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Dart Mining NL

A GOLD EXPLORATION AND PRODUCTION COMPANY

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DIRECTORS

Chairman and Non-executive Director Christopher John Bain

Executive Director, Manager Geology Bernhard Rupert Hochwimmer Executive Director, Manager Exploration Dean George Turnbull Non-executive Director Stephen Garry Poke Non-executive Director Richard Glenn Udovenya

CHIEF EXECUTIVE OFFICER

FINANCIAL ADVISOR

Investor Resources Finance Pty Ltd Level 3, 15 Queen Street Melbourne VIC 3000

LEGAL ADVISOR

ResourcesLaw International Level 10, 30 Collins Street Melbourne VIC 3000

SHARE REGISTRY

Link Market Services Limited Level 9, 333 Collins Street Melbourne VIC 3000

John Edward Quayle

COMPANY SECRETARY John Edward Quayle

ASX CODE

DTM

ABN

84 119 904 880

COMPETENT PERSON’S STATEMENT:

Information in this report that relates to a statement of exploration results of the Company is based on information compiled by Dean Turnbull, BAppSc (Hons) M.AIG. Mr Turnbull is a Director of Dart Mining NL and has sufficient experience relevant to the style of mineralisation and type of deposits under consideration and to the activity undertaken. He is qualified as a “competent person” as defined in the 2004 Edition of the “Australiasian Code for Reporting of Mineral Resources and Ore Reserves” (or “JORC Code”). Mr Turnbull consents to the inclusion of this information in the form and context in which it appears in this report.

Historical photographs used with permission from Andrew Swift

07 dart mining NL ANNUAL REPORT

CHAIRMAN’S REPORT

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Dear Shareholder

Dart Mining’s first full year as a public company has been one of significant achievement. Starting with the formation of the Company in May 2006 to explore for gold and base metals on tenements in north-eastern Victoria and south-eastern New South Wales; the raising of seed capital in late 2006, and culminating in the successful initial public offer raising $5 million and listing on the ASX in May 2007.

Dart commenced drilling at the Mountain View prospect in the Dart Goldfield and the results of this first drill programme have been particularly pleasing. Drilling intersected high grade, finely disseminated gold in sulphides and the mineralisation remains open. We intend to undertake further drilling in order to evaluate the prospect’s full potential.

We expect to commence drilling shortly at the Mount Elliot goldfield near Corryong, another of north-eastern Victoria’s forgotten but high-grade goldfields on Dart’s tenements. Later this year we also expect to test drill the Fairley’s prospect in the Buckland tenement for disseminated gold. Work is continuing on the access track to allow us to move drill rigs into the area, following approval from the Department of Primary Industries.

Exploration across Dart’s tenements to evaluate the many known mineral occurrences and historic mines is proceeding according to plan. Primarily, this involves non-intrusive fieldwork including water and stream sediment sampling, grid

soil and rock chip sampling and geological mapping. We are pleased to report that our geologists have rediscovered a number of old mines with associated disseminated gold mineralisation, particularly in the Buckland tenement, that are recorded in the literature of the 1890s but not located on any modern maps. We intend to fully evaluate them in due course.

Dart is well funded to carry out its planned exploration programme and we look forward to building on the earlier, outstanding results from Mountain View.

I would like to take this opportunity to thank all of our employees and contractors for their contribution in establishing Dart during the year and their commitment to the ongoing development of the company.

I also wish to thank shareholders for your ongoing support and look forward to sharing with you the rewards of successful exploration over the coming years.

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Chris Bain Chairman September 2007

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DART MINING NL 2007 ANNUAL REPORT 1

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07
CEO
REPORT
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Dart Mining NL was founded on the vision of two of our directors, geologists who have spent years scouring the terrain around Corryong and Buckland in north-eastern Victoria. The expertise of an experienced board and management team helped that vision become the company it is today; one founded on history, high quality exploration targets and an experienced and committed management team.

Dart closed its initial public offering fully subscribed having received substantial support from investors, particularly in regional centres around the leases. Needing $5 million to kick start our exploration programme, some 500 investors subscribed for 25 million shares which was a tremendous start. We subsequently made our debut on the Australian Securities Exchange on 10 May 2007, trading under the code DTM.

The company is undertaking gold and base metal exploration in northeastern Victoria and south-eastern New South Wales. This region covers historic goldfields and known anomalous areas of base metal. The mineralisation is associated with one of the most productive structures in eastern Australia, the Gilmore Suture. Comprehensive research of records dating back to the 1880s has provided an important insight into the old workings and their spread.

Dart now has five employees and has commenced exploration on a number of prospects located within its tenements in north-eastern Victoria and southern New

historic reports of gold mineralisation within intrusive rocks.

South Wales. The company presently holds some 1700 square kilometres of tenements under licence and has scheduled several key prospects to be drilled. Since listing in May the company has completed a programme of drilling at the Mountain View prospect within the Dart tenement and drilling will follow shortly at the Mount Elliott prospect, east of Corryong. These programmes represent the first reported modern drill evaluation of these goldfields and will assist in determining the prospects of the fields for further development.

Although in its early stages, this phase of exploration is an exciting step for the company and has the potential to locate a style of mineralisation which has not been previously recognised in the region. Stream sediment and soil geochemistry has already defined outcropping porphyry bodies that display a metal signature of reduced intrusive related systems. Additional mapping, geophysics and stratigraphic alteration studies are also planned and may also include deep drilling.

The company is initially focused on exploring prospects capable of early production, and hence cash flow, from near surface mineralisation. The drilling carried out to date at the Mountain View prospect has highlighted the very clear potential of the mineralisation directly below historic workings. Results are detailed on page three of this report.

Dart has started a comprehensive exploration programme which is proceeding on schedule and to budget. The company has also secured a regional operations base near Corryong to act as a field office and camp allowing time-effective deployment of personnel.

Having made a strong and confident start, Dart will continue to advance its interests and those of shareholders during this vital exploration phase.

Early success in our initial drilling programme has been pleasing and drilling is also planned at the Fairley’s prospect in the Buckland tenement with field mapping and sampling to date showing a significant system of sulphide-related mineralisation at surface. This field work is also being used to determine areas of the tenement to be relinquished under the statutory 40 per cent relinquishment required later this year.

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John Quayle Chief Executive Officer September 2007

Regional exploration within the company’s exploration licences continues to show highly anomalous areas that warrant detailed follow up investigation. This style of exploration will be ongoing and will enable evaluation of the under-explored area of the highly prospective Gilmore Suture zone within the border region and to further test the application of the company’s Polygonal Vortex Mineralisation Model. An outcome of this work has been to apply for additional exploration areas of 1,082 square kilometres proximate to the Dart tenement.

The Dart tenement is also host to potential gold and base metals porphyry systems of likely reduced intrusive affinity. The company has commenced regional geochemical background studies to locate further targets and refine those already known. This work is covering areas not previously accessed for modern exploration but with known

2 DART MINING NL 2007 ANNUAL REPORT

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07
EXPLORATION
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MOUNTAIN VIEW PROSPECT

Mountain View is located in the Dart Goldfield, some 45 kilometres south of Corryong in north-eastern Victoria. The Dart Goldfield comprises a number of shallow mines from the 1890s where the gold is associated with sulphide rich lode structures.

The company’s first drill programme at Mountain View was undertaken in May and June shortly after listing. Drilling has identified high grade gold from surface, with the most significant intersect in hole MVD20 achieving 6m @ 21.79 g/t gold including 2m @ 59.25 g/t gold from 3 metres depth.

Other results include:

n Hole MVD19 from 4 metres 7m @ 6.16g/t gold, including 2m @ 8.99 g/t gold
n Hole MVD17 from 3 metres 6m @ 6.05g/t gold, including 4m @ 8.36 g/t gold
n Hole MVD04 from 9 metres 3m @ 6.57g/t gold

These results, together with the rest of the assays as reported on page 4, confirm the high-grade nature of the sulphide hosted gold mineralisation at Mountain View.

The initial drilling programme was designed to gain a better understanding of the tenor and controls on the gold mineralisation. Preliminary interpretation suggests multiple steeply plunging high-grade, sulphide rich lenses and further deep drilling is now planned in the next six months using a drill rig with significantly greater depth capacity than the one available for this programme. Surface soil sampling undertaken to determine future drilling locations at the prospect has produced one outcrop sample some 40 metres west of the main mineralised zone, that assayed 106 g/t gold.

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DART MINING NL 2007 ANNUAL REPORT 3

07 MOUNTAIN VIEW DRILLING RESULTS

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Hole
Hole No. MGA East (m) MGA North (m) Azimuth Hole mRL AHD From Significant Intersections Cutoffs: Total
(MGA Dip (m) (m) 1.0 g/t Au Depth (m)
Grid)
6m @ 2.41 g/t Au
MVD01 567,451 5,960,879 270 -88 960.3 30 39
Including 3m @ 3.62 g/t Au
MVD02 567,450 5,960,879 270 -79 960.3 8 3m @ 1.32 g/t Au 25
MVD03 567,448 5,960,879 270 -45 3 2m @ 2.66 g/t Au 15
MVD04 567,449 5,960,888 270 -78 961.3 9 3m @ 6.57 g/t Au 30
4m @ 3.78 g/t Au
MVD05 567,448 5,960,888 270 55 3 12
Including 1m @ 7.3 g/t Au
MVD06 567,452 5,960,888 270 -89 961.4 22 3m @ 1.12 g/t Au 39
8m @ 5.13 g/t Au
MVD07 567,449 5,960,902 270 -70 964.1 2 14
Including 1m @ 23.8 g/t Au
14m @ 3.2 g/t Au
MVD08 567,450 5,960,902 270 -85 964.1 2 19
Including 2m @ 7.0 g/t Au
MVD09 567,452 5,960,903 270 -90 964 21 6m @ 1.65 g/t Au 37
MVD10 567,436 5,960,843 110 -54 955 19 1m @ 1.56 g/t Au 37
MVD11 567,432 5,960,846 067 -50 956 33 1m @ 1.15 g/t Au 36
4m @ 9.9 g/t Au
MVD12 567,450 5,960,913 270 -44 967 4 11
Including 1m @ 20.3 g/t Au
6m @ 6.21 g/t Au
MVD13 567,451 5,960,913 270 -75 967 4 10
Including 3m @ 9.11 g/t Au
11m @ 4.63 g/t Au
MVD14 567,452 5,960,913 270 -90 967 8 24
Including 4m @ 5.72 g/t Au
MVD15 567,450.1 5,960,830.4 276 -49 950 < 0.12 g/t Au 18
MVD16 567,449.6 5,960,829.1 284 -68 950 < 0.09 g/t Au 27
6m @ 6.05 g/t Au
MVD17 567,450 5,960,908 270 -46 950 3 20
Including 4m @ 8.36 g/t Au
MVD18 567,450 5,960,921 270 -43.5 970 3 2m @ 4.99 g/t Au 10
7m @ 6.16 g/t Au
MVD19 567,450 5,960,908 270 -74 965 4 25
Including 2m @ 8.99 g/t Au
6m @ 21.79 g/t Au
MVD20 567,451 5,960,918 275 -59 968 3 19
Including 2m @ 59.25 g/t Au
MVD21 567,452 5,960,932 270 -60 970 3 2m @ 1.84 g/t Au 14
MVD22 567,450 5,960,927 270 -45 969 1.5 2.5m @ 1.70 g/t Au 6.5
5m @ 3.45 g/t Au
MVD23 567,449 5,960,895 270 -55 963 1 15
Including 3m @ 5.23 g/t Au
8m @ 2.14 g/t Au
MVD24 567,450 5,960,895 270 -80 963 6 27
Including 3m @ 2.90 g/t Au
MVD25 567,451 5,960,896 270 -90 963 14 3m @ 4.38 g/t Au 38.5
3m @ 5.81 g/t Au
MVD26 567,453 5,960,930 260 -70 969 4 20
Including 1m @ 11.7 g/t Au
MVD27 567,451 5,960,960 271 -56 985 < 0.69 g/t Au 26
MVD28 567,452 5,960,949 282 -57 976 1 0.8m @ 1.37 g/t Au 3
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4 DART MINING NL 2007 ANNUAL REPORT

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07
EXPLORATION
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MT ELLIOT PROSPECT

The Mt Elliot goldfield, some six kilometres east of Corryong in northeastern Victoria, comprises a number of shallow mines from the 1890s to early 1900s which produced an estimated 83,000 ounces of gold despite low recoveries limited by the technology of the time. Mining ceased because of limitations to mining below the water table and the inability to economically recover gold from sulphide rich lode structures.

A drilling programme is expected to commence in late 2007 along the Just in Time line of lode. Dart’s threedimensional modelling of the Just in Time and Hope lines of lode indicates the continuation of significant zones of gold mineralisation, both down dip and along strike below the old

workings. The Just in Time line of lode, together with splay and parallel gold lodes extends for over three kilometres. Accordingly, the Mt Elliott goldfield presents an accessible priority target to be tested by drilling.

Drilling is planned in three phases. Firstly reverse circulation drilling will be used to test a 700 metre strike section of the Just in Time and Hope lines of lode. Follow up diamond drilling will then test continuity of historic gold grades over mineable widths. If successful, Dart intends to implement an intensive drilling programme. The company’s budget for this work is $705,000.

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PHASE 2/3
RC/DDH TARGET DEVELOPMENT
HISTORICALLY PRE - 1913
MINED SHOOTS PRODUCTION AREA
TARGET
EXTENSION AREA PHASE 1 RC TARGET
600 mRL 600 mRL
400 mRL 400 mRL
60 m
200 m N 700 m
200 mRL 200 mRL
5,995,000 mN 5,995,500 mN
FENBYS REWARD (STOPING < 45M DEPTH) MULLOCK (MINERALISED WASTE) 14 G/T AU SHEOAK (STOPING < 45M DEPTH) BREAD AND SUGAR MULLOCK (MINERALISED WASTE) 15.7 g /t Au BULL AND DAMPER NB THE POST LINE DIVERGES TO THE WEST AT THIS POINT (STOPING <60m DEPTH) DRILL HOLE PIERCE POINTS 2M @ 9.5 g/t Au 1M @ 7.9 g/t Au JUST IN TIME ADIT DRILL HOLE PIERCE POINTS CORRYONG VIEW ADIT UNKNOWN STOPPING EXTENT
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DART MINING NL 2007 ANNUAL REPORT 5

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07
EXPLORATION
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FAIRLEY’S PROSPECT

Located in the Buckland Valley goldfield, Fairley’s prospect is situated at 800 metres elevation on a ridge above Fairley’s Creek, a tributary of the Buckland River and its extensive historic alluvial gold workings. Alluvial gold production from the Buckland goldfield was continuous from 1853 to about 1919, with a second period of production in the 1930s that included large hydraulic and bucket dredge operations. However, the reported hard rock orogenic-style deposits were small and insufficient to explain the source of such consistent alluvial gold production.

Although lost in modern accounts of the goldfield, newspaper reports in the 1890s considered the Fairley’s Creek

mine as one of the most significant hard rock deposits found in the field. The mine exhibited unusual mineralogy compared to the smaller surrounding orogenic lodes, in which the gold was traditionally free milling. Despite contemporary reports of very high grades, the low yields realised suggests to Dart that substantial gold was contained in sulphides and not able to be recovered on site with the technology of the time.

