CONNECTED MINERALS LIMITED — Interim / Quarterly Report 2012

Mar 18, 2012

LEOPARD RESOURCES NL (formerly Acclaim Exploration NL) ACN 009 076 233

INTERIM FINANCIAL REPORT

FOR THE HALF-YEAR ENDED

31 December 2011

Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

CONTENTS PAGE

	Page
Directors’ Report	3
Auditors’ Independence Declaration	6
Condensed Statement of Comprehensive Income	7
Condensed Statement of Financial Position	8
Condensed Statement of Changes in Equity	9
Condensed Statement of Cash Flows	10
Notes to the Condensed Financial Statements	11
Directors’ Declaration	18
Independent Auditors’ Review Report	19

Page 2

Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

DIRECTORS’ REPORT

Your directors present the financial report of the consolidated entity for the Interim ended 31 December 2011. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

DIRECTORS

The names of the directors who held office during or since the end of the half-year and until the date of this report are as below. Directors were in office for this entire period unless otherwise stated.

Anthony Hamilton – Executive Chairman

Craig Willis – Non-Executive Director John Geary – Non-Executive Director – resigned 2 February 2012 Richard Griffin – Non-Executive Director – appointed 2 February 2012

REVIEW OF OPERATIONS

Pursuant to the Annual General Meeting of members of the Company held on 30[th] November 2011, the Company changed its name to Leopard Resources NL (formerly Acclaim Exploration NL).

The net loss for the period was $1,268,939.

REVIEW OF FINANCIAL CONDITION

Capital Structure

The Group has net equity at 31 December 2011 of $144,301.

Pursuant to the Annual General Meeting of members of the Company held on 30[th] November 2011, the Company consolidated its shares on a 1 for 10 basis on 1 December 2011.

Treasury Policy

The Board has not considered it necessary to establish a separate treasury function because of the size and scope of the Group’s activities.

Liquidity and Funding

The Group has cash resources of $104,448 at 31 December 2011, together with available-for-sale investments with a fair value of $42,604 and current receivables of $912,066.

Risk Management

The Group takes a proactive approach to risk management. The Board is responsible for ensuring that risks, and also opportunities, are identified on a timely basis and that the Group’s objectives and activities are aligned with the risks and opportunities identified by the Board. The Group believes that it is crucial for all Board members to be a part of this process, and as such the Board has not established a separate risk management committee.

REVIEW OF EXPLORATION ACTIVITIES

Nacimiento Copper Uranium Project

The Company holds 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 north-south-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.

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Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

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.

Exploration field season is about to commence and Leopard’s proposed program includes the following:

Stage One:

• A. Peg the open area between the Los Pinos Lode Claim block and the San Miguel Mine (53 claims).

• B. Peg the proposed CU Claim Block (68 claims) contiguous to and south of the Nacimiento Mine and mill site.

Stage Two:

• A. Fly a low level helicopter airborne mag/radiometric survey over the Nacimiento trend looking for lookalikes similar to Olympic Dam/ABRA. The results will identify non-outcropping anomalies and indicate additional targets to acquire by pegging, thereby eliminating competition.

• B. Conduct a detailed ground gravity survey based on mag/radiometric targets.

• C. Conduct a geological literature/well log search after completing interpretation of the regional airborne mag/radiometrics survey on the areas of interest.

• D. Prepare geological reports and assist in permit applications.

Stage Three:

• A. Design, permit, and conduct drilling programs on targets based on mag/radiometric/gravity/literature search. Prepare reserve reports, etc.

• B. The outlined 3 stage program could be started in a matter of weeks.

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. Given the longevity of the project, and the varying levels of the copper price, the Directors have taken the view that recoverability of the company’s investment in the project has significant doubt and therefore have impaired the asset in the current period.

EVENTS SUBSEQUENT TO REPORTING DATE

There are no matters or circumstances which have arisen since the end of the half-year which significantly affected or may significantly affect the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in subsequent financial periods, other than:

• On 10 January 2012 the Company reached a settlement agreement with Sprint Energy Limited (formerly Modena Resources) in respect of the debt owed to the Company.

• On 2 February 2012 the Company advised that it had negotiated an agreement to acquire a Lithium Project in South America.

• On 2 February 2012 the Company also advised that it was in advanced negotiations for the placement of $2million in funding for working capital, and development of its assets.

