DART MINING NL - Annual Report 2011

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DART MINING NL ANNUAL REPORT 2011

About Dart Mining NL

2010/11 – Highlights	1
2011/12 – Outlook	1
Dart Targets	1
Chairman’s Report	2
CEO’s Report	3
Exploration Review	5
Sustainability	12
Community	12
Environment	13
Health and Safety	13
Board of Directors	14
Financial Report	15
INSIDE BACK COVER
Corporate Directory

Dart Mining, a Victoria-based exploration company, has discovered a new mineralised province hosting molybdenum-copper-silver (Mo-Cu-Ag) porphyry intrusives. The province occurs within the Lachlan Fold Belt near Corryong in north east Victoria. The Lachlan Fold Belt is a proven host of substantial porphyry hosted mines including North Parkes, Cadia and Ridgeway in NSW and the Benambra deposit in Victoria to the south of Dart Mining’s tenements.

Dart Mining has a number of highly prospective porphyry intrusives as well as two gold projects, Mountain View and Fairley’s.

Dart Mining’s prospective ground holdings, advanced project development skills, strong local relationships and experienced management team underpin the endeavour to advance towards mining and production.

Our Objectives

Our Vision

n Develop the Corryong Unicorn project into one of the world’s great molybdenum mines

To turn highly prospective targets into proven resources and to establish productive mines that benefit our shareholders and the communities in which we operate.

n To be successful in discovering and developing large precious and base metal mineralised systems in porphyry targets
n To explore for, develop and produce a significant gold resource
n To create business growth beyond the current Corryong base

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NSW MT ALFRED EL5194 N
Albury
BUNROY EL5131
Corryong
CUDGEWA EL5058
MYRTLEFORD EL5123
Myrtleford
BOEBUCK EL5132
Bright
DART EL4726
Albury
VIC Corryong
Myrtleford
Melbourne Bright
BUCKLAND EL4724
Dart Mining’s tenements at June 2011
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2010/2011 – Highlights

Company Highlights

n Appointment of Lindsay Ward as Managing Director and CEO to drive the business forward.
n Regional stream geochemistry survey completed over 50% of Dart Mining’s existing tenements – initial results reveal anomalous metal suites indicative of porphyry intrusives.
n Strategic review carried out for all previous exploration including geological mapping at Unicorn, petrographic study, Geographic Information System (GIS), regional geochemistry and satellite imagery.

Unicorn Highlights

n Exploration target announced in June 2011.
n Maiden JORC compliant resource announcement expected in 4th quarter 2011.
n Successful continuation of the company’s RVD3 (Rediscover Victoria Drilling) program, supported by the Victorian state government with a grant of $80,000 for the drilling program.
n Geophysics interpretation highlights chargeability anomaly adjacent to Unicorn prospect, highlighting potential for additional Mo-Cu-Ag mineralised zone.
n Establishment of Corryong site office as well as a new core processing facility at the Corryong Innovation Park.

2011/2012 – Outlook

n Maiden JORC compliant Inferred Resource for the Unicorn project to be announced in 4th quarter 2011.
n Further Unicorn diamond drilling to bring the resource to Indicated status to a depth of 380 metres and confirm known mineralisation to at least 800 metres.
n Conceptual study for Unicorn to be initiated that will determine potential economic pit shape and mine layout plans.

Exploration Targets

n Unicorn Mo-Cu-Ag porphyry prospect
n Morgan’s Mo-Ag-au porphyry prospect
n Boebuck and Bunroy porphyry prospects
n Donovan’s Hill Mo-Cu-Au-Ag porphyry prospect
n Mountain View gold prospect
n Fairley’s gold prospect
n Announcement of the metallurgical results for Unicorn which will confirm the likely recoveries of Mo-Cu-Ag from mineable ore.
n Release the results of the regional stream sediment geochemistry that should identify further prospective targets and enable precisely targeted further exploration.
n Targeted and fast tracked exploration that will allow ranking of known porphyry targets and development of very specific exploration plans to find the next Unicorn.
n Potential joint venture of Dart Mining gold prospects
Mountain View and Fairley’s.
n Further evaluate the potential of the Mountain View project including the possible declaration of a JORC compliant Measured Resource and the pegging of a mining lease.

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2010/11 has been a year of major progress and achievement for Dart Mining

Dart Mining has been a listed ASX public company for just over four years; a period which has coincided with turmoil in financial markets including the global financial crisis and the current market volatility. Despite this and the challenges faced in funding the company’s exploration program, the past four years have witnessed extraordinary achievement.

The vision of our founding geologists led to the discovery of a new mineral province within the Lachlan Fold Belt (LFB) where it enters north east Victoria. This province has similarities with the central part of the LFB which hosts significant copper-gold porphyry deposits at Cadia, Ridgeway and North Parkes to name just a few. In Dart’s tenements in north east Victoria the underlying geology confirms molybdenum-copper-silver porphyry mineralisation.

Just as the Cadia Mine can be considered a world class copper-gold deposit, Dart Mining believes that with further exploration the company’s Unicorn molybdenum-coppersilver deposit will become a world class deposit of its type. Three diamond drilling programs have now been completed at Unicorn for a total of nine holes for the initial evaluation of the Unicorn porphyry.

As you will read in the Managing Director’s report, this together with other exploration has advanced our understanding of Unicorn to the point where the company anticipates it will soon produce a maiden JORC ore resource estimate. This will provide the benchmark for Dart Mining to commence economic studies on the viability of establishing a mining operation at Unicorn.

feasibility studies to development. We also welcomed the appointment of Lindsay Ward as Managing Director and Chief Executive Officer. Lindsay has a background in mining and logistics and is ideally experienced to guide Dart Mining through these growth stages.

I would like to take this opportunity to thank our employees and contractors for their contribution to Dart Mining’s exploration progress. To quote from Sir Arvi Parbo in the foreword to David Upton’s book The Olympic Dam Story; “ Exploration is high risk, unglamorous, and a hard slog, but the future depends on it. ” It is through the dedication and vision of Dart Mining’s geologists and their field support teams that we have been able to take Dart Mining from a grass roots explorer to the cusp of a potentially major project. This is despite limited funding and challenging economic times.

I also thank all stakeholders for their ongoing support and look forward to sharing with you the reward of our exploration activities over coming years.

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Chris Bain Chairman September 2011

The past year has also seen change in our management team to strengthen the leadership as we progress from an exploration project, through evaluation stages of

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Native copper on molybdenite vein (DUNDD008)

“Looking back over the past twelve months of exploration, I think shareholders can be very pleased with the progress that has been made advancing the company’s north east Victorian tenements.”

This is my first CEO’s report for Dart Mining NL. While I have only been on board for about two months, looking back over the past 12 months of exploration, I think shareholders can be very pleased with the progress made with advancing our north east Victorian tenements, especially the work on the company’s principal project, Unicorn.

Dart Mining is fortunate to have such a large area of under-explored highly prospective tenement holdings in and around the Corryong area. These areas cover very prospective structures within the Lachlan Fold Belt similar to those that host significant operating porphyry mines in NSW such as Cadia, Ridgeway and North Parkes as well as the planned Stockman VMS mine to the south of Dart Mining’s tenements in Victoria.

Dart Mining’s exploration has been focused on two key areas during the year – diamond drilling at Unicorn to move the project towards its maiden JORC compliant Inferred Resource and regional stream geochemistry. The latter is aimed at identifying a pipeline of further porphyry targets that will be ranked with specific exploration programs for each. Dart Mining also carried out a strategic review of its exploration and finalised its interpretation of a significant geophysical anomaly.

The second round of diamond drilling at Unicorn was supported by the Victorian state government’s Rediscover Victoria Drilling 3 program with a grant of $80,000. Dart Mining has been successful in receiving grants during each of the three rounds of drilling grants available.

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In addition to the exploration progress during the reporting period, the establishment of a permanent Corryong base gives us better infrastructure for future exploration. The Corryong base includes a site office, a new drill core storage shed and an all-weather core cutting facility. This is an important step for Dart Mining and further cements the company within the supportive Corryong community.

The new core processing facility constructed late in the first quarter of the 2011 has been performing very well during the 24 hour - 7 days a week drilling operations. Dart Mining is pleased to report that processing of the core has kept pace with the rapid drilling. The facility is designed to allow 24 hour operations and ensures best industry practice for manual handling practices and maintains a comfortable working environment under extremes of temperature. The new site storage shed has also improved access to stored drill core and previous assay samples, important during the current transition to resource estimation.

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Cutting drill core with a brick saw, strong suction fans remove mist and fine rock particles from the 6m converted sea container and roller tables ensure no lifting during the process of cutting 1000’s of metres of core.

The coming year will be one of resource development, additional diamond drilling and geochemical sampling. It is with enthusiasm that I look to the future for Dart Mining and its substantial potential.

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Linsday Ward Managing Director/CEO September 2011

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New core storage shed leased from the Towong Shire Council allows rapid retrieval of stored core and assay samples required during the resource estimation process.

Logging drill core within a 12m long converted insulated sea container, roller tables ensure no lifing of core trays throughout the logging, cutting and sampling process.

Tenement Overview

Dart Mining owns a 100% beneficial interest in seven tenements in north east Victoria. Each of the tenements along with their names, land sizes, prospective minerals and areas of interest are listed in the table below.

TENEMENT SCHEDULE aND proSpECTS wiTHiN

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Tenement Name Area km [2] Minerals of interest Main prospects and areas of interest
number
EL4724 Buckland 212 Gold, Base Metals Fairley’s
EL4726 Dart 680 Gold, Base Metals Unicorn, Morgans, Donovan’s Hill, Mountain View
EL5131 Bunroy 335 Gold, Base Metals Bunroy porphyry
EL5132 Boebuck 244 Gold, Base Metals Boebuck porphyry
EL5123 Myrtleford 61 Gold Reform reef
EL5058 Cudgewa 811 Gold, Base Metals Reward copper
EL5194 Mt. Alfred 136 Gold, Base Metals Alfred Sn-W field
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Proven Structural Setting

Porphyry Intrusives

The Dart Mining tenements lie within the Lachlan Fold Belt, which is a known host of major ore bodies including Cadia, Ridgeway and North Parkes in NSW and Benambra in Victoria.

The tenements also lie across another major structural zone, the Gilmore Suture, which flexes across into Victoria with a series of splay faults that focus mineralisation.

The principal porphyry intrusive within the Dart Mining tenements is the Unicorn porphyry. Unicorn has world class potential as a molybdenum, copper and silver producer. Similar to the Henderson and Climax porphyries in Colorado it has multiple stacked high grade zones of mineralisation. These systems typically occur in clusters and a number of other porphyry intrusives are being explored by Dart Mining in the area, along with reviewing geochemistry results with anomalous Mo-Cu-Ag to identify additional porphyry targets.

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Prospective Gold Projects

The Mountain View project, within the Dart exploration licence, has potential for greater than 5000 ounces of gold with mineralisation open to the north and south. Drilling results have been encouraging and have indicated high grade intersections.

The Fairley’s project is a disseminated Au style mineralisation requiring further exploration.

Work for the period

STRATEGIC REVIEW OF PAST EXPLORATION

Dart Mining has been exploring in and around the Corryong area since 2007 and while the company has been a very successful grass roots explorer, it is always best industry practise to periodically review exploration functions and identify scope for improvement. A geological consultant with extensive experience in worldwide porphyry deposits was retained to review the company’s exploration and provide ongoing direction and support. The review identified five opportunities for improvement (refer below).

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Consistent with its culture of continuous improvement, Dart Mining has implemented all of the recommendations of this external review.

1. Geological Mapping at Unicorn

An experienced and well regarded geologist with extensive experience in porphyry deposits has completed a mapping program of Unicorn to identify the Mo-Cu-Ag deposit boundaries. This mapping program has greatly added to Dart Mining’s geological knowledge of the Unicorn system and maximises the success of drilling as the Unicorn deposit moves toward a JORC compliant resource.

2. Petrographic Study

In pursuit of best practise drill core logging and analysis, a number of drill core samples have been analysed in detail

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under a powerful microscope to characterise the primary rock types and their mineralogy, alteration and the minerals they contain.

This will greatly assist the resource drill logging program and ensure all mineralised zones are quickly identified, their prospects for mineralisation noted and the important alteration characteristics captured.

3. Geographic Information System

Dart Mining’s data management is in good order and the recent purchase of a GIS system has ensured historical, regional and drilling datasets are in a format that can be easily audited and used by an independent resource assessor.