In addition, company geologists have recently rediscovered the historic Kaufmann and Centennial mines. Drilling scheduled for late 2007 will test for extensions of the high-grade gold lode mineralisation mined historically

and the associated disseminated gold mineralisation identified by Dart’s geologists. Initial rock chips and soil sampling indicate that they are significant mineralised systems and warrant further exploration and drilling.

The budget for the programme over the next two years is approximately $1,000,000. However, the work will be accelerated if it becomes apparent that the prospects host sufficient mineralisation to warrant an intensive drilling programme.

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PHASE 1 RC DRILLHOLE TARGET
PHASE 1 DDH DRILLHOLE TARGET
PHASE 2 DDH DRILLHOLE TARGET
UNDERGROUND WORKINGS
HISTORIC STOPE
PROPOSED RAB DRILLING ZONE
800 mRL UPPER OPEN CUT 800 mRL
LOWER OPEN CUT
1L ADIT
2L ADIT
2L BLOCKAGE 25m
700 mRL 700 mRL
50m
100 m N
PROPOSED DRILL HOLE
600 mRL PIERCE POINTS 600 mRL
CHANNEL SAMPLE 13.7m @ 3.97 g/t Au CHANNEL SAMPLE 12.5m @ 6.62 g/t Au (Inc. 5.6m @ 10.67 g/t Au) CHANNEL SAMPLE 5.75m @ 1.92 g/t Au NORTHERN GROUND (4-6-1897 ALPINE OBSERVER) SHOWS SLIGHTLY LESS THAN 20’ (6.1m) IN WIDTH AT UP TO 10 dwts (15.5 g/t Au) FACE (4-6-1897 ALPINE OBSERVER) SHOWS UP TO 15’ (4.57m) WIDE WITH ASSAY’S UP TO 17 dwts (26.4 g/t Au) CHANNEL SAMPLE 3.7m @ 1.88 g/t Au
5,921,500 mN 5,921,700 mN
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6 DART MINING NL 2007 ANNUAL REPORT

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PORPHYRY TARGETS

Gold, silver and base metals mineralised systems are evident in the southern sector of the Dart tenement at the Mammoth-Donovan Hill system and in what the company refers to as the Northern Sector Porphyries. Gold and base metals mineralisation is associated with the Cravensville Volcanic Arc as reduced intrusive related gold style with similarities to Fort Knox and other major gold and base metal deposits in the Tintina Belt of North America. Dart has achieved substantial progress toward understanding the porphyry style of mineralisation in the Tenements by geological, geophysical, metallogenic and structural synthesis through geological time scales, aided by three-

dimensional digital modelling. This led to the development of the Polygon Vortex Model which assists Dart in identifying porphyry exploration targets.

Dart aims to further resolve the interpretation of Mammoth-Donovans Hill before undertaking limited stratigraphical drilling on the North Mammoth drill target. If warranted, a second phase of geophysically targeted drilling would aim to penetrate the fault sliver cap at depth to test for the presence of the Mammoth protolith plug.

At the Northern Sector Porphyries, Dart intends to use geophysical surveys to assist in determining alteration

vectors to gold, silver and base metals mineralisation and to refine the interpretation. Drill testing of targets at the Mt Morgan and Mt Unicorn intrusions will follow.

Dart’s interpretation of the systems encourages further exploration of the porphyries within the Dart tenement with the objective of a major gold and base metals discovery. The Polygon Vortex Model has been the first step in understanding this structurally complex system.

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DART MINING NL 2007 ANNUAL REPORT 7

07 BOARD OF DIRECTORS

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John Quayle

Chief Executive Officer & Company Secretary, aged 56

John graduated from the University of Canterbury (NZ) in 1972 with degrees in Science (Mathematics – Honours) and Business Administration. He subsequently gained a Masters in Applied Finance from Macquarie University in 1999. John has over 30 years experience in the mining and petroleum sectors and has held senior management roles at North Broken Hill, Pasminco, WMC and previously at Minara Resources where he was Company Secretary through the period of its recapitalisation. John is a member of the AusIMM and AICD.

Christopher Bain

Chairman & Non-executive Director, aged 54

Chris is a geologist and mineral economist, graduating in Applied Geology from RMIT in 1978 and completing a post graduate diploma majoring in mineral economics from Macquarie University in 1986. He has worked in underground mine geology in Mt Isa and Tasmania and exploration around Broken Hill. Joining the finance sector in 1986, he held senior positions in mining research for funds management, and stockbroking at ANZ McCaughan. As a Director of Investor Resources, Chris has been instrumental in mining project divestitures and acquisitions, evaluations and valuations, capital raisings including several initial public offerings and ASX listings. He is a member of the AusIMM and the AICD.

Richard Udovenya

Non-executive Director, aged 45

Richard is a Partner of the law firm ResourcesLaw International, Dart’s legal advisors. He has 20 years’ legal experience in Australia and New Zealand and holds a Bachelor of Laws, a Bachelor of Commerce and a Graduate Diploma in Applied Finance and Investment (SIA). Richard is also a Fellow of the Financial Services Institute of Australia. Richard’s focus is in the corporate, corporate governance and commercial law areas. He is a director of, and legal advisor to, a number of Australian and international companies.

Bernhard Hochwimmer

Executive Director - Manager Geology, aged 53

Bernhard graduated from The University of New England, BSc, 1978, with multidisciplinary double majors in zoology, biochemistry and ecology, and from the University of Tasmania with a geology double major in 1980. Bernhard has twenty five years’ industrial experience as a geo-scientist with integrated, multidisciplinary training and experience in engineering geology and medical geology. Bernhard has been involved in multiple discoveries of gold, as well as heavy minerals, rare earths, silica and diatomite reserves for Westralian Sands Ltd (now Iluka). He has published definitive works in both heavy mineral deposit genesis and medical geology. Bernhard is a member of AIG, the Geological Society of Australia and the International Medical Geology Society (IMGS).

Stephen Poke

Non-executive Director, aged 44

Stephen has over 25 years of technical and management experience in all forms of surface diamond and reverse circulation drilling as well as extensive experience in underground drilling. During his career Stephen has managed some of the largest drilling programs in Australia in various senior management positions with drilling companies.

Dean Turnbull

Executive Director - Manager exploration, aged 37

Dean is a geology graduate from the Bendigo College of Advanced Education and has a postgraduate honours degree in geology from the Key Centre For Ore Deposit and Exploration Studies (CODES) at the University of Tasmania. Dean is an exploration and mine geologist with over 16 years’ experience, predominantly within Victoria and southern NSW. Roles have ranged from grass roots exploration to resource/reserve estimation on large scale mining projects and he has specialised in 3D geological and structural modelling. Dean has also consulted to Bendigo Mining for several years. More recently Dean has been working as a consultant geologist producing geological and exploration models on Victorian projects at Bendigo, Glen Wills, Costerfield and Castlemaine. Dean is a member of AIG.

8 DART MINING NL 2007 ANNUAL REPORT

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07FINANCIAL REPORT

07CONTENTS

07 CONTENTS
Directors’ Report	2
Remuneration Report	8
Auditors Independence Declaration	18
Income Statement	19
Balance Sheet	20
Statement of Changes in Equity (Consolidated)	21
Statement of Changes in Equity (Company)	22
Cash Flow Statement	23
Notes to the Financial Statements	24
Audit Report	49
ASX Additional Information	51

RESULTS FOR ANNOUNCEMENT TO THE MARKET

28 September 2007

RESULTS FOR ANNOUNCEMENT TO THE MARKET

1. Details of the reporting period and the previous corresponding period.

The current reporting period is 1 July 2006 to 30 June 2007

This is the initial report

2. Results for announcement to the market

Results for announcement to the market
Revenue from ordinary activities		$76,998
Proft/(loss) from ordinary activities after tax		(101,074)
Net proft/(loss) for the period attributable to members		(101,074)
Dividends (distributions)	Amount per security	Franked amount per security
Proposed dividend in relation to this period	Nil	Nil
Record date for determining entitlements to	N/A
the dividend
NTA Backing Net tangible asset backing per share $0.12		30 June 2007

Dart Mining NL’s principal activity is an exploration for and development of gold properties in north-east Victoria and southern New South Wales.

The cash and assets in a form readily convertible to cash, that were held at the time of admission to the ASX list have been used consistent with the business objectives of Dart Mining.

John Quayle CEO & Company Secretary

DART MINING NL 2007 ANNUAL REPORT 1

07DIRECTORS’ REPORT

Your directors submit their report for the year ended 30 June 2007.

DIRECTORS

The names and details of the company’s directors in office during the financial year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated.

Names, qualifications experience and special responsibilities

Christopher Bain

Christopher Bain Chris Bain is a geologist and mineral economist. He has worked in underground mine Non-Executive Chairman geology in Mt Isa and Tasmania and exploration around Broken Hill. Since joining the Appointed 26 May 2006 finance sector he has been instrumental in mining project divestitures and acquisitions, Age 54 evaluations and valuations, capital raisings including several initial public offerings and ASX listings. Chris is a member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Company Directors.

Non-Executive Chairman Appointed 26 May 2006 Age 54	geology in Mt Isa and Tasmania and exploration around Broken Hill. Since joining the fnance sector he has been instrumental in mining project divestitures and acquisitions, evaluations and valuations, capital raisings including several initial public offerings and ASX listings. Chris is a member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Company Directors.
	Mr Bain is currently Chairman of the Company and a member of the Audit and Risk
	Management Committee.
	Other Current Directorships of Listed Companies
	None
	Former Directorships of Listed Companies in last three years
	None
Bernhard Hochwimmer	Bernhard Hochwimmer graduated from The University of New England, BSc, 1978,
Executive Director	with multidisciplinary double majors in zoology, biochemistry and ecology, and from The
Appointed 26 May 2006	University of Tasmania, 1980 with a geology double major. Bernhard has twenty fve
Age 54	years’ industrial experience as a geo-scientist with integrated multidisciplinary training and
	experience in Engineering Geology and Medical Geology. Bernhard has been involved
	in multiple discoveries including gold, as well as heavy minerals; rare earths; silica and
	diatomite reserves for Westralian Sands Ltd (now Iluka). He has published defnitive
	works in both heavy mineral deposit genesis and medical geology. Bernhard is a member
	of Australian Institute of Geoscientists, and the International Medical Geology Society.
	Other Current Directorships of Listed Companies
	None.
	Former Directorships of Listed Companies in last three years
	None.
Dean Turnbull	Dean Turnbull is a geology graduate from the Bendigo College of Advanced Education
Executive Director	and has a Postgraduate Honours degree in geology from the Key Centre For Ore Deposit
Appointed 26 May 2006	and Exploration Studies (CODES) at the University of Tasmania. Dean is an exploration
Age 38	and mine geologist with over 16 years’ experience, predominantly within Victoria and
	southern NSW. Roles have spanned the spectrum from grass roots exploration to
	Resource/Reserve estimation on large scale mining projects and he has specialised
	in 3D geological and structural modelling. Dean is a member of Australian Institute of
	Geoscientists.
	Mr Turnbull is currently a member of the Audit and Risk Management Committee.
	Other Current Directorships of Listed Companies
	None.
	Former Directorships of Listed Companies in last three years
	None.

2 DART MINING NL 2007 ANNUAL REPORT

DIRECTORS’ REPORT

Stephen Poke Non-Executive Director Appointed 15 June 2006 Age 45

Stephen Poke has over 25 years of technical and management experience in all forms of surface diamond and reverse circulation drilling as well as extensive experience in underground drilling. Over the past 25 years Stephen has been involved in and managed some of the largest drilling programs in Australia in various senior management positions with drilling companies.

Mr Poke is currently chairman of the Audit and Risk Management Committee. Other Current Directorships of Listed Companies None.

Former Directorships of Listed Companies in last three years None.

Richard Udovenya Richard Udovenya is a Partner of the law firm ResourcesLaw International, Dart’s legal Non-Executive Director advisors. He has over 20 years’ legal experience in Australia and New Zealand and Appointed 15 June 2006 holds a Bachelor of Laws, a Bachelor of Commerce and a Graduate Diploma in Applied Age 46 Finance and Investment (SIA). Richard is also a Fellow of the Financial Services Institute of Australia. Richard’s focus is in the corporate, corporate governance and commercial law areas. He is a director of, and legal advisor to, a number of Australian and international companies.

Other Current Directorships of Listed Companies None.

Former Directorships of Listed Companies in last three years None.

Interests in the shares and options of the company and related bodies corporate

At the date of this report, the interests of the directors, directly and indirectly, in the shares and options of Dart Mining NL were:

Director	Ordinary Shares	Partly-paid Shares	Options over	Options over
			Ordinary Shares	Ordinary Shares
			(Listed)	(Unlisted)
C.J. Bain	1,026,666	503,332	538,333	400,000
B.R. Hochwimmer	4,500,000	2,250,000	2,250,000	-
D.G. Turnbull	4,500,000	2,250,000	2,250,000	-
S.G. Poke	3,752,500	1,750,000	1,876,250	-
R.G. Udovenya	200,000	100,000	100,000	400,000

CHIEF EXECUTIVE OFFICER and COMPANY SECRETARY

John Quayle

Appointed 6 December 2006 Age 57

John Quayle graduated from the University of Canterbury (NZ) in 1972 with degrees in Science (Mathematics – Honours) and Business Administration and subsequently in 1999 gained a Masters in Applied Finance from Macquarie University. He has worked in the mining and petroleum sectors throughout his career including senior management roles at BP, North Broken Hill, Pasminco, WMC and lastly at Minara Resources where he was Company Secretary through the period of its recapitalisation. John is a member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Company Directors.

DART MINING NL 2007 ANNUAL REPORT 3

07DIRECTORS’ REPORT

CORPORATE INFORMATION

Corporate Structure

Dart Mining NL is a company limited by shares that is incorporated and domiciled in Australia. Dart Mining has prepared a consolidated financial report incorporating the entity, Dart Resources Pty Ltd, which it controlled during the financial year and which is included in the financial statements.

Principal Activities

The principal activity of the economic entity during the financial year was exploration for gold and base metals in north-east Victoria and southern New South Wales.

Employees

The consolidated entity employed 4 employees as at 30 June 2007 (2006: 2 employees).

CONSOLIDATED RESULTS

The loss for the consolidated entity after income tax was $101,074 (2006: Nil).

DIVIDENDS

No dividends in respect of the current financial year have been paid, declared or recommended for payment.

OPERATING AND FINANCIAL REVIEW

Group Overview

Dart Mining NL was established in May 2006 for the purpose of exploring for and developing gold properties in north-east Victoria and southern New South Wales.

Exploration Overview

Please refer to the Chief Executive Officer’s Report for details of exploration activities undertaken during the financial year.

Financial Overview

Operating Results for the Year

The loss for the consolidated entity after income tax was $101,074 (2006:Nil). This result was in line with expectations and is consistent with information as provided in the prospectus dated 14 March 2007 and reflected:

costs associated with managing the exploration program; and
corporate overheads associated with statutory and regulatory requirements following listing on the Australian Securities Exchange during the year.

4 DART MINING NL 2007 ANNUAL REPORT

DIRECTORS’ REPORT

Review of Financial Condition

During the year, the Company raised $5,175,905 (net of capital raising costs) by way of share placements in September/ October 2006 as well as the initial public offer of securities and listing of the Company’s shares on the Australian Securities Exchange in May 2007. At the end of the financial year, a large proportion of the funds from the IPO were held by the Company as cash investments. The Company strives to maximise the return on these funds by investing surplus funds and minimising expenditure on corporate overheads.

