CONNECTED MINERALS LIMITED — Capital/Financing Update 2013

Nov 20, 2013

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Leopard Resources NL

21[st] November 2013 Companies Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

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Leopard Resources NL is a publicly listed mineral exploration company based in Perth, Western Australia.

COMPANY INFORMATION

Leopard Resources NL 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

www.leopardresources.com.au

CORPORATE DIRECTORY

S OLICITORS Steinepreis Paganin 16 Milligan Street Perth, WA 6000

Stage 2 Drilling at Gold Resource

The Board of Leopard Resources N.L. (ASX: LRR, “the Company”) is pleased to advise that further to its ASX release on the 28[th] October 2013, the Stage 2 drilling program of up to 3,000 metres has been commenced to assist reclassification of and potentially increase the exploration target of the Inferred Resource category. The Company estimates an overall exploration target of 3.0 - 4.0Mt at a grade of 2.5 - 3.0 g/t Au, for 190,000 - 380,000 oz Au.

The Company previously announced a JORC Code compliant Inferred Mineral Resource estimate of 1.5 million tonnes at an average grade of 3.8 g/t Au (185,400 oz) which includes both primary and supergene gold mineralisation. The Company’s geological consultants estimate the Inferred Resource for the Cables deposit at approximately 1.2 million tonnes at 5.4 g/t Au, (208,400 oz) using uncut grades. The grade distribution of the sampling data is log normal, typical of this style of gold mineralisation, with significant high grade outliers that have a substantial influence on the resource grade estimate. The Company has in accordance with accepted best practices cut the higher grades at mean plus 2 standard deviations which approximates to 30g/t Au, reducing the average grade to 4.2 g/t Au. The Stage 2 drilling will also include targets from the Bondi prospect following completion of the analysis of the 316 samples taken from the recent MMI program as announced on the 13[th] November 2013. Analysis will be by the Mobile Metal Ion (“MMI”) method. The Bondi prospect contains small areas of magnetic dolerite adjacent to the north west-trending reverse faults located immediately south/south-east of the Cables prospect which remain untested and warrant air core drilling, subject to the results of the MMI program.

AUDITORS HLB Mann Judd Level 4, 130 Stirling Street Perth, WA 6000

SHARE REGISTRY Computershare Investor Services 45 St Georges Terrace Perth, WA 6000

ASX Code: LRR

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The target estimate is based on the results achieved from drilling combined with structural and lithological data and the geometry of the known mineralisation. The potential quantity and grade of the exploration target is conceptual in nature, as there has been insufficient exploration to date to define a Mineral Resource in excess of that previously announced and future work may or may not increase the known resource inventory.

The Mission-Cables Project is located approximately 7km north of the newly acquired Centenary Gold Mine (3Moz by Gold Fields Darlot). The company anticipates the completion of the Stage 2 drilling program of infill and reconnaissance drilling within 4 weeks with further results to be announced as they come to hand.

Yours faithfully,

C Willis

Director

ASX Code: LRR

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APPENDIX – RESOURCE ESTIMATION SUMMARY

Resource Estimation - Methodology.

A copy of the drill hole data files supplied by Leopard were reviewed with some adjustments to elevations made. Using the updated drilling data, a series of E-W sections, along drillhole profiles were constructed. The 0.1g/t Au outlines were digitised and subsequent sectional polygons constructed and assay values within them were captured into a separate drill hole data base.

An empty block model for each deposit was made and the assay data imported into each block model using MineMap software. The cell sizes used in both models were 10m (N-S) x 3m (E-W) x 10m (vertical). Grades were assigned to blocks from these sections using two sets of ellipsoids.

Two separate search ellipsoids were used for both deposits and two different inverse distance algorithms. The first ellipsoid was set at 50 metres in the X direction (E-W), 175 metres in the Y direction (N-S) and 20 metres in the Z direction (Vertical) with a -75 degree dip orientation to the west for Mission and -75 degree dip orientation to the east for Cables with an inverse distance algorithm to the power 2.5.

The second ellipsoid was set at 15 metres in the X direction, 30 metres in the Y direction and 12 metres in the Z direction with the same -75 degree dip orientation for Mission and Cables with an inverse distance squared algorithm. A nominal bulk density 2.5 tonnes per m³ was used.

The sectional method was considered the most appropriate for resource estimation in this case. The use of an upper-cut of 30g/y Au was used here. Following the assignment of grade to blocks in the model its surface was “mined off” to reflect the topography. The topography was generated by triangulating and contouring the drill hole collars elevations. Global Inferred Resource estimates from initial modelling are tabulated below.

Area	ResourceType	Cut OffGrade g/tAu	Tonnes	AverageGrade g/tAu	TheoreticalOunces
Mission	Inferred	0.6g/t Au	250,000	2.0	16,000
Cables	Inferred	0.6g/t Au	1,254,900	4.2	169,400

Table 1:- Block Model Inferred Resource Estimates

The information in this release which relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Allen Maynard, who is a Member of the Australian Institute of Geosciences (“AIG”), a Member of the Australasian Institute of Mining & Metallurgy (“AusIMM”) and independent consultant to the Company. Mr Maynard is the principal of Al Maynard & Associates Pty Ltd and has over 30 years of exploration and mining experience in a variety of mineral deposit styles. Mr Maynard has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Maynard consents to inclusion in the report of the matters based on his information in the form and context in which it appears.

ASX Code: LRR