ASX ANNOUNCEMENT

14 January 2012

ASX Code: DTM Investment Data

Shares on issue 198,545M Unlisted options 14.55M

Shareholders

Top 20 Hold 38%

Key Projects / Metals

• Unicorn Porphyry Mo-Cu-Ag

• Morgan Porphyry Mo-Ag-Au

• Mountain View Lode - Au

Mo - Molybdenum

Cu - Copper

Au - Gold

Ag - Silver

Board & Management

Chairman

Mr Chris Bain

Managing Director

Mr Lindsay Ward

Executive Director

Mr Dean Turnbull

Manager - Exploration

Non-Executive Directors

Mr Stephen Poke

Mr Richard Udovenya

Contact Details

Dart Mining NL Level 2

395 Collins Street

Melbourne VIC 3000

Australia

Mr Lindsay Ward

Phone: +61 (0)3 9621 1299

Email: [email protected]

Visit our webpage:

www.dartmining.com.au

DART MINING REPORT FOR THE QUARTER ENDED 31 DECEMBER 2012

• SCOPING STUDY CONFIRMS STRONG ECONOMICS FOR UNICORN PROJECT
• DEEP DRILLING UNDERWAY TO TEST HENDERSON ANALOGY - HIGH GRADE COARSE MOLY INTERSECTED
• SUCCESSFUL CAPITAL RAISING ENABLES DEEP DRILLING AND FEASIBILITY STUDIES TO COMMENCE
• CASH AT BANK AS AT 31 DECEMBER 2012 - $2.8M

SUMMARY

Dart Mining NL (ASX: DTM) has had another highly successful quarter with the release of the first economic assessment of the Unicorn Project, a successful capital raising completed in continuing tough market conditions for Juniors and the deep drilling to test the Henderson analogy getting underway.
The release of the scoping study (preliminary economic assessment) was a real milestone for Dart Mining and its flagship project Unicorn. Since its discovery in
2008, Dart Mining has progressively been moving towards this important milestone and with a payback of less than 2.5 years and an IRR of 27% based on a 10% discount rate, the economic potential of Unicorn looks very encouraging.
The first drill hole to test known mineralisation below 570 metres is underway and already in the first 100 metres of drilling high grade zones showing coarse molybdenum have been seen, which is a great start to a hole that will hopefully extend down to 1200 metres.
In November additional capital to support the planned deep drilling program was raised, with both existing and new shareholders supporting the raising of approximately $1.25 million before costs.
A Mining Lease was granted for the Mountain View gold project during the quarter and the current intention during 2013 is to develop an information memorandum covering Dart Mining's broader gold tenements to bring in a joint venture partner to progress these gold opportunities as we advance Unicorn.
Dart Mining ended the year with approximately $2.8M cash at bank and is well placed for a strong first quarter in 2013 which should see the results of the deep drilling released, further metallurgical drilling undertaken and the feasibility studies for Unicorn advanced.