Cash Flows

The cash flows of the Company consist of payments to employees and suppliers for exploration activities on tenements held; and the maintenance of the corporate head office which manages existing projects as well as costs involved in investigating new exploration opportunities.

CAPITAL RAISINGS / CAPITAL STRUCTURE

During the year under review, the Company raised $5,175,905 (net of capital raising costs) to fund the exploration of the Company’s tenements and project generation for gold and base metals targets in north-east Victoria and southern New South Wales, as well as to provide working capital for the Company.

Placement

The company undertook a share placement in the first half of the financial year with 5,250,000 shares issued on 18 October 2006 at an issue price of 7.5 cents per share to raise $375,000.

Initial Public Offer

The Company issued a prospectus dated 14 March 2007 offering 25,000,000 shares for subscription at an issue price of 20 cents per share to raise $5 million. The offering was successfully completed and the Company’s shares were listed on 10 May 2007 by the Australian Securities Exchange.

Grant of Options

On 18 October 2006, as a success fee following completion of the private equity raising and in anticipation of further work on the IPO, 800,000 options were issued as follows:

Grantee	Grant and Vesting date	Expiry date	Number	In Escrow	Exercise price
Investor Resources	18 October 2006	31 December 2010	400,000	24 months commencing	20 cents
Finance Pty Ltd1				10 May 2007
LAH Securities Pty	18 October 2006	31 December 2010	400,000	24 months commencing	20 cents
Ltd2				10 May2007

1 a company in which Mr Bain, a director of Dart, has an interest

2 a company in which Mr Udovenya, a director of Dart, has an interest

DART MINING NL 2007 ANNUAL REPORT 5

07DIRECTORS’ REPORT

Upon the acceptance of employment as Company Secretary and CEO designate, the Company agreed to grant 1,000,000 options to John Quayle as follows:

Grant date	Vesting date	Expiry date1	Number	In Escrow	Exercise price
3 January 2007	6 December 2007	31 December 2010	500,000	24 months commencing	20 cents
				10 May 2007
3 January 2007	6 December 2008	31 December 2010	500,000	24 months commencing	20 cents
				10 May2007

1 Expiry date 31 December 2010 or 3 months after ceasing employment whichever comes first As a success fee in the Initial Public Offer capital raising, 1,000,000 options to Intersuisse Corporate Ltd were issued as follows:

Grantee	Grant and Vesting date	Expiry date	Number	In Escrow	Exercise price
Intersuisse Corporate	18 October 2006	31 December 2010	1,000,000	24 months commencing	20 cents
Ltd				10 May2007

Shares issued as a result of the exercise of Options

Nil.

Value of Options issued to Directors and Executives

Grantee	Value of options granted	Value of options exercised at	Value of options lapsed	Total
	at the grant date	the exercise date	at the date of lapse
John Quayle	$30,865	-	-	$30,865

Summary of Shares / Options on Issue – 30 June 2007

As a result of the issue of shares and options, the Company has 42,750,000 ordinary shares, 8,875,000 partly-paid shares (9 cents payable) and 2,800,000 options (20 cents exercise price) on issue. Details of the options are as follows:

Issuing entity	Number of shares	Class of shares	Exercise Price	Expiry Date
	under option
Dart MiningNL	2,800,000	Ordinary	20 cents	31 December 2010

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

Shareholders’ equity increased to $5,247,899 from $3, an increase of $5,247,896 as a result of the share placement and initial public offer of ordinary shares as detailed above. Subsequent to the Initial Public Offer the Company applied to the Australian Securities Exchange to have its shares listed. This took place on 10 May 2007.

6 DART MINING NL 2007 ANNUAL REPORT

DIRECTORS’ REPORT

SIGNIFICANT EVENTS AFTER THE BALANCE DATE

Since 30 June 2007, 21,375,008 further options have been issued pursuant to a short form prospectus dated 4 July 2007. These options have an exercise price of 20 cents and an expiry date of 31 May 2010 and were issued to all shareholders in the ratio of one bonus option for every two ordinary fully paid shares held on the record date. No options have been exercised up to the date of this report.

Apart from the above, no matter or circumstance has arisen since 30 June 2007 which has 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 years.

FUTURE DEVELOPMENTS

The Board of Directors intends to continue with the exploration of the Company’s tenements and project generation for gold and base metals targets in north-east Victoria and southern New South Wales as outlined in the prospectus dated 14 March 2007. Further details of the Company’s prospects are included in the Report on Exploration Projects which forms part of the Chief Executive Officer’s Report.

As the Company is listed on the Australian Securities Exchange, it is subject to the continuous disclosure requirements of the ASX Listing Rules which require immediate disclosure to the market of information that is likely to have a material effect on the price or value of Dart Mining NL’s securities.

ENVIRONMENTAL REGULATION

The economic entity holds participating interests in a number of exploration tenements. The various authorities granting such tenements require the tenement holder to comply with the terms of the grant of the tenement and all directions given to it under those terms of the tenement. There have been no known breaches of the tenement conditions, and no such breaches have been notified by any government agencies during the year ended 30 June 2007.

MEETINGS OF DIRECTORS

The number of meetings of the Directors held during the year and the numbers of meetings attended by each Director were as follows:

Current Directors	Held	Entitled to attend	Attended
C.J. Bain	13	13	13
B.R. Hochwimmer	13	12	12
D.G. Turnbull	13	12	12
S.G. Poke	13	12	11
R.G. Udovenya	13	13	13

Audit and Risk Management Committee

The Board of Directors established the Audit and Risk Management Committee on 9 May 2007. The charter for the Audit and Risk Management Committee was adopted on 12 July 2007. The members of the committee are the directors, Stephen Poke (Chairman), Chris Bain, and Dean Turnbull. No meetings were held during the financial year. Two meetings have been held subsequent to 30 June 2007.

DART MINING NL 2007 ANNUAL REPORT 7

07REMUNERATION REPORT

REMUNERATION PHILOSOPHY

The Board of Directors of Dart Mining NL is responsible for determining and reviewing compensation arrangements for the directors, the chief executive officer and the executive team. The Board’s remuneration policy is to ensure that the remuneration package properly reflects the person’s duties and responsibilities, with the overall objective of ensuring maximum stakeholder benefit from the retention of a high quality board and executive team. Such officers are given the opportunity to receive their base emolument in a variety of forms, including cash and fringe benefits such as motor vehicles. It is intended that the manner of payment chosen will be optimal for the recipient without creating undue cost to the company.

To assist in achieving these objectives, the Board intends to link the nature and amount of executive officers’ emoluments to the company’s financial and operational performance. No formal plan has been adopted at this time.

Employment Agreements are entered into with Executive Directors and Specified Executives. The employment contracts with the two Executive Directors are terminable by either the Company or the Executive Director by giving six month’s notice. The current employment contract with the Chief Executive Officer (CEO) runs until its termination date of 6 December 2008, unless terminated by the CEO or by the Company either of whom may give four weeks notice. Contracts do not provide for any additional termination benefits.

REMUNERATION STRUCTURE

In accordance with best practice corporate governance, the structure of non-executive director and executive remuneration is separate and distinct.

NON-EXECUTIVE DIRECTOR REMUNERATION

Objective

The Board seeks to set aggregate remuneration at a level which provides the company with the ability to attract and retain directors of the highest calibre, whilst incurring a cost which is acceptable to shareholders.

Structure

The Constitution and the ASX Listing Rules specify that the aggregate remuneration of non-executive directors shall be determined from time to time by a general meeting. An amount not exceeding the amount determined is then divided between the directors as agreed. The latest determination was in the constitution adopted on 22 June 2006 which approved an aggregate remuneration of $200,000 per year.

The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is apportioned amongst directors is reviewed annually. The board considers advice from external consultants as well as the fees paid to non-executive directors of comparable companies when undertaking the annual review process.

Each non-executive director receives a fee for being a director of the company. Directors who are called upon to perform extra services beyond the director’s ordinary duties may be paid additional fees for those services.

Non-executive directors have long been encouraged by the board to hold shares in the company. It is considered good governance for directors to have a stake in the company on whose board he or she sits.

The remuneration of non-executive directors for the period ending 30 June 2007 is detailed in Table 1 on page 11 of this report.

8 DART MINING NL 2007 ANNUAL REPORT

REMUNERATION REPORT

SENIOR EXECUTIVE REMUNERATION

Objective

The company aims to reward executives with a level and mix of remuneration commensurate with their position and responsibilities within the company and so as to:

reward executives for company, business unit and individual performance against targets set by reference to appropriate benchmarks;
align the interests of executives with those of shareholders;
link reward with the strategic goals and performance of the company; and
ensure total remuneration is competitive by market standards.

Structure

In determining the level and make-up of executive remuneration, the Board obtained independent advice from external consultants on market levels of remuneration for comparable executive roles. It is the Board’s policy that employment contracts are entered into with the all senior executives.

VARIABLE REMUNERATION – LONG TERM INCENTIVES

Objective

The objectives of long term incentives are to:

recognise the ability and efforts of the employees of the company who have contributed to the success of the company and to provide them with rewards where deemed appropriate;
provide an incentive to the employees to achieve the long term objectives of the company and improve the performance of the company; and
attract persons of experience and ability to employment with the company and foster and promote loyalty between the company and its employees.

Structure

No formal plan has been implemented at this time. It is expected that long term incentives granted to senior executives will be delivered in the form of options in accordance with a proposed Employee Share Option Plan contingent on the approval of shareholders. At the commencement of each financial year, the company and each senior executive will agree upon a set of financial and non-financial objectives related to the senior executive’s job responsibilities. The objectives will vary but all will be targeted to relate directly to the company’s business and financial performance and thus to shareholder value.

SERVICE CONTRACTS

Service Contracts are entered into with Executive Directors and Specified Executives.

DART MINING NL 2007 ANNUAL REPORT 9

07REMUNERATION REPORT

Bernhard Hochwimmer

By an agreement dated 27 July 2006 (as subsequently varied by deed dated 21 February 2007), the Company has engaged B Hochwimmer and Associates Pty Ltd, a company which is controlled by Bernhard Hochwimmer, to provide consulting geological and management services to Dart, the terms of which agreement include inter alia :

Mr Hochwimmer will devote 80% of his time to the Company’s business
The Company has agreed to a remuneration package of $145,000 per annum for Mr Hochwimmer’s services, with annual reviews, together with reimbursement of all business related expenses including motor vehicle running and maintenance expenses.
A restraint on Mr Hochwimmer undertaking additional part-time consulting or provision of other services which may conflict with the activities of Dart without the approval of the Chairman which may not be unreasonably withheld. This restraint continues for 12 months after cessation of engagement with Dart.
An obligation on Mr Hochwimmer to maintain confidentiality in respect of proprietary information obtained during employment.
The agreement is terminable by either party on 6 months notice being given.

Dean Turnbull

By an agreement dated 27 July 2006 (as subsequently varied by deed dated 21 February 2007), the Company has engaged North East Geological Contractors Pty Ltd, a company which is controlled by Dean Turnbull, to provide consulting geological and management services to Dart, the terms of which agreement include inter alia :

Mr Turnbull will devote 80% of his time to the Company’s business
The Company has agreed to a remuneration package of $145,000 per annum for Mr Turnbull’s services, with annual reviews, together with reimbursement of all business related expenses including motor vehicle running and maintenance expenses.
A restraint on Mr Turnbull undertaking additional part-time consulting or provision of other services which may conflict with the activities of Dart without the approval of the Chairman which may not be unreasonably withheld. This restraint continues for 12 months after cessation of engagement with Dart.
An obligation on Mr Turnbull to maintain confidentiality in respect of proprietary information obtained during employment.
The agreement is terminable by either party on 6 months notice being given.

John Quayle

By an employment agreement dated 10 January 2007, the Company and Mr John Quayle have agreed the terms of his employment including inter alia :

Mr Quayle is engaged to provide services in the capacity of Company Secretary and Chief Executive Officer designate on a part-time basis for 20 hours per week commencing on 6 December 2006 for a period of 24 months, at an annual salary of $92,650 with periodic reviews.
A restraint on Mr Quayle undertaking additional part-time employment which may conflict with the activities of Dart without the approval of the Chairman which may not be unreasonably withheld.
An obligation on Mr Quayle to maintain confidentiality in respect of proprietary information obtained during employment.

10 DART MINING NL 2007 ANNUAL REPORT

REMUNERATION REPORT

The grant of 1,000,000 options to Mr Quayle in 2 tranches:
a) 500,000 options (with an expiry date of 31 December 2010) exercisable at 20 cents vesting on 6 December 2007, and
b) 500,000 options (with an expiry date of 31 December 2010) exercisable at 20 cents vesting on 6 December 2008.
The options are not transferable and may be exercised at any time during employment and for 3 months after cessation of employment, after which they lapse. They will not be quoted.

Mr Quayle’s appointment as Chief Executive Officer was confirmed on 8 March 2007.

REMUNERATION OF DIRECTORS AND EXECUTIVES

Directors and executives remuneration

		Primary	Post Employment	Equity	Total
		Salary & Fees	Superannuation	Options
		$	$	$	$
Directors
C.J. Bain	2007	6,986	-	-	6,986
	2006	-	-	-	-
B.R.Hochwimmer	2007	149,250	-	-	149,250
	2006	-	-	-	-
D.G.Turnbull	2007	149,250	-	-	149,250
	2006	-	-	-	-
S.G.Poke	2007	4,890	-	-	4,890
	2006	-	-	-	-
R.G.Udovenya	2007	4,890	-	-	4,890
	2006	-	-	-	-
Executive Offcers
J E Quayle	2007	53,123	-	30,865	83,988
	2006	-	-	-	-

Options granted as part of remuneration for the year ended 30 June 2007

Options were granted as follows:

Grant date	Vesting date	Expiry date1	Number	In Escrow	Exercise price
3 January 2007	6 December 2007	31 December 2010	500,000	24 months commencing	20 cents
				10 May 2007
3 January 2007	6 December 2008	31 December 2010	500,000	24 months commencing	20 cents
				10 May2007

DART MINING NL 2007 ANNUAL REPORT 11

07REMUNERATION REPORT

Options granted as part of senior management remuneration have been valued using the Black Scholes option pricing model, which takes account of factors including the option exercise price, the current level and volatility of the underlying share price, the risk-free interest rate, expected dividends on the underlying share, current market price of the underlying share and the expected life of the option.

INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS

The Company has entered into Deeds of Indemnity with the Directors and the Company Secretary, indemnifying them against certain liabilities and costs to the extent permitted by law.

The Company has also agreed to pay a premium in respect of a contract insuring the Directors and Officers of the Company. Full details of the cover and premium are not disclosed as the insurance policy prohibits the disclosure.

AUDITOR INDEPENDENCE AND NON-AUDIT SERVICES

A copy of the auditor’s independence declaration under s. 307C of the Corporation Act 2001 in relation to the audit of the full year is included on page 18.

The directors are satisfied that the provision of non-audit services, during the year by the auditor (or by another person or firm on the auditor’s behalf) is compatible with the general standards of independence for auditors imposed by the Corporations Act 2001.

This report has been made in accordance with a resolution of the Directors.