4. Regional Geochemistry

This is a proven geological exploration technique to follow up on satellite imagery targets and identify additional anomalous targets in large areas of steep terrain such as the exploration tenements held by Dart Mining. The Dart Mining tenements had not been previously subjected to a broad scale systematic stream sediment sampling program and Dart Mining is confident that additional high potential targets will be identified. A more detailed update on this regional stream sediment sampling program is provided on the following page.

5. Satellite Imagery

Colin Nash and associates undertook a satellite imagery project across about 1,500km[2] of Dart Mining tenements to identify potential photogeologic anomalies that may be related to additional porphyry deposits.

The study successfully identified the known and diamond drill tested mineralised porphyry deposits of Unicorn and Morgan and highlighted six other high priority anomalies warranting further exploration and the possibility of two other lower order targets.

The study has been very useful in identifying additional porphyry targets that are now the subject of follow up regional geochemistry exploration programs.

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GEOCHEMISTRy

DIAMOND DRILLING

A large stream sediment sampling program was carried out across over half of Dart Mining’s exploration tenements. This work has resulted in significant anomalous traces of Mo-Cu-Ag as highlighted in the Outcomes section of this report.

It is planned for the remaining 50% of the exploration areas to be surveyed in the coming reporting period.

GEOPHySICS INTERPRETATION

A geophysics interpretation was completed on previous data gathered for the area. This interpretation provided very positive results. The outcomes for this interpretation are included in the Outcomes section of this report.

Two diamond drilling programs were completed during the year on the Unicorn project with a total of 1906.9m drilled. All holes intersected mineable grade zones of molybdenum. The drilling has confirmed that the Unicorn porphyry has undergone multiple mineralising events indicating potential for large multiple stacked zones of high grade mineralisation throughout the system, similar to both Henderson and Climax primary molybdenum mines in Colorado.

It was pleasing for Dart Mining and the Unicorn project to again be recognised by the Victorian government and the Department of Primary Industries and be awarded an $80,000 drilling grant from the Rediscover Victoria Drilling program. This is the third time that Dart Mining has received such an award.

Outcomes

GEOCHEMISTRy

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The regional stream sediment sampling program that commenced in January has now been completed for the exploration season with the drainage systems across approximately 50% of Dart Mining’s 2400km[2] being sampled. The program has been designed to identify key exploration target areas that warrant further follow up. This is the first systematic regional geochemical evaluation of the entire Corryong region and an important step in identifying additional mineralised porphyry targets.

All stream sediment samples have now been analysed and results are being entered into the company’s database. It is expected that this data will be reviewed in detail in the 4[th] quarter of 2011.

It should be noted that Dart Mining’s principal project Unicorn was substantiated through localised stream sediment geochemical sampling and given that mineralised porphyries worldwide occur in clusters, Dart Mining is very confident that the stream sediment sampling will identify further exploration targets.

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Phase 3 Inferred Resource Drill Plan. Also shows interpreted Porphyry extent at Valley Floor and Phreatic breccia outcrop over molybdenum soil / rock geochemistry contour plan.

GEOPHySICS

A very large chargeability anomaly (red area below) has also been defined within this interpreted shell and requires followup exploration.

Modelling of the 3D Induced Polarisation (3D IP) survey was completed during the year following the field work conducted in the previous financial period. The results show an inverted trumpet shaped core of chargeability expanding beneath the silica cap outcrop with perimeter conductors open at depth.

This significant anomaly is defined at the north west margin of the Unicorn porphyry and represents another attractive exploration target for Dart Mining and may represent another pulse of mineralised porphyry within the Unicorn system. Climax style porphyries like Unicorn typically occur in clusters and this exciting geophysical target will be drilled in subsequent programs planned for the 2012 financial year.

This is indicated below by the light blue area where drill hole DUNDD005 finishes. This style of anomaly is typical of major mineralised porphyry systems worldwide with base metal and pyrite often concentrated at the margins of the porphyritic intrusion (forming a chargeability anomaly) with the shape of the Unicorn anomaly suggesting the intrusion is increasing in size with depth.

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The significant geophysics anomaly is defined at the north west margin of the Unicorn porphyry and represents another exciting exploration target for Dart Mining...

Unicorn 3D Induced Polarisation model. View looking SSE showing IP chargeability as 3D shells within rectangle ranging from line 8400mN (front) to line 7900mN (back).

DIAMOND DRILLING

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Drill Hole Significant Intersections
DUNDD005 106m @ 0.08% Mo, 0.15% Cu
(574m) and 4.5 g/t Ag
106 - 574m average grade 0.04% Mo
incl. 13.8m @ 0.09% Mo with
2m @ 0.48% Mo
DUNDD006 488.4m @ 0.03% Mo, 0.04% Cu
(488.4m) and 4.28 g/t Ag
incl. 64m @ 0.06% Mo
132m @ 0.08% Cu
30m @ 9.5 g/t Ag
6m @ 28.2 g/t Ag
52m @ 9.7 g/t Ag
DUNDD007 273m @ 0.05% Mo, 0.08% Cu
(456.6m) and 3.61 g/t Ag
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Note: results for DUNDD008 still outstanding

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Porphyry breccia with sulphide including molybdenite (blue grey) in silica matrix – 316.5m DUNDD006

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Molybdenite vein cutting brecciated porphyry – 328.8m DUNDD006

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DUNDD005 was drilled on section 5,978,100 mN inclined 85[o] E. Visible molybdenite in quartz stockwork veins was evident throughout. Core logging has identified numerous features marking the margin of mineralising pulses pointing back west and deeper to potentially higher grade zones.

DUNDD006 was drilled on section 5,978,020 mN inclined at 65[o] W. The hole was designed to test the contact between outcropping porphyry, a porphyry breccia and the south western boundary of the porphyry intrusion. It intersected extensive mineralisation, molybdenum was noted in the breccia zone within the altered porphyry fragments, in the breccia matrix and in cross-cutting veins (photos top right). This indicates that the mineralising events involved multiple pulses, essential to form high grade systems of this type.

DUNDD007 has extended known mineralisation a further 135m to the north giving the project a footprint of approximately 350m x 300m with mineralisation confirmed from surface through to 574m in previous drilling. The hole showed strong molybdenum grades.

DUNDD007 passed out of the main mineralised porphyry layer and into a 52m transition zone to the surrounding host rhyolitic rock which still showed relatively good grades. The hole then passed through 102m of this surrounding rhyolitic rock that was still mineralised before entering the surrounding brecciated sediments below 428m to the end of the hole. Initial interpretation indicates DUNDD007 has drilled sub-parallel with the northern contact of the porphyry layer below some 300m in depth resulting in the 102m intersection of the rhyolitic host rock.

Top: Quartz-Molybdenite vein in porphyritic rhyolite host rock (DUNDD008) Above: Stockwork zone of quartz and molybdenite (DUNDD008)

Future

METALLURGICAL TESTING

Dart Mining has engaged a NSW-based laboratory to undertake metallurgical testing on diamond drill core from the latest drilling program on the Unicorn project. These results should be available in late 2011 and will provide specific information on:

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n the ability to separate Mo, Cu and Ag from the ore
n the type of separation process that will be required to economically extract the metals
n confirm the nature of the two concentrates that will be produced through the separation process – Mo concentrate and a separate Cu / Ag concentrate
n the likely percentage of each metal that will be contained in each of the concentrates, and
n indicative recovery of Mo, Cu and Ag from the ore. When this analytical work is completed, Dart Mining will be in a position, to report equivalent Mo grades, that is, combine the value added by the presence of Cu and Ag to give an overall economic equivalent grade of Mo.

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Splash of molybdenum in diamond drill core

DIAMOND DRILLING

Further diamond drilling is scheduled in the coming 12 months to test the geological model comparing the Unicorn porphyry to the Henderson and Climax systems. Both the Henderson and Climax systems are proven to extend at depth and it is probable that the Unicorn system also has increasing grade at depth.

GEOCHEMISTRy

In the coming 12 months Dart Mining will continue with its regional stream sediment sampling program with the aim of having a complete survey over the entire tenement holdings.

Additionally, a full review of all data collected and subsequent interpretation will be carried out to identify and target additional porphyries.

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Sustainability

Community

Dart’s commitment to the principle and practices of good corporate and environmental citizenship goes beyond requirements of relevant authorities. We develop strong partnerships with local communities, governments and businesses for the benefit of members of the community and region.

Dart Mining is committed to our local communities and to being a good corporate citizen and neighbour. We will strive to ensure the local community is informed of our exploration, development and operating process through regular consultation – either small on-site meetings or large townbased meetings. We provide regular updates of our activities on our website and meet with individuals. Community members can contact Dart Mining staff either at the site office or the company’s website.

We have adopted a local supplier policy to give preference to hiring and sourcing equipment and services locally.

Currently the majority of the Dart team live in north-eastern Victoria and we aim to provide further opportunities for people in the region in the future. As we progress from exploration to development and to an operating mine we will work closely with the communities in which we operate and add value to the region economically and socially.

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A well attended community meeting at Corryong

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Environment & Health and Safety
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Track mounted rig ensures minimum disturbance to access drill sites.

Environment

Health and Safety

Dart Mining has an established Environmental Policy that governs the way the company works to protect and minimise any impacts on the surrounding environment.

While our exploration licences cover a vast area our key targets are primarily within State forest, and any exploration carried out on private land occurs with the consent of land owners and in consideration of the local environment.

Drilling programs are subject to strict regulation by Victorian authorities and we continue to work closely with the necessary authorities to ensure all environmental and other requirements are observed.

Safety management is at the forefront and a key performance milestone for company management. Dart has developed detailed Occupational Health and Safety Policies to protect the safety of our employees, contractors and visitors to our sites.

We are committed to inspiring and developing a safety culture of the highest level within our team, a commitment which will continue through exploration, development and production.

Responsible environmental practices are essential to the company’s success and to the future of the mining industry.

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STEPHEN POKE

LINDSAY WARD

RICHARD UDOVENYA

NON-EXECUTIVE DIRECTOR (age 49)

MANAGING DIRECTOR, CHIEF EXECUTIVE OFFICER (age 47)

NON-EXECUTIVE DIRECTOR (age 50)

Richard, a Partner of the law firm ResourcesLaw International, Dart’s legal advisors, has 20 years legal experience with focus on the corporate, corporate governance and commercial law areas. He is a director of, and legal advisor to, a number of Australian and international companies.

Lindsay Ward is a an experienced senior executive having worked in a broad range of industries including ports, mining, mineral processing, rail haulage, electricity generation, transport and logistics at both General Manager and CEO level. Lindsay started his career in roles ranging from Mining Engineer through to Mine Manager. He has experience in gold and base metals exploration as well as a detailed knowledge of the Victorian approvals process.

Stephen has in excess of 25 years of technical and management experience in all forms of surface diamond and RC drilling as well as extensive experience in underground drilling. He has been involved with and managed some of the largest drilling programs in Australia in various senior management positions with drilling companies.

CHRISTOPHER BAIN

DEAN TURNBULL

EXECUTIVE DIRECTOR (age 42)

CHAIRMAN, NON-EXECUTIVE DIRECTOR (age 58)

Chris is a geologist and mineral economist with over 30 years experience in the resource industry covering geology, exploration, investment research and corporate advice. Chris is currently Chief Investment Officer of the Phillip Resources Fund.

Dean is an exploration and mine geologist with over 20 years experience, predominantly within Victoria and southern NSW. He has specialised in 3D geological and structural modelling producing geological and exploration models on Victorian gold projects at Bendigo, Glen Wills, Costerfield and Castlemaine.

Dart Mining nL 2011 FinanciaL report

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Directors’ report	16
Auditors independence declaration	31
Consolidated statement of comprehensive income	32
Consolidated statement of fnancial position	33
Statement of changes in equity	34
Consolidated statement of cash fows	35
Notes to the fnancial statements	36
Audit report	60
ASX Additional Information	62

DIRECTORS’ REPORT

your directors submit herewith their report for the year ended 30 June 2011.

