DART MINING NL — AGM Information 2012

Oct 1, 2012

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DART MINING – Chairman’s Address - AGM 2 October 2012

I am very proud of the Dart team for the outstanding work in taking the Unicorn project from a discovery by Dart through to a JORC Measured Indicated and Inferred Resource during a period of extreme market volatility through which it has never been easy to raise the capital necessary to complete the task.

The Unicorn project is a very large, low grade molybdenum-copper-silver porphyry deposit, geologically this type of porphyry is fairly unique. However, there is no shortage of molybdenum deposits around the world and only the best and lowest cost will make profitable mines, we at Dart believe that Unicorn has the attributes to make such a mine in large part because of the particular attributes of the location at Corryong.

But there is no doubt that challenges lie ahead. In planning the development of Unicorn, Dart cannot control commodity prices, but to the degree that we can, we must control our capital and operating costs. In order for Unicorn to be a long life profitable mine we must look for innovative low cost mining methods. Just as importantly we must work in partnership with all stakeholders to strike a balance between risk and reward.

In recent times Governments have seen mining as a potential golden goose, and encouraged expectations that wealth from mining should be spread to all Australians regardless of whether they have worked for it or not and without acknowledgement of risk and reward balance. This can very quickly lead to no development at all.

In Australia the minerals are owned by the States – not the federal government and in return for allowing companies to exploit those minerals, companies pay the States a royalty – that is a production payment based on revenue or volume - not profitability. Companies take all the risk from the time and cost invested in exploration, funding and technology risk, development and operational risk and commodity price risk. Whilst companies do not particularly like paying production based royalties there has been over time a reasonable balance between the scale of the royalty and the risks associated with development and mining. Recent political instability is severely distorting this risk reward balance.

The Minerals Resource Rent Tax (MRRT) is not imposed (yet) on the metals Dart has discovered at Unicorn, whilst the concept of increased “resource rent” on top of the cycle profits may be an arguable point, this tax was set up as a tax to underpin increased recurrent spending by government and imposed by a government that does not even own the minerals on which it seeks to apply the rent tax, another complete distortion of risk and reward.

In many jurisdictions all mineral related exploration and development capital is deductible before any corporate tax is paid. This is not the case in Australia where the balance between risk and reward has allowed full deductibility of exploration and amortisation of capital related to the life of the resource.

Recently the federal government’s Business Tax Working group was asked look at measures that could fully offset a reduction in company tax. Included in the discussion paper was reducing the ability of mining companies to fully deduct among other things – exploration and feasibility expenses. Exploration and feasibility studies are a form of R&D it is a high risk activity and to deny full deductibility to help level the tax base shows a complete lack of understanding of the risks of exploration. The result of doing this may in the short term increase tax income but it will also certainly reduce exploration and in the long run mining development and therefore reduce the long term tax base.

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Across Australia, regulatory and permitting risk is increasing the time and cost it now takes to get to the development starting line. We often hear that a delay in developing a project is not a problem because the resource remains in the ground for future generations. That may be true as a generality but for the investors, companies and communities that have invested heavily to discover and evaluate a resource, a significant delay caused by unreasonable regulatory hurdles and process duplication can impact a smaller company’s ability to realise value for its investment if the project passes undeveloped to another owner at a discounted value. Companies are expected to be well managed and transparent, we should expect the same from our government and bureaucracy.

From an investors perspective very long project lead times from exploration to cash flow requires a significant return on the development of a successful discovery to make it worthwhile to continue investing through the commodity cycle and to allow for the many projects that do not make it. If the industry cannot or is not allowed to deliver those returns then investors will look elsewhere.

Returning to Dart and the Unicorn Project, as I said in my opening remarks, much has been achieved over the last year but there is more work to be done to demonstrate economic viability of the Unicorn project. Dart is working on the first important step - the Scoping Study, which will be released later this month.

The Scoping Study will outline the capital and operating costs based on a development scenario for Unicorn under a series of economic parameters. From this Dart should see the pathway to development and understand what further detailed technical work is required and the funding scenario to undertake this work. Whilst the current commodity price and exchange rate environment is challenging, Dart is looking to a potentially 20plus year decision so as I indicated earlier it is about controlling the controllable factors including expectations of all stakeholders and it is Governments role to instil certainty, transparency and stability into the decisions for which they have responsibility.

I will now invite our Managing Director – Lindsay Ward to give you an update on the company and more detail of the achievements at Unicorn over the past year.