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SCOPING STUDY RELEASED

The scoping study looked at three mining rates (5Mtpa / 7.5Mtpa / 10Mtpa) with ore being drilled and blasted, then moved by front end loader to in pit crushers for delivery to twin inclined ore passes using gravity to feed the ore down to a conveyor decline beneath the open pit. The crushed material is captured in twin apron feeders that progressively feed the ore onto a conveyor for transport to the processing plant.
Processing will use a conventional SAG, ball and pebble crushing comminution circuit, flotation, filtration concentrate storage, load-out and associated site infrastructure requirements. Separate molybdenum and copper/silver concentrates will be produced for sale. The base case of 7.5Mtpa was used as the basis of design and costing with scaled estimates then established for mining and throughput for the 5Mtpa and 10Mtpa cases.
The favourable project location compared to many other potential Australian resource projects, will enable
Unicorn to be a residential mine and not a fly-in / fly-out operation, resulting in significant cost savings. Dart engaged independent experts to provide specialist input into the scoping study components:
• Unicorn Deposit Resource Estimation - AMC Consulting Pty Ltd, August 2012;
• Unicorn scoping study mining report - Taylor Mine Planning, Sept 2012;
• Summary of metallurgical test results - AMML Pty Ltd, Nov 2011;
• Scoping Study Report (plant design capital and operating costs) - Ausenco Services Pty Ltd, August
2012,
• Unicorn Molybdenum Project peer review of scoping study report - Arccon Mining Services Pty Ltd, September 2012;
• Unicorn Project Mine to Port Study - Braemar Seascope Pty Ltd, September 2012;
• Molybdenum Market outlook to 2017- Roskill Information Services Ltd, July 2011;
• Unicorn pre-production budget estimate - Taylor Mine Planning, August 2011.
Dart Mining was very pleased with the results of the scoping study and believe that there is still upside that may result from further refining of mine and mill operating scenarios and expanding the current resource which remains open at depth to give a 20 year mine life.
Key Scoping Study Financial Parameters:
• Initial mine life of 14 years with strong potential to increase to 20 years;
• 10Mtpa production gives best financial result due to economies of scale;
• Pre-tax IRR 27% at a discount rate of 10%;
• Payback less than 2.5 years;
• NPV (100% equity) $255million based on initial 14 year mine life;
• Additional 6 year mine life could add approx $50 - 70million NPV.
• $3.58 cash cost / lb Mo (net of credits) places Unicorn in lowest cost quartile;
• Capital cost $304million with production targeted to commence mid-2016.
The scoping study strongly supports the economic potential of the Unicorn project under a robust set of financial and operational parameters. Planned activities over the next twelve months will ideally see additional metallurgy undertaken, prefeasibility designs and studies completed and the initial approvals process commenced.

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Graph 1. Operating Cash Cost Mine + Mill Cash Cost (US$/lb Mo)

DEEP DRILLING UNDERWAY

Deep drilling commenced in late November with an existing diamond hole (DUNDD008) being extended below
387.9m to a target depth of 1200m. Progress has been slower than anticipated due to having to re-establish over DUNDD008 and a mechanical issue with the drill rig.
DUNDD008 was the first hole to intersect the M3 high grade molybdenum zone and ended in mineralisation after intersecting approximately 40 metres @ 0.08% Mo from 348m to end of hole at 387.9 metres, including a zone of 18m @ 0.11% Mo.
The deep hole extension of DUNDD008 reached a depth of approximately 525.1m at the end of the quarter, and has intersected the continuation of the M3 zone consisting of a number of quartz stock work veins over
50m showing coarse visible Mo with some zones of very strong Mo being intersected - please see photographs
1 & 2 below.

Photograph 1 Photograph 2

DUNDD008 Extension -

Coarse visible Mo: M3 Resource Zone at approximately 436.5m

Photograph 3 Photograph 4

DUNDD008 Extension -

Coarse visible Mo: Open Mineralised Zone below 474.5m

An additional pulse of mineralised porphyry has been intersected below a fault at 474m showing very coarse Mo both in quartz stockwork and as disseminated blebs - please see photographs 3 &
4 below. The open mineralisation below 474m may represent M4, correlated with a high grade interval intersected in DUNDD005 below 531m
(13.8m @ 0.09% Mo Inc. 2m @ 0.48% Mo). At this stage the grade over the intersections are unknown, with assay results of the first sample dispatch from the drill hole anticipated in early February 2013.
Depending on drill progress it is anticipated that the extension of the hole will reach its targeted depth of approximately 1200 metres in March
2013.
A deep drill hole from the program will be included in a research project being undertaken by Auscope, a national research scheme involving CSIRO, Geoscience Australia, and a host of universities. Specifically, data from this drilling will be used by the Australian Geophysical Observatory System (AGOS) in conjunction with

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The University of Melbourne and University of Adelaide for their component of the research project, which is largely focused on the deployment of an acoustic televiewer/scanning tool in a suite of ~20 diamond drill holes, across Victoria and into South Australia. Borehole scanning with this tool, in particular, will be used to determine key structural and crustal stress parameters across the Lachlan and Delamaerian Orogens.

