CONNECTED MINERALS LIMITED — Regulatory Filings 2022

Apr 12, 2022

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13 April 2022

ASX Announcement

BUSINESS OPERATIONS UPDATE

Connected IO Limited (“ Connected IO” or “ Company” ) is pleased to provide a business operations update consistent with the re-focussing of the business in the Southeast Asia and Australasian markets.

The Company has progressed on several fronts leveraging the Company’s intellectual property in Internet of Things (IOT) devices, IOT Cloud Management Platform and associated software development services.

Earlier in the year, the Company appointed an experienced Australian based consultant who has been assisting the Company with generating new business in the region. The initial scope of the assignment was to increase the Company’s capability in the region to supply IOT services and that was achieved with the engagement of a team of three based out of India who had the technical ability to develop, implement and advance the Company’s existing intellectual property. These individuals began working almost immediately on a revenue generating contract (refer ASX release dated 10 January 2022) to supply IOT services to a client.

That contract was recently cemented with the signing of a Memorandum of Understanding (MOU) with the client, Yojee Limited ( “Yojee” ). The substance of the MOU is that Connected IO will provide IOT services to Yojee including consultancy services, its IOT Device Management platform and assistance to Yojee with equipment sourcing during the term of the project. Connected IO continues to work with the client to design new IOT solutions leveraging emerging digital applications and technologies such as blockchain, to drive further supply-chain productivity improvements.

In addition, the MOU contemplates Connected IO and Yojee working together (on a nonexclusive basis) to explore further business opportunities that may be identified through the process of completing the assignment (including potential re-selling agreements).

The Company has also been simultaneously pursuing complementary bolt-on acquisition opportunities to scale customer volumes, expand technical skills across digital design, software development and blockchain competencies. The Company has evaluated over 10 potential acquisition opportunities with several progressing to formal due diligence.

Connected IO Limited ABN 99 009 076 233 Level 24, 44 St Georges Tce, Perth WA 6000 T +61 8 6211 5099; F +61 8 9218 8875

The Company also continues to engage with Splendor Limited ( “Splendor” ), a Southeast Asian consultancy group. As detailed in the Company’s ASX release dated 25 November 2021, the Company engaged Splendor to undertake a review of the Company’s business. The Company is now actively engaged with Splendor in the pursuit of material strategic growth opportunities with several opportunities having been assessed by the Company, but none that have progressed beyond initial due diligence at this stage.

The strategic objective of the Company is to grow the business via organic growth in Southeast Asia and Australasian region, acquisition of complementary business(s) to accelerate scale in core IOT business and expand competencies to participate in high-growth adjacent markets, whilst simultaneously pursuing material growth options to deliver superior shareholder value in the medium to longer term.

To further accelerate the growth of the business, the Company is currently investigating the possibility of a secondary listing on the TSX Venture Exchange ( “TSX-V” ). The Company is considering such a move on the basis that certain opportunities being presented to the Company will be well received on the TSX-V and the Company wishes to be in a position to capitalise on that should the opportunities present themselves. The process to dual listing on the TSX-V is expected to take 4-5 months during which time the Company is targeting a number of growth initiatives that would justify the time and cost of a dual listing.

Mr Dougal Ferguson, the Company’s Chief Executive Officer commented:

“We are pleased to ink this strategic collaboration with Yojee to explore the possibilities that may present themselves with this MOU. Expanding our capabilities in Southeast Asia is critical to our continued growth in the region and a key focus of the business in the near term.

We see significant growth opportunities in this market and remain focussed on growing the business both organically through these types of commercial arrangements and through acquisition if value accretive to our shareholders.”

For further information, please contact Dougal Ferguson, the Chief Executive Officer of Connected IO Limited on 08 6211 5099.

For the purposes of ASX Listing Rule 15.5, this announcement was approved and authorised for release by the Company’s Board of Directors.

ABOUT CONNECTED IO

Connected IO Limited is a wireless technology innovator and manufacturer operating in the multi-trillion-dollar “IOT” (Internet of Things) sector. Connected IO specializes in machine to machine (“M2M”) connectivity, providing hardware and software solutions to some of the world’s largest companies. Connected IO’s software solutions also include a customised cloud management interface and a variety of support services.