CHRIS BAIN

2 Oct 2012

Chairman

Dart Mining NL

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Managing Director

Oct 2012

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DISCLAIMER
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The information contained in this document is disclosed to you by Dart Mining NL (ACN 119 904 880) (the "Company").

Nothing in this document shall form the basis of any contract or commitment, or constitutes investment, financial product, legal, tax or other advice. The information in this document does not take into account your investment objectives, financial situation or particular needs.

The Company has prepared this document and is not aware of any errors in this document, but does not make any recommendations or warranty, express or implied concerning the accuracy of any forward looking statements or the likelihood of achievement or reasonableness of any assumptions, forecasts, prospects or returns contained in the information. Such assumptions, forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.

This document is intended to provide background information only and does not purport to make any recommendation upon which you may reasonably rely without taking further and more specific advice. Potential investors should make their own decision whether to purchase any share in the Company based on their own enquiries. Potential investors are advised to seek appropriate independent advice, if necessary, to determine the suitability of the investment. An investment in the Company should be considered speculative.

This document is not a prospectus or other disclosure document.

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DART MINING (DTM) YEAR IN REVIEW
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• Nil safety incidents – Safety Management System rewritten

• ~

• Two drilling programs completed – 1500m’s diamond / ~4000m’s RC

• Maiden JORC resource announced – 102Mt JORC Indicated and Inferred

• Initial metallurgy confirms high recoveries – Mo 93% / Cu 96% / Ag 83%

• Initial community meeting held – strong community & Govt support

• Conceptual pit design released – low cost, innovative approach

• DPI approves clearing – no known native title, flora or fauna issues

• ~$5.5M capital raised – 65% spent on exploration / 35% on corporate

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DTM INVESTMENT HIGHLIGHTS
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• Unicorn deposit – potentially a world class Mo + Cu + Ag porphyry mine

• Similarities to Climax / Henderson – multiple high grade stacked horizons

• Positive outlook for Molybdenum (Mo) – price is predicted to recover

• 102Mt Measured / 203Mt total Resource – could support long mine life

• Lowest cost quartile target – scoping study release October 2012

• High grade from surface – very low strip ratio / topographic high

• Very positive initial metallurgy – 92% Mo / 96% Cu / 80% Ag recoveries

• –

• No known native title, flora or fauna issues simplified approvals

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DTM CORPORATE STRUCTURE
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ASX Code: DTM Shares on issue : ~182.94m • Market cap : ~$18.m • Directors : 11.6m shares (~7%) Top 20 : 35% • Cash : ~US$2.3m – 1 October 2012 Expenditure Profile: ~65% Exploration / ~35% Corporate

: Options

• 8.35m unlisted 15 cent options (expiry 31 Dec 2013)

• • 100,000 unlisted 18 cent options (expiry 20 March 2017)

• • 100,000 unlisted 22 cent options (expiry 20 March 2017

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Relative Share Price Performance
Australian Molybdenum Explorers / Developers
150%
100%
Dart Mining (DTM)
50%
0%
-50%
Small Resources (XSR)
-100%
Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12
THR MOL ZGM AQR XSR DTM
Absolute Return (%)
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HANDS ON AND COHESIVE BOARD
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Lindsay Ward – Managing Director Experienced senior executive having worked at CEO & GM level across the mining, power generation, mineral processing, ports, rail and logistic industries Chris Bain – Chairman

Well regarded corporate advisor, who has been instrumental in numerous resource based acquisitions, IPOs and capital raisings. Chris is a qualified geologist & mineral economist

Dean Turnbull – Executive Director

Instrumental in pegging Dart Mining’s tenements. Leads the Corryong based exploration team. Extensive exploration and mine geology experience Stephen Poke – Non-Executive Director

Experienced resources industry executive with a strong focus on mining and exploration drilling

Richard Udovenya – Non-Executive Director

Specialises in corporate, corporate governance and commercial law in the natural resources sector with a focus on ECM activities, including IPOs for ASX and AIM listings. Legal adviser to Australian & international resource companies

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PROJECT LOCATION ADVANTAGE
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ALBURY
N.S.W
VICTORIA CORRYONG
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NEW AUSTRALIAN MINERAL PROVINCE
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• Gilmore splays are

known host of major ore bodies

• Cadia / Ridgeway / Nth

  • Parkes in NSW

• Benambra in Victoria

• Gilmore suture flexes

• across into Victoria with a series of splay faults

• DTM has 2,000km[2] of

• tenements across this strategic structural zone

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UNICORN and HENDERSON ARE SIMILAR
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DRILL RIG
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Unicorn Mineral Resource (Left) showing the 5,978,100mN cross section showing Measured, Indicated and Inferred Mineral Resource and the M3 Grade Zone to 400 RL (450m below surface). The conceptual Henderson style Target associated with multiple intrusive centres is also illustrated. The Henderson Mine Geological cross section (Right) at the same scale (Modified composite section compiled from: Wallace 1978-1995,Seedorf & Einaudi 2004 and Banks 2009).

