CONNECTED MINERALS LIMITED — Interim / Quarterly Report 2012

Apr 29, 2012

Leopard Resources NL

==> picture [57 x 63] intentionally omitted <==

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

Quarterly Activities Report

For the Quarter Ended 31 March 2012

Lithium Project, Argentina

Further to the announcement of 2nd February, the Company, through its 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 subject to due diligence, shareholder and regulatory approval. The Company intends to purchase a 70% interest in an Argentinean company (SPV) which holds an 85% interest in two mining

==> picture [270 x 202] intentionally omitted <==

licenses. These licenses together allow the holder to annually produce up to 10,000 metric tonnes per annum (mta) of lithium.

The current production plans are 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. Leopard is currently completing the due diligence process, with company representatives’ onsite and gathering information required for project establishment which will commence as soon as approval to complete the transaction is finalised. 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

==> picture [282 x 215] intentionally omitted <==

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, aluminium, 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.

Nacimiento Copper Uranium Project

Leopard Resources NL (the Company) continues to hold a number of lode mining claims which lie within a mineral prospective region located in north-central New Mexico. The area lies along the east margin of the San Juan basin and into the adjacent Sierra Nacimiento mountain range within Rio Arriba and Sandoval Counties (“ the Nacimiento Region ”). The region of interest is a northsouth-trending area, 80km long and 20km wide, or in excess of 1,500 square kilometres.

The Company holds three blocks of lode mining claims, namely: Coyote Lode Mining Claims, Sandoval County, New Mexico

The property comprises 53 lode mining claims covering 1,100 acres, in two blocks. The claims were staked to cover a cluster of copper prospects and a cluster of uranium occurrences. Aranda Lode Mining Claims, Rio Arriba County, New Mexico

The property comprises 50 lode mining claims covering 1,000 acres. The claims were staked to cover a cluster of copper and uranium occurrences.

Los Pinos Lode Mining Claims, Sandoval County, New Mexico

The property comprises 51 unpatented lode mining claims covering 1,120 acres. The claims were staked to cover a cluster of copper and uranium occurrences.

It is still the Company’s intention to complete the before mentioned exploration program. The Los Pinos claim block is regarded as the most interesting of the claim blocks in terms of exploration potential for copper and uranium. The Nacimiento Uplift region also contains a number of mostly small copper occurrences and two historic mines. The deposits are sandstone hosted red bedtype, hosted by the Aqua Zarca Sandstone Member formation of the Triassic Chinle Formation. The Los Pinos claim block could be viewed as the starting point for a more extensive evaluation of the potential of the eastern side of the San Juan Basin for uranium and copper. It has also been identified that 80km’s to the southwest of the Nacimiento area significant uranium mineralisation has occurred in the Grants District.

Corporate

The Company appointed Director Mr Richard Griffin with the resignation of Mr John Geary and the company would like to thank Mr Geary for his contribution.

The half yearly audited accounts were completed during the quarter and lodged with the ASX on the 19[th] of March 2012.

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.

Damon Sweany

Company Secretary