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Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

CHANGES IN STATE OF AFFAIRS

During the half-year ended 31 December 2011 there was no significant change in the entity’s state of affairs other than that referred to in the interim financial statements or notes thereto.

AUDITOR’S DECLARATION OF INDEPENDENCE

Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann Judd, to provide the directors of the company with an Independence Declaration in relation to the review of the interim financial report. This Independence Declaration is set out on page 6 and forms part of this directors’ report for the half-year ended 31 December 2011.

Signed in accordance with a resolution of Directors.

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A Hamilton Director PERTH, Western Australia Dated: 18 March 2012

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AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the financial report of Leopard Resources NL (formerly Acclaim Exploration NL) for the half-year ended 31 December 2011, I declare that to the best of my knowledge and belief, there have been no contraventions of:

• a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• b) any applicable code of professional conduct in relation to the review.

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Perth, Western Australia 18 March 2012

W M CLARK Partner, HLB Mann Judd

Page 6

HLB Mann Judd (WA Partnership) ABN 22 193 232 714 Level 4 130 Stirling Street Perth 6000 PO Box 8124 Perth BC 6849 Western Australia. Telephone +61 (08) 9227 7500. Fax +61 (08) 9227 7533. Email: hlb@hlbwa.com.au. Website: http://www.hlb.com.au Liability limited by a scheme approved under Professional Standards Legislation

HLB Mann Judd (WA Partnership) is a member of International, a world-wide organisation of accounting firms and business advisers

Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2011

Note Revenue Other revenue 4 Interest Received – Sprint Energy Limited Interest Received – Other Depreciation expense Impairment of receivable – Sprint Energy Limited Impairment of available for sale investments Exploration and evaluation expenses written off 3 Administrative expenses Loss before income tax expense Income tax expense Loss after income tax for the period Other comprehensive income Total comprehensive (loss) for the period Basic loss per share (cents per share)	Consolidated 31 December 2011 31 December 2010 $ $ 49,665 26,613 1,910,253 - 84,102 - 596 - (8,839) (1,016) (182,298) - (56,578) (208,561) (2,231,630) (294) (834,210) (669,349) (1,268,939) (852,607) - - (1,268,939) (852,607) - - (1,268,939) (852,607) (0.69) (0.76)	Consolidated 31 December 2011 31 December 2010 $ $ 49,665 26,613 1,910,253 - 84,102 - 596 - (8,839) (1,016) (182,298) - (56,578) (208,561) (2,231,630) (294) (834,210) (669,349) (1,268,939) (852,607) - - (1,268,939) (852,607) - - (1,268,939) (852,607) (0.69) (0.76)
		(852,607) -
		(852,607) -
		(852,607)
		(0.76)

The accompanying notes form part of these financial statements

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Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011

Note ASSETS Current Assets Cash and cash equivalents Trade and other receivables 2 Total Current Assets Non-Current Assets Available for sale investments Property, plant and equipment Deferred exploration expenditure 3 Total Non-Current Assets Total Assets LIABILITIES Current Liabilities Trade and other payables Borrowings 4 Total Current Liabilities Total Liabilities Net Assets EQUITY Issued capital 5 Reserves Accumulated losses Total Equity	Consolidated 31 Dec 2011 $ 30 June 2011 $ 104,448 87,428 912,066 1,287,866 1,016,514 1,375,294 42,604 177,924 145,655 82,513 - 2,074,760 188,259 2,335,197 1,204,773 3,710,491 906,357 729,498 154,115 2,125,253 1,060,472 2,854,751 1,060,472 2,854,751 144,301 855,740 44,676,455 44,118,955 968,849 968,849 (45,501,003) (44,232,064) 144,301 855,740	Consolidated 31 Dec 2011 $ 30 June 2011 $ 104,448 87,428 912,066 1,287,866 1,016,514 1,375,294 42,604 177,924 145,655 82,513 - 2,074,760 188,259 2,335,197 1,204,773 3,710,491 906,357 729,498 154,115 2,125,253 1,060,472 2,854,751 1,060,472 2,854,751 144,301 855,740 44,676,455 44,118,955 968,849 968,849 (45,501,003) (44,232,064) 144,301 855,740
		1,375,294
		177,924 82,513 2,074,760
		2,335,197
		3,710,491
		729,498 2,125,253
		2,854,751
		2,854,751
		855,740
		44,118,955 968,849 (44,232,064)
		855,740