C J BAIN Director

D G TURNBULL Director

Melbourne

27 September 2007

12 DART MINING NL 2007 ANNUAL REPORT

CORPORATE GOVERNANCE STATEMENT

The Board of Directors of Dart Mining NL (the Company) is committed to the principle of good practice in corporate governance. The Board believes that genuine commitment to good corporate governance is essential to the performance and sustainability of the Company’s business and as such depends upon the corporate culture – values and behaviours – that underlie day-to-day activities.

The Board continually reviews its corporate governance practices and regularly monitors developments in good practice governance in Australia and overseas. Where international and Australian guidelines are not consistent, the good practice guidelines of the Australian Securities Exchange Limited (“ASX”) convened ASX Corporate Governance Council has been adopted as the minimum base for corporate governance practices.

BOARD OF DIRECTORS

The Board has adopted a formal charter which allocates responsibilities between the Board and management which is available from the corporate governance section of the Company website at www.dartmining.com.au. The charter details the composition, responsibilities and code of conduct under which the Board operates. The Board has resolved unanimously that the Company will at all times aspire to “good practice” in Corporate Governance.

Unless otherwise indicated in this statement the practices specified in the charter have been followed throughout the reporting period and will remain in force until amended by resolution of the Board.

Role of the Board

The Board acknowledges its accountability to shareholders for creating shareholder value within a framework that protects the rights and interests of shareholders and ensures the Company is properly managed. The Board aims to achieve these objectives through the adoption and monitoring of strategies, plans, policies and performance as follows:

a. Providing input into, and approval of, the Group’s strategic direction; approval and monitoring of budgets and business plans; and ensuring appropriate resources are available, including capital management and major capital expenditure.
b. Approving the Group’s systems of risk management, monitoring their effectiveness and maintaining a dialogue with the Group’s auditors.
c. Considering, approving and monitoring internal and external financial and other reporting, including reporting to shareholders, the ASX and other stakeholders.
d. Selection and evaluation of Directors, the Chief Executive Officer (CEO), and senior executives and planning for their succession.
e. Setting the CEO and Director remuneration within shareholder approved limits and ensuring that the remuneration and conditions of service of senior executives are appropriate.
f. Ensuring, and setting standards for, ethical behaviour and compliance with the Group’s own governing documents, including the Group’s Code of Conduct and corporate governance standards.

Board Processes

The Board aims to perform its role and objectives through the adoption and monitoring of strategies, plans, policies and performance; the review of the CEO and senior management performance, conduct and reward; monitoring of the major risks of the company’s business; and by ensuring the company has policies and procedures to satisfy its legal and ethical responsibilities.

The Board determines the strategic direction of the Company and sets policies accordingly. In addition to maintaining oversight of the Company’s executive management and operations, the Board monitors substantive issues such as ethical standards and social and environmental responsibilities.

DART MINING NL 2007 ANNUAL REPORT 13

07CORPORATE GOVERNANCE STATEMENT

Composition of the Board

The names of the Directors of the Company at the date of this Statement are set out in the Directors’ Report in this financial report. The composition of the Board is determined using the following principles:

a maximum of twelve Directors;
a non-executive Director as Chairman;
a majority of non-executive Directors; and
a balance between independent and non-independent Directors.

The Board is currently comprised of five Directors: three non-executive Directors and two executive Directors. However, the Company’s Constitution provides for a maximum of 12 Directors. The Board periodically reviews its size as appropriate. The Chief Executive Officer, who is appointed by the Board, is invited to attend all Board meetings.

Directors are considered to be independent if they are not major shareholders, are independent of management, and are free from any business or other relationship that could materially interfere with their exercise of free and independent judgement. Messrs Bain and Udovenya are considered to fall within this category.

By reason of history the Board comprises a majority of non-independent Directors (Messrs Hochwimmer, Turnbull, and Poke) who, being major shareholders themselves, and/or who provide services to the Company either as employees or contractors, have been regarded as being non-independent.

While the composition of the current Board does not comply with ASX Corporate Governance Council recommendation 2.1 which recommends that the board should comprise a majority of independent directors, the Board regards the present composition of Directors and Board Committees as a good balance at this stage of the development of the Company with the appropriate mix of expertise and experience and ability to represent the interests of all shareholders.

Future Director appointees will receive a formal letter of appointment setting out the responsibilities, rights and terms and conditions of their appointment. Directors participate in a comprehensive induction which covers the operations, financial position, strategic and risk management issues, as well as the operation of the Board and any sub-committees.

Meetings

The Board meets on a regular basis to retain full and effective control and monitor executive management. During the period for the financial year to 30 June 2007, the full Board met 13 times. The Directors met separately eight times to consider matters relating to the IPO and Bonus Options prospectus preparation. The Directors’ attendance at meetings is detailed in the Directors’ Report.

Members of the Management team may attend meetings at the invitation of the Board.

Role of Chairman and Chief Executive Officer (CEO)

The Chairman is an independent Director elected by the full Board, having no association with the Company, nor is he a substantial shareholder of the Company, and has not previously been an employee.

The Chairman is responsible for leading the Board, ensuring Directors are properly briefed in all matters relevant to their role and responsibilities, facilitating Board discussions and managing the Board’s relationship with the Company’s senior executives.

The CEO is responsible for implementing Group strategies and policies. The Board Charter specifies that these are separate roles to be undertaken by separate people.

14 DART MINING NL 2007 ANNUAL REPORT

CORPORATE GOVERNANCE STATEMENT

Term of Office

The Board reviews its performance and composition on an annual basis and aims to have members with high levels of intellectual ability, experience, soundness of judgement and integrity to maximise its effectiveness and contribution. Directors serve a maximum three-year term before being required to be re-elected by members. Dart’s constitution provides that at least one third (or the nearest whole number) of Directors must retire at each Annual General Meeting, but are eligible for reelection at that meeting. There is no compulsory retiring age.

Independent Professional Advice

In performing their duties Directors have the right to seek independent, professional advice at the Company’s expense, in furtherance of their duties as Directors, with the approval of the Chairman, which approval shall not be unreasonably withheld.

BOARD COMMITTEES

The Company has a formally constituted Audit and Risk Management Committee reporting to the Board of Directors. This committee is chaired by a non-executive director and operates under a charter with authority to examine and report on any matters concerning risk management within the company including, but not limited to, operational, occupational health and safety, and financial matters. The charter is published on the Company’s website.

The Directors consider that the Company is not of a size nor are its affairs of such complexity as to justify the formation of other special or separate committees such as Remuneration or Nomination committees. The Board as a whole is able to address the governance aspects of the Company’s activities and ensure that it adheres to appropriate ethical standards. However as appropriate and as required the Board will establish Board Committees to assist in the execution of its responsibilities. Any Committees formed will have written mandates and operating procedures that, together with membership, will be reviewed on a regular basis.

CODE OF BUSINESS CONDUCT

The Board has adopted a Code of Conduct (the Code) and a policy “Behaviour Standards - Standards of Business Conduct” setting out parameters for ethical behaviour and business practices which applies to all of the Company’s directors, officers and employees. The Code is included in the Board Charter and is available for review on the Company website. The Code is regularly reviewed and updated as necessary to ensure it reflects the highest standards of behaviour and professionalism and the practices necessary to maintain confidence in the Group’s integrity.

In summary, the Code requires that at all times all group personnel act with the utmost integrity, objectivity and in compliance with both the letter and the spirit of the law and Company policies.

Conflicts of Interest

All directors of the Company must keep the Board advised, on an ongoing basis, of any private interest that could potentially conflict with the interests of the Company. Where the Board believes that a significant conflict exists, the director concerned does not receive relevant board papers and is not present at the meeting whilst the item is considered. The Board has developed procedures to assist Directors to disclose potential conflicts of interest.

All directors and executive officers of the Company are required to disclose to the Company any material transaction or commercial relationship or corporate opportunity that reasonably could be expected to give rise to such a conflict.

Insider Trading

Trading in shares by any Director or senior executive of the Company within the period between the close of each financial quarter and the release of quarterly, half yearly interim and full year results by the Company requires the express written approval of the Chairman before any trading is conducted or the entry into any share trading agreements.

DART MINING NL 2007 ANNUAL REPORT 15

07CORPORATE GOVERNANCE STATEMENT

Fair dealing and ethical standards

The Code requires all directors, officers and employees of the Company to behave honestly and ethically at all times with all people and other organisations.

The Code requires employees who are aware of unethical practices within the Group or breaches of the Company’s trading policy to report these using the Company’s whistleblower program. This can be done anonymously. The Company Secretary also has responsibility for the initial investigations of significant issues raised under the whistleblower program. These matters are reported to the Board.

The Directors are satisfied that the Company has complied with its policies on ethical standards, including trading in securities.

FINANCIAL REPORTING

Reporting Standards

The Company is committed to providing shareholders with clear, transparent, and high quality financial information in a timely manner. The Company continuous disclosure policy underpins this approach.

The financial reports of the Company are produced in accordance with Australian International Financial Reporting Standards, other authoritative pronouncements of the Australian Accountings Standards Board and the Corporations Act. The financial statements and reports are subject to review every half year and the auditor issues an audit opinion accompanying the full year results for each financial year.

External Auditors

The Company policy is to appoint external auditors who clearly demonstrate quality and independence. The performance of the external auditor is reviewed annually, taking into consideration assessment of performance, existing value and tender costs. Deloitte Touche Tohmatsu have been appointed as the external auditors.

An analysis of fees paid to the external auditors, including a breakdown of fees for non-audit services, is provided in Note 22 to the financial statements. It is the policy of the external auditors to provide an annual declaration of their independence to the Board.

The external auditor is requested to attend the annual general meeting and be available to answer shareholder questions about the conduct of the audit and the preparation and content of the audit report.

Management Certification

The Company requires that the Chief Executive Officer make the following certifications to the Board:

that the Company’s financial reports are complete and present a true and fair view, in all material respects, of the financial condition and operational results of the Company and group and are in accordance with relevant accounting standards.
that the above statement is founded on a sound system of risk management and internal compliance and control and which implements the policies adopted by the Board and that the Company’s risk management and internal compliance and control is operating efficiently and effectively in all material respects.

RISK ASSESSMENT

The Board is responsible for ensuring there are adequate policies in relation to risk management, compliance and internal control systems. The Board has appointed an Audit and Risk Management Committee to advise it in these matters. In summary, the Company policies are designed to ensure strategic, operational, legal, reputation and financial risks are identified, assessed, effectively and efficiently managed and monitored to enable achievement of the Company’s business objectives.

16 DART MINING NL 2007 ANNUAL REPORT

CORPORATE GOVERNANCE STATEMENT

Considerable importance is placed on maintaining a strong control environment. There is an organisation structure with clearly drawn lines of accountability and delegation of authority. Adherence to the Code of Conduct is required at all times and the Board actively promotes a culture of quality and integrity.

Detailed control procedures cover management accounting, purchases and payments, financial reporting, capital expenditure requests, project appraisal, environment, health and safety, IT security, compliance, and other risk management issues. There is a systematic review and monitoring of key business operational risks by management which reports on current and future risks and mitigation activities to the Board.

The Company recognises the importance of environmental and occupational health and safety (OH&S) issues and is committed to the highest levels of performance with the systematic identification of environmental and OH&S issues to ensure they are managed in a structured manner. This system allows the Company to:

monitor its compliance with all relevant legislation
continually assess and improve the impact of its operations on the environment
encourage employees to actively participate in the management of environmental and OH&S issues
work with trade associations representing the entity’s businesses to raise standards
use energy and other resources efficiently; and
encourage the adoption of similar standards by the entity’s principal suppliers, contractors and distributors.

CONTINUOUS DISCLOSURE AND SHAREHOLDER COMMUNICATION

The Company is a disclosing entity under the Corporations Act and is subject to the continuous disclosure requirements under the ASX Listing Rules. Communications with shareholders and other stakeholders are given a high priority. In addition to statutory disclosure documents such as Annual Reports and Quarterly production reports, the Board is committed to keeping all stakeholders informed of all material developments that affect the Company in a timely manner.

The Company has a formal policy and comprehensive procedures on continuous disclosure. Once the Board or Management becomes aware of information concerning the Company that would be likely to have a material effect on the price or value of the company’s securities (and which does not fall within the exceptions to the disclosure requirements contained in the Listing Rules), that information is released to the ASX.

The Board has appointed the Company Secretary (or in his absence, the Chairman) as the person responsible for communication to ASX. This role includes responsibility for ensuring compliance with the continuous disclosure requirements in the ASX Listing Rules and overseeing and co-ordinating information disclosure to the ASX, analysts, brokers, shareholders, the media and the public. All Company announcements, presentations or other briefings are posted on the company’s website after release to the Australian Securities Exchange.

The Board also endorses full and regular communication with and between Directors, the Chief Executive Officer, senior management, the external auditors and other Professional Advisers, Shareholders and other significant stakeholders. The Board also ensures the Company Secretary maintains a good, open and frank relationship with the ASX and its designated Company officers to ensure compliance and full disclosure.

All shareholders have the opportunity to elect to receive a copy of the Company’s annual report at the same time as they receive by post a copy of the Notice of the Annual General Meeting.

Full use is made of annual general meetings to inform shareholders of current developments through appropriate presentations and to provide opportunities for questions.

COMPLIANCE WITH ASX CORPORATE GOVERNANCE COUNCIL GOOD PRACTICE RECOMMENDATIONS

The Company complies with all of the ASX Corporate Governance Council good practice recommendations with the exception that independent directors are not in the majority on the Board or as otherwise set out in this document.