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 J Bain Chris Bain is a geologist and mineral economist. He has over 30 years experience Chairman in resources having worked in underground mine geology in Mt Isa and Tasmania Appointed 26 May 2006 and exploration around Broken Hill. Since joining the finance sector he has been And Interim Chief Executive instrumental in mining project divestitures and acquisitions, evaluations and valuations, Officer 1 June 2010 to 30 April capital raisings including several initial public offerings and ASX listings. Chris is currently 2011 Chief Investment Officer of Phillip Resources Fund and a member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Company Directors. Mr Bain 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. Lindsay J Ward Lindsay Ward is an experienced senior executive having worked in a broad range of Managing Director and Chief industries including ports, mining, mineral processing, rail haulage, electricity generation, Executive Officer transport and logistics at both General Manager and CEO level. Prior to joining Dart Appointed 28 April 2011 Mining, Lindsay was General Manager - Patrick Ports and Pacific National Bulk Rail, a business unit of Asciano Ltd. As an integral part of this role, Lindsay was also the CEO of the Port of Geelong. Before joining Patrick, Lindsay was General Manager Production - yallourn Energy, a Victorian based integrated mine and power generator. Lindsay started his career in the Mining Industry, spending 15 years working with various mining companies in WA, Queensland NSW and Victoria in roles ranging from Mining Engineer through to Mine Manager and has experience in gold and base metals exploration as well as a detailed knowledge of the Victorian approvals process. Mr Ward 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. Dean G Turnbull Dean Turnbull is a geology graduate from the Bendigo College of advanced Executive Director Education and has a postgraduate Honours degree in geology from the Key Centre appointed 26 May 2006 For ore Deposit and Exploration Studies (CoDES) at the University of Tasmania. Dean is an exploration and mine geologist specialising in 3D geological and structural modelling, working on detailed geological models for many Victorian mining centres. positions previously held have spanned the spectrum from leading grass roots green fields exploration to multi-rig Resource/Reserve drill outs and resource estimations on large scale underground mining projects. Dean was instrumental in the discovery and subsequent exploration of the Unicorn porphyry Mo – Cu – ag project and has built a knowledge base in porphyry systems. 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.

Dart Mining NL 2011 ANNUAL REPORT

DIRECTORS’ REPORT 11

	DIRECTORS’ REPORT11
Stephen G Poke	Stephen Poke has over 30 years of hands on, technical and management experience
Non-Executive Director	in the drilling services sector. Stephen has been involved in and managed some of
Appointed 15 June 2006	Australia’s largest drilling programs and has held executive positions with both local
	and multi-national drilling companies. Stephen is currently Managing Director of E-Drill,
	a leading Australian exploration drilling company with drills operating along the Eastern
	Seaboard and within Tasmania.
	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 G Udovenya	Richard Udovenya is a member of the law frm ResourcesLaw International, the legal
Non-Executive Director	advisers to Dart Mining NL. He has over 25 years’ legal experience in Australia and
Appointed 15 June 2006	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 and a Member of both the Australasian Institute
	of Mining and Metallurgy and the Australian Institute of Company Directors. 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,
	and has advised, and continues to advise, on resource projects in Australia, Africa and
	South America.
	Other current directorships of listed companies
	None.
	Former directorships of listed companies in last three years
	Uranex NL (ACN 115 111 763) 30 November 2007 to 27 August 2010
Bernhard R 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
Resigned 30 May 2011	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.

CoMpaNy SECrETary

Andrew Draffin

Appointed 1 June 2010

Andrew Draffin is a partner of the accounting firm Draffin Walker & Co. He holds a Bachelor of Commerce and is a member of the Institute of Chartered Accountants in Australia. Andrew is a director and Chief Financial Officer of both listed and private companies across a broad range of industries. His focus is on financial reporting, treasury management, management accounting and corporate services, areas where he has gained experience over 15 years. Andrew is also a long serving member of a Finance Committee for a not for profit industry association in Victoria.

Dart Mining NL 2011 ANNUAL REPORT

11 DIRECTORS’ REPORT

SHarEHoLDiNGS oF DirECTorS aND oTHEr KEy MaNaGEMENT pErSoNNEL

The interests of each director and other key management personnel, directly and indirectly, in the shares and options of Dart Mining NL at the date of this report are as follows

Director	Ordinary shares	Options over ordinary	Options over ordinary
		shares (listed)	shares(unlisted)
C J Bain	1,628,332	75,000	1,000,000
D G Turnbull	4,700,000	22,500	1,000,000
S G Poke	3,856,666	42,033	1,000,000
R G Udovenya	378,500	19,250	1,000,000

CorporaTE iNForMaTioN

Corporate structure

Dart Mining NL is a company limited by shares that is incorporated and domiciled in Australia. Dart Mining NL has prepared a consolidated financial report incorporating 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 Company during the financial year was exploration for base metals and gold in North-east Victoria.

Employees

The Company employed 8 employees as at 30 June 2011 (2010: 4 employees).

CoNSoLiDaTED rESULTS

The loss for the consolidated entity after income tax was $526,388 (2010: $844,916 ).

DiViDEND

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 base metals and gold properties in north-east Victoria and southern New South Wales.

Exploration overview

Please refer to the Exploration 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 $526,388 (2010: $844,916). This result is consistent with expectations of costs associated with the exploration programme and reflected:

costs associated with managing the exploration program; and
corporate overheads associated with statutory and regulatory requirements as a consequence of being listed on the Australian Securities Exchange.

Review of financial position

During the year, the Company continued its exploration programme in north-east Victoria. At the end of the financial year, a proportion of the funds raised during and in prior financial years were held by the Company as cash investments for use in future financial periods. The Company strives to maximise the return on these funds for exploration purposes by investing surplus funds and minimising expenditure on corporate overheads.

Dart Mining NL 2011 ANNUAL REPORT

DIRECTORS’ REPORT 11

Cash flows

The cash flows of the Company consist primarily 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 raiSiNG aND CapiTaL STrUCTUrE

During the year under review, the Company raised $1,828,180 (net of capital raising costs) through the issue of 31,169,232 ordinary shares (2010: $2,561,792).

Summary of shares and options on issue

At 30 June 2011 the Company has 119,838,316 ordinary shares, 15,584,621 listed options and 5,000,000 unlisted options on issue. Details of the options are as follows:

Issuing entity	Number of shares	Class of shares	Exercise price	Expiry date
	under option
Dart Mining NL	5,000,000	Ordinary	15 cents	31 December 2013
Dart Mining NL	15,584,621	Ordinary	10 cents	31 December 2011

There were no shares issued during or since the end of the financial year as a result of the exercise of options.

During the financial year, the following options were granted to directors of the Company:

Issuing entity	Number of options	Issuing entity	Number of ordinary shares
	granted		under option
C J Bain	1,000,000	Dart Mining NL	1,000,000
B R Hochwimmer (resigned 31 May 2011)	1,000,000	Dart Mining NL	1,000,000
D G Turnbull	1,000,000	Dart Mining NL	1,000,000
S G Poke	1,000,000	Dart Mining NL	1,000,000
R G Udovenya	1,000,000	Dart Mining NL	1,000,000

SiGNiFiCaNT CHaNGES iN THE STaTE oF aFFairS

There were no significant changes in the state of affairs of the Company during the financial year.

SiGNiFiCaNT EVENTS aFTEr THE BaLaNCE DaTE

There has been no matter or circumstance since 30 June 2011 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 base metals and gold targets in north-east Victoria as outlined in the prospectus dated 14 March 2007. Further details of the Company’s prospects are included in the Exploration 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.

Dart Mining NL 2011 ANNUAL REPORT

11 DIRECTORS’ REPORT

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 2011.

DirECTorS’ MEETiNGS

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 consist of Stephen Poke (Chairman), Chris Bain, and Dean Turnbull.

The number of directors’ meetings held during the year and the numbers of meetings attended by each director were as follows:

Director		Board of directors	Board of directors		Audit and	Risk Management Committee	Risk Management Committee
	Held		Entitled to	Attended	Held	Entitled to	Attended
			attend			attend
C J Bain		10	10	10		2	2	2
B R Hochwimmer		10	8	6		-	-	-
D G Turnbull		10	10	10		2	2	2
S G Poke		10	10	8		2	2	2
R G Udovenya		10	10	10		-	-	-
L J Ward		10	3	3		-	-	-

NoN-audit seRvices

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.

aUDiTor iNDEpENDENCE DECLaraTioN

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 in this report.

Dart Mining NL 2011 ANNUAL REPORT

REMUNERATION REPORT 11

RemuNeRatioN RepoRt - audited

This remuneration report, which forms part of the directors’ report, sets out information about the remuneration of the Group’s directors and other key management personnel for the financial year ended 30 June 2011. The prescribed details for each person covered by this report are detailed below.

DETaiLS oF DirECTorS aND oTHEr KEy MaNaGEMENT pErSoNNEL

Directors and other key management personnel of the Company during and since the end of the financial year are as follows:

Directors

C J Bain L J Ward (appointed 28 April 2011) B R Hochwimmer (resigned 30 May 2011) D G Turnbull S G Poke R G Udovenya

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 other key management personnel. 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 directors’ and other key management personnel’s emoluments to the Company’s financial and operational performance. It is the Board’s policy that employment contracts are entered into with all senior executives. At the date of this report, executive remunerations are set at levels approved by the Board. The Board has granted these guaranteed levels of remuneration which are not dependent on performance in order to ensure the Group’s ability to retain quality personnel during its infancy.

The Group’s earnings and movements in shareholders’ wealth since listing to 30 June 2011 is detailed in the following table:

Issuing entity	30 June 2011	30 June 2010	30 June 2009	30 June 2008	30 June 2007
Revenue	$42,893	$16,679	$106,379	$186,684	$76,998
Net loss after tax	($526,388)	($844,916)	($1,146,803)	($755,721)	($101,074)
Share price at start of year or period	11c	8c	18c	21c	17c
Share price at end of year	6c	11c	8c	18c	21c
Dividends	-	-	-	-	-
Basic earnings per share	(0.51)c	(1.32)c	(2.62)c	(1.77)c	(1.28)c
Diluted earnings per share	(0.51)c	(1.32)c	(2.62)c	(1.77)c	(1.28)c

Employment Agreements are entered into with Executive Directors and Specified Executives. Employment contract with one Executive Director is terminable by either party by giving three months’ notice. Service Agreement with a Specified Executive is terminable by the Company by giving six months’ notice or by the Executive by giving three months’ notice.

rEMUNEraTioN STrUCTUrE

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

Dart Mining NL 2011 ANNUAL REPORT

REMUNERATION REPORT

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 financial year ended 30 June 2011 is detailed in this 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 all senior executives.

SErViCE CoNTraCTS

Service contracts were entered into with Executive Directors and Specified Executives.

Bernhard R Hochwimmer

Mr Hochwimmer resigned on 30 May 2011. Prior to his resignation, the terms of his employment agreement included inter alia:

A remuneration package of $158,050 per annum, 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 the Company;
An obligation on Mr Hochwimmer to maintain confidentiality in respect of proprietary information obtained during employment;
The agreement was terminable by either party on 3 months’ notice being given.

Dart Mining NL

2011 ANNUAL REPORT

REMUNERATION REPORT 11

Dean G Turnbull

The terms of an employment agreement with Mr Turnbull include inter alia :

A remuneration package of $158,050 per annum, 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 the Company;
An obligation on Mr Turnbull to maintain confidentiality in respect of proprietary information obtained during employment;
The agreement is terminable by either party on 3 months’ notice being given.

Lindsay J Ward

The terms of an employment agreement with Mr Ward include inter alia :

A remuneration package of $218,000 per annum, with annual reviews, together with reimbursement of all business related expenses including motor vehicle running and maintenance expenses;
Subject to shareholders’ approval, Mr Ward is entitled to either 6,000,000 non-transferable performance rights or 6,000,000 non-transferable options;
A restraint on Mr Ward to be engaged in the carrying on of any business the same as or substantially similar to or in competition with Dart;
An obligation on Mr Ward to maintain confidentiality in respect of proprietary information obtained during employment. This obligation continues after cessation of engagement with the Company;
The agreement is terminable by the Company on 6 months’ notice or by Mr Ward on 3 months’ notice being given.

Andrew Draffin

The Company remunerates Draffin Walker Pty Ltd, a firm of Chartered Accountants of which Mr Draffin is a director, for secretarial and corporate compliance services. An amount of $7,000 was due and payable at 30 June 2011. Fees are expected to be $14,000 per annum subject to the number of corporate action undertaken by the Company.