The accompanying notes form part of these financial statements

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Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

Note At 1 July 2010 Loss for period Total comprehensive loss for period Securities issued during the period Expenses of issue At 31 December 2010 At 1 July 2011 Loss for period Total comprehensive loss for period Securities issued during the period 5 Expenses of issue 5 At 31 December 2011	Issued Capital $ Accumulated Losses $ Option Reserve $ Total Equity $ 38,239,378 (37,364,262) 968,849 1,843,965 - (852,607) - (852,607)
	- (852,607) - (852,607) 5,266,850 - - 5,266,850 (147,273) - - (147,273)
	43,358,955 (38,216,869) 968,849 6,110,935
	44,118,955 (44,232,064) 968,849 855,740 - (1,268,939) - (1,268,939)
	- (1,268,939) - (1,268,939) 563,000 - - 563,000 (5,500) - - (5,500)
	44,676,455 (45,501,003) 968,849 144,301

The accompanying notes form part of these financial statements

Page 9

Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

CONDENSED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 31 DECEMBER 2011

Cash flows from operating activities Payments to suppliers and employees Interest received Net cash (outflows) from operating activities Cash flows from investing activities Exploration expenditure Proceeds on sale of non-current assets Purchase of available for sale investments Loans to other entities Repayment of loans to other entities Net cash (outflows) from investing activities Cash flows from financing activities Proceeds from securities issues Securities issues transaction costs Proceeds from borrowings Repayment of borrowings Net cash inflows from financing activities Net increase / (decrease) in cash held Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of the period	Consolidated 31 Dec 2011 $ 31 Dec 2010 $ (342,260) (410,373) 596 3,113 (341,664) (407,260) (156,870) (1,364,160) 121,054 117,250 - (294,075) - (2,206,173) - 358,196 (35,816) (3,388,962) 400,000 3,966,850 (5,500) (87,478) - 40,000 - (214,247) 394,500 3,705,125 17,020 (91,097) 87,428 191,091 104,448 99,994	Consolidated 31 Dec 2011 $ 31 Dec 2010 $ (342,260) (410,373) 596 3,113 (341,664) (407,260) (156,870) (1,364,160) 121,054 117,250 - (294,075) - (2,206,173) - 358,196 (35,816) (3,388,962) 400,000 3,966,850 (5,500) (87,478) - 40,000 - (214,247) 394,500 3,705,125 17,020 (91,097) 87,428 191,091 104,448 99,994
		(407,260)
		(1,364,160) 117,250 (294,075) (2,206,173) 358,196
		(3,388,962)
		3,966,850 (87,478) 40,000 (214,247)
		3,705,125
		(91,097) 191,091
		99,994

The accompanying notes form part of these financial statements

Page 10

Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS for the half year ended 31 December 2011

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

a) Statement of compliance

The Interim consolidated financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001, applicable accounting standards including AASB 134 ‘Interim Financial Reporting’, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board (‘AASB’). Compliance with AASB 134 ensures compliance with IAS 34 ‘Interim Financial Reporting’.

The condensed Interim report does not include full disclosures of the type normally included in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the Group as in the full financial report.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2011 and any public announcements made by Leopard Resources NL (formerly Acclaim Exploration NL) and its subsidiaries during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 and the ASX Listing Rules.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

b) Basis of preparation

The Interim report has been prepared on a historical cost basis, except for financial assets which are measured at fair value. Cost is based on the fair value of the consideration given in exchange for assets. The company is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise noted.

For the purpose of preparing the Interim report, the half-year has been treated as a discrete reporting period.

c) Significant accounting judgements and key estimates

The preparation of interim financial reports requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

In preparing this Interim report, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial report for the year ended 30 June 2011, with the exception of the following:

Loan Receivable from Sprint Energy Limited

The directors have considered the amounts of $759,294 (principal) and $100,000 (interest) classified within current trade and other receivables in the Statement of Financial Position as at 31 December 2011 and in Note 2 of this report. The loan is receivable from Sprint Energy Limited and have been stated at amounts based on an agreement reached on 10 January 2012 whereby the Company reached a deferred settlement agreement with Sprint Energy Limited (formerly Modena Resources Ltd and herein referred to by its ASX listed prefix: SPS) which allowed for a reduction in the principal and deferred settlement of the outstanding balance.