DART MINING NL 2007 ANNUAL REPORT 17

18 DART MINING NL 2007 ANNUAL REPORT

INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

Note Revenue from ordinary activities 2 Employment related costs Depreciation and amortisation expense Offce expenses Administrative expenses Other expenses from ordinary activities Loss before income tax expense 2 Income tax expense 3 Net loss for the year Net loss attributable to members of Dart Mining NL Earnings per share From continuing operations: Basic (cents per share) 4 Diluted (cents per share) 4	Consolidated Company 2007 $ 2006 $ 2007 $ 2006 $ 76,998 76,998
	(47,632) (47,632) (1,109) (1,109) (1,149) (1,149) (118,374) (118,276) (9,808) (8,014)
	(101,074) (99,182) - - -
	(101,074) (99,182)
	(101,074) (99,182) (1.28) (1.28)

DART MINING NL 2007 ANNUAL REPORT 19

07BALANCE SHEET AS AT 30 JUNE 2007

Note Current Assets Cash assets Receivables 5 Prepayments 6 Total Current Assets Non-Current Assets Property, plant and equipment 7 Deferred exploration and evaluation costs 8 Investment in Subsidiary 9 Goodwill 11 Total Non-Current Assets Total Assets Current Liabilities Payables 10 Provisions 12 Loans 13 Total Current Liabilities Total Liabilities Net Assets Equity Company Interest Contributed equity 14 Option reserve Accumulated losses 15 Total Equity	Consolidated Company 2007 $ 2006 $ 2007 $ 2006 $ 4,314,896 3 4,314,896 3 173,496 - 172,035 - 17,051 - 17,051 -
	4,505,443 3 4,503,982 3
	77,457 - 77,457 - 1,046,501 - 1,046,501 - - - 14,001 - 10,066 - - -
	1,134,024 - 1,137,959 -
	5,639,467 3 5,641,941 3
	390,840 - 390,469 - 728 - 728 - - - 953 -
	391,568 - 392,150 -
	391,568 - 392,150 -
	5,247,899 3 5,249,791 3
	5,175,908 3 5,175,908 3 173,065 - 173,065 - (101,074) - (99,182) -
	5,247,899 3 5,249,791 3

20 DART MINING NL 2007 ANNUAL REPORT

STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED) FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

	FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
Consolidated Note	Ordinary Share Capital $ Capital Raising Costs $ Option Reserve $ Retained Profts $ Total $
Balance at 1 July 2005 Shares issued during the year Capital raising costs Option reserve Loss attributable to members of the company Balance at 30 June 2006 Balance at 1 July 2006 Shares issued during the year Capital raising costs Option reserve Loss attributable to members of the company (a) Balance at 30 June 2007	- - - - - 3 - - - 3 - - - - - - - - - - - - - - -
	3 - - - 3
	3 - - - 3 6,012,500 - - - 6,012,500 - (836,595) - - (836,595) - - 173,065 - 173,065 - - - (101,074) (101,074)
	6,012,503 (836,595) 173,065 (101,074) 5,247,899

(a) Loss for the period equals total recognised income and expense

DART MINING NL 2007 ANNUAL REPORT 21

STATEMENT OF CHANGES IN EQUITY (COMPANY) FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

Company Note	Ordinary Share Capital $ Capital Raising Costs $ Option Reserve $ Retained Profts $ Total $
Balance at 1 July 2005 Shares issued during the year Capital raising costs Option reserve Loss attributable to members of the company Balance at 30 June 2006 Balance at 1 July 2006 Shares issued during the year Capital raising costs Option reserve Loss attributable to members of the company (a) Balance at 30 June 2007	- - - - - 3 - - - 3 - - - - - - - - - - - - - - -
	3 - - - 3
	3 - - - 3 6,012,500 - - - 6,012,500 - (836,595) - - (836,595) - - 173,065 - 173,065 - - - (99,182) (99,182)
	6,012,503 (836,595) 173,065 (99,182) 5,249,791

(a) Loss for the period equals total recognised income and expense

22 DART MINING NL 2007 ANNUAL REPORT

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2007

07

Note Cash Flows From Operating Activities GST received Interest received Payments to suppliers and employees Net Cash Flows Used in Operating Activities 16(a) Cash Flows From Investing Activities Purchase of plant and equipment Acquisition of subsidiary, net of cash acquired 11 Payment for exploration costs Net Cash Flows Used in Investing Activities Cash Flows From Financing Activities Proceeds from issue of ordinary shares Payment of share issue costs Net Cash Flows From Financing Activities Net Increase in Cash Held Cash at the beginning of the fnancial year Cash at the end of the fnancial year 16(b)	Consolidated Company 2007 $ 2006 $ 2007 $ 2006 $ 11,684 - 11,684 - 27,912 - 27,912 - (91,172) - (89,280) -
	(51,576) - (49,684) -
	(26,938) - (26,938) - 1,134 - - - (356,471) - (357,256) -
	(382,275) - (384,167) -
	5,375,000 3 5,375,000 3 (626,256) - (626,256) -
	4,748,744 3 4,748,744 3
	4,314,893 - 4,314,893 - 3 - 3 -
	4,314,896 3 4,314,896 3

DART MINING NL 2007 ANNUAL REPORT 23

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

Note Contents 1. Summary of Significant Accounting Policies 2. Revenue and Expenses 3. Income Tax 4. Earnings per Share 5. Receivables 6. Prepayments 7. Property, Plant and Equipment 8. Deferred Exploration and Evaluation Costs 9. Investment in Subsidiary 10. Payables 11. Acquisition of Business 12. Provisions 13. Loans 14. Contributed Equity 15. Accumulated Losses 16. Cash Flow Reconciliation 17. Expenditure Commitments 18. Subsequent Events 19. Employee Benefits and Superannuation Commitments 20. Share-Based Payments 21. Key Management Personnel Remuneration 22. Auditor’s Remuneration 23. Related Party Disclosures 24. Financial Instruments 25. Contingent Liabilities and Contingent Assets

24 DART MINING NL 2007 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 200707

1. Summary of Significant Accounting Policies

Statement of Compliance

The financial report is a general-purpose financial report which has been prepared in accordance with the Corporations Act 2001, Accounting Standards and Interpretations, and complies with other requirements of the law.

The financial report includes separate financial statements of the company and the consolidated financial statements of the Group.

Accounting Standards include Australian equivalents to International Financial Reporting Standards (‘A-IFRS’). Compliance with A-IFRS ensures that the financial statements and notes of the Group comply with International Financial Reporting Standards (‘IFRS). The Company financial statements and notes also comply with IFRS except for the disclosure requirements in IAS32 ‘Financial Instruments: Disclosure and Presentation’ as the Australian equivalent Accounting Standard, AASB 132 ‘Financial Instruments: Disclosure and Presentation’ does not require such disclosures to be presented by the Company where its separate financial statements are presented with the consolidated financial statements of the Group. The financial report has also been prepared on an historical cost basis, and is presented in Australian dollars

The financial statements were authorised for issue by the directors on 27 September 2007.

The following significant policies have been adopted in the preparation and presentation of the financial report:

(a) Adoption of new and revised Accounting Standards

In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to its operations and effective for annual reporting periods beginning on 1 January 2006. The adoption of these new and revised Standards and Interpretations has had no impact on the financial results of the Group.

Initial application of the following Standards will not affect any of the amounts recognised in the financial report, but will change the disclosures presently made in relation to the consolidated entity’s and the company’s financial report:

AASB 7 ‘Financial Instruments: Disclosures’ and consequential	Effective for annual reporting periods beginning
amendments to other accounting standards resulting from its issue	on or after 1 January 2007
AASB 101 ‘Presentation of Financial Statements’ – revised standard	Effective for annual reporting periods beginning
	on or after 1 January 2007
AASB 2007-7 ‘Amendments to Australian Accounting Standards’	Effective for annual reporting periods beginning
	on or after 1 July 2007
AASB 8 ‘Operating Segments’	Effective for annual reporting periods beginning
	on or after 1 January 2009

DART MINING NL 2007 ANNUAL REPORT 25

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

1. Summary of Significant Accounting Policies (continued)

Initial application of the following Standards and Interpretations is not expected to have any material impact to the financial report of the consolidated entity and the company:

AASB Interpretation 7 ‘Applying the Restatement Approach under	Effective for annual reporting periods beginning
AASB 1129 Financial Reporting in Hyperinfationary Economies’	on or after 1 March 2006
AASB Interpretation 8 ‘Scope of AASB 2’	Effective for annual reporting periods beginning
	on or after 1 May 2006
AASB Interpretation 9 ‘Reassessment of Embedded Derivatives’	Effective for annual reporting periods beginning
	on or after 1 June 2006
AASB Interpretation 10 ‘ Interim Financial Reporting and Impairment	Effective for annual reporting periods beginning
	on or after 1 November 2006
AASB Interpretation 11 ‘AASB 2 – Group and Treasury Share	Effective for annual reporting periods beginning
Transactions’	on or after 1 March 2007
AASB 2007-1 ‘Amendments to Australian Accounting Standards	Effective for annual reporting periods beginning
arising from AASB Interpretation 11’	on or after 1 March 2007
AASB Interpretation 12 ‘ Service Concession Arrangements’	Effective for annual reporting periods beginning
	on or after 1 January 2008
AASB 2007-2 ‘Amendments to Australian Accounting Standards	Effective for annual reporting periods beginning
arising from AASB Interpretation 12’	on or after 1 January 2008
AASB 2007-4 ‘Amendments to Australian Accounting Standards	Effective for annual reporting periods beginning
arising from ED 151 and Other Amendments’	on or after 1 July 2007
AASB Interpretation 13 ‘Customer Loyalty Programmes’	Effective for annual reporting periods beginning
	on or after 1 July 2008
AASB Interpretation 14 ‘AASB 119 – The Limit on a Defned Beneft	Effective for annual reporting periods beginning
Asset, Minimum Funding Requirements And their Interaction’	on or after 1 January 2008
AASB 123 ‘Borrowing Costs’ – revised standard	Effective for annual reporting periods beginning
	on or after 1 January 2009
AASB 2007-6 ‘Amendments to Australian Accounting Standards	Effective for annual reporting periods beginning
arising from AASB 123’	on or after 1 January 2009

The directors anticipate that the adoption of these Standards and Interpretations will have no material financial impact on the financial statements of the company or the Group, as the issue of Interpretation 7, Interpretation 8 and Interpretation 9 do not affect its present policies and operations. The recently established Group is yet to produce halfyear results, and accordingly, Interpretation 10, which prohibits the reversal of certain impairment losses, has no impact on the company or the Group’s future financial statements.

The application of AASB 101 (revised), AASB 7 and AASB 2005-10 will not affect any of the amounts recognised in the financial statements, but will change the disclosures presently made in relation to the company and the Group’s financial instruments and the objectives, policies and processes for managing capital.

These Standards and Interpretations will be first applied in the financial report of the Group that relates to the annual reporting period beginning after the effective date of each pronouncement.

26 DART MINING NL 2007 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 200707

1. Summary of Significant Accounting Policies (continued)

(b) Principles of Consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities (including special purpose entities) controlled by the Company (its subsidiaries) (referred to as ‘the Group’ in these financial statements). Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The result of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. In the separate financial statements of the Company, intra-group transactions (‘common control transactions’) are generally accounted for by reference to the existing (consolidated) book value of the items. Where the transaction value of common control transactions differ from their consolidated book value, the difference is recognised as a contribution by or distribution to equity participants by the transacting entities.

(c) Cash and cash equivalents

Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. For the purposes of the Statement of Cash Flows, cash includes cash on hand and in banks, and money market investments readily converted to cash, net of outstanding bank overdrafts.

(d) Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the entity and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:

Interest Income

Interest revenue is recognised on a proportional basis taking into account the interest rate applicable to the financial assets

(e) Income Tax

Current tax

Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or tax loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by reporting date. Current tax for current and prior periods is recognised as a liability (or asset) to the extent that it is unpaid (or refundable).

DART MINING NL 2007 ANNUAL REPORT 27

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

1. Summary of Significant Accounting Policies (continued)

Deferred tax

Deferred tax is accounted for using the comprehensive balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax base of those items. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes.

In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilised. However, deferred tax assets and liabilities are not recognised if the temporary differences giving rise to them arise from the initial recognition of assets and liabilities (other than as a result of a business combination) which affects neither taxable income nor accounting profit. Furthermore, a deferred tax liability is not recognised in relation to taxable temporary differences arising from goodwill.

Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, branches, associates and joint ventures except where the consolidated entity is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets arising from deductible temporary differences associated with these investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving rise to them are settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the consolidated entity expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

(f) Goodwill

Goodwill acquired in a business combination is initially measured at its cost, being the excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. Goodwill is subsequently measured at its cost less any impairment losses.

(g) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST except:

where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
receivables and payables are stated with the amount of GST included.

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Statement of Financial Position.

Cash flows are included in the Statement of Cash Flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority are classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

28 DART MINING NL 2007 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 200707

1. Summary of Significant Accounting Policies (continued)

(h) Receivables

All debtors are recognised and carried at original invoice amount less a provision for any uncollectible debts. Collectability of debtors is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off. A provision for doubtful debts is raised where some doubt as to full collection exists.

(i) Exploration and Evaluation Assets

The consolidated entity applies AASB 6 Exploration For and Evaluation of Mineral Resources. Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of economically recoverable reserves.

Accumulated costs in relation to an abandoned area are written off in full against operating results in the year in which the decision to abandon the area is made.

When production commences, the accumulated costs for the relevant area of interest are amortised over the life of the area according to the rate of depletion of the economically recoverable reserves.

A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest.

Costs of site restoration are provided over the life of the facility from when exploration commences and are included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment and building structures, waste removal and rehabilitation of the site in accordance with the clauses of the mining permits. Such costs are determined using estimates of future costs, current legal requirements and technology on an undiscounted basis.

Any changes in the estimates for the costs are accounted for on a prospective basis. In determining the costs of site restoration there is uncertainty regarding the nature and extent of the restoration due to community expectations and future legislation. Accordingly the costs are determined on the basis that restoration will be completed within one year of abandoning a site.

(j) Impairment of Assets

At each reporting date, the consolidated entity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the consolidated entity estimates the recoverable amount of the cash-generating unit to which the assets belongs.

Goodwill, intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually and whenever there is an indication that the asset may be impaired. An impairment of goodwill is not subsequently reversed.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised in profit or loss immediately, unless the relevant asset is carried at fair value, in which case the impairment loss is treated as a revaluation decrease.

DART MINING NL 2007 ANNUAL REPORT 29

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

1. Summary of Significant Accounting Policies (continued)

Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised in profit or loss immediately, unless the relevant asset is carried at fair value, in which case the reversal of the impairment loss is treated as a revaluation increase.

(k) Property, Plant and Equipment

i) Acquisition

Items of property, plant and equipment are initially recorded at cost and depreciated as outlined below.

ii) Depreciation of Property, Plant and Equipment

Property, plant and equipment are depreciated on a straight line basis at rates based upon the expected useful lives of these assets. The useful lives of these assets are detailed in Note 8 to the financial statements.

(l) Leases

Leases are classified at their inception as either operating or finance leases based on the economic substance of the agreement so as to reflect the risks and benefits incidental to ownership.

Operating Leases

The minimum lease payments of operating leases, where the lesser effectively retains substantially all of the risks and benefits of ownership of the leased item, are recognised as an expense on a straight line basis. Contingent rentals are recognised as an expense in the financial year in which they are incurred.

Finance Leases

Leases which effectively transfer substantially the entire risks and benefits incidental to ownership of the leased item to the group are capitalised at the present value of the minimum lease payments and disclosed as property, plant and equipment under lease. A lease liability of equal value is also recognised. The consolidated entity has no finance leases as at 30 June 2007.

(m) Financial Assets

Investments are recognised and derecognised on trade date where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, net of transaction costs except for those financial assets classified as at fair value through profit or loss which are initially measured at fair value.

Subsequent to initial recognition, investments in subsidiaries are measured at cost in the company financial statements. Subsequent to initial recognition, investments in associates are accounted for under the equity method in the consolidated financial statements and the cost method in the company financial statements. During the financial year Dart Mining NL acquired 100% ownership of Dart Resources Pty Ltd. Dart Resources Pty Ltd is a non-trading subsidiary which holds ownership of one exploration licences currently explored by Dart Mining NL, as detailed in the additional information of this report.

(n) Payables

Liabilities are recognised for amounts to be paid in the future for goods and services received, whether or not billed to the consolidated entity. Payables to related parties are carried at the principal amount. Interest, when charged by the lender, is recognised as an expense on an accrual basis.

30 DART MINING NL 2007 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 200707

1. Summary of Significant Accounting Policies (continued)

(o) Issued Capital

Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Any transaction costs arising on the issue of ordinary shares are recognised directly in equity as a reduction in the share proceeds received.

Transaction costs on the issue of equity instruments

Transaction costs arising on the issue of equity instruments are recognised directly in equity as a reduction of the proceeds of the equity instrument to which the costs relate. Transaction costs are costs that are incurred directly in connection with the issue of those equity instruments and which would not have been incurred had those instruments not been issued.

Interest and dividends

Interest and dividends are classified as expenses or as a distribution of profit consistent with the balance sheet classification of the related debt or equity instruments or component parts of compound instruments.

