ALICE QUEEN LIMITED — Capital/Financing Update 2012

Mar 25, 2012

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ASX RELEASE 26 March 2012 ASX Code: PMQ

Acquisition of Tenement & Termination of Farm-In Agreement

Key Points

• Planet Metals Limited (ASX Code: PMQ) is pleased to announce that it has reached agreement with Callabonna Uranium Limited (ASX Code: CUU) to purchase 100% of the tenement EPM 17945 (Oak River) in North Queensland for $65,000 cash.

• The Oak River tenement is contiguous to Planet’s existing Mount Borium gold project. This acquisition provides the Company with a significant holding in this prospective region, located between the historic Kidston gold (>3 million oz gold) and Einasleigh copper mines.

• The Oak River tenement was one of three tenements subject to a farm-in agreement entered into last year (refer ASX release dated 15/9/11) whereby Planet was earning a 51% interest. Planet has now officially terminated this farm-in agreement. This was largely due to exploration results from the Torchlight gold project (within the Hatch tenement) not meeting our expectations.

• The end-result of these negotiations is that Callabonna will maintain 100% interest in its two original Georgetown tenements (Hatch & Central), whereas Planet will have a 100% interest in Oak River, located near the township of Einasleigh.

• Recent exploration data compilation has highlighted several areas of gold prospectivity within the Oak River tenement, which are yet to be followed-up. Most of the exploration undertaken on the tenement in recent years has mainly focused on the uranium potential, rather than gold. Planet intends to conduct a field exploration program next quarter.

• Planet continues to aggressively pursue opportunities within the metals sector, both within and outside of Australia, primarily in gold and copper.

71 Lytton Road (Cnr Stafford St), East Brisbane Qld 4169 GPO Box 122, Brisbane Qld 4001 T 61 7 3249 3080 F 61 7 3249 3081 ABN 35 108 146 694

For further information, please contact:

Brett O’Donovan Chief Executive Officer Ph: 61 7 3249 3080

About Planet Metals Limited

Planet Metals (ASX Code: PMQ) is a Brisbane-based ASX-listed resource and exploration company, with a focus on gold and copper. The Company’s key operations are the Mount Cannindah copper-gold project (subject to a farm-in agreement with Drummond Gold) and the Mount Borium gold project (located between Kidston and Einasleigh, North Qld - tenements awaiting grant). The Company’s major shareholder is Metallica Minerals (ASX Code: MLM) with a 37% shareholding. As at the date of this release, Planet Metals has 59.7 million shares on issue as well as 6.5 million unlisted options. The Company had cash at hand of $5.3 million with a further $0.9 million in Deutsche Rohstoff shares listed in Germany. This means Planet Metals has cash and equity investments amounting to approximately $6.2 million, representing 10.4 cents per share.

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Project Location Map
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Tenement Map highlighting the tenement acquisition
together with the Company’s existing Mount Borium
group of tenements
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Competent Persons Statement

Technical information contained in this report has been compiled and/or supervised by Mr Andrew Gillies B.Sc (Geology) M.AusIMM (Director of Planet Metals Limited and Managing Director of Metallica Minerals Limited, Planet’s major shareholder) who is a competent person and member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Gillies has relevant experience to the mineralisation, Exploration results and targets and Mineral Resources being reported on to qualify as a Competent Person as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Gillies consents to the inclusion of this information in the form and context in which it appears in this report.