CONNECTED MINERALS LIMITED — Capital/Financing Update 2012

Mar 19, 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

20[th] March 2012

Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

LITHIUM PROJECT ARGENTINA

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

Further to the announcement of 2[nd] February, the Company, through its appointed representatives, has executed an agreement to acquire an advanced stage lithium project located in the Salta province of North Western Argentina on the border with Chile. The terms of the proposed transaction are as follows, subject to due diligence, shareholder and regulatory approval.

Purchase Consideration:

The Company will issue to the vendors 100,000,000 fully paid ordinary shares (Shares) @$0.008 per share for a 70% interest in an Argentinean company (SPV) which holds an 85% interest in two mining licenses. These licenses together allow the holder to annually produce up to 10,000 metric tonnes per annum ( mta ) of lithium. The issue of the Shares is subject to all necessary shareholder and regulatory approvals. The Company will also pay to the vendors a non‐refundable deposit of €200,000. Leopard will also commit up to € 2,000,000 in working capital to SPV to fund the establishment of a production facility for lithium carbonate.

The Company will also have a first right of refusal on a further 15% of the SPV if 10,000 metric tonnes per annum is produced from the licences. The local interests are free carried in respect of their interest in the project. If 10,000 mta is not produced from the project within 3 years of the date of execution of the agreement, the Company’s shareholding in the SPV shall decrease by 15%.

The Vendor is not a related party.

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ASX Announcement Leopard Resources NL

Lithium Project Argentina 20[th] March 2012

The SPV comes with a management team of experienced mining operators and will also see a number of key appointments to the board of Executives with specific regional and business experience. The proposed Director appointments are:

Mr Alexander Hernandez Dessauer , who has an extensive 15 years of commercial experience in Argentina and Spain and is based in the USA.

Mr Anders Thorsell , who is a specialist corporate finance professional with over 10 years experience in project finance, IPOs, Underwritings and Corporate Banking advisory in Europe.

Mr Peter Klimt , who is an Engineer with over 27 years of experience across Europe, Africa and Asia whom consults to various clients specialising in Natural Resource assets.

It is anticipated that these appointments will occur after settlement of the acquisition of the interest in the SPV.

Lithium Project Location

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

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Lithium Project Argentina 20[th] March 2012

ASX Announcement Leopard Resources NL

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 current production plans to start up operations, subject to the required funding being provided. The Company holds a permanent licence for the production of lithium with a production target time line of 12 months.

Funding

The Company is also working towards undertaking a Capital raising for a minimum $2,000,000 to fund the due diligence process, project establishment and general working capital and the Company expects to call a shareholders’ meeting as soon as practical. The Company also wishes to advise the appointment of Mr Jamie Scoringe as Company Secretary.

Yours faithfully

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Damon Sweeny Company Secretary