The outstanding interest at the time of the agreement of $254,375 was agreed to be repaid by way of the issue to the Company of 5,000,000 shares in SPS. Those shares were issued on 1 March 2012 under an escrow period of 12 months. At the date of the report, SPS shares were trading at 2 cents per share. An impairment to the amount payable as at 31 December 2011 has therefore been taken to account to reflect the market value of the shares.

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Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS for the half year ended 31 December 2011

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)

Loan Receivable from Sprint Energy Limited (Cont.)

In respect of the remaining balance of $759,294, the Directors note that in the Interim Financial Report of SPS for the period ended 31 December 2011, that whilst SPS had net liabilities of approximately $9 million and discloses a material uncertainty with regards to being able to meet its obligations and therefore extinguish the debt payable to the Company, SPS has in place an equity draw down facility for an amount of $10 million of which $8.25 million is available for use. The Directors have used their judgement and their knowledge of SPS to form the view that the obligations of SPS as at 31 December 2011 will be met by way of SPS being able to access this facility to fund its operations and obligations, including the repayment to Leopard Resources NL of the loan of $759,294.

d) Adoption of new and revised Accounting Standards

In the half-year ended 31 December 2011, the Directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July 2011.

It has been determined by the Directors that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change is necessary to Group accounting policies.

The Directors have also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the halfyear ended 31 December 2011. As a result of this review the Directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change necessary to Group accounting policies.

e) Comparatives

Comparative information has been represented so that it is also in conformity with current classifications.

f) Going Concern

The interim financial report has been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business. The Group incurred a loss of $1,268,939 for the period ended 31 December 2011 (2010: $852,607) and at balance date has a working capital deficiency of $43,958.

The ability of the Group to continue to pay its debts as and when they fall due is dependent upon the Company successfully raising additional share capital and ultimately developing one of its mineral properties.

Notwithstanding the fact that the company has a working capital deficiency of $43,958, the directors are of the opinion that the company is a going concern for the following reasons:

• The Directors have an appropriate plan to raise additional funds as and when it is required. On 2 February 2012 the Company also advised that it was in advanced negotiations for the placement of $2million in funding for working capital, and development of its assets. In light of the Group’s current exploration projects, the Directors believe that the additional capital required can be raised in the market; and

• The Directors have an appropriate plan to contain certain operating and exploration expenditure if appropriate funding is unavailable.

Should the Directors not be able to raise sufficient additional funds, there is a material uncertainty that may cast significant doubt whether the Group will be able to continue as a going concern and therefore whether it will be able to pay its debts as and when they fall due and realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.

The financial report does not include any adjustments relating to the recoverability or classification of recorded asset amounts, or to the amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern.

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Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS for the half year ended 31 December 2011

2. TRADE AND OTHER RECEIVABLES

Loan – non-related entity (i) Impairment (ii) Other debtors	Consolidated 31 Dec 2011 $ 30 June 2011 $ 1,013,669 2,042,250 (154,375) (900,103) 859,294 1,142,147 52,772 145,719 912,066 1,287,866	Consolidated 31 Dec 2011 $ 30 June 2011 $ 1,013,669 2,042,250 (154,375) (900,103) 859,294 1,142,147 52,772 145,719 912,066 1,287,866
		1,142,147 145,719
		1,287,866

• (i) The loan is unsecured and repayable on or before 31 December 2012. The loan was made to Sprint Energy Limited (formerly Modena Resources Limited).

• (ii) On 10 January 2012, the Company reached a deferred settlement agreement on the loan payable by Sprint Energy Limited (formerly Modena Resources Limited) which allowed for a reduction in the principal and deferred settlement of the outstanding balance payable on 31 December 2012. The outstanding interest at the time of the agreement of $254,375 was agreed to be payable by way of 5,000,000 shares in Sprint Energy. Those shares were issued on 1 March 2012 under an escrow of 12 months. At the date of the report, Sprint Energy shares were trading at 2 cents per share. An impairment to the amount payable on 31 December 2011 has therefore been taken to account for the market valuation of the shares to $100,000, resulting in an impairment of $154,375.