Dart Mining NL 2011 ANNUAL REPORT

11 REMUNERATION REPORT

rEMUNEraTioN oF DirECTorS aND oTHEr KEy MaNaGEMENT pErSoNNEL

	Short term employee benefts Post employment benefts Share-based payments Percentage of share-based payments Salaries & fees $ Superannuation $ Options $ Performance rights $ Total $ %
2011 Directors C J Bain 70,642 6,358 6,290 - 83,290 7.55 B r Hochwimmer (resigned) 164,097 12,259 6,290 - 182,646 3.44 D G Turnbull 145,000 13,050 6,290 - 164,340 3.83 S G poke 32,110 2,890 6,290 - 41,290 15.23 r G Udovenya 35,000 - 6,290 - 41,290 15.23 L J ward1 29,492 2,654 44,192 - 76,338 57.89 476,341 37,211 75,642 - 589,194 1Remuneration of L J Ward includes an estimated value of $44,192 share-based payment not yet granted and subject to shareholders’ approval.	70,642 6,358 6,290 - 83,290 7.55 164,097 12,259 6,290 - 182,646 3.44 145,000 13,050 6,290 - 164,340 3.83 32,110 2,890 6,290 - 41,290 15.23 35,000 - 6,290 - 41,290 15.23 29,492 2,654 44,192 - 76,338 57.89
	476,341 37,211 75,642 - 589,194
2011 Directors C J Bain 43,750 - - (336) 43,414 (0.77) B r Hochwimmer 115,000 10,350 - (1,393) 123,957 (1.12) D G Turnbull 115,000 10,350 - (1,393) 123,957 (1.12) S G poke 28,096 2,529 - (237) 30,388 (0.78) r G Udovenya 21,875 8,750 - (237) 30,388 (0.78)
Other key management personnel J E Quayle (resigned) 137,500 12,375 - (1,165) 148,710 (0.78) 461,221 44,354 - (4,761) 500,814
	461,221 44,354 - (4,761) 500,814

Bonuses

No bonuses were granted during the financial year ended 30 June 2011 (2010: NIL).

Employee options

5,000,000 options were issued to directors during the year.

At the end of the financial year, the following share-based payment arrangements were in existence:

Grantee	Number	Grant date	Expiry date	Exerciseprice	Fair value atgrant date	Vesting date
C J Bain	1,000,000	26 Nov 2010	31 Dec 2013	15 cents	0.629 cents	26 Nov 2010
B r Hochwimmer	1,000,000	26 Nov 2010	31 Dec 2013	15 cents	0.629 cents	26 Nov 2010
D G Turnbull	1,000,000	26 Nov 2010	31 Dec 2013	15 cents	0.629 cents	26 Nov 2010
S G poke	1,000,000	26 Nov 2010	31 Dec 2013	15 cents	0.629 cents	26 Nov 2010
r G Udovenya	1,000,000	26 Nov 2010	31 Dec 2013	15 cents	0.629 cents	26 Nov 2010

These options are not quoted, not transferrable and may be exercised at any time after vesting date. No options lapsed during the financial year.

The following table summarises the value of remuneration options granted, exercised or lapsed during the year:

	Value of options granted	Value of options exercised	Value of options lapsed at lapse date
	$	$	$
C J Bain	6,290	-	-
B r Hochwimmer	6,290	-	-
D G Turnbull	6,290	-	-
S G poke	6,290	-	-
r G Udovenya	6,290	-	-
J E Quayle(resigned)	-	-	15,000

Dart Mining NL 2011 ANNUAL REPORT

REMUNERATION REPORT 11

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.

This directors’ report is signed in accordance with a resolution of directors made pursuant to s.298(2) of the Corporations Act 2001.

On behalf of the Directors

==> picture [62 x 43] intentionally omitted <==

C J BAIN Director

==> picture [110 x 40] intentionally omitted <==

L J WARD Managing Director

Melbourne 25 August 2011

Dart Mining NL 2011 ANNUAL REPORT

CORPORATE GOVERNANCE STATEMENT

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 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.

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. 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.

Dart Mining NL

2011 ANNUAL REPORT

CORPORATE GOVERNANCE STATEMENT 11

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, Poke and Udovenya are considered to fall within this category. Mr Bain temporarily ceased to fall within this category by virtue of his role as Interim Chief Executive Officer between 1 June 2010 and 30 April 2011.

Messrs Turnbull and Ward are considered to be non-independent directors as they provide management services to the Company.

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 financial year to 30 June 2011, the full Board met 10 times. 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 Managing Director or 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 Managing Director and CEO is responsible for implementing Group strategies and policies. The Board Charter specifies that these are separate roles to be undertaken by separate people.

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 re-election 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.

Dart Mining NL 2011 ANNUAL REPORT

11 CORPORATE GOVERNANCE STATEMENT

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.

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’s 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 Tomatsu 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 20 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.

Dart Mining NL

2011 ANNUAL REPORT

CORPORATE GOVERNANCE STATEMENT 11

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.

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.

Dart Mining NL 2011 ANNUAL REPORT

CORPORATE GOVERNANCE STATEMENT

compLiaNce With asx coRpoRate GoveRNaNce couNciL Good pRactice rECoMMENDaTioNS

The Company complies with all of the ASX Corporate Governance Principles and Recommendations with the following exceptions:

(i) The Company does not have a Nomination Committee (Recommendation 2.4): the Board as a whole meets to consider any additional appointments;
(ii) A member of the Audit Committee is an executive director (Recommendation 4.2): the Board considers that the composition of the Audit Committee is appropriate to properly and effectively discharge its functions;
(iii) The roles of chair and chief executive officer (CEO) were temporarily being exercised by the same person (Recommendation 2.3). The Chairman also had the role of interim CEO between 1 June 2010 and 30 April 2011.

Dart Mining NL 2011 ANNUAL REPORT

AUDITORS INDEPENDENCE DECLARATION 11

Dart Mining NL 2011 ANNUAL REPORT

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

Note Revenue 2a Exploration costs written-off 1k Employment related costs Depreciation and amortisation expense 2b Offce expenses Administration expenses Travel expenses Other expenses Loss before income tax expense Income tax expense 3 Loss for the year Other comprehensive income Total comprehensive income Total comprehensive income attributable to Members of Dart Mining NL Non-controlling interests Total comprehensive income Earnings per share Basic (cents per share) 4 Diluted (cents per share) 4	Consolidated 2011 2010 $ $ 42,893 16,679 (1,170) (3,810) (307,246) (526,920) (4,869) (8,143) (19,794) (18,444) (213,506) (213,632) (20,686) (42,326) (2,010) (48,320)
	(526,388) (844,916) - -
	(526,388) (844,916)
	- - (526,388) (844,916)
	(526,388) (844,916) - -
	(526,388) (844,916)
	(0.51) (1.32) (0.51) (1.32)

The accompanying notes form part of these financial statements.

32 Dart Mining NL 2011 ANNUAL REPORT

AS AT 30 JUNE 2011 11

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Note Current assets Cash and cash equivalents 14(b) Trade and other receivables 5 Prepayments 6 Total current assets Non-current assets Other receivables Property, plant and equipment 7 Deferred exploration and evaluation costs 8 Total non-current assets Total assets Current liabilities Payables 9 Provisions 10 Total current liabilities Total liabilities Net assets Equity Company interest Issued capital 11 Reserves 12 Accumulated losses Total equity	Consolidated 2011 2010 $ $ 1,096,081 1,186,319 45,529 60,715 17,485 14,683
	1,159,095 1,261,717
	48,000 40,000 74,973 110,423 5,898,385 4,350,629
	6,021,358 4,501,052
	7,180,453 5,762,769
	402,296 367,091 33,312 28,267 435,608 395,358
	435,608 395,358
	6,744,845 5,367,411
	9,812,795 7,984,615 75,642 231,310 (3,143,592) (2,848,514)
	6,744,845 5,367,411

The accompanying notes form part of these financial statements.

Dart Mining NL 2011 ANNUAL REPORT

STATEMENT OF CHANGES IN EQUITy 11 FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

FOR THE FINANCIAL yEAR ENDED	30 JUNE 2011
Consolidated	Ordinary share capital $ Share-based payment reserve $ Accumulated losses $ Total $
Balance at 1 July 2009 Loss for the year/ total comprehensive income for the year options and performance rights issued options and performance rights forfeited Shares issued during the year Capital raising costs Balance at 30 June 2010 Balance at 1 July 2010 Loss for the year/ total comprehensive income for the year options and performance rights issued Shares issued during the year Capital raising costs share-based costs reclassifed to accumulated costs Balance at 30 June 2011	5,422,823 245,417 (2,003,598) 3,664,642 - - (844,916) (844,916) - 12,174 - 12,174 - (26,281) - (26,281) 2,764,278 - - 2,764,278 (202,486) - - (202,486)
	7,984,615 231,310 (2,848,514) 5,367,411
	7,984,615 231,310 (2,848,514) 5,367,411 - - (526,388) (526,388) - 75,642 - 75,642 2,026,359 - - 2,026,359 (198,179) - - (198,179) - (231,310) 231,310
	9,812,795 75,642 (3,143,592) 6,744,845

the accompanying notes form part of these financial statements.

34 Dart Mining NL 2011 ANNUAL REPORT

FOR THE yEAR ENDED 30 JUNE 2011 11

CONSOLIDATED STATEMENT OF CASH FLOWS

Note Cash fows from operating activities interest received payments to suppliers and employees Net cash fows used in operating activities 14(a) Cash fows from investing activities payments for exploration costs purchase of plant and equipment Cash amounts used as security deposits Net cash fows used in investing activities Cash fows from fnancing activities proceeds from issue of ordinary shares payment of share issue costs Net cash fows from fnancing activities Net increase/(decrease) in cash held cash at the beginning of the fnancial year Cash at the end of the fnancial year 14(b)	Consolidated 2011 2010 $ $ 36,078 16,813 (409,739) (812,740)
	(373,661) (795,927)
	(1,507,171) (947,228) (19,745) (32,750) (8,000) (40,000)
	(1,534,916) (1,019,978)
	2,026,359 2,764,278 (208,020) (192,645)
	1,818,339 2,571,633
	(90,238) 755,728 1,186,319 430,591
	1,096,081 1,186,319

the accompanying notes form part of these financial statements.

Dart Mining NL 2011 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

Note Contents

1.	summary of signifcant accounting policies
2.	revenue and expenses
3.	income tax
4.	Earnings per share
5.	receivables
6.	prepayments
7.	plant and equipment
8.	Deferred exploration and evaluation costs
9.	payables
10.	provisions
11.	issued capital
12.	reserves
13.	Franking credits
14.	cash fow reconciliation
15.	Expenditure commitments
16.	Subsequent events
17.	employee benefts and superannuation commitments
18.	share-based payments
19.	Key management personnel remuneration
20.	auditors’ remuneration
21.	related party transactions
22.	Financial instruments
23.	Segment information
24.	Contingent liabilities and contingent assets
25.	parent entity information
26.	Subsidiaries

Dart Mining NL

2011 ANNUAL REPORT

FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011 11

NOTES TO THE FINANCIAL STATEMENTS

1 summary of significant accounting policies

Statement of compliance

These financial statements are general-purpose financial statements which have been prepared in accordance with the Corporations Act 2001, Accounting Standards and Interpretations, and comply with other requirements of the law.

The financial statements comprise of 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 financial statements were authorised for issue by the directors on 25 August 2011.

The financial statements have been prepared on the basis of historical cost, except for the revaluation of certain noncurrent assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars.

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

(a) Adoption of new and revised Accounting Standards

The following new and revised Standards and Interpretations have been adopted in the current year and have affected the presentation and disclosure of these financial statements.

Amendments to AASB 7 ‘Financial Instruments: Disclosure’ (adopted in advance of effective date of 1 January 2011)
Amendments to AASB 101 ‘Presentation of Financial Statements’ (adopted in advance of effective date of 1 January 2011)
Amendments to AASB 107 ‘Statement of Cash Flows’
The amendments (part of AASB 2010-4 ‘Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project’) clarify the required level of disclosures about credit risk and collateral held and provide relief from disclosures previously required regarding renegotiated loans.
The amendments (part of AASB 2010-4 ‘Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project’) clarify that an entity may choose to present the required analysis of items of other comprehensive income either in the statement of changes in equity or in the notes to the financial statements.
The amendments (part of AASB 2009-5 ‘Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project’) specify that only expenditures that result in a recognised asset in the statement of financial position can be classified as investing activities in the statement of cash flows. Consequently, cash flows in respect of development costs that do not meet the criteria in AASB 138 ‘Intangible Assets’ for capitalisation as part of an internally generated intangible asset (and, therefore, are recognised in profit or loss as incurred) have been reclassified from investing to operating activities in the statement of cash flows.

There are no new and revised Standards and Interpretations adopted in these financial statements affecting the reporting results or financial position.

The following new and revised Standards and Interpretations have also been adopted in these financial statements. Their adoption has not had any significant impact on the amounts reported in these financial statements but may affect the accounting for future transactions or arrangements.

AASB 2009-5 ‘Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project’
AASB 2009-8 ‘Amendments to Australian Accounting Standards - Group Cash-Settled Share- based Payment Transactions’
Except for the amendments to AASB 107 described earlier this
section, the application of AASB 2009-5 has not had any material effect on amounts reported in the financial statements.

