PEPPERMINT INNOVATION LIMITED — Interim / Quarterly Report 2012

Apr 29, 2012

QUARTERLY REPORT FOR THE PERIOD ENDING 31 MARCH 2012

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30[th] April 2012

Overview

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• Focus on Zambian Copper Projects for Chrysalis Resources

• Completion of out of court settlement in Zambia giving green light to exploration

• Completion of the review of all Western Australian projects

• Pioneer Drill program undertaken

Zambia

During the quarter Chrysalis Resources Limited advised they had reached an out of court settlement with the Zambian Government which allowed the company to finalise its acquisition of 100% of Zambian Copper Pty Ltd and 99.9% of Sedgwick Resources Limited (a Zambian company). The Zambian Projects comprise in excess of 3,000km2 of exploration ground in Zambia.

Work is progressing on the planned exploration activities over the next 12 months which will be based around the following:

• Airborne Geophysics

• Ground Geophysics

• RC Drilling and targeted Diamond Drilling

• Satellite Image Analysis

The Company is exploring its options with respect to capital raising and is confident that once the Share Sale Agreement between the parties has been completed significant exploration work will be undertaken during the current Dry Season.

Pioneer

CSA Global, on behalf of Chrysalis Resources Limited, completed an RC drilling programme consisting of 3 holes for 450m at the Spongelite Prospect at Pioneer, which is located 25 km north-northwest of Norseman and 135 km south-southeast of Kalgoorlie-Boulder. Results are still being compiled.

General

During the quarter CSA Global completed their review and collection of data for all Chrysalis projects. The Board is considering these reports as it moves to focus its attention on the Zambian Copper exploration program.

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----- Start of picture text ----- Chrysalis Resources Limited Company Snapshot Company Structure Board ManagementA.B.N 56 125 931 964 Listed on ASX 27 May 2008 No of Shares on Issue 67,343,702 Dr Neale FongLevel 1 Executive Chairman331 Hay Street ASX Share Code CYS No of Options on Issue 35,036,327SUBIACO WA 6008 Mr Adrian PaulSector Mining Cash (as at 31 [st] Mar 12) $0.67M Non-Executive DirectorPO Box 226, Wembley WA 6913Mr Grant KidnerPhone: 618 9380 4430 Non-Executive DirectorFax: 618 9481 5044E: info@chrysalisresources.com.au Mel Cotterellwww.chrysalisresources.com.au Company Secretary----- End of picture text -----

QUARTERLY REPORT FOR THE PERIOD ENDING 31 MARCH 2012

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Corporate

The Company has $672,000 in cash as at 31 March 2012.

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Dr Neale Fong Executive Chairman

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Mel Cotterell Company Secretary

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----- Start of picture text ----- Chrysalis Resources Limited Company Snapshot Company Structure Board ManagementA.B.N 56 125 931 964 Listed on ASX 27 May 2008 No of Shares on Issue 67,343,702 Dr Neale FongLevel 1 Executive Chairman331 Hay Street ASX Share Code CYS No of Options on Issue 35,036,327SUBIACO WA 6008 Mr Adrian PaulSector Mining Cash (as at 31 [st] Mar 12) $0.67M Non-Executive DirectorPO Box 226, Wembley WA 6913Mr Grant KidnerPhone: 618 9380 4430 Non-Executive DirectorFax: 618 9481 5044E: info@chrysalisresources.com.au Mel Cotterellwww.chrysalisresources.com.au Company Secretary----- End of picture text -----