3. DEFERRED EXPLORATION EXPENDITURE

Costs carried forward in respect of areas of interest in the following phases:

Exploration and evaluation phase – at cost Movement: Balance at beginning of period Expenditure incurred Expenditure written off Balance at end of period	- 2,074,760 156,870 (2,231,630) -	2,074,760
		4,073,192 1,764,633 (3,763,065)
		2,074,760

(i) Ultimate recoupment of exploration and evaluation expenditure carried forward is dependent on successful development and commercial exploitation or, alternatively, sale of the relevant areas of interest, at amounts at least equal to book value.

• (ii) Given the longevity of the Nacimiento project, and the varying levels of the copper price, the Directors have taken the view that recoverability of the company’s investment in the project has significant doubt and therefore have provided for the impairment of this asset in the current period. It is still the intention of the Directors to pursue the exploration and development of the project.

4. BORROWINGS

Current

Loans - unsecured

154,115 2,125,253

The Company was provided a short term funding facility during the year ended 30 June 2010. Pursuant to the terms of the facility, if requested, the Company was to provide a charge over the assets and undertakings of the Company, including the Company’s interest in the Mangalisa project. During the period the Lender chose not to pursue the security in the project and also discontinued its progress on the project and reduced its exposure and balances outstanding to nil, including that owed by the Company. The associated credit of $1,910,253 is therefore taken to account in the condensed statement of comprehensive income as Other Revenue.

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Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS for the half year ended 31 December 2011

5. ISSUED CAPITAL

Issued Capital Ordinary shares – fully paid Ordinary shares – partly paid Movement in shares on issue (i) Ordinary shares – fully paid Balance at 1 July 2010 Issue for cash – 21/9/2010 Issue of shares as part consideration for acquisition of Energy Company of America LLC Issue for cash – 22/10/2010 Issue for cash – 3/12/2010 Issue of shares in satisfaction of geological services Issue of shares in satisfaction of geological services Issue of shares in satisfaction of capital raising fees Issue of shares in satisfaction of legal fees Issue of shares for cash – 25 May 2011 Issue of shares in satisfaction of capital raising fees Issue of shares in satisfaction of funding facility fee Issue of shares in satisfaction of consulting services Less – transaction costs Balance at 30 June 2011 Issue of shares in satisfaction of corporate advisory fees Balance at 30 November 2011 By resolution of the shareholders, 1 for 10 Share consolidation (a) Additional shares issued for rounding of parcels of shares Issue for cash 16/12/2011 Issued in satisfaction of consulting fees Less – transaction costs Balance at 31 December 2011 (ii) Ordinary shares – partly paid Balance at beginning of period 1 for 10 reduction (a) Balance at end of period Total issued and paid up shares	Consolidated 31 Dec 2011 $ 30 June 2011 $ 41,476,455 40,918,955 3,200,000 3,200,000 44,676,455 44,118,955 Number $ 975,871,353 35,039,378 71,075,000 1,279,350 220,000,000 1,100,000 107,749,999 1,939,500 41,555,554 748,000 40,000,000 200,000 12,500,000 200,000 16,000,000 80,000 1,176,470 20,000 50,000,000 200,000 50,000,000 200,000 104,166,666 250,000 30,000,000 90,000 - (427,273) 1,720,095,042 40,918,955 75,000,000 150,000 1,795,095,042 41,068,955 179,509,504 174 41,068,955 - 40,000,000 400,000 1,300,000 13,000 - (5,500) 220,809,678 41,476,455 3,200,000 3,200,000 320,000 3,200,000 320,000 3,200,000 221,129,678 44,676,455	Consolidated 31 Dec 2011 $ 30 June 2011 $ 41,476,455 40,918,955 3,200,000 3,200,000 44,676,455 44,118,955 Number $ 975,871,353 35,039,378 71,075,000 1,279,350 220,000,000 1,100,000 107,749,999 1,939,500 41,555,554 748,000 40,000,000 200,000 12,500,000 200,000 16,000,000 80,000 1,176,470 20,000 50,000,000 200,000 50,000,000 200,000 104,166,666 250,000 30,000,000 90,000 - (427,273) 1,720,095,042 40,918,955 75,000,000 150,000 1,795,095,042 41,068,955 179,509,504 174 41,068,955 - 40,000,000 400,000 1,300,000 13,000 - (5,500) 220,809,678 41,476,455 3,200,000 3,200,000 320,000 3,200,000 320,000 3,200,000 221,129,678 44,676,455
		44,118,955
		$ 35,039,378 1,279,350 1,100,000 1,939,500 748,000 200,000 200,000 80,000 20,000 200,000 200,000 250,000 90,000 (427,273)
		40,918,955
		150,000
		41,068,955
		41,068,955 - 400,000 13,000 (5,500)
		41,476,455
		3,200,000
		3,200,000
		3,200,000
		44,676,455

