CONNECTED MINERALS LIMITED — Capital/Financing Update 2012

Mar 25, 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

26[th] March 2012

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

FUNDING AGREEMENT

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

Further to the announcement of 20[th] March on the Lithium Project Argentina, the Company has executed a term sheet with Truestone Capital Specialised Investments (Jersey) Limited ( Truestone) , a European equity group, to provide up to $4 million by way of an equity drawdown facility. The term sheet is subject to the execution of formal agreements between the parties and the completion of due diligence by Truestone.

The facility will provide the Company with the ability to place up to a maximum of $1 million per drawdown with a 3% commitment fee (payable in shares) for the first $2 million drawn down, plus the issue of 10,000,000 options exercisable at $0.01 cents expiry at 31[st] December 2013. A second capital implementation fee of 3% is payable once the Company has drawn down $2 million under the facility. 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.

It is the Company’s intention to seek specific shareholder approval for the facility to allow the Company to retain the use of its 15% placement capacity to obtain the best funding solutions for the Company and its proposed Lithium project in Argentina.

Global Lithium Market

The global lithium market is dominated by producers in Chile, Argentina and Australia responsible for over 85% of world production. Lithium has applications for ceramics, aluminum, pharmaceutical and battery technologies. The use of lithium in the portable battery market has been growing by more than 20% per year since 2000. This historic rate of growth is entirely related to small format batteries used in a variety of electronic applications. The advent of lithium-ion hybrids, plug-in hybrids and all electric

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Lithium Project Argentina 26th March 2012

ASX Announcement Leopard Resources NL

vehicles will require large format batteries. These batteries will require kilos of lithium, rather than the grams used today in portable electronic applications.

Lithium is commercially produced by two methods, one through mining and processing and the other more economical and significant method through evaporation of lithium – containing brine ponds or salt flats. This type of lithium production is based on the chemical reaction between the purified solutions of lithium chloride with a saturated solution of soda ash, which generates a precipitate lithium carbonate.

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

Yours faithfully

COMPANY SECRETARY Leopard Resources NL

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