The application of AASB 2009-8 makes amendments to AASB 2 ‘Share-based Payment’ to clarify the scope of AASB 2, as well as the accounting for group cash-settled share-based payment transactions in the separate (or individual) financial statements of an entity receiving the goods or services when another group entity or shareholder has the obligation to settle the award.

Dart Mining NL 2011 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

1 summary of significant accounting policies (continued)

AASB 2009-10 ‘Amendments to Australian Accounting Standards - Classification of Rights Issues’
AASB 2010-3 ‘Amendments to Australian Accounting Standards arising from the Annual Improvements Project’

The application of AASB 2009-10 makes amendments to AASB 132 ‘Financial Instruments: Presentation’ to address the classification of certain rights issues denominated in a foreign currency as either an equity instrument or as a financial liability. To date, the Group has not entered into any arrangements that would fall within the scope of the amendments.

The application of AASB 2010-3 makes amendments to AASB 3(2008) ‘Business Combinations’ to clarify that the measurement choice regarding non-controlling interests at the date of acquisition is only available in respect of non- controlling interests that are present ownership interests and that entitle their holders to a proportionate share of the entity’s net assets in the event of liquidation. All other types of non- controlling interests are measured at their acquisition-date fair value, unless another measurement basis is required by other Standards.

In addition, the application of AASB 2010-3 makes amendments to AASB 3(2008) to give more guidance regarding the accounting for share-based payment awards held by the acquiree’s employees. Specifically, the amendments specify that share-based payment transactions of the acquiree that are not replaced should be measured in accordance with AASB 2 ‘Sharebased Payment’ at the acquisition date (‘market-based measure’).

AASB 2010-4 ‘Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project’
Except for the amendments to AASB 7 and AASB 101 described earlier this section, the application of AASB 2010-4 has not had any material effect on amounts reported in the financial statements.

At the date of authorisation of the financial statements, the Standards and Interpretations listed below were in issue but not yet effective.

		Effective for	Expected to be
		annual reporting	initially applied in
		periods beginning	the fnancial year
Standard/Interpretation		on or after	ending
•	AASB 124 ‘Related Party Disclosures’ (revised December 2009), AASB 2009-12	1 January 2011	30 June 2012
	‘Amendments to Australian Accounting Standards’
•	AASB 9 ‘Financial Instruments’, AASB 2009-11 ‘Amendments to Australian	1 January 2013	30 June 2014
	Accounting Standards arising from AASB 9’ and AASB 2010-7 ‘Amendments to
	Australian Accounting Standards arising from AASB 9 (December 2010)’
•	AASB 1053 ‘Application of Tiers of Australian Accounting Standards’ and AASB	1 July 2013	30 June 2014
	2010-2 ‘Amendments to Australian Accounting Standards arising from Reduced
	Disclosure Requirements’
•	AASB 2009-14 ‘Amendments to Australian Interpretation - Prepayments of a	1 January 2011	30 June 2012
	Minimum Funding Requirement’
•	AASB 2010-4 ‘Further Amendments to Australian Accounting Standards arising	1 January 2011	30 June 2012
	from the Annual Improvements Project’
•	AASB 2010-5 ‘Amendments to Australian Accounting Standards’	1 January 2011	30 June 2012
•	AASB 2010-6 ‘Amendments to Australian Accounting Standards - Disclosures on	1 July 2011	30 June 2012
	Transfers of Financial Assets’
•	AASB 2010-8 ‘Amendments to Australian Accounting Standards - Deferred Tax:	1 January 2012	30 June 2013
	Recovery of Underlying Assets’
•	AASB 2011-1 ‘Amendments to Australian Accounting Standards arising from the	1 July 2011	30 June 2012
	Trans-Tasman Convergence Project’
•	AASB 2011-4 ‘Amendments to Australian Accounting Standards to remove	1 July 2013	30 June 2014
	individual keymanagementpersonnel disclosure requirements

Dart Mining NL

2011 ANNUAL REPORT

FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011 11

NOTES TO THE FINANCIAL STATEMENTS

1 summary of significant accounting policies (continued)

At the date of authorisation of the financial statements, the following IASB Standards and IFRIC Interpretations were also in issue but not yet effective, although Australian equivalent Standards and Interpretations have not yet been issued.

		Effective for annual	Expected to be
		reporting periods	initially applied in the
Standard/Interpretation		beginning on or after	fnancialyear ending
•	IFRS 10 ‘Consolidated Financial Statements	1 January 2013	30 June 2014
•	IFRS 11 ‘Joint Arrangements’	1 January 2013	30 June 2014
•	IFRS 12 ‘Disclosure of Interests in Other Entities’	1 January 2013	30 June 2014
•	IFRS 13 ‘Fair Value Measurement’	1 January 2013	30 June 2014
•	IAS 19 ‘Employee Benefts (2011)	1 January 2013	30 June 2014
•	IAS 28 ‘Investments in Associates and Joint Ventures (2011)	1 January 2013	30 June 2014
•	Presentation of Items of Other Comprehensive Income (Amendments to IAS 1)	1 July 2012	30 June 2013

The directors anticipate that the adoption of these Standards and Interpretations will have no material financial impact on the financial statements of the Group.

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.

(b) Critical accounting judgements and sources of estimations

In applying the Group’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities. These estimates and assumptions are made based on past experience and other factors that are considered relevant. Actual results may differ from these estimates. All estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects both current and future periods.

The following describes critical judgements that management has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements:

Impairment of deferred exploration costs

The Group’s accounting policy for exploration expenditure results in some items being capitalised for an area of interest where it is considered likely to be recoverable in the future or where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves. Management is required to make certain estimates and assumptions as to future events and circumstances, which may change as new information becomes available. If a judgement is made that recovery of a capitalised expenditure is unlikely, the relevant amount will be written off to the income statement.

(c) 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 ability to control 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 statement of comprehensive income 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.

Dart Mining NL 2011 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

1 summary of significant accounting policies (continued)

(d) 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.

(e) 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 when it is probable that the economic benefits will flow to the Group and the amount can be measured reliably. The amount is accrued on a time basis taking into account the effective interest rate applicable and the principal outstanding.

(f) Government grants

Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grant will be received.

Government grants that are conditional on costs already incurred or receivable for the purpose of giving financial support to the Group with no future related costs are recognised as revenue in the period they become receivable.

Government grants conditional on the completion of projects relating to identifiable area of interest are recognised as a reduction in the accumulated costs of the area in the statement of financial position.

(g) 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).

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.

40 Dart Mining NL 2011 ANNUAL REPORT

FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011 11

NOTES TO THE FINANCIAL STATEMENTS

1 summary of significant accounting policies (continued)

(h) Goodwill

Goodwill acquired in a business combination was 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.

(i) 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.

(j) 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.

(k) Exploration and evaluation assets

In accordance with 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.

Dart Mining NL 2011 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

1 summary of significant accounting policies (continued)

(l) Impairment of assets

At each reporting date, the Group 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 exits, the recoverable amount of the asset is estimated in order to determine 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.

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.

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.

(m) 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 7 to the financial statements.

iii) Disposal

The gain or loss arising on disposal or retirement of property, plant or equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit and loss.

(n) 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 2011.

(o) 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.

42 Dart Mining NL 2011 ANNUAL REPORT

FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011 11

NOTES TO THE FINANCIAL STATEMENTS

1 summary of significant accounting policies (continued)

(p) 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.

(q) Issued capital

Issued and paid up capital is recognised at the fair value of the consideration received by the Company.

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.

(r) Employee benefits

Provision is made for employee benefits accruing to employees in respect of wages and salaries, annual leave and long service 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.

(s) 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 Black-Scholes model, using the assumptions detailed in Note 18.

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

Dart Mining NL 2011 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

1 summary of significant accounting policies (continued)

(t) Going concern basis

The Group 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 2011, the Group had a surplus of current assets over current liabilities of $723,487 including cash reserves of $1,096,081.

The balance of these cash reserves broadly approximates the Group’s planned expenditure budget including exploration activities for the 12 months to 31 August 2012 which is based on the minimum spend required in order to maintain the Group’s existing tenements.

For the year ended 30 June 2011, the Group reported net cash outflows from operations and investing activities of $373,661 and $1,534,916 respectively. These cash outflows were offset by net cash inflows from financing activities of $1,818,339 resulting in total cash outflows for the year of $90,238.

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.

The ability of the Group to continue as a going concern for the twelve months from the date of this report is dependent on its ability to control its overhead costs and exploration expenditures. The Group also has the ability potentially to generate additional funds from activities including:

the potential farm-out of participating interests in the group’s permits;
future equity or debt fund raisings; and
successful development of existing tenements.

Having carefully assessed the likelihood of securing additional funding or entering into farm-out arrangements including the funds raised subsequent to the balance date and the Group’s ability to effectively manage their expenditures and cash flows from operations, the directors believe that the Group will continue to operate as a going concern for the foreseeable future and therefore it is appropriate to prepare the financial statements on a going concern basis.

2 revenue and expenses

(a) Revenue Continuing operations Interest – other persons/corporations Other income Total revenue (b) Loss before income tax Loss before income tax has been arrived at after charging the following expenses: Depreciation Share based payments Defned contribution plans	Consolidated 2011 2010 $ $ 42,893 16,679 - -
	42,893 16,679
	4,869 8,143 75,642 (14,107) 56,702 56,685

44 Dart Mining NL 2011 ANNUAL REPORT

FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011 11

NOTES TO THE FINANCIAL STATEMENTS

3 income tax

Income tax recognised in proft and loss The prima facie income tax expense on pre tax accounting loss reconciles to the income tax expense (beneft) in the fnancial statements as follows Loss from continuing operations Income tax expense (beneft) calculated at 30% Effect of non-deductible expenses Effect of deductible temporary differences Effect of unused tax losses and tax offsets not recognised as deferred tax assets Income tax expense Tax losses not brought to account Tax losses brought forward Current year tax losses Recognition of tax losses – prior years Tax losses carried forward Earnings per share The following refects the income and share data used in calculating basic and diluted earnings per share: Net loss for the year Basic earnings per share Diluted earnings per share Weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share	Consolidated 2011 2010 $ $ - -
	526,388 844,916
	(157,916) (253,475) 29,486 973 (9,079) - 137,509 252,502
	- -
	1,628,543 1,160,279 137,509 316,262 (734,197) 152,002
	1,031,855 1,628,543
	Consolidated 2011 2010 $ $ (526,388) (844,916) (0.51) (1.32) (0.51) (1.32) 102,972,646 63,913,153

4 Earnings per share

Diluted earnings per share is calculated after classifying all options on issue remaining unconverted at 30 June 2011 as potential ordinary shares. At 30 June 2011, the Company had on issue 15,384,621 options over unissued capital and had incurred a net loss. Options are not considered dilutive and 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 2011 2010 $ $ 8,159 1,344 4,736 4,137 32,634 54,635 - 599
	45,529 60,715

No receivable amounts were past due or impaired at 30 June 2011 (2010: NIL)

Dart Mining NL 2011 ANNUAL REPORT

11

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

6 prepayments

prepayments
Insurance	17,485 14,683
	17,485 14,683

7 plant and equipment

7 plant and equipment
	Consolidated Plant & equipment Computer equipment & software Motor vehicles Total $ $ $ $
Gross carrying amount Balance at 1 July 2009 63,978 80,497 91,681 236,156 Additions 23,621 - 9,129 32,750 Balance at 30 June 2010 87,599 80,497 100,810 268,906 Additions 9,500 24,970 - 34,470 Balance at 30 June 2011 97,099 105,467 100,810 303,376 Accumulated depreciation Balance at 1 July 2009 (23,559) (38,035) (25,966) (87,560) Depreciation expense (2,309) (5,834) - (8,143) Depreciation expense capitalised (24,073) (15,431) (23,276) (62,780) Balance at 30 June 2010 (49,941) (59,300) (49,242) (158,483) Depreciation expense (1,768) (3,101) - (4,869) Depreciation expense capitalised (23,630) (16,218) (25,203) (65,051) Balance at 30 June 2011 (75,339) (78,619) (74,445) (228,403) Net book value As at 30 June 2010 37,658 21,197 51,568 110,423 As at 30 June 2011 21,760 26,848 26,365 74,973 The following useful lives are used in the calculation of depreciation: Plant and equipment 3 – 6 years Computer equipment & software 3 – 4 years Motor vehicles 4 – 5 years	63,978 80,497 91,681 236,156 23,621 - 9,129 32,750
	87,599 80,497 100,810 268,906 9,500 24,970 - 34,470
	97,099 105,467 100,810 303,376
	(23,559) (38,035) (25,966) (87,560) (2,309) (5,834) - (8,143) (24,073) (15,431) (23,276) (62,780)
	(49,941) (59,300) (49,242) (158,483) (1,768) (3,101) - (4,869) (23,630) (16,218) (25,203) (65,051)
	(75,339) (78,619) (74,445) (228,403)
	37,658 21,197 51,568 110,423
	21,760 26,848 26,365 74,973

8 Deferred exploration and evaluation costs

eferred exploration and evaluation costs
Balance at beginning of fnancial year Current year expenditure capitalised Exploration costs written-off Balance at end of fnancial year	Consolidated 2011 2010 $ $ 4,350,629 3,143,518 1,548,926 1,210,921 (1,170) (3,810)
	5,898,385 4,350,629

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.