(a) Pursuant to the Annual General Meeting of members of the Company held on 30[th] November 2011, the Company consolidated its shares on a 1 for 10 basis on 1 December 2011.

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Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS for the half year ended 31 December 2011

Share Options at 31 December 2011

	Number	Exercise Price	Expiry Date
Unlisted options	22,038,056	5 cents	31 December 2013
Unlisted options	11,750,000	2 cents	28 February 2014
Unlisted options	40,000,000	0.6 cents	31 December 2013

6. SEGMENT REPORTING

The Group operates predominantly in one business segment, namely the acquisition and exploration of uranium/gold properties. The Group operates predominantly in two geographical segments being the Republic of South Africa and the United States of America.

The Group has identified its operating segments based on the internal reports that are reviewed and used by the chief operating decision maker to make decisions about resources to be allocated to the segments and assess their performance.

Operating segments are identified by the Board of Directors of Leopard Resources NL based on the mineral resource and exploration activities in the Republic of South Africa and the United States of America. Discrete financial information about each project is reported to the board on a regular basis.

The reportable segments are based on aggregated operating segments determined by the similarity of the economic characteristics, the nature of the activities and the regulatory environment in which those segments operate.

The Group has three reportable segments based on the geographical areas of the mineral resource and exploration activities in the Republic of South Africa and the United States of America. Unallocated results, assets and liabilities represent corporate amounts that are not core to the reportable segments.

(i) Segment performance Half-Year ended 31 December 2011 Revenue Total segment revenue Segment net loss before tax	Republic of South Africa (Denny Dalton Project) Republic of South Africa (Mangalisa Project) United States of America (Nacimiento Project) Total $ $ $ $ - - - -
	- - - -
	- - (2,243,581) (2,243,581)

Reconciliation of segment result to net loss before tax Amounts not included in segment result but reviewed by the Board

Unallocated items

- Interest revenue - Other revenue - Share trading - Impairment expense - Consulting and director fees expenses - Administration, management and other expenses including depreciation Net loss before tax from continuing operations	84,698 1,910,253 49,665 (238,876) (400,084) (431,014)
	(1,268,939)

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Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS for the half year ended 31 December 2011

6. SEGMENT REPORTING (Cont.)

(i) Segment performance (Cont.) Half-Year ended 31 December 2010 Segment revenue Total segment revenue Segment net loss before tax	Republic of South Africa (Denny Dalton Project) Republic of South Africa (Mangalisa Project) United States of America (Nacimiento Project) Total $ $ $ $ - - - -
	- - - -
	- - - -

Reconciliation of segment result to net loss before tax Amounts not included in segment result but reviewed by the Board - Exploration expenditure written off Unallocated items - Interest revenue - Profit on sale of non-current assets - Impairment expense - Consulting and director fees expenses - Administration, management and other expenses Net loss before tax from continuing operations (ii) Segment assets As at 31 December 2011 Segment assets Segment asset increases/(decreases) for the year - Exploration and evaluation Reconciliation of segment assets to total assets Other assets Total assets from continuing operations As at 30 June 2011 Segment assets Segment asset increases/(decreases) for the year - Exploration and evaluation Reconciliation of segment assets to total assets Other assets Total assets from continuing operations		(294) 3,113 23,500 (208,561) (426,778) (243,587)
		(852,607)
	- - -	-
	- - -
		-
		1,204,773
		1,204,773
	- - 2,074,760	2,074,760
	(100,000) (2,323,192) 424,760
		(1,998,432)
		1,635,731
		3,710,491

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Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS for the half year ended 31 December 2011