(p) Employee Benefits

Provision is made for employee benefits accruing to employees in respect of wages and salaries, annual leave, long service leave, and sick leave when it is probable that settlement will be required and they are capable of being measured reliably.

Provisions made in respect of employee benefits expected to be settled within 12 months, are measured at their nominal values using the remuneration rate expected to apply at the time of settlement.

Provisions made in respect of employee benefits which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be made by the consolidated entity in respect of services provided by employees up to reporting date.

(q) Earnings per Share (“EPS”)

Basic EPS is calculated as net profit attributable to members, adjusted to exclude costs of servicing equity (other than dividends) and preference share dividends, divided by the weighted average number of ordinary shares, adjusted for any bonus element.

Diluted EPS is calculated as net profit attributable to members, adjusted for:

Costs of servicing equity (other than dividends) and preference share dividends;
The after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised as expenses; and
Other non-discretionary changes in revenues or expenses during the period that would result from the dilution of potential ordinary shares divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus element.

(r) Share-based payments

The Group measures the cost of equity-settled transactions with employees and consultants by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using the BlackScholes model, using the assumptions detailed in Note 20.

a) The fair value determined at the grant date of the equity settled share based payment is expensed on a straightline basis over the vesting period, based on the Groups estimate of shares that will eventually vest.

DART MINING NL 2007 ANNUAL REPORT 31

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

1. Summary of Significant Accounting Policies (continued)

b) Equity-settled share based payment transactions with other parties are measured at the fair value of the goods and services received, except where the fair value cannot be estimated reliably, in which they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service.

(s) Going Concern Basis

The consolidated entity is involved in the exploration and evaluation of mineral tenements and as such expects to be cash absorbing until these tenements demonstrate that they contain economically recoverable reserves.

As at 30 June 2007, the Group recorded losses from continuing operations before taxation of $101,074. In addition, the company had incurred positive cash flows from of $4,394,896 in the financial year and has a surplus of current assets over current liabilities of $4,113,875 as at 30 June 2007.

Notwithstanding the above, the financial statements have been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.

To continue as a going concern, the consolidated entity require the generation of sufficient funds from operating activities including successful development of the existing tenements; and/or future equity or debt fund raisings.

Having carefully assessed the uncertainties relating to the likelihood of securing additional funding and the consolidated entity’s and company’s ability to effectively manage their expenditures and cash flows from operations, the directors believe that the consolidated entity and company will continue to operate as going concerns for the foreseeable future and therefore it is appropriate to prepare the financial statements on a going concern basis.

In the event that the assumptions underpinning the basis of preparation do not occur as anticipated, there is uncertainty whether the consolidated entity and company will continue to operate as going concerns. If the consolidated entity and company are unable to continue as going concerns they may be required to realise their assets and extinguish their liabilities other than in the normal course of business and at amounts different to those stated in the financial statements.

No adjustments have been made to the financial report relating to the recoverability and classification of the asset carrying amounts or the classification of liabilities that might be necessary should the consolidated entity and company not continue as a going concern.

2. Revenue and Expenses

Revenue Revenue from non-operating activities Interest – Other persons/corporations Total revenue from non-operating activities Total Revenue (a) Loss before income tax Loss before income tax has been arrived at after Crediting/ (charging) the following expenses: Depreciation Share based payments	Consolidated Company 2007 $ 2006 $ 2007 $ 2006 $ 76,998 - 76,998 -
	76,998 - 76,998 -
	76,998 - 76,998 -
	(1,109) - (1,109) - (30,865) - (30,865) -

32 DART MINING NL 2007 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 200707

3. Income Tax

(a) The prima facie tax, using tax rates applicable in the country of operations, on operating loss differs from the income tax provided in the fnancial statements as follows: Prima facie tax beneft on loss from ordinary activities Non-deductible expenses Temporary differences and tax losses not brought to account Income tax beneft attributable to ordinary activities (b) Income tax losses Deferred tax asset arising from tax losses not recognised at reporting date as the asset is not regarded as meeting the probable criteria:	Consolidated Company 2007 $ 2006 $ 2007 $ 2006 $ 30,322 - 29,755 - - - - - (30,322) - (29,755) -
	- - - -
	30,322 - 29,755 -

(a) The prima facie tax, using tax rates applicable in the country
of operations, on operating loss differs from the income tax
provided in the fnancial statements as follows:
Prima facie tax beneft on loss from ordinary activities
Non-deductible expenses
Temporary differences and tax losses not brought to account
Income tax beneft attributable to ordinary activities
(b) Income tax losses
Deferred tax asset arising from tax losses not recognised at
reporting date as the asset is not regarded as meeting the
probable criteria:

Consolidated
Company
2007
$
2006
$
2007
$
2006
$
30,322
-
29,755
-
-
-
-
-
(30,322)
-
(29,755)
-

-
-
-
-

30,322
-
29,755
-

4. Earnings per Share

	Consolidated	Consolidated
	2007	2006
	$	$
The following refects the income and share data used in calculating basic and diluted
earnings per share:
Net loss for the year	101,074	-
Basic earnings per share	(1.28)c	-
Diluted earnings per share	(1.28)c	-
Weighted average number of ordinary shares used in the calculation of basic and diluted
earnings per share	7,872,232	-

Diluted earnings per share is calculated after classifying all options on issue remaining unconverted at 30 June 2007 as potential ordinary shares. As at 30 June 2007, the Company has on issue 2,800,000 options over unissued capital and has incurred a net loss. As the notional exercise price of these options is greater than the current market price of the shares they have not been included in the calculations of diluted earnings per share.

5. Receivables

Accrued interest – Other persons/corporations Security Deposits GST receivable (net) Other Receivables	Consolidated Company 2007 $ 2006 $ 2007 $ 2006 $ - - 49,086 - 49,086 - 4,136 - 4,136 - 119,675 - 118,214 - 599 - 599 -
	173,496 - 172,035 -

Terms and conditions relating to the above financial instruments

(i) Receivables are non interest bearing and have commercially acceptable repayment terms

DART MINING NL 2007 ANNUAL REPORT 33

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

6. Prepayments

			Consolidated	Consolidated	Company	Company
			2007	2006	2007	2006
			$	$	$	$
Insurance			17,051	-	17,051	-
			17,051	-	17,051	-
Property, Plant and Equipment
		Consolidated			Company
		Computer			Computer
	Plant &	Equipment		Plant &	Equipment
	Equipment	& Software	Total	Equipment	& Software	Total
Gross carrying amount
Balance at 1 July 2005	-	-	-	-	-	-
Additions	-	-	-	-	-	-
Balance at 30 June 2006	-	-	-	-	-	-
Accumulated depreciation/
Amortisation and impairment
Balance at 1 July 2005	-	-	-	-	-	-
Depreciation expense	-	-	-	-	-	-
Balance at 30 June 2006	-	-	-	-	-	-
Net book value
As at 30 June 2005	-	-	-	-	-	-
As at 30 June 2006	-	-	-	-	-	-
	-	-	-	-	-	-
Gross carrying amount
Balance at 1 July 2006	-	-	-	-	-	-
Additions	8,090	70,476	78,566	8,090	70,476	78,566
Balance at 30 June 2007	8,090	70,476	78,566	8,090	70,476	78,566
Accumulated depreciation/
Amortisation and impairment
Balance at 1July 2006	-	-	-	-	-	-
Depreciation expense	(126)	(983)	(1,109)	(126)	(983)	(1,109)
Balance at 30 June 2007	(126)	(983)	(1,109)	(126)	(983)	(1,109)
Net book value
As at 30 June 2006	-	-	-	-	-	-
As at 30 June 2007	7,964	69,493	77,457	7,964	69,493	77,457
	7,964	69,493	77,457	7,964	69,493	77,457

7. Property, Plant and Equipment

The following useful lives are used in the calculation of depreciation:

Plant & Equipment 3 – 5 years Computer Equipment & Software 3 – 4 years

34 DART MINING NL 2007 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 200707

8. Deferred Exploration and Evaluation Costs

			Consolidated	Consolidated	Company
			2007	2006	2007	2006
		Note	$	$	$	$
	Balance at beginning of fnancial year		-	-	-	-
	Additional expenditure carried forward		1,046,501	-	1,046,501	-
	Write-off during fnancial year		-	-	-	-
	Provision for licence areas to be relinquished		-	-	-	-
	Balance at end of fnancial year		1,046,501	-	1,046,501	-
	Ultimate recovery of deferred exploration and evaluation costs is dependent upon success in exploration and evaluation
	or sale or farm-out of the exploration interests.
9.	Investment in Subsidiary
	Subsidiary – Dart Resources Pty Ltd		-	-	14,001	-
			-	-	14,001	-
10.	Payables – Current
	Trade and other payables		354,073	-	353,702	-
	Accrued Expenses		16,767	-	16,767	-
	Accrued Audit Fees	22	20,000	-	20,000	-
			390,840	-	390,469	-

Terms and conditions relating to the above financial instruments:

(i) Trade creditors are non-interest bearing and are usually settled on 30 day terms.

(ii) Other creditors are non-interest bearing and have an average term of 30 days.

11. Acquisition of Businesses

Name of Business Acquired Principal Activity	Date of Acquisition Proportion of shares acquired (%) Cost of acquisition ($)
Dart Resources PtyLtd Mining	31/07/06 100 1,500
Net assets acquired Current assets: Cash assets Receivables Current Liabilities: Payables Cost of acquisition Goodwill on acquisition	Total fair value on acquisition ($) 1,134 2,800 (12,500) (8,599) 1,500 10,066

The cost of the acquisition of Dart Resources Pty Ltd comprises the issue of 30,000 Dart Mining NL shares at an issued fair value of 5 cents per share. Goodwill arose in the business combination because of the cost of the combination, including a premium to acquire Dart Resources Pty Ltd.

DART MINING NL 2007 ANNUAL REPORT 35

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

12. Provisions

Provisions
		Consolidated		Company
		2007	2006	2007	2006
	Note	$	$	$	$
Employee benefts	19	728	-	728	-
		728	-	728	-
Loans
Dart Resources Pty Ltd		-	-	953	-
		-	-	953	-
Contributed Equity
Issued and paid up capital Ordinary shares fully paid
		5,175,908	3	5,175,908	3
Details
Ordinary Shares
Beginning of the fnancial year		3	3	3	3
Shares issued during the year
12,469,998 shares issued at 5 cents per share to •	certain
directors for interest in tenement		623,500	-	623,500	-
249,999 shares issued at 5 cents to Minadco Pty •	Ltd* 1
as a repayment of loan to Dart Resources Pty Ltd		12,500	-	12,500	-
30,000 shares issued at 5 cents to acquire Dart Resources •
Pty Ltd		1,500	-	1,500	3
5,000,000 shares issued at 7.5 cents as seed capital raising •		375,000	-	375,000	-
25,000,000 shares issued at 20 cents to IPO applicants •		5,000,000	-	5,000,000	-
Less transaction costs arising from issue of shares •		(836,595)	-	(836,595)	-
Closing balance		5,175,908	3	5,175,908	3
*1C.J Bain holds an indirect interest in Minadco Pty Ltd
Option Reserve
Beginning of the fnancial year		-	-	-	-
Options granted during the year •
On 18 October 800,000 options granted at fair value of 7.9 •
cents per option to third parties as a success fee		63,200	-	63,200	-
On 3 January 1,000,000 options granted at fair value of 7.9 •
cents per option to J.E. Quayle as share-based payment		30,865	-	30,865	-
On 14 February 1,000,000 options at 7.9 cents per option to •
third party as a success fee		79,000	-	79,000	-
Closing balance		173,065	-	173,065	-

13. Loans

14. Contributed Equity

(a) Issued and paid up capital Ordinary shares fully paid

36 DART MINING NL 2007 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 200707

14. Contributed Equity (continued)

Summary of Capital Transactions

The following share movements took place during the financial year:

on 28 July 2006, 12,469,998 ordinary shares were issued to certain directors together with 6,235,000 partly paid shares to 1 cent (9cents payable).
on 28 July 2006, 249,999 ordinary shares were issued to Minadco Pty Ltd as repayment of loan to Dart Resources Pty Ltd
on 31 July 2006, 30,000 ordinary shares were issued to certain directors as part consideration for acquisition of Dart Resources Pty Ltd.
on 18 October 2006, 5,000,000 ordinary shares were issued at 7.5 cents per share. Also issued was 2,500,000 partly paid shares to 1 cent (9 cents payable)
on 18 October 800,000 options (exercisable at 20 cents) were granted to Investor Resources Finance Pty Ltd and LAH Securities Pty Ltd as a corporate success fee for assisting in the capital raising .
On 3 January 2007, 1,000,000 options (exercisable at 20 cents) were granted to the Chief Executive Officer (CEO) designate as part of his contract of employment.
On 18 October 2006, 1,000,000 options (exercisable at 20 cents) were granted to the Intersuisse Corporate Ltd as a corporate success fee for assisting in the capital raising.
pursuant to the prospectus dated 14 March 2007, 25,000,000 ordinary shares were issued on 4 May 2007 as a result of an initial public offer of shares which resulted in the Company listing on the Australian Securities Exchange.

The Company’s key objectives in raising funds are to explore for and discover a gold resource of sufficient size for Dart to become a gold producer; to grow initial gold production by on-going exploration success, building a resource base across different goldfields; and to be successful in discovering and developing large gold and base metals mineralised systems in porphyry – Reduced Intrusive Related Gold gold-silver-base metals targets.

(b) Terms and condition of contributed equity

Ordinary Shares

Ordinary shares have the right to receive dividends as declared and, in the event of winding up of the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.

Under ASX Listing Rules, 15,812,496 ordinary shares were subject to escrow restrictions. The Company’s Share Registry has holding locks in place on the relevant holdings and will not release them until the expiry of the relevant restriction period or otherwise without ASX approval. The numbers and periods of escrow are as follows:

Number	Securities	Escrow Period
2,652,084	Ordinary shares	12 months commencing 18 October 2006
13,160,412	Ordinaryshares	24 months commencing10 May2007

The balance of the issued capital of the Company, being 26,937,504 ordinary shares, is quoted on ASX.

DART MINING NL 2007 ANNUAL REPORT 37

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

14. Contributed Equity (continued)

Partly-paid Shares (9c payable)

For every two ordinary shares issued pre-IPO, shareholders also received one partly-paid share credited as paid to 1 cent, with an unpaid amount of 9 cents per partly-paid share. The Company presently has 8,875,000 unlisted partlypaid shares on issue, issued on 18 October 2006. The partly-paid shares to 1 cent (9c payable), are subject to a 9 cent call between 1 July 2009 and 31 December 2009.

Under ASX Listing Rules, 8,743,750 unlisted partly-paid shares were subject to escrow restrictions. The Company’s Share Registry has holding locks in place on the relevant holdings and will not release them until the expiry of the relevant restriction period or otherwise without ASX approval. The numbers and periods of escrow are as follows:

Number	Securities	Escrow Period
2,015,585	Partly Paid Shares	12 months commencing 18 October 2006
6,728,165	PartlyPaid Shares	24 months commencing10 May2007

The balance of the partly-paid issued capital of the Company, being 131,251 partly-paid shares, is not quoted on ASX.