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UNICORN RESOURCE SUMMARY
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							INSITU METAL	INSITU METAL	INSITU METAL
JORC CLASSIFICATION	TONNAGE (Mt)	MoEq1 Cutoff (%)	Mo Eq1 (%)	Mo (%)	Cu (%)	Ag (g/t)	Mo (t)	Cu (t)	Ag (Moz)
MEASURED	102	0.04	0.07	0.04	0.06	3.58	37,561	61,305	11.8
INDICATED	35	0.04	0.06	0.04	0.04	2.75	12,792	14,629	3.1
INFERRED	66	0.04	0.05	0.03	0.03	2.15	21,863	21,863	4.5
TOTAL	203	0.04	0.06	0.04	0.05	2.97	72,216	97,798	19.4
FROM SURFACE:
MEASURED*	54	0.06	0.08	0.04	0.08	4.61	22,016	44,300	7.9

Variables and factors that influence the Mineral Resource Estimation

MoEq[1] (Molybdenum Equivalent) = Mo + (Cu / 3.44) + (Ag x 34.3) ( assumes equal metallurgical recovery for each metal ) – see Note 1 opposite.

• Measured Mineral Resource at 0.06% MoEq[1] cutoff of 54 Mt @ 0.08% MoEq[1] is included in the 203 Mt @ 0.06% MoEq[1] at a 0.04% MoEq[1] cut off

Estimated by ordinary kriging on 50 x 50 x 50m blocks at 400ppm MoEq[1] Cut off grade (Cut off considered to represent a level at which the combined value of recoverable metals clearly shows reasonable prospects for eventual economic extraction).

Top Cutting has been applied to high grade drill intersections at different values for each metal, such that grades utilised in the Resource do not rise above the following upper limits:

• Molybdenum Cutoff: 3500ppm (0.35% Mo). Maximum value in drill hole samples 6260 ppm Mo

• Copper Cutoff: 10000ppm (1.0% Cu). Maximum value in drill hole samples 17,800 ppm Cu

• Silver Cutoff: 50ppm (50 g/t Ag). Maximum value in drill samples 100 g/t Ag

Bulk Density assigned by lithology. Silica Cap – 2.72 g/cm[3] ; Quartz Feldspar Porphyry 2.67 g/cm[3] ; Polymict Breccia 2.73 g/cm[3 ] ; Igneous Breccia 2.72 g/cm[3] ; Diorite 2.67

g/cm[3] and Sediments / Sedimentary Breccia 2.68 g/cm[3 .] A total of 27 samples were used to estimate the representative bulk density of each style of lithology / mineralisation.

Note 1: Molybdenum Equivalent Assumptions: Based on relative value (with reference to the average price) of each metal in the 2 months June 22[nd] to August 23[rd] 2012 listed on the LME for Molybdenum and Copper and average price for the same period for Silver as follows:

• Mo US$25,871 per tonne

• Cu US$7515.7 per tonne

• Ag US$27.6 per ounce

Competent Person 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

The Molybdenum Equivalent grade should not be interpreted as actual molybdenum grade as the conversion ratios vary with the volatile prices of Mo, Cu and Ag. However, it is the Company's opinion that elements considered here have a reasonable prospect to be recovered.

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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HIGH GRADE FROM SURFACE
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• High grade from surface 54Mt Measured Resource at 0.08% MoEq[1] contained within

• 102Mt Measured Resource at 0.07% MoEq[1]

203Mt JORC Measured + Indicated + Inferred Resource at 0.06% MoEq[1]

• Could support long mine life in excess of 20 years

Indicated to Measured resource conversion at minimal grade loss

• Metallurgical recoveries  Mo 92% + Cu 96% + Ag 83%

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SIGNIFICANT INSITU METAL CONTENT
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Contained Insitu Metal

• Measured

 Mo – 37.6 Kt

 Cu – 61.3 Kt

 Ag – 11.8 Moz

• Measured and Indicated

 Mo – 50.4 Kt

 Cu – 75.9 Kt

 Ag – 14.9 Moz

• Total Resource

 Mo – 72.2 Kt

• Cu – 97.8 Kt

• Ag – 19.4 Moz

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CASE STUDY ENDAKO MINE
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Unicorn Project