6. SEGMENT REPORTING (Cont.)

• (iii) Segment liabilities

As at 31 December 2011 Segment liabilities Segment liability increases/(decreases) for the year Reconciliation of segment liabilities to total liabilities Other liabilities Total liabilities from continuing operations As at 30 June 2011 Segment liabilities Segment liability increases/(decreases) for the year Reconciliation of segment liabilities to total liabilities Other liabilities Total liabilities from continuing operations	Republic of South Africa (Denny Dalton Project) Republic of South Africa (Mangalisa Project) United States of America (Nacimiento Project) $ $ $	Total $
	- - -	-
	- - -	- 1,060,472
		1,060,472
	- 2,110,253 -	2,110,253
	- 175,253 (1,100,000)	(924,747) 744,498
		2,854,751

7. CONTINGENT LIABILITIES

There has been no change in contingent liabilities since the last annual reporting date.

8. SUBSEQUENT EVENTS

There are no matters or circumstances which have arisen since the end of the half-year which significantly affected or may significantly affect the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in subsequent financial periods, other than:

On 10 January 2012 the Company reached a settlement agreement with Sprint Energy Limited (formerly Modena Resources) in respect of the debt owed to the Company.

On 2 February 2012 the Company advised that it had negotiated an agreement to acquire a Lithium Project in South America.

On 2 February 2012 the Company also advised that it was in advanced negotiations for the placement of $2million in funding for working capital, and development of its assets.

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Leopard Resources NL Interim Financial Report for the six months ended 31 December 2011

DIRECTORS’ DECLARATION

In the opinion of the directors of Leopard Resources NL (‘the company’):

1. The attached financial statements and notes thereto are in accordance with the Corporations Act 2001 including:

2. (a) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

3. (b) giving a true and fair view of the Group’s financial position as at 31 December 2011 and its performance for the half-year then ended.

4. There are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors made pursuant to section 303(5) of the Corporations Act 2001.

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A Hamilton

Director

PERTH, Western Australia

Dated: 18 March 2012

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of Leopard Resources NL (formerly Acclaim Exploration NL)

Report on the Condensed Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Leopard Resources NL (“the company”) which comprises the condensed statement of financial position as at 31 December 2011, the condensed statement of comprehensive income, condensed statement of changes in equity and condensed statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory notes and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year.

Directors’ responsibility for the half-year financial report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of Leopard Resources NL, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 .

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HLB Mann Judd (WA Partnership) ABN 22 193 232 714 Level 4 130 Stirling Street Perth 6000 PO Box 8124 Perth BC 6849 Western Australia. Telephone +61 (08) 9227 7500. Fax +61 (08) 9227 7533. Email: hlb@hlbwa.com.au. Website: http://www.hlb.com.au Liability limited by a scheme approved under Professional Standards Legislation

HLB Mann Judd (WA Partnership) is a member of

International, a world-wide organisation of accounting firms and business advisers

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Matters relating to the electronic presentation of the reviewed half-year financial report

This review report relates to the half-year financial report of the consolidated entity for the half-year ended 31 December 2011 included on the company’s website. The company’s directors are responsible for the integrity of the company’s website. We have not been engaged to report on the integrity of this website. The review report refers only to the half-year financial report identified above. It does not provide an opinion on any other information which may have been hyperlinked to/from the half-year financial report. If users of the half-year financial report are concerned with the inherent risks arising from publication on a website they are advised to refer to the hard copy of the reviewed half-year financial report to confirm the information contained in this website version of the half-year financial report.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Leopard Resources NL is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Emphasis of Matter – Recoverability of loan

Without modifying our conclusion, we draw attention to Note 1(c) in the financial report, which indicates that loans receivable by the company of $759,294 and $100,000 have been included in the statement of financial position based upon certain judgments made by the directors in respect of future events which are required to occur in order for these assets to be recovered.

Emphasis of Matter – Going Concern

Without modifying our conclusion, we draw attention to Note 1(f) in the financial report, which indicates that additional funding is required for the company to continue as a going concern. Should the company be unable to obtain sufficient funding as outlined in Note 1(f), there is a material uncertainty that may cast significant doubt whether it will be able to continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.

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HLB MANN JUDD Chartered Accountants

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Perth, Western Australia 18 March 2012

W M CLARK Partner

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