(c) Share Options

Options Over Ordinary Shares

At the end of the financial year, there were 2,800,000 unissued ordinary shares in respect of which the following unlisted options were outstanding:

Expiry Date	Number	Securities	Escrow Period	Exercise Price
31 December 2010	2,800,0001	Unlisted Options	24 months commencing	20 cents
			10 May2007

1 includes 1,000,000 options issued on 3 January 2007 in accordance with the CEO designate contract of employment as described below in Note 19.

Since 30 June 2007 21,375,008 further options have been issued pursuant to a short form prospectus dated 4 July 2007. These options have an exercise price of 20 cents and an expiry date of 31 May 2010. No options have been exercised up to the date of this report.

15. Accumulated Losses

(a) Accumulated Losses

Accumulated Losses
Accumulated losses at the beginning of the fnancial year Net loss attributable to members of Dart Mining NL Accumulated losses at the end of the fnancial year	Consolidated Company 2007 $ 2006 $ 2007 $ 2006 $ - - - - (101,074) - (99,182) -
	(101,074) - (99,182) -

(b) Franking Credits

There are no franking credits available for the subsequent financial year.

38 DART MINING NL 2007 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 200707

16. Cash Flow Reconciliation

(a) Reconciliation of loss from ordinary activities after tax to net cash flows from operations

Reconciliation of loss from ordinary activities after tax to net cash fows from operations
Loss from ordinary activities after tax Non cash fows in operating result Depreciation of property, plant and equipment Share option expensed Operating cash fows not recognised as revenue Changes in assets and liabilities Decrease/(Increase) in receivables Decrease/(Increase) in prepayments Increase/(Decrease) in payables Net cash used in operating activities Reconciliation of cash Cash balance comprises: Cash on hand and at call Closing cash balance	Consolidated Company 2007 $ 2006 $ 2007 $ 2006 $ (101,074) - (99,182) - 1,109 - 1,109 - 30,865 - 30,865 - (49,685) - (49,685) - (17,051) (17,051) 84,260 - 84,260 - (51,576) - (49,684) - 4,314,896 - 4,314,896 -
	4,314,896 - 4,314,896 -

Reconciliation of loss from ordinary activities
after tax to net cash fows from operations

Loss from ordinary activities after tax
Non cash fows in operating result
Depreciation of property, plant and equipment
Share option expensed
Operating cash fows not recognised as revenue
Changes in assets and liabilities
Decrease/(Increase) in receivables
Decrease/(Increase) in prepayments
Increase/(Decrease) in payables
Net cash used in operating activities
Reconciliation of cash
Cash balance comprises:
Cash on hand and at call
Closing cash balance

Consolidated
Company
2007
$
2006
$
2007
$
2006
$
(101,074)
-
(99,182)
-
1,109
-
1,109
-
30,865
-
30,865
-
(49,685)
-
(49,685)
-
(17,051)
(17,051)
84,260
-
84,260
-
(51,576)
-
(49,684)
-
4,314,896
-
4,314,896
-

4,314,896
-
4,314,896
-

(b) Reconciliation of cash

(c) Business Acquired

During the financial year, Dart Mining NL acquired Dart Resources Pty Ltd. The net cash inflow on this acquisition was $1,134. Refer to note 11 for further details.

(d) Financing Facility

The group has no available finance facilities at balance date.

(e) Non-Cash Financing and Investing Activities

During the year Dart Mining NL acquired Dart Resources Pty Ltd, with the purchase consideration in the form of an issue of shares. Refer to note 11 for further details.

17. Expenditure Commitments

The company has no expenditure commitments at the end of the financial year, except under exploration tenement licences where the controlled entity is required to rehabilitate each licence area to its original state prior to any exploration works. Refundable cash bonds of $10,000 for each of the two Victorian tenements, Dart and Buckland, have been lodged with the Victorian Government. Subsequent to year end, a refundable cash bond of $10,000 in respect of the Tooma tenement has been lodged with the New South Wales Government.

DART MINING NL 2007 ANNUAL REPORT 39

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

18. Subsequent Events

No other matters or circumstances have arisen since the end of the financial year that have significantly affected or may have a significant effect on the financial operations of the consolidated entity, the financial performance of those operations or the financial position of the consolidated entity in the subsequent financial year.

19. Employee Benefits and Superannuation Commitments

Employee Benefts The aggregate employee beneft liability is comprised of: Provisions (current)	Consolidated Company 2007 $ 2006 $ 2007 $ 2006 $ 728 - 728 -
	728 - 728 -

Superannuation

The consolidated entity contributes in accordance with the Government Superannuation Guarantee legislation.

20. Share-based payments

The aggregate share-based payments for the financial year are set out below:

Details Share-based payments On 18 October 800,000 options granted at fair value of 7.9 • cents per option to third parties as a success fee On 3 January 1,000,000 options granted at fair value of 7.9 • cents per option to J.E. Quayle as share-based payment On 14 February 1,000,000 options at 7.9 cents per option to • third party as a success fee Closing balance	Consolidated Company 2007 $ 2006 $ 2007 $ 2006 $ 63,200 - 63,200 - 30,865 - 30,865 - 79,000 - 79,000 -
	173,065 - 173,065 -

Executive Options

The Chief Executive Officer of Dart Mining NL, John Quayle, was granted options over unissued shares of the Company under the terms of his employment contracts. The options were issued as part of consideration for services to be provided, will not be quoted on the ASX, cannot be transferred and are exercisable at any time during the employment of the executive after a qualifying period and before 31 December 2010 or 3 months after ceasing employment whichever comes first.

Options held at the beginning of the reporting period were nil

40 DART MINING NL 2007 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 200707

20. Share-based payments (continued)

Information with respect to the number of options granted during the reporting period is as follows:

Grantee	Number	Grant date	Vesting Date	Expiry date	Exercise Price	Fair Value at
						Grant Date
John Quayle	1,000,000	3 January 2007	6 December 2007	31 December 2010	20 cents	7.9 cents
John Quayle	1,000,000	3 January2007	6 December 2007	31 December 2010	20 cents	7.9 cents

Options held at the end of the reporting period

Grantee	Number	Grant date	Vesting Date	Expiry date	Exercise Price	Fair Value at
						Grant Date
John Quayle	1,000,000	3 January 2007	6 December 2008	31 December 2010	20 cents	7.9 cents
John Quayle	1,000,000	3 January2007	6 December 2008	31 December 2010	20 cents	7.9 cents

1 Expiry date before 31 December 2010 or 3 months after ceasing employment whichever comes first No Executive Options were exercised during the year ended 30 June 2007.

Third Party Options

On 18 October 2006, as a success fee following completion of the private equity raising and in anticipation of further work on the IPO, 1,800,000 options were issued as follows:

Grantee	Number	Grant date	Vesting date	Expiry date	Exercise Price	Fair Value at
						Grant Date
Investor Resources
Finance Pty Ltd1	400,000	18 October 2006	18 October 2006	31 December 2010	20 cents	7.9 cents
LAH Securities
Pty Ltd2	400,000	18 October 2006	18 October 2006	31 December 2010	20 cents	7.9 cents
Intersuisse
Corporate Ltd	1,000,000	18 October 2006	18 October 2006	31 December 2010	20 cents	7.9 cents

1 a company in which Mr Bain, a director of Dart, has an interest

2 a company in which Mr Udovenya, a director of Dart, has an interest

Options held at the end of the reporting period

Grantee	Number	Grant date	Vesting date	Expiry date	Exercise Price	Fair Value
						at Grant Date
Investor Resources
Finance Pty Ltd1	400,000	18 October 2006	18 October 2006	31 December 2010	20 cents	7.9 cents
LAH Securities
Pty Ltd2	400,000	18 October 2006	18 October 2006	31 December 2010	20 cents	7.9 cents
Intersuisse
Corporate Ltd	1,000,000	18 October 2006	18 October 2006	31 December 2010	20 cents	7.9 cents

1 a company in which Mr Bain, a director of Dart, has an interest

2 a company in which Mr Udovenya, a director of Dart, has an interest

DART MINING NL 2007 ANNUAL REPORT 41

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

20. Share-based payments (continued)

The weighted average fair value of the share options granted during the financial year is 8 cents. Options were priced using the Black-Scholes model. Where relevant, the expected life used in the model has been based on management’s best estimate for the effects of exercise restrictions, exercise period and behavioural considerations. Expected volatility is based on management’s best estimate of volume for a junior gold explorer.

Inputs into the model	John Quayle	Investor Resources	Intersuisse Ltd	LAH Securities Pty Ltd
		Finance Pty Ltd
Grant date share price	20 cents	20 cents	20 cents	20 cents
Exercise Price	20 cents	20 cents	20 cents	20 cents
Expected Volatility	40%	40%	40%	40%
Option Life	4 years	4 years	4 years	4 years
Risk-free interest rate	5.9%	5.9%	5.9%	5.9%

Weighted Average Remaining Contractual Life

The share options outstanding at the end of the financial year had a weighted contractual life of 1,278 days (2006:Nil)

Equity-settled transactions

On 28 July 2006 the entity issued 12,469,998 shares to directors in order to acquire tenements. Therefore, the fair value of the shares was 5 cents per share and consequently the fair value of the tenements acquired is $623,500, which has been recorded in Deferred Exploration and Evaluation Cots.

21. Key Management Personnel Remuneration

(a) Details of Key Management Personnel

Key Management Personnel are recognised as those persons who have the authority and responsibility for planning, directing and controlling the activities of Dart Mining NL, either directly or indirectly, including any director of Dart Mining NL.

(i) The key management personnel of Dart Mining NL during the year were:

C.J. Bain	Chairman (non-executive)	appointed on 26 May 2006
B.R. Hochwimmer	Executive Director (executive)	appointed on 26 May 2006
D.G. Turnbull	Executive Director (executive)	appointed on 26 May 2006
S.G. Poke	Director (non-executive)	appointed on 15 June 2006
R.G. Udovenya	Director (non-executive)	appointed on 15 June 2006
(ii) Executives
J.E. Quayle	CEO Designate/Company Secretary	appointed 6 December 2006

(b) Compensation of Key Management Personnel

(i) Compensation Policy

The Board of Directors of Dart Mining NL is responsible for determining and reviewing compensation arrangements for the directors and executives. The Board’s remuneration policy is to ensure that the remuneration package properly reflects the person’s duties and responsibilities, with the overall objective of ensuring maximum stakeholder benefit from the retention of a high quality board and executives. Such officers will be given the opportunity to receive their base emolument in a variety of forms, including cash and fringe benefits such as motor vehicles. It is intended that the manner of payment chosen will be optimal for the recipient without creating undue cost to the company.

42 DART MINING NL 2007 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 200707

21. Key Management Personnel Remuneration (continued)

To assist in achieving these objectives, the Board links the nature and amount of executive officers’ emoluments to the company’s financial and operational performance. All directors and executives will have the opportunity to qualify for executive options under an Executive Share Option Plan which will provide incentives where specified performance criteria are met. The plan has not yet been formalised by the Board.

Service Contracts are entered into with Executive Directors and Specified Executives. The employment contracts with the Executive Directors are terminable by either the Company or the Executive by the giving of six month’s notice. The current employment contract with the Chief Executive Officer (CEO) runs until its termination date of 6 December 2008, unless terminated by the CEO or by the Company either of whom may give four weeks notice. Contracts do not provide for any additional termination benefits.

(ii) Compensation of Key Management Personnel

The aggregate compensation made to key management personnel of the company and the Group is set out below:

Short-term employee benefts Post-employment benefts Share-based payment	Consolidated Company 2007 $ 2006 $ 2007 $ 2006 $ 368,389 - 368,389 - - - - - 30,865 - 30,865 -
	399,254 - 399,254 -

The compensation of each member of the key management personnel of the Group is set out below:

		Short Term	Post Employment	Share Based Payment	Total
		Salary & Fees	Superannuation	Options
		$	$	$
Directors
C.J. Bain	2007	6,986	-	-	6,986
	2006	-	-	-	-
B.R.Hochwimmer1	2007	149,250	-	-	149,250
	2006	-	-	-	-
D.G.Turnbull2	2007	149,250	-	-	149,250
	2006	-	-	-	-
S.G.Poke	2007	4,890	-	-	4,890
	2006	-	-	-	-
R.G.Udovenya	2007	4,890	-	-	4,890
	2006	-	-	-	-
Other key management	personnel
J E Quayle3	2007	53,123	-	30,865	83,988
	2006	-	-	-	-
		368,389	-	30,865	399,254

1 Under the terms of his contract the Executive Director’s salary was paid to B Hochwimmer and Associates Pty Ltd, a company which is controlled by Bernhard Hochwimmer.

2 Under the terms of his contract the Executive Director’s salary was paid to North East Geological Contractors Pty Ltd, a company which is controlled by Dean Turnbull.

3 Under the terms of his contract the Chief Executive Officer’s consulting fees were paid to J E Quayle ABN 84 414 709 215.

DART MINING NL 2007 ANNUAL REPORT 43

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

21. Key Management Personnel Remuneration (continued)

(c) Remuneration Options: Granted and vested during the year

As disclosed in Note 21(e), 1,000,000 options were issued during the year but no options were vested during the year.

(d) Share issued on exercise of remuneration options

No shares were issued on the exercise of remuneration options during the year.

(e) Option holdings of Directors and other key management personnel

Unlisted options held by associates of Directors and by an Executive. Details of options are contained in Note 22.

Balance	Balance	Granted as	Options	Net Change	Balance	Vested and
1 July	2006	remuneration	Exercised	Other	30 June 2007	exercisable at
			(Lapsed)			30 June 2007
Directors
C.J. Bain	-	-	-	*400,0001**	400,000	-
R.G. Udovenya	-	-	-	*400,0001**	400,000	-
Other key management personnel
J.E. Quayle	-	1,000,000	-	-	1,000,000	-
Total	-	1,000,000	-	800,000	1,800,000	-

*1 options in which Messer’s Bain & Udovenya hold an indirect interest

(f) Shareholdings of Key Management Personnel

Ordinary Shares held in Dart Mining NL	Balance 1 July 2006 No. Granted as remuneration No. Purchased in IPO or subsequently on-market No. Net Change Other No. Balance 30 June 2007 No.
Directors C.J. Bain B.R. Hochwimmer D.G. Turnbull S.G. Poke R.G. Udovenya Other key management personnel J.E. Quayle Total	1 - 150,000 *606,6651 756,666 1 - - 4,499,9991* 4,500,000 1 - - *4,499,9991 4,500,000 - - 252,500 3,500,0001* 3,752,500 - - - *200,0001 200,000 - - 20,000 130,0001* 150,000
	3 - 422,500 13,436,663 13,859,166

*1 these are ordinary shares issued pre-IPO

All equity transactions with directors and other key management personnel other than those arising from the exercise of remuneration options have been entered into under terms and conditions no more favourable than those the entity would have adopted if dealing at arm’s length.

44 DART MINING NL 2007 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 200707

22. Auditors’ Remuneration

		Consolidated	Consolidated	Company	Company
		2007	2006	2007		2006
		$	$	$		$
Amounts received or due and receivable by Deloitte Touche
Tomatsu for:
•	Provision of services for IPO Prospectus	14,369	-	14,369	-
•	audit or review of the fnancial statements of the entity and any
	other entity in the economic entity	20,000	-	20,000	-

23. Related Party Disclosures

(a) The Directors during the financial year were:

Current Directors

Christopher John Bain (appointed 26 May 2006) Bernhardt Rupert Hochwimmer (appointed 26 May 2006) Dean George Turnbull (appointed 26 May 2006) Stephen Gary Poke (appointed 15 June 2006) Richard Glenn Udovenya (appointed 15 June 2006)

(b) Information on remuneration and retirement benefits of Directors is disclosed in Note 21.