SUCCESSFUL CAPITAL RAISING

Dart Mining raised approximately $1.25million (before expenses) by way of a capital raising with the issue of approximately 15 million fully paid ordinary shares at 8.3 cents per share. The share placement to existing and new shareholders was supported by lead manager Bell Potter Securities Limited.
Despite challenging market conditions, Dart Mining was pleased with the outcome of the capital raising and the additional funds allows for deep drilling down to around 1200m to test for Henderson (USA) style deep high grade Molybdenum repetitions and it will also provide further funding for an accelerated pre-feasibility metallurgical and geotechnical drilling.
The capital raising was completed in two tranches, with both now having been completed.

MINING LICENCE APPROVED FOR MOUNTAIN VIEW GOLD PROSPECT

As previously advised, the Mountain View Prospect, within the Dart exploration licence (EL4726) shows potential for zones of very high grade gold mineralisation within sulphide lodes. Drilling has identified high-grade gold over 150 metre strike with results including 6m @ 21.79 g/t Au (including 2m @
59.25 g/t Au) and 9m @ 10.02 g/t Au (including 3m @
21.02 g/t Au).
Dart Mining was granted a Mining Licence over the Mountain View project area in November 2012. An information memorandum will be developed for the project during 2013 to attract a joint venture partner or sale of the project.

Mountain View: Showing Dart drilling within the trial mining pit from the early 1990s

ENVIRONMENTAL MONITORING COMMENCED

Baseline environmental monitoring commenced in October and will involve taking noise readings, collecting dust, stream water and ground water samples and analysing these to determine the background or existing environmental conditions prior to any proposed mining at Unicorn. Specifically it is planned to:
• Establish a baseline of the site's characteristics prior to development

Bryson Lashbrook of nghenvironmental demonstrates how to set-up equipment for stream sample measurements and collection

• Establish long-term trends in natural and unperturbed systems
• Establish inherent variation within the existing environment
• Enable comparisons between different situations (i.e. pre-development and post-development) to detect changes
• Enable comparisons against a standard or target level.

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BROKER COVERAGE / MEDIA

Dart Mining NL has received updated research coverage from Arrowhead, a New York City based, independent financial and business consulting firm. The report can be down loaded from the Dart Mining website -
http://www.dartmining.com.au.

TENEMENT RELINQUISHMENTS

Statutory area reductions were submitted for EL 5131 and 5132 following the 4th year anniversary of these tenements. Key areas of the tenements will be retained for further exploration.

STOCKBROKER SITE VISIT

During early November, 14 stock brokers from three separate broking houses and potential investors visited the Unicorn project site. This enabled Dart Mining to continue to educate people about Unicorn's potential and to gain feedback on how Dart Mining's performance was being perceived by shareholders.
It was a successful day and further site visits will be conducted during 2013.

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GEOLOGICAL SITE VISIT

During late November, approximately 30 geologists attended a technical site visit to Mt Unicorn. Geologists from various Victorian and interstate Exploration and Mining companies walked over the Unicorn porphyry, inspected drill core and
discussed the analogy of Unicorn and Henderson.

Dart Mining was very pleased to host the site visit and enjoyed the opportunity to explain the
geological model in more detail and to be unofficially peer reviewed by so many experienced professionals. Following a tour of the outcropping mineralisation and drill core, a general consensus was reached that Unicorn represents a very active and strongly mineralised porphyry system that is highly likely to have similar mineralised intrusive bodies
within the general area worthy of increased exploration attention. The group was also astonished that the deposit had remained undiscovered, even though it clearly outcrops showing visible sulphide mineralisation.

