CANNINDAH RESOURCES LIMITED — Capital/Financing Update 2012

May 13, 2012

ASX RELEASE 14 May 2012 ASX Code: PMQ

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Mount Borium Gold Tenements Granted – Fieldwork to Commence this Month

Key Points

• Planet Metals is pleased to announce that its three North Queensland tenements, comprising the Mount Borium gold project, have now been officially granted. This completes an 18 month process to achieve this status.

• Planet’s 100% holding of this tenure complements the Company’s adjacent Oak River tenement which was acquired in March 2012. Combined, this tenure provides Planet with a strategic ground position and promising exploration prospects covering a significant tract of land between the historic Einasleigh copper and Kidston gold mines.

• Past gold production at Kidston exceeded 3 million ounces, with the open pit located 8km from the Mount Borium project tenement boundary and less than 25km from the project’s main prospect, being Mount Borium itself.

• Fieldwork within the Oak River and Mount Borium tenements will commence later this month. The focus of this work will be to ground-truth drill targets based on desktop analysis of historical exploration. Planet aims to conduct an initial drill program in August 2012.

For further information, please contact:

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

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.

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, Qld). Planet also recently entered into a farm-in agreement over the Casuarina Salt Prospect, near Gladstone, Central Queensland. The Company’s major shareholder is Metallica Minerals (ASX Code: MLM) with a 37% shareholding. Planet Metals has 59.7 million shares on issue as well as 6.5 million unlisted options. As at 31 March 2012, the Company had cash at hand of $5.3 million with a further approximately $0.8 million in Deutsche Rohstoff shares listed in Germany. Cash and equity investments represent approximately 10 cents per share.

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

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Mount Borium and Oak River Tenement Map