(c) Directors’ shareholding

At year end, the current Directors held directly and indirectly, 14,029,166 ordinary shares (2006: 3), 6,853,332 partlypaid shares (2006: nil) and 800,000 options (2006: nil) in the Company.

Directors acquired the following shares and options during the year:

Mr C.J. Bain has a beneficial interest in 250,000 shares acquired on 28 July 2006 at 5 cents, 756,666 shares acquired on 18 October 2006 at 7.5 cents, sold 130,000 shares on 3 January 2007 at 7.5 cents to the CEO designate, subscribed for 100,000 shares at 20 cents in the IPO, and purchased 50,000 shares on market on 10 May 2007. He also acquired a beneficial interest in 503,332 partly-paid shares (9 cents payable) on 18 October 2006 and indirectly holds 400,000 options granted on 18 October 2006.
Mr B.R. Hochwimmer was allotted 4,499,999 shares on 28 July 2006. He also acquired 2,250,000 partly-paid shares (9 cents payable) on 18 October 2006.
Mr D.G. Turnbull was allotted 4,499,999 shares on 28 July 2006. He also acquired 2,250,000 partly-paid shares (9 cents payable) on 18 October 2006.
Mr S.G. Poke was allotted 3,500,000 shares on 28 July 2006 and subscribed for a further 252,500 shares at 20 cents under the prospectus dated 14 March 2007. He also acquired 1,750,000 partly-paid shares (9 cents payable) on 18 October 2006.
Mr R.G. Udovenya acquired 200,000 shares on 18 October 2006 at 7.5 cents, and a further 100,000 partly-paid shares (9 cents payable) on 18 October. He also holds indirectly 400,000 options granted on 18 October 2006.

(d) Other related party transactions:

There were no related party transactions other than those described in Note 23(f).

(e) Ultimate Parent:

Dart Mining NL is the ultimate Australian parent company.

DART MINING NL 2007 ANNUAL REPORT 45

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007

23. Related Party Disclosures (continued)

(f) Other transactions and balances with Key Management Personnel:

Legal services at normal commercial rates totalling $89,968 (2006: $nil) were provided by ResourcesLaw International, of which Richard Udovenya is a partner, prior to the listing of the Company on 10 May 2007. At year end an amount of $89,968 remained outstanding (2006: $nil).

Non-legal advisory services at normal commercial rates totalling $41,250 (2006: $nil) were provided by LAH Securities Pty Ltd, of which Richard Udovenya is a director, prior to the listing of the Company on 10 May 2007. At year end an amount of $41,250 remained outstanding (2006: $nil).

Corporate advisory services at normal commercial rates totalling $11,582 (2006: $nil) were provided by Investor Resources Services Ltd of which Chris Bain is a director, prior to the listing of the Company on 10 May 2007. At year end no amount remained outstanding (2006: $nil).

Corporate advisory services at normal commercial rates totalling $109,500 (2006: $nil) were provided by Investor Resources Finance Ltd of which Chris Bain is a director, prior to the listing of the Company on 10 May 2007. At year end no amount remained outstanding (2006: $nil).

24. Financial Instruments

(a) Interest Rate Risk Management

The Group is currently unexposed to interest rate risk as it holds no amounts of borrowed funds. The consolidated entity’s exposure to interest rate risk and the weighted average interest rate for each class of financial assets and financial liabilities is set out in the following table:

Consolidated

Note Weighted average interest rate	Floating interest rate $ Fixed interest maturing in: Non-interest bearing $ Total $ 1 year or less $ 1 year or more $
2007 Financial assets Cash and deposits 16(b) 5.8% Receivables 5 N/A Financial liabilities Payables 13 N/A Net fnancial assets/(liabilities) 2006 Financial assets Cash and deposits 16(b) N/A Receivables 6 N/A Financial liabilities Payables 13 N/A Net fnancial assets/(liabilities)	1,794,896 2,520,000 - - 4,314,896 - - - 173,496 173,496
	1,794,896 2,520,000 - 173,496 4,488,392 - - - 390,840 390,840
	1,794,896 2,520,000 - (217,344)4,097,552
	- - - 3 3 - - - - -
	- - - 3 3 - - - - -
	- - - 3 3

N/A – not applicable for non-interest bearing financial instruments.

46 DART MINING NL 2007 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 200707

24. Financial Instruments (continued)

(b) Net Fair Values

All financial assets and liabilities have been recognised at the balance date at lower of cost and realisable value which approximates their net fair value.

(c) Liquidity Risk Management

The responsibility for liquidity risk management rests with the board of directors. The Group manages liquidity risk by maintaining adequate reserves, banking facilities, and through the continuous monitoring of budgeted and actual cash flows.

(d) Credit Risk Management

The maximum exposure to credit risk, excluding the value of any collateral or other security at balance date, to recognised financial assets is the carrying amount of those assets, net of any provisions for doubtful debts, as disclosed in the statement of financial position and notes to the financial statements.

The economic entity does not have any material credit risk exposure to any single debtor or group of debtors under financial instruments entered into by the economic entity.

25. Contingent Liabilities and Contingent Assets

No contingent liabilities or contingent assets existed at the reporting date except under tenement licences in Victoria and NSW where the controlled entity is required to rehabilitate each licence area to its original state prior to any exploration works.

DART MINING NL 2007 ANNUAL REPORT 47

07DIRECTORS’ DECLARATION

In accordance with a resolution of the Directors of Dart Mining NL, we state that:

In the opinion of the Directors:
a. the financial statements and notes of the company and of the consolidated entity are in accordance with the Corporations Act 2001, including:
- i. giving a true and fair view of the company’s and consolidated entity’s financial position as at 30 June 2007 and of their performance for the year ended on that date; and
- ii. complying with Accounting Standards and the Corporations Regulations 2001.
b. 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 has been made after receiving the declarations required to be made to the Directors in accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 June 2007.

On behalf of the Board

C J BAIN Director

D G TURNBULL Director

Melbourne 27 September 2007

48 DART MINING NL 2007 ANNUAL REPORT

DART MINING NL 2007 ANNUAL REPORT 49

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50 DART MINING NL 2007 ANNUAL REPORT

ASX ADDITIONAL INFORMATION

Additional information required by the Australian Securities Exchange Ltd Listing Rules and not disclosed elsewhere in this report is as follows. The information is current as at 31 August 2007.

TWENTY LARGEST SHAREHOLDERS

	Name of Holder	Percentage of	No. of Ordinary	Shares Escrowed
		Issued Capital	Shares Held	– not quoted
				on ASX
1	North East Geological Contractors Pty Ltd	10.53%	4,500,000	4,500,000
2	Tesaneer Pty Ltd	8.19%	3,500,000	3,500,000
3	B Hochwimmer and Associates Pty Ltd
		7.89%	3,375,000	3,375,000
4	ANZ Nominees Ltd	7.02%	3,000,000
5	Eagle Eye Metals Limited	2.34%	1,000,000
6	Archer Trading NZ LTD	1.75%	750,000
7	Saracen Mineral Holdings Limited	1.75%	747,500	412,500
8	B Hochwimmer and Associates Pty Ltd	1.32%	562,500	562,500
9	BR and LR Hochwimmer	1.32%	562,500	562,500
10	Philip Securities Pty Ltd	1.26%	540,000
11	Beronia Investments Pty Ltd	1.17%	500,000
12	Mr. Robert David Boyd & Mrs. Sonia Anne Stafford
		1.17%	500,000
13	Dahele Pty Ltd	1.17%	500,000
14	Security & Equity Resources Ltd	1.17%	500,000
15	Mr. John Andrew Elliott	1.05%	450,000
16	Inhowse Pty Ltd	0.92%	393,000
17	Minadco Pty Ltd	0.83%	356,666	222,916
18	Mr. Kevin Wayne Gray	0.64%	275,000
19	Mr. Stephen Gary Poke + Mrs Denise Margaret Poke
		0.59%	252,500
20	Bruce Birnie PtyLtd	0.58%	250,000

SHARES ON ISSUE AT 30 JUNE 2007

42,750,000 ordinary fully paid 8,750,000 partly-paid shares (9c payable)

SUBSTANTIAL SHAREHOLDERS

Substantial shareholders as advised to the Company are set out below:

Name	No. of Ordinary	Percentage of	Partly-paid Shares
	Shares	Issued Capital	(9c payable)
B.R. Hochwimmer	4,500,000	10.53%	2,250,000
D.G. Turnbull	4,500,000	10.53%	2,250,000
S.G. Poke	3,752,500	8.78%	1,750,000

DART MINING NL 2007 ANNUAL REPORT 51

07ASX ADDITIONAL INFORMATION

DISTRIBUTION OF MEMBER HOLDINGS

		Ordinary Shares
Size of Holding	No. of Holders	No. of Shares
1 – 1,000	1	14
1,001 – 5,000	64	234,636
5,001 – 10,000	194	1,886,865
10,001 – 100,000	285	11,143,169
100,001 and over	59	29,485,316
Total Holders	603	42,750,000

The number of security investors holding less than a marketable parcel of 3,334 securities (15 cents on 31/08/07) is 31 and they hold a combined total of 76,222 securities.

		Bonus Options
Size of Holding	No. of Holders	No. of Options
1 – 1,000	6	5,169
1,001 – 5,000	249	1,075,646
5,001 – 10,000	83	677,682
10,001 – 100,000	199	6,061,260
100,001 and over	40	16,355,251
Total Holders	574	24,175,008

The number of security investors holding less than a marketable parcel of 8,065 securities (6.2 cents on 31/08/07) is 302 and they hold a combined total of 1,404,147 securities.

		Partly-Paid Shares
Size of Holding	No. of Holders	No. of Partly-Paid
		Shares
1 – 1,000	-	-
1,001 – 5,000	-	-
5,001 – 10,000	-	-
10,001 – 100,000	10	800,000
100,001 and over	13	8,075,000
Total Holders	23	8,875,000

52 DART MINING NL 2007 ANNUAL REPORT

ASX ADDITIONAL INFORMATION

VOTING RIGHTS

All shares carry one vote per share without restriction.

OPTIONS ON ISSUE

As at 31 August 2007, a total of 24,175,008 options, of which 21,375,008 are listed on the Australian Securities Exchange, remain outstanding as follows:

21,375,008 listed options exercisable on or before 31 May 2010 at an exercise price of 20 cents each.
800,000 unlisted options exercisable on or before 31 December 2010, subject to ASX escrow until 9 May 2009, at an exercise price of 20 cents each;
1,000,000 unlisted options exercisable on or before 31 December 2010, subject to ASX escrow until 9 May 2009, at an exercise price of 20 cents each;

In addition, 1,000,000 unlisted executive options exercisable at 20 cents have been issued to the executive John Quayle. These executive options vest in two tranches of 500,000 on 6 December 2007 and 6 December 2008, but are subject to ASX escrow until 9 May 2009, are not transferable and are exercisable at any time during the employment of the executive and for 3 months after the executive ceases employment, or 31 December 2010, whichever is the earlier, after which time they lapse.

TENEMENT SCHEDULE

Tenement Number	Licensed Holder	Name & Region of Subject of Licence	Area km2 Current Benefcial Interest	Area km2 Current Benefcial Interest
EL4724	Dart Mining NL	Buckland, north-east Victoria including	352	100%
		Fairleys prospect
EL4726	Dart Mining NL	Dart, north-east Victoria including	1220	100%
		Mountain View and Mt Elliot prospects
EL6172	Dart Resources	Tooma, New South Wales	120	100%1
	PtyLtd

Notes

(1) Dart Resources Pty Limited owns 100% of these licences. Dart Resources is a 100% owned subsidiary of Dart Mining NL.

(2) On 30 October 2007, EL 4724 & 4726 will be subject to a statutory reduction to no more than 40% of the original size held

TENEMENT APPLICATIONS in progress

Tenement Application Number	Applicant	Name & Region of Subject of Licence	Area km2	Current Benefcial Interest
ELA5058	Dart Mining NL	Cudgewa, north-east Victoria abutting	558	100%
		art EL
ELA5059	Dart MiningNL	Koetong,north-east Victoria	524	100%

DART MINING NL 2007 ANNUAL REPORT 53

Dart Mining NL

Level 3, 15 Queen Street Melbourne VIC 3000 Telephone: +613 9621 1322 Facsimile: +613 9621 1544 Email: [email protected] Website: www.dartmining.com.au

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Dart Mining NL

Level 3, 15 Queen Street Melbourne VIC 3000 Telephone: +613 9621 1322 Facsimile: +613 9621 1544 Email: [email protected] Website: www.dartmining.com.au

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AI assistant

DART MINING NL — Annual Report 2007

64792_rns_2007-10-14_7d27e43c-bd1e-48ec-ae7e-87c2b88d8403.pdf

Dart Mining NL

A GOLD EXPLORATION AND PRODUCTION COMPANY

DIRECTORS

CHIEF EXECUTIVE OFFICER

FINANCIAL ADVISOR

LEGAL ADVISOR

SHARE REGISTRY

ASX CODE

ABN

COMPETENT PERSON’S STATEMENT:

07

dart mining NL ANNUAL REPORT

CHAIRMAN’S REPORT

Dear Shareholder

MOUNTAIN VIEW PROSPECT

MT ELLIOT PROSPECT

FAIRLEY’S PROSPECT

PORPHYRY TARGETS

John Quayle

Christopher Bain

Richard Udovenya

Bernhard Hochwimmer

Stephen Poke

Dean Turnbull

07FINANCIAL REPORT

07CONTENTS

RESULTS FOR ANNOUNCEMENT TO THE MARKET

RESULTS FOR ANNOUNCEMENT TO THE MARKET

1. Details of the reporting period and the previous corresponding period.

2. Results for announcement to the market

07DIRECTORS’ REPORT

DIRECTORS

Names, qualifications experience and special responsibilities

Christopher Bain

Interests in the shares and options of the company and related bodies corporate

CHIEF EXECUTIVE OFFICER and COMPANY SECRETARY

John Quayle

CORPORATE INFORMATION

Corporate Structure

Principal Activities

Employees

CONSOLIDATED RESULTS

DIVIDENDS

OPERATING AND FINANCIAL REVIEW

Group Overview

Exploration Overview

Financial Overview

Operating Results for the Year

Review of Financial Condition

Cash Flows

CAPITAL RAISINGS / CAPITAL STRUCTURE

Placement

Initial Public Offer

Grant of Options

07DIRECTORS’ REPORT

Shares issued as a result of the exercise of Options

Value of Options issued to Directors and Executives

Summary of Shares / Options on Issue – 30 June 2007

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

SIGNIFICANT EVENTS AFTER THE BALANCE DATE

FUTURE DEVELOPMENTS

ENVIRONMENTAL REGULATION

MEETINGS OF DIRECTORS

Audit and Risk Management Committee

REMUNERATION PHILOSOPHY

REMUNERATION STRUCTURE

NON-EXECUTIVE DIRECTOR REMUNERATION

Objective

Structure

REMUNERATION REPORT

SENIOR EXECUTIVE REMUNERATION

Objective

Structure

VARIABLE REMUNERATION – LONG TERM INCENTIVES

Objective

Structure

SERVICE CONTRACTS

DART MINING NL Annual Report 2007