DART MINING MEDIA AND PRESENTATION ACTIVITIES FOR FOURTH QUARTER

• Melbourne Resources Roundup Conference
• Broker Luncheon in Melbourne attended by approximately 65 brokers
• Various Corryong Courier Articles
• USA, Canada and Singapore road shows
• Sydney and Melbourne broker presentations

About Dart Mining

Dart Mining NL (ASX:DTM), a Melbourne based exploration and development company, has discovered a new mineralised porphyry province in NE Victoria. The Dart Mining province hosts molybdenum (Mo) + copper (Cu)
+ silver (Ag) mineralisation in Climax style porphyry igneous intrusions and lies adjacent to the Gilmore suture with numerous intersecting splay faults. The Gilmore suture in NSW, is a proven host of world class porphyry mines such as North Parkes, Cadia and Ridgeway. The Gilmore sutures extension into Victoria also hosts the Stockman Zinc - Lead VMS project, which is approximately 35 kilometres to the south of Dart Mining's tenements and is at an advanced stage of development. Climax style porphyries are very rare, mostly known to occur only within the North American Cordillera.
"Unicorn" approximately 30 kilometres from Corryong, Victoria, is Dart Mining's principle project. The Unicorn project is a molybdenum (Mo) + copper (Cu) + silver (Ag) porphyry that has similar geological characteristics to the world class Henderson Climax style primary Mo porphyry mine in Colorado, USA. Dart Mining announced its maiden JORC resource for Unicorn in October 2011 and quickly moved to complete scoping level study metallurgical test work, which confirmed high recoveries - Mo (93%), Cu (96%) and Ag (80%) and that two separate saleable grade concentrates could be produced - Mo concentrate (51%) and Cu / Ag Concentrate
(23%). Based on the metallurgical testing and the maiden JORC resource, the Unicorn deposit is estimated to

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contain approximately 38,000 tonnes of recoverable Mo metal, 58,000 tonnes of recoverable Cu metal and 8.6 million ounces of recoverable Ag metal.
Unicorn has a number of unique characteristic in that it outcrops, is located approximately 20 kilometres from major National Electricity Market infrastructure (Hydro generation, switchyards and transmission lines), has abundant water, road access to the deposit, existing logistics chain from mine to mill and the project is supported by the Corryong community. Dart Mining's extensive tenement holdings in North East Victoria remain largely underexplored and the potential for identifying additional mineralised porphyries is very strong. Specific exploration targets which are known to be mineralised include Morgan (Mo / Ag / Cu / Au), Mammoth (Cu / Ag / Au / Zn / Sn / Mo) and the Dart pluton string (Au / Cu).

About Molybdenum

Molybdenum is both a traditional and new age / future metal with unique characteristics. Its primary use is as an essential metal in the manufacture of steel where it adds strength, hardness and toughness as well as increasing steels resistance to corrosion. Molybdenum also has a range of chemical uses including acting as s a catalyst to remove impurities, including sulphur, during crude oil production. Molybdenum is also used in the paint and plastics industry.
Molybdenum has a growing use in the renewable energy sector where it is used in the manufacture of solar panels and has a potential use as the electrode plate for the separation of hydrogen and oxygen to produce hydrogen energy. Molybdenum is also used in nano technologies to make electrical goods smaller.
Molybdenum is traded on the LME and has worldwide demand of ~ 220,000 tonnes pa that is growing at 5%
pa.

COMPETENT PERSON'S STATEMENT

Information in this report that relates to a statement of Exploration Results and Mineral Resources of the Company is based on information compiled by Dean Turnbull B.App.Sc.(Geol) Hons. M. AIG. Mr Turnbull is a Director and full time employee of Dart Mining NL and has sufficient experience relevant to the style of mineralisation and type of deposits under consideration and to the activity he has undertaken to qualify as a competent person as defined in the 2004 Edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves" (or "JORC Code"). Mr Turnbull has provided written

consent to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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