Dart Mining NL 2011 ANNUAL REPORT

FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011 11

NOTES TO THE FINANCIAL STATEMENTS

9 payables – current

Trade and other payables Accrued expenses Accrued audit fees	Consolidated 2011 2010 $ $ 235,082 300,275 152,214 46,316 15,000 20,500
	402,296 367,091

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.

10 provisions

					Consolidated
				2011	2010
				$	$
	Employee benefts			33,312	28,267
				33,312	28,267
11	issued capital
					Consolidated
				2011	2010
				$	$
	(a) Issued and paid up capital
	Fully paid ordinary shares			9,812,795	7,984,615
	Changes to the then Corporations Law abolished the
	authorised capital and par value concept in relation to
	share capital from 1 July 1998. Therefore, the Company
	does not have a limited amount of authorised capital
	and issued shares do not have a par value.
		2011		2010
	(b) Movement	Number	$	Number	$
	Fully paid ordinary shares
	Balance at beginning of the fnancial year	88,669,084	7,984,615	48,160,000	5,422,823
	Shares issued during the year	31,169,232	2,026,359	40,509,084	2,764,278
	Less transaction costs arising from issue of shares		(198,179)		(202,486)
	Balance at end of fnancial year	119,838,316	9,812,795	88,669,084	7,984,615

Dart Mining NL 2011 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

11 issued capital (continued)

(c) 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.

The issued capital of the Company quoted on the ASX comprises 119,838,316 (2010: 88,669,084) ordinary shares.

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. Partly-paid shares issued by the Company were not quoted on the ASX. A call on the partly paid shares during the previous financial year resulted in the issue of 1,813,332 ordinary shares. The remaining 7,061,668 partly paid shares were subsequently forfeited and sold by auction. The Company had no unlisted partly-paid shares on issue at 30 June 2011(2010: NIL).

(d) Share options

Options over ordinary shares

At the end of the financial year, there were 20,584,621 (2010: 2,800,000) unissued ordinary shares in respect of which the following options were outstanding:

Expiry date	Number	Securities	Escrow period	Exercise price
31 December 2013	5,000,000	Unlisted options	-	15 cents
31 December 2011	15,584,621	Listed options	-	10 cents

20,584,621 options were issued during the financial year, of which 15,584,621 were issued as part of a Rights Issue (2010: NIL). No options were exercised during the financial year (2010: 69,084).

(e) Performance rights

During the previous financial year 302,400 performance rights lapsed and 693,600 were forfeited. There were no performance rights on issue at 30 June 2011 (2010: NIL).

12 reserves

Option reserve Balance at beginning of fnancial year Reclassifed to accumulated loss 5,000,000 options granted at a fair value of 0.629 cents per option to directors on 26 November 2010 6,000,000 performance rights or options subject to shareholders’ approval 504,000 performance rights granted to employees and directors at a fair value of 12.2 cents on 28 June 2008 492,000 performance rights granted to employees and directors at a fair value of 6.03 cents on 21 November 2008 693,600 performance rights forfeited Balance at end of fnancial year	Consolidated 2011 2010 $ $ 231,310 245,417 (231,310) - 31,450 - 44,192 - - 6,160 - 6,014 - (26,281)
	75,642 231,310

Option reserve
Balance at beginning of fnancial year
Reclassifed to accumulated loss
5,000,000 options granted at a fair value of 0.629 cents per option to directors on
26 November 2010
6,000,000 performance rights or options subject to shareholders’ approval
504,000 performance rights granted to employees and directors at a fair value of
12.2 cents on 28 June 2008
492,000 performance rights granted to employees and directors at a fair value of
6.03 cents on 21 November 2008
693,600 performance rights forfeited
Balance at end of fnancial year

Consolidated
2011
2010
$
$
231,310
245,417
(231,310)
-
31,450
-
44,192
-
-
6,160
-
6,014
-
(26,281)

75,642
231,310

The reserve arises on the grant of share options to third parties and executives as equity-based payments.

13 Franking credits

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

48 Dart Mining NL 2011 ANNUAL REPORT

FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011 11

NOTES TO THE FINANCIAL STATEMENTS

14 cash flow reconciliation

(a) 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 Exploration cost written off Share-based payments Performance rights forfeited Changes in assets and liabilities (Increase)/Decrease in receivables Decrease in prepayments Increase/(Decrease) in payables Increase/(Decrease) in provisions Net cash used in operating activities (b) Reconciliation of cash Cash balance comprises: Cash on hand and at call Term deposits	Consolidated 2011 2010 $ $ (526,388) (844,916) 4,869 8,143 1,170 3,810 75,642 12,174 - (26,281) 15,186 (42,840) (2,801) 4,211 53,616 72,421 5,045 17,351
	(373,661) (795,927)
	596,081 1,186,319 500,000 -
	1,096,081 1,186,319

(c) Financing facility

The Group has no available finance facilities at balance date.

(d) Non-cash financing and investing activities

There were no non-cash financing or investing activities during the financial year.

15 Expenditure commitments

The Company has no expenditure commitments at the end of the financial year, except under exploration tenement licences where the Company has the following expenditure obligations. These obligations are not provided for in the financial statements.

Exploration expenditure Not longer than 1 year Between 1 and 5 years Longer than 5 years	Consolidated 2011 2010 $ $ 635,000 590,000 875,000 1,300,000 - -
	1,510,000 1,890,000

The Company is in the process of consolidating its exploration leases involving amalgamation and relinquishment of some licences. When completed, expenditure commitments will be reduced to approximately $180,000.

Operating leases

The Company has no operating lease commitments at the end of the financial year.

Dart Mining NL 2011 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

16 Subsequent events

Under the terms of the Share Purchase Plan announced on 4 August 2011, the Company has received applications for the issue of new shares totalling $336,700. In addition, applications to subscribe to the Company’s shares are in progress and expected to raise approximately $500,000.

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 Group, the financial performance of those operations or the financial position of the Group in the subsequent financial year.

17 employee benefits and superannuation commitments

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

18 share-based payments

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

Details of share-based payments Fair value of options granted to chairman and acting chief executive offcer Fair value of options granted to directors Fair value of performance rights or options to be granted to director1 Fair value of performance rights granted to employees Fair value of performance rights granted to directors Fair value of performance rights forfeited Expense arising from share-based payments	Consolidated 2011 2010 $ $ 6,290 - 25,160 - 44,192 - - 6,160 - 6,014 - (26,281)
	75,642 (14,107)

Details of share-based payments
Fair value of options granted to chairman and acting chief executive offcer
Fair value of options granted to directors
Fair value of performance rights or options to be granted to director1
Fair value of performance rights granted to employees
Fair value of performance rights granted to directors
Fair value of performance rights forfeited
Expense arising from share-based payments

Consolidated
2011
2010
$
$
6,290
-
25,160
-
44,192
-
-
6,160
-
6,014
-
(26,281)

75,642
(14,107)

1 Remuneration of L J Ward includes an estimated value of $44,192 share-based payment not yet granted and subject to shareholders’ approval. Terms and conditions relating to the vesting and grant of performance rights or options are subject to agreement between the Company and Mr Ward.

Executive options

Share-based payment options held at the end of the reporting year were as follows:

					Fair value at
Grantee	Number Grant date	Vesting date	Expiry date	Exerciseprice	grant date
C J Bain	1,000,000 26 Nov 2010	26 Nov 2010	31 Dec 2013	15 c	0.629c
D G Turnbull	1,000,000 26 Nov 2010	26 Nov 2010	31 Dec 2013	15 c	0.629c
B R Hochwimmer	1,000,000 26 Nov 2010	26 Nov 2010	31 Dec 2013	15 c	0.629c
S G Poke	1,000,000 26 Nov 2010	26 Nov 2010	31 Dec 2013	15 c	0.629c
R G Udovenya	1,000,000 26 Nov 2010	26 Nov 2010	31 Dec 2013	15 c	0.629c

No executive options were exercised during the financial year.

50 Dart Mining NL 2011 ANNUAL REPORT

FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011 11

NOTES TO THE FINANCIAL STATEMENTS

18 share-based payments (continued)

The following table shows options over unissued shares held by the former Chief Executive Officer (resigned 31 May 2010) of the Company at 30 June 2010.

Grantee	Number	Grant date	Vesting date	Expiry date	Exerciseprice	Fair value atgrant date
J E Quayle	500,000	3 Jan 2007	6 Dec 2007	31 Dec 2010	20 c	7.9 c
J E Quayle	500,000	3 Jan 2007	6 Dec 2008	31 Dec 2010	20 c	7.9 c

1 Expiry date 31 December 2010 or 3 months after ceasing employment whichever comes first. As J E Quayle resigned on 31 May 2010, these options lapsed on 31 August 2010.

Third party options

Options held at 30 June 2010 were as follows

						Fair value at
Grantee	Number	Grant date	Vesting date	Expiry date	Exerciseprice	grant date
investor resources Finance pty Ltd1	400,000	18 oct 2006	18 oct 2006	31 Dec 2010	20 c	7.9 c
LaH Securities pty Ltd2	400,000	18 oct 2006	18 oct 2006	31 Dec 2010	20 c	7.9 c
intersuisse Corporate Ltd	1,000,000	18 oct 2006	18 oct 2006	31 Dec 2010	20 c	7.9 c

1 Investor Resources Finance Pty Ltd is a company in which Mr C. Bain, a director of Dart Mining NL, has an interest 2 LAH Securities Pty Ltd is a company in which Mr R. Udovenya, a director of Dart Mining NL, has an interest

The total fair value of the share options granted during the financial year was $31,450. Options were priced using a Black-Scholes model. Where relevant, the expected life used in the model has been adjusted based on management’s best estimate for the effects of non-transferability, exercise restrictions. Expected volatility is based on the historical share price volatility.

Inputs into the model
Share price at grant date	7.5c
Exercise price	15c
Expected volatility	35%
option life	3.1 years
Dividend yield	-
Risk-free interest rate	5.2%

Weighted average remaining contractual Life

The share options outstanding at the end of the financial year had a weighted average contractual life of 362 days (2010:183 days).

Movements in share-based payments options

Balance at beginning of year Granted during the year Expired during the year Balance at end of year Exercisable at end of year	2011 Number Weighted average exercise price 2,800,000 20c 5,000,000 15c (2,800,000) 20c 5,000,000 5,000,000	2010 Number Weighted average exercise price 2,800,000 20c - - - - 2,800,000 2,800,000

Dart Mining NL 2011 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

18 share-based payments (continued)

Performance rights

There were no performance rights on issue at 30 June 2011.

Movements in performance rights

Balance at beginning of year performance rights lapsed performance rights forfeited Balance at end of year	2011 Number Weighted average exercise price - - - - - - -	2010 Number Weighted average exercise price 996,000 - (302,400) - (693,600) - -

19 Key management personnel compensation

(a) 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 2011 2010 $ $ 476,341 461,221 37,211 44,354 75,642 (4,761)
	589,194 500,814

(b) Remuneration options: granted and vested during the year

5,000,000 remuneration options were granted and vested during the year.

(c) Shares issued on exercise of remuneration options

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

(d) Remuneration performance rights: granted and vested during the year

No remuneration performance rights were granted during the year. 302,400 remuneration performance rights vested and lapsed during the previous year.

20 auditors’ remuneration

amounts received or due and receivable by deloitte touche tohmatsu for: audit or review of the fnancial statements of the Group	Consolidated 2011 2010 $ $ 33,400 34,600
	33,400 34,600

21 related party transactions

(a) The key management personnel of the Group during the financial year were:

Directors

Christopher John Bain

Lindsay James Ward (Appointed 28 April 2011) Bernhard Rupert Hochwimmer (Resigned 30 May 2011) Dean George Turnbull Stephen Gary Poke Richard Glenn Udovenya

Dart Mining NL 2011 ANNUAL REPORT

FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011 11

NOTES TO THE FINANCIAL STATEMENTS

21 related party transactions (continued)

Other key management personnel

None

information on remuneration and retirement benefits of directors is disclosed in Note 19.

