CONNECTED MINERALS LIMITED — Capital/Financing Update 2012

May 2, 2012

Leopard Resources NL

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

4[th] May 2012

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

$4 MILLION FUNDING

The Board of Leopard Resources NL (ASX: LRR, “ Leopard ” or “ the Company ”) wishes to advise the following:

Further to the announcement of the 26[TH] March the Company has executed a Formal Agreement with Truestone Capital Specialist Investments (Jersey) Limited, a European equity group, to provide up to $4 million by way of an equity drawdown facility subject to shareholder approval.

The facility will provide the company with the ability to place up to a maximum of $1million per drawdown with a 3% commitment fee on the total commitment by way of shares plus the issue of 10,000,000 options exercisable at $0.01 cents expiry at the 31[st] December 2013 and an additional 3% payable following the drawdown of $2million. The facility utilises an average trading value over 20 days, priced to 85% of the market price. The facility also requires the payment of a $10,000 fee for legal and administrative costs.

The company’s intends to seek specific approval for the facility to allow the company to use the 15% placement allocation independently and therefore obtain the best funding solutions for the company and its proposed Lithium project in Argentina.

The company anticipates convening a shareholders’ meeting as soon as practical.

Yours faithfully

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Damon Sweeny Company Secretary Leopard Resources N.L