of the Board of Directors,
A Misra
Managing Director
Perth, Western Australia
30 September 2014

38 Station Street
Subiaco, WA 6008
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN
77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK
company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under
Professional Standards Legislation (other than for the acts or omissions of financial services licensees) in each State or Territory other than Tasmania.
DECLARATION OF INDEPENDENCE BY DEAN JUST TO THE DIRECTORS OF INDIA RESOURCES LIMITED
As lead auditor of India Resources Limited for the year ended 30 June 2014, I declare that, to the best
of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of India Resources Limited and the entities it controlled during the
period.
Dean Just
Director
BDO Audit (WA) Pty Ltd
Perth, 30 September 2014
28

CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2014
Notes 2014 2013
$’000 $’000
Revenue
Revenue from operations 3(a) 11,847 10,091
Gain on payment of receivable - 795
Expenses
Production costs (11,337) (8,895)
Employees and directors – remuneration expenses 3(b) (507) (383)
Employees and directors – share based payment expenses (4) (1)
Corporate and administrative expenses 3(d) (233) (439)
Depreciation and amortisation 3(c) (787) (1,273)
Finance costs (323) (445)
Provision for doubtful debts - (14)
Change in fair value of investments - (96)
Exploration and evaluation costs written off 12 (929) (125)
(Loss) before income tax expense (2,273) (785)
Income tax expense 4 - -
(Loss) after income tax (2,273) (785)
Other comprehensive income / (loss)
Items that may be reclassified to profit and loss
Exchange differences on translation of foreign operations 16 (343) 366
Other comprehensive income / (loss) for the year, net of
tax
(343) 366
Total comprehensive (loss) for the year (2,616) (419)
(Loss) is attributable to:
Shareholders of India Resources Limited (2,273) (785)
Total comprehensive (loss) for the year is attributable to:
Shareholders of India Resources Limited (2,616) (419)
(Loss) per share for the year attributable to the members
of India Resources Limited
Basic and diluted (loss) per share (cents per share) 20 (0.3) (0.1)
The above consolidated statement of profit or loss and other comprehensive income should be read in
conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2014
Notes 2014 2013
$’000 $’000
Current assets
Cash and cash equivalents 5,26 152 174
Trade and other receivables 6 2,158 2,638
Inventory 7 1,739 1,587
Prepayments 8 403 343
Other financial assets 9 - -
Total Current Assets 4,452 4,742
Non-Current Assets
Other financial assets 9 163 114
Plant and equipment 10 4,450 3,970
Mine development 11 4 835
Deferred exploration expenditure 12 3,518 4,456
Total Non-Current Assets 8,135 9,375
TOTAL ASSETS 12,587 14,117
Current Liabilities
Trade and other payables 13 5,816 4,131
Borrowings 14 2,413 2,975
Total Current Liabilities 8,229 7,106
Non-Current Liabilities
Trade and other payables 13 324 365
Total Non-Current Liabilities 324 365
TOTAL LIABILITIES 8,553 7,471
NET ASSETS 4,034 6,646
Equity
Contributed equity 16 38,079 38,079
Accumulated losses (31,896) (29,765)
Reserves 17 (2,149) (1,668)
TOTAL EQUITY 4,034 6,646
The above consolidated statement of financial position should be read in conjunction with the
accompanying notes.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2014
Contributed
equity Reserves
Accumulated
losses
Total
equity
$’000 $’000 $’000 $’000
At 1 July 2012 37,995 (2,035) (28,980) 6,980
Loss after income tax - - (785) (785)
Other comprehensive (loss) - 366 - 366
Total comprehensive (loss) - 366 (785) (419)
Transactions with owners in their capacity as
owners:
Share based payments - 1 - 1
Share issue expenses (1) - - (1)
Share-based payments 85 - - 85
At 30 June 2013 38,079 (1,668) (29,765) 6,646
Loss after income tax - - (2,273) (2,273)
Other comprehensive income - (343) - (343)
Total comprehensive income (loss) - (343) (2,273) (2,616)
Transactions with owners in their capacity as
owners:
Share based payments - 4 - 4
Share-based payments - (142) 142 -
At 30 June 2014 38,079 (2,149) (31,896) 4,034
The above consolidated statement of changes in equity should be read in conjunction with the
accompanying notes.

IRL PPT 2011 & AR 2014

Recommended

Recommended

More Related Content

What's hot

What's hot (17)

Similar to IRL PPT 2011 & AR 2014

Similar to IRL PPT 2011 & AR 2014 (20)

More from Tapas Das

More from Tapas Das (7)

Recently uploaded

Recently uploaded (20)

IRL PPT 2011 & AR 2014