(b) Key management personnel share holdings

	Opening balance	Shares acquired	Converted to fully	Net change	Closing balance
	1 July	through Rights Issue	paid ordinary shares	other1	30 June
Fully paid ordinary	shares in Dart Mining NL
2011	No.	No.	No.	No.	No.
Directors
C J Bain	1,478,332	150,000	-	-	1,628,332
B r Hochwimmer	4,625,000	62,500	-	(4,687,500)	-
D G Turnbull	4,655,000	45,000	-	-	4,700,000
S G poke	3,772,500	84,166	-	-	3,856,666
r G Udovenya	340,000	38,500	-	-	378,500
Total	14,870,832	380,166	-	(4,687,500)	10,563,498
2010
Directors
C J Bain	1,100,000	-	178,332	200,000	1,478,332
B r Hochwimmer	4,600,000	-	25,000	-	4,625,000
D G Turnbull	4,600,000	-	55,000	-	4,655,000
S G poke	3,772,500	-	-	-	3,772,500
r G Udovenya	240,000	-	100,000	-	340,000
Other key management personnel
J E Quayle	210,000	-	-	(210,000)	-
Total	14,522,500	-	358,332	(10,000)	14,870,832

1 Net change during the year and the previous financial year represent :

a) shares held by J E Quayle excluded at 30 June 2010 as Mr Quayle resigned on 31 May 2010;
b) net of shares disposed by investor resources Finance pty Ltd, a company in which C J Bain has an interest and shares acquired by C J Bain from investor resources Finance pty Ltd;
c) shares held by B r Hochwimmer excluded at 30 June 2011 as Mr Hochwimmer resigned on 31 May 2011.

	Opening balance		Converted to fully	Forfeited	Closing balance
	1 July	paid ordinary shares			30 June
Partly paid shares (9c payable) in Dart Mining NL
2011
Directors
C J Bain	-		-	-	-
B r Hochwimmer	-		-	-	-
D G Turnbull	-		-	-	-
S G poke	-		-	-	-
r G Udovenya	-		-	-	-
Total	-		-	-	-
2010
C J Bain	503,332		(178,332)	(325,000)	-
B r Hochwimmer	2,250,000		(25,000)	(2,225,000)	-
D G Turnbull	2,250,000		(55,000)	(2,195,000)	-
S G poke	1,750,000		-	(1,750,000)	-
r G Udovenya	100,000		(100,000)	-	-
Total	6,853,332		(358,332)	(6,495,000)	-

Dart Mining NL 2011 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

21 related party disclosures (continued)

(a) Key management personnel performance rights holdings

	Opening balance	Granted as		Rights	Rights	Closing balance	Vested and
	1 July	remunera- tion		lapsed	forfeited	30 June	exercisable at
							30 June
2011
Directors
C J Bain	-	-		-	-	-	-
B r Hochwimmer	-	-		-	-	-	-
D G Turnbull	-	-		-	-	-	-
S G poke	-	-		-	-	-	-
r G Udovenya	-	-		-	-	-	-
Other key management	personnel
J E Quayle	-		-	-	-	-	-
	-		-	-	-	-	-
2010
Directors
C J Bain	60,000		-	(12,000)	(48,000)	-	-
B r Hochwimmer	174,000		-	(69,600)	(104,400)	-	-
D G Turnbull	174,000		-	(69,600)	(104,400)	-	-
S G poke	42,000		-	(8,400)	(33,600)	-	-
r G Udovenya	42,000		-	(8,400)	(33,600)	-	-
Other key management	personnel
J E Quayle	180,000		-	(72,000)	(108,000)	-	-
	672,000		-	(240,000)	(432,000)	-	-

(b) Key management personnel options holdings

Opening balance	Opening balance	Options granted as	Options acquired	Options exercised	Closing	Vested and
	1 July	remuneration	through Rights	lapsed or	balance	exercisable
			Issue	excluded	30 June	at 30 June
2011
Directors
C J Bain (i)	400,000	1,000,000	75,000	(400,000)	1,075,000	1,075,000
B r Hochwimmer	-	1,000,000	31,250	(1,031,250)	-	-
D G Turnbull	-	1,000,000	22,500	-	1,022,500	1,022,500
S G poke	-	1,000,000	42,033	-	1,042,033	1,042,033
r G Udovenya (ii)	400,000	1,000,000	19,250	(400,000)	1,019,250	1,019,250
Other key management personnel
J E Quayle	1,000,000	-	-	(1,000,000)	-	-
	1.800,000	5,000,000	190,033	(2,831,250)	4,158,783	4,158,783
2010
Directors
C J Bain (i)	878,333	-	-	(478,333)	400,000	400,000
B r Hochwimmer	2,250,000	-	-	(2,250,000)	-	-
D G Turnbull	2,250,000	-	-	(2,250,000)	-	-
S G poke	1,876,250	-	-	(1,876,250)	-	-
r G Udovenya (ii)	500,000	-	-	(100,000)	400,000	400,000
Other key management personnel					-
J E Quayle	1,075,000	-	-	(75,000)	1,000,000	1,000,000
	8,829,583	-	-	(7,029,583)	1.800,000	1.800,000

(i) Includes 400,000 options held by Investor Resources Finance Pty Ltd , a company in which C J Bain has an interest. (ii) Includes 400,000 options held by LAH Securities Pty Ltd , a company in which R G Udovenya has an interest.

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.

Dart Mining NL 2011 ANNUAL REPORT

FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011 11

NOTES TO THE FINANCIAL STATEMENTS

21 related party disclosures (continued)

(c) Other related party transactions during the year:

Drilling services at normal commercial rates totalling $286,650 (2010: $489,989) were provided by Edrill Pty Ltd, of which S G Poke is a part owner. There was no outstanding amount at 30 June 2011 (2010:$NIL).

Legal services at normal commercial rates totalling $42,434 (2010: $44,630) were provided by ResourcesLaw International, of which R G Udovenya is a partner. There was no outstanding amount at 30 June 2011 (2010:$NIL). Directors fee payable to R G Udovenya totalling $35,000 (2010: $13,125) was also paid to ResourcesLaw International.

A fee at normal commercial rates of $NIL (2010: $20,600) was paid to Blackwatch International Pty Ltd, of which R G Udovenya is a shareholder. There was no outstanding amount at 30 June 2011 (2010:$NIL).

There were no payments made to Phillip Capital Pty Ltd during the year ended 30 June 2011 (2010: $172,747). C J Bain is Chief Investment Officer of Phillip Resources Fund which is a related entity to Phillip Capital Pty Ltd. There was no outstanding amount at 30 June 2011 (2010:$NIL).

(d) Other transactions and balances with key management personnel:

There were no related party transactions other than those described in Note 21(e).

22 Financial instruments

(a) Market risk

The Group’s exposure to market risk primarily consist of financial risks associated with changes in interest rates as detailed in note 22(f). As the level of risk is low, the Group does not use any derivatives to hedge its exposure. Market risks are managed through cash flow forecasts and sensitivity analysis on a regular basis.

(b) Capital risk management

The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of equity. The Group’s capital structure consist of equity comprising issued capital, reserves and accumulated losses. Operating cash flows are used to maintain and monitor the Group’s operating, investing and financing activities.

Categories of financial instruments

Categories of fnancial instruments
		Consolidated
	2011	2010
	$	$
Financial assets
Loans and receivables	78,380	60,763
Cash and cash equivalents	1,096,081	1,186,319
Financial liabilities
Trade payables	402,296	367,091

(c) Credit risk exposure

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. The Group’s exposure to credit risks are continously monitored and controlled by counterparty limits that are reviewed and approved by the management on a regular basis.

The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The credit risk on liquid funds and derivative financial instruments is limited as the counterparties are banks with high credit ratings assigned by international credit rating agencies.

The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represent the Group’s maximum exposure to credit risk.

Dart Mining NL 2011 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

22 Financial instruments (continued)

(a) Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the Board of Directors, who have built an appropriate liquidity risk management framework for the management of the Group’s short, medium and long term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual cash flows and matching profiles of financial assets and liabilities.

Liquidity and interest risk table

the following table details the Group’s remaining contractual maturity for its financial assets.

Consolidated	Weighted average	Less than	1-3 months	3 months to	1-5 years
	effective interest rate	1 month		1year
	%	$	$	$	$
2011
Non-interest bearing	-	25,644	-	-	4,736
Variable interest rate instruments	3.60	596,081	-	-	-
Fixed interest rate instruments	5.90	-	-	500,000	48,000
2010
Non-interest bearing	-	16,627	-	-	4,136
Variable interest rate instruments	2.16	1,186,319	-	-	-
Fixed interest rate instruments	5.37	-	20,000	20,000	-

the following table details the Group’s remaining contractual maturity for its financial liabilities.

Consolidated	Weighted average	Less than 1	1-3 months	3 months to	1-5 years
	effective interest rate	month		1 year
	%	$	$	$	$
2011
Non-interest bearing	-	402,296		-	-
Variable interest rate instruments	-	-	-	-	-
Fixed interest rate instruments	-	-	-	-	-
2010
Non-interest bearing	-	367,091	-	-	-
Variable interest rate instruments	-	-	-	-	-
Fixed interest rate instruments	-	-	-	-	-

(b) Fair values

the irectors consider that the carrying amounts of financial assets and financial liabilities recorded at cost less any accumulated impairments in the financial statements approximates their fair values.

the fair values of financial assets and financial liabilities are determined as follows:

Holdings in unlisted shares are measured at cost less any impairments. The directors consider that no other measure could be used reliably;
other financial assets and financial liabilities are determined in accordance with generally accepted pricing models.

56 Dart Mining NL 2011 ANNUAL REPORT

FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011 11

NOTES TO THE FINANCIAL STATEMENTS

22 Financial instruments (continued)

(c) Interest rate risk management

The Group is exposed to interest rate risks as it holds funds at both fixed and variable interest rates. This risk is managed through the use of cash flow forecasts supplemented by sensitivity analysis

The Group currently holds no amounts of borrowed funds.

Interest rate sensitivity analysis

A sensitivity analysis have been determined based on the exposure to interest rates at reporting date with the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the possible change in interest rates.

At reporting date, if interest rates had been 50 basis points higher or lower and all other variables were held constant, the Group’s net loss would decrease by $3,894 or increase by $3,894. (2010 increase by $1,431 or decrease by $1,431). This is mainly due to the Group’s exposure to variable interest rates on cash and cash equivalents.

23 Segment information

The Group’s activities consist of base metal and gold exploration in one geographic region of North-east Victoria. There are no other significant classes of business, either singularly or in aggregate. Internal monthly management reports are provided to the Group’s directors that consolidate operations in one segment. Therefore the Group’s activities are classed as one business segment and as a result operating result and financial information are not separately disclosed in this note.

24 Contingent liabilities and contingent assets

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

25 parent entity information

(a) Financial position

Assets Current assets Non-current assets Total assets Liabilities Current liabilities Non-current liabilities Total liabilities Net assets Equity issued capital accumulated losses reserves Total Equity b) Financial performance Proft (loss) for the year other comprehensive income Total comprehensive income	2011 2010 $ $ 1,159,725 1,262,062 6,021,358 4,501,052
	7,181,083 5,763,114
	435,608 395,358 - -
	435,608 395,358
	6,745,475 5,367,756
	9,812,795 7,984,615 (3,142,962) (2,848,169) 75,642 231,310
	6,745,475 5,367,756
	2011 2010 $ $ (526,103) (858,435) - -
	(526,103) (858,435)

(b) Financial performance

Dart Mining NL 2011 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL yEAR ENDED 30 JUNE 2011

25 parent entity information (continued)

(a) Expenditure commitments

a) Expenditure commitments
Exploration expenditure Not longer than 1 year Between 1 and 5 years Longer than 5 years	2011 2010 $ $ 635,000 590,000 875,000 1,300,000 - -
	1,510,000 1,890,000

(b) Guarantees

There were no guarantees entered into during the year by the parent entity in relation to the debts of its subsidiary.

(c) Contingent liabilities

the parent entity had no contingent liabilities at 30 June 2011 (2010:$NiL) except under tenement licences where the entity is required to rehabilitate each licence area to its original state subsequent to any exploration works.

