CONNECTED MINERALS LIMITED — Capital/Financing Update 2012

Oct 24, 2012

Leopard Resources NL

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PO Box 8 • West Perth • Western Australia • 6872 T: +61 (0)8 9381 2517 F: +61 (0)8 9381 5853 ABN 99 009 076 233

25[th] October 2012

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

Nacimiento Exploration Update

The Board of Leopard Resources N.L (ASX: LRR, “Leopard” or “ the Company ”) is pleased to provide the following update on the company’s exploration activities in New Mexico.

Los Pinos Lode Mining Claims, Sandoval County, New Mexico

The company has engaged a land management team in the USA to employ local contractors to undertake work on the Los Pinos Lode Mining Claims (“Project”). A staking contractor has also been engaged to re-peg the Los Pinos 1-51 Lode Claims (+/-510 ha) in New Mexico within the next few weeks. This will consist of relocation of boundaries, re-staking, repapering and recording in the BLM New Mexico State Office in Santa Fe, New Mexico.

The Coffey Mining report (2009) identified that the Los Pinos claim block is regarded, in terms of exploration potential for Cu and U, as the most interesting of the claim blocks held by the Company. The Nacimiento Uplift region also contains a number of mostly small copper occurrences and two historic mines. Both deposits are sandstone hosted red bed-type, hosted by the Triassic Aqua Zarca Member formation of the Chinle Formation. The Company has decided to concentrate the work program solely on the Los Pinos blocks, letting the Aranda and Coyote blocks lapse. The Los Pinos area is subject to specific property access and site conditions; one of which is that it appears that part of the block is staked over private land requiring ongoing negotiations with owners to allow access and exploration on these parts of the property.

The revised exploration program for the Project will comprise of three stages:

STAGE ONE:

• A. Peg the open area between the Los Pinos Lode Claim block and the San Miguel Mine. The property comprises 51 unpatented lode mining claims covering 1,120 acres.

STAGE TWO:

Fly a low level helicopter airborne mag/radiometric survey over the Nacimiento trend looking for lookalikes similar to Olympic Dam/ABRA. The results will identify non-outcropping anomalies and indicate additional targets to acquire by pegging, thereby eliminating competition.

• A. Conduct a detailed ground gravity survey based on mag/radiometric targets.

• B. Hire a geological grad student from New Mexico Institute of Mining and Technology in Socorro, New Mexico, who under supervision will:

1. Conduct a geological literature and well log search after completing interpretation of the regional airborne mag/radiometrics survey on the areas of interest; and

2. Prepare geological reports and assist in permit applications.

STAGE THREE:

• Design, permit, and conduct drilling programs on targets based on mag/radiometric/gravity/literature search; and

• Prepare reserve reports and any other necessary documentation.

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Corporate

Further to the announcement of the 20[th] March 2012, The Company has been unable to satisfy its due diligence requirements on the Lithium Project in North Western Argentina. Therefore the Board has decided not to proceed with the proposed Lithium Project. The Company will continue to review other opportunities to complement the ongoing exploration at the Nacimiento Project.

Yours faithfully

A R Hamilton Executive Director Leopard Resources N.L