Endako Mine BC

• Multi metal – Mo + Cu + Ag

• High recoveries

• Mo 92% + Cu 96% + Ag 83%

• Two saleable concentrates

• 51% Mo plus a 23% Cu/Ag

• Strip Ratio less than ~0.2 : 1

• Head grade

• Measured 0.08% MoEq

• Total resource 0.06% MoEq

• ~$300 - 350M to develop Excellent infrastructure

• –

• Target cash cost US$4 5 / lb[1 ]

• Single metal only – Mo

• Low recovery

• Mo 74%

• Single concentrate

• 51% Mo

• Strip Ratio less than 0.4 : 1

• Head grade

• Proven 0.047% Mo

• Total resource 0.046% Mo

• ~$600M recent upgrade

• Excellent infrastructure

• –

• US$8 9 / lb cash cost

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1 at an exchange rate of $A/US ~$1.05

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TARGET ONSITE MINE + MILL COST / ORE TONNE
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La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson 0 5 10 15 20 25 0 20 40 60 80 100 120 US$/t ore Cumulative Mo mine output (kt) Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)
																								Henderson

Source: Roskill Molybdenum Market Outlook to 2016.[1 ] DTM not in production & subject to scoping study outcomes

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TARGET CASH COST AFTER CREDITS
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Antamina Bingham Canyon Cuajone La Caridad Toquepala Andina Cerro Verde El Teniente Los Pelambres Collahuasi Highland Valley Los Bronces Continental Sierrita Chuquicamata Henderson Thompson Creek Bagdad Questa Endako 0 2 4 6 8 10 12 0 20 40 60 80 100 120 Costs US$/lbMo Cumulative Mo mine output (kt) Dart Mining Target Cash Cost US$ /lb1 (~A$/US 1.05)	Antamina Bingham Canyon Cuajone La Caridad Toquepala Andina Cerro Verde El Teniente Los Pelambres Collahuasi Highland Valley Los Bronces Continental Sierrita Chuquicamata Henderson Thompson Creek Bagdad Questa Endako Dart Mining Target Cash Cost US$ /lb1 (~A$/US 1.05)

Source: Roskill Molybdenum Market Outlook to 2016.[1 ] DTM not in production & subject to scoping study outcomes 15

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ABOUT MOLYBDENUM
Source: 2012 CRU report and Thomson Creek 2012 AGM presentation Source: 2012 CRU report and Thomson Creek 2012 AGM presentation
1600 Comparison of Global Crude Steel 260
1500 Production and 240
1400 Global Molybdenum Mine Production
220
1300 1995 - 2011
200
1200
1100
180
1000
160
900
Crude Steel Production 140
800
Mo Production
700 120
16
1995 1997 1999 2001 2003 2005 2007 2009 2011
Source: World Steel, IMOA and Roskill
Source: 2012 CRU report and Thomson Creek 2012 AGM presentation
Crude Steel Production (Mt)
World Mine Production Of Mo (kt)
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MOLYBDENUM MARKET FORECASTS
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COMMUNITY ALIGNMENT ADVANTAGE
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Victorian

Government supports Unicorn via three drilling grants totalling $240,000

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STRIP RATIO ADVANTAGE
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DRILL RIG
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INFRASTRUCTURE ADVANTAGE
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What Project Value Should Investors in Dart Mining Place on Existing Infrastructure?

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CONCEPTUAL MINING METHOD ADVANTAGE
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The section is conceptual only. There has been insufficient exploration drilling, financial modelling & mine planning to accurately define the pit shape and it is uncertain if further drilling will enable this to occur.*

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NEWS FLOW and KEY EVENTS
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DTM KEY TAKEAWAYS
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• –

• Unicorn lowest quartile cost target cash cost per lb & ore mined

• Scoping study October – 137Mt Measured + Indicated Resource

• –

• 20+ year mine life could be supported high grade from surface

• –

• Very low strip ratio potential to have a nil waste initial pit

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• High recoveries separate (Mo & Cu/Ag) saleable concentrates

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• Power, water, roads, logistics chain infrastructure cost savings

• Strong community & government support – available workforce

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• No known native title, flora or fauna issues simplified approvals

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THANK YOU AND QUESTIONS
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MOLYBDENUM A SOFT, GREY NON TOXIC MINERAL WITH PROPERTIES UNLIKE ANY OTHER ELEMENT

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DRILL RIG
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~~in the report of the matters based on his information in the form and context in which it appears.~~ 25