26 Subsidiaries

details of the company’s subsidiaries at 30 June 2011 are as follows:

Name of subsidiary	Place of incorporation		Ownership interest
		2011	2010
Dart resources pty Ltd	australia	100%	100%

Dart Mining NL 2011 ANNUAL REPORT

DIRECTORS’ DECLARATION 11

the directors of dart mining NL declare that:

in the opinion of the Directors, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable;
the attached financial statements are in compliance with international Financial Reporting standards as stated in note 1 to the financial statements;
the attached financial statements and notes thereto are in accordance with the corporations act 2001, including compliance with accounting standards and give a true and fair view of the financial position and performance of the consolidated entity; and
the Directors have been given the declarations required by section 295a of the Corporations act 2001.

Signed in accordance with a resolution of the Directors of Dart Mining NL made pursuant to section 295(5) of the Corporations act 2001.

on behalf of the Board

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C J BAIN Director

==> picture [110 x 40] intentionally omitted <==

L J WARD Director

Melbourne 25 August 2011

Dart Mining NL 2011 ANNUAL REPORT

11

AUDIT REPORT

Dart Mining NL

2011 ANNUAL REPORT

AUDIT REPORT 11

Dart Mining NL

2011 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 18 August 2011.

TwENTy LarGEST SHarEHoLDErS

		Percentage of	No. of ordinary
	Name of holder	issued capital	shares held
1	MR RUSSELL SIMPSON & MRS ELIZABETH SIMPSON & MS MEREDITH SIMPSON	5.64%	6,753,507
2	NORTH EAST GEOLOGICAL CONTRACTORS PTy LTD	3.92%	4,700,000
3	TESANEER PTy LTD	2.94%	3,520,000
4	B HOCHWIMMER AND ASSOCIATES PTy LTD	2.82%	3,375,000
5	GONCANG PTy LTD	2.50%	3,000,000
6	J BARLOW CONSULTANTS PTy LTD	2.23%	2,666,666
7	MR PHILIP ALAN KENNETH NAyLOR & MRS ANDREA NAyLOR	2.21%	2,653,379
8	SPECIALISED ALLOyS SERVICES PTy LTD	2.00%	2,400,000
9	GRANITE HILLS (VICTORIA) PTy LTD	1.76%	2,110,000
10	CITICORP NOMINEES PTy LIMITED	1.54%	1,846,050
11	MR RUSSELL MCLARTy SIMPSON & MRS ELIZABETH VERNON SIMPSON & MS MEREDITH HILARy SIMPSON	1.29%	1,349,000
12	BANNABy INVESTMENTS PTy LTD	1.25%	1,500,000
13	MR ERROL GIUSEPPE ROBERTSON	1.17%	1,400,000
14	MINADCO PTy LTD	0.86%	1,034,998
15	MR STEPHEN PHILIP HUNT	0.83%	1,000,000
15	BANNABy INVESTMENTS PTy LIMITED	0.83%	1,000,000
15	FORTy TRADERS LIMITED	0.83%	1,000,000
16	STONNINGTON SECURITIES PTy LTD	0.80%	960,000
17	MR IAN MCMILLAN HALLIDAy & MRS HELEN MCPHERSON HALLIDAy	0.79%	946,666
18	NATURAL RESOURCES GROUP PTy LTD	0.71%	850,000
19	MR ROBERT DAVID BOyD	0.69%	830,511
20	MR JAMES VINCENT CHESTER GUEST	0.68%	817,275

SHarES oN iSSUE

Ordinary fully-paid shares 119,838,316

SUBSTaNTiaL SHarEHoLDErS

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

Name	No. of Ordinary Shares	Percentage of Issued Capital
R Simpson,E Simpson and M Simpson	6,753,507	5.64%

Dart Mining NL 2011 ANNUAL REPORT

ASX ADDITIONAL INFORMATION 11

DiSTriBUTioN oF MEMBEr HoLDiNGS

		Ordinary shares
Size of holding	No of holders	No of shares
1 – 1,000	24	2,788
1,001 – 5,000	56	199,739
5,001 – 10,000	198	1,798,072
10,001 – 100,000	551	21,842,059
100,001 and over	211	95,995,658
Total Holders	1,040	119,838,316

The number of security investors holding less than a marketable parcel of securities is 138 with a combined total of 611,729 securities.

VoTiNG riGHTS

All shares carry one vote per share without restriction.

TwENTy LarGEST opTioN HoLDErS

		Percentage of listed	No. of listed options
	Name of holder	options	held
1	JACOBS CORPORATION PTy LTD	17.38%	2,708,292
2	BIMEDENT PTy LTD	9.62%	1,500,000
3	MR PHILIP ALAN KENNETH NAyLOR & MRS ANDREA NAyLOR	6.27%	976,690
4	J BARLOW CONSULTANTS PTy LTD	5.35%	633,333
5	BANNABy INVESTMENTS PTy LIMITED	4.81%	750,000
6	MR BIN LIU	4.36%	680,000
7	NATURAL RESOURCES GROUP PTy LTD	2.73%	425,000
8	SPECIALISED ALLOyS SERVICES PTy LTD	2.57%	400,000
9	SPECIALISED ALLOyS SERVICES PTy LTD	2.14%	333,334
10	MR MATTHEW GARy WALLACE	1.67%	260,115
11	POT OF GOLD ENTERPRISES PTy LTD	1.62%	252,308
12	MRS MARIANNE BROENG	1.60%	250,000
12	2. GONCANG PTy LTD	1.60%	250,000
13	MR ERROL GIUSEPPE ROBERTSON	1.55%	241,667
14	MR PHILIP ALAN KENNETH NAyLOR & MR RAyMOND JAMES SHAW	1.28%	200,000
15	MR IAN MCMILLAN HALLIDAy & MRS HELEN MCPHERSON HALLIDAy	1.24%	193,333
16	MR ROBERT WILLIAM PROE	1.24%	192,500
17	MR PETER PHILIP & MRS yVETTE PHILIP	1.13%	176,667
18	UBS WEALTH MANAGEMENT AUSTRALIA NOMINEES PTy LTD	1.07%	166,667
19	WALKAROUND PTy LTD	1.04%	161,696
20	CAMBOURNE CAPITAL PTy LTD	0.96%	150,000

opTioNS oN iSSUE

As 4 August 2011, a total of 20,584,621 options, of which 15,584,621 are listed on the Australian Securities Exchange remain outstanding. Details are as follows:

5,000,000 unlisted options exercisable on or before 31 December 2013 at an exercise price of 15 cents each. The number of unlisted option holders is 5.
15,584,621 listed options exercisable on or before 31 December 2011 at an exercise price of 10 cents each.

Dart Mining NL 2011 ANNUAL REPORT 63

ASX ADDITIONAL INFORMATION

DiSTriBUTioN oF opTioN HoLDiNGS

		Ordinary shares
Size of holding	No of holders	No of shares
1 – 1,000	19	9,225
1,001 – 5,000	94	261,863
5,001 – 10,000	36	286,548
10,001 – 100,000	85	3,206,755
100,001 and over	27	11,820,230
Total Holders	261	15,584,621

The number of security investors holding less than a marketable parcel of options is 221 with a combined total of 2,617,611 options.

TENEMENT SCHEDULE

Tenement number	Licensed holder	Name & region of subject of licence	Area km2	Current benefcial interest
EL4724	Dart Mining NL	Buckland, north-east Victoria including Fairleys prospect	212	100%
		Dart, north-east Victoria including	680	100%
EL4726	Dart Mining NL	Mountain View, Elliot, Morgan and
		Unicorn prospects
EL5131	Dart Mining NL	Bunroy, north-east Victoria abutting Dart EL	335	100%
EL5132	Dart Mining NL	Boebuck, north-east Victoria abutting Dart EL	244	100%
EL5123	Dart Mining NL	Myrtleford, Victoria	61	100%
EL5058	Dart Mining NL	Cudgewa and Koetong, north-east Victoria abutting Dart EL	811	100%
EL5194	Dart Mining NL	Mt. Alfred, north-east Victoria abutting Dart EL	136	100%

Dart Mining NL 2011 ANNUAL REPORT

Corporate Directory

Easy Access to Information

See our website at www.dartmining.com.au for regular quarterly reports and financial results. Additionally, shareholders or interested parties can register to receive emailed updates shortly after the Company makes any regular or major announcement.

Annual General Meeting

The fourth Annual General Meeting of Dart Mining NL will be held at Morgan @ 401, 401 Collins Street, Melbourne VIC 3000 on 19 October, 2011 at 10am.

Dart Mining NL ABN – 84 119 904 880

Board of Directors

C J Bain, L Ward, R G Udovenya, S G Poke, D G Turnbull

Managing Director & Chief Executive Officer L Ward

Registered Office

Competent Person’s Statement

Information in this report that relates to Exploration Targets and exploration results are based on information compiled by Dean Turnbull B.App. Sc.(Geol) Hons. M. AIG. Mr Turnbull is a Director and full time employee of Dart Mining NL and has sufficient experience relevant to the style of mineralisation and type of deposits under consideration and to the activity undertaken. He is qualified as a competent person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves” (or “JORC Code”). Mr Turnbull has provided written consent to the inclusion of this information in the form and context in which it appears in this report.

Level 2, 395 Collins Street Melbourne VIC 3000

Lawyers

ResourcesLaw International, Melbourne

Auditors

Deloitte Touche Tohmatsu, Melbourne

Bankers

Bendigo Bank, Wangaratta

Stock Exchange Listing

The company’s shares are listed on Australian Securities Exchange Limited. ASX Code: DTM

Share Registry

Link Market Services, Melbourne

PRODUCED By MRGRAPHICS.COM.AU

Dart Mining NL Level 2, 395 Collins Street Melbourne VIC 3000 Telephone: +61 3 9621 1299 Facsimile: +61 3 9620 0070 Email: [email protected] Website: www.dartmining.com.au

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AI assistant

DART MINING NL — Annual Report 2011

64792_rns_2011-09-18_5066d52c-28ae-4ea3-bc55-8015a9713462.pdf

Contents

About Dart Mining NL

Our Objectives

Our Vision

2010/2011 – Highlights

Company Highlights

Unicorn Highlights

2011/2012 – Outlook

Exploration Targets

2010/11 has been a year of major progress and achievement for Dart Mining

Tenement Overview

TENEMENT SCHEDULE aND proSpECTS wiTHiN

Proven Structural Setting

Porphyry Intrusives

Prospective Gold Projects

Work for the period

STRATEGIC REVIEW OF PAST EXPLORATION

1. Geological Mapping at Unicorn

2. Petrographic Study

3. Geographic Information System

4. Regional Geochemistry

5. Satellite Imagery

GEOCHEMISTRy

DIAMOND DRILLING

GEOPHySICS INTERPRETATION

GEOCHEMISTRy

GEOPHySICS

DIAMOND DRILLING

Future

METALLURGICAL TESTING

DIAMOND DRILLING

GEOCHEMISTRy

Sustainability

Community

Environment

Health and Safety

STEPHEN POKE

LINDSAY WARD

RICHARD UDOVENYA

CHRISTOPHER BAIN

DEAN TURNBULL

Dart Mining nL 2011 FinanciaL report

CONTENTS

DIRECTORS’ REPORT

DirECTorS

Names, qualifications, experience and special responsibilities

CoMpaNy SECrETary

Andrew Draffin

Appointed 1 June 2010

SHarEHoLDiNGS oF DirECTorS aND oTHEr KEy MaNaGEMENT pErSoNNEL

CorporaTE iNForMaTioN

Corporate structure

Principal activities

Employees

CoNSoLiDaTED rESULTS

DiViDEND

opEraTiNG aND FiNaNCiaL rEViEw

Group overview

Exploration overview

Financial overview

Operating results for the year

Review of financial position

Cash flows

CapiTaL raiSiNG aND CapiTaL STrUCTUrE

Summary of shares and options on issue

SiGNiFiCaNT CHaNGES iN THE STaTE oF aFFairS

SiGNiFiCaNT EVENTS aFTEr THE BaLaNCE DaTE

FUTUrE DEVELopMENTS

ENViroNMENTaL rEGULaTioN

DirECTorS’ MEETiNGS

NoN-audit seRvices

aUDiTor iNDEpENDENCE DECLaraTioN

RemuNeRatioN RepoRt - audited

DETaiLS oF DirECTorS aND oTHEr KEy MaNaGEMENT pErSoNNEL

Directors

rEMUNEraTioN pHiLoSopHy

rEMUNEraTioN STrUCTUrE

DART MINING NL Annual Report 2011