DART MINING NL — Capital/Financing Update 2010

Dec 21, 2010

21 December 2010

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Dear Shareholder,

Renounceable 1 for 3 Rights Issue of Shares with Free Attaching Options

On 20 December 2010 Dart Mining NL (“Dart” or the “Company”) lodged at the Australian Securities and Investments Commission and at the Australian Securities Exchange (ASX) a Prospectus for a 1 for 3 renounceable pro-rata rights issue of New Shares at an issue price of 6.5 cents per share, together with 1 free attaching New Option (exercisable at 10 cents and expiring on 31 December 2011) for every 2 New Shares issued (Rights Issue). Dart’s Prospectus is available on the ASX website and on Dart’s website at: www.dartmining.com.au .

The Rights Issue, fully diluted will result in the issue of 39,515,336 New Shares and 19,757,668 attaching New Options and raise approximately $2,254 million before costs, if all rights from existing shares are taken up. Dart has applied for quotation on ASX of both the New Shares and New Options issued pursuant to the Rights Issue.

Dart’s existing optionholders, including those who received their options as a result of the Placement completed on 17 December 2010, are advised that they must exercise any options before 5.00pm AEDT) on the record date of 31 December 2010 (at 5pm, AEDT), in order for any New Shares issued as a result to be eligible to participate in the Rights Issue. You are encouraged to read the Prospectus which was lodged with ASX on 20 December 2010 and consult your professional advisor or stockbroker prior to exercising your options.

The purpose of the Rights Issue is to ensure adequate funds are available to undertake an expanded exploration program of the Company’s Unicorn Mo-Cu-Ag project in northeastern Victoria and surrounding tenements. The balance of the funds will provide the Company with underlying working capital and strengthen the balance sheet.

Key highlights of the Offer include:

• The Rights Issue provides eligible shareholders with an opportunity to increase their investment in DTM at a discount of approximately 25% to the volume weighted average price of Dart shares over the past three months up to 20 December 2010

• There will be one free attaching New Option for every 2 New Shares taken up under the offer. Each option will be exercisable at 10 cents and expires on the 31 December 2011

• Shareholders may apply for additional New Shares above their entitlement according to the conditions of the Offer

• The issue is a renounceable rights issue therefore shareholders not wishing to take up their entitlement in full or in part will be able to sell their rights on market

• The Rights Issue is partially underwritten by Patersons Securities Limited who is also acting as the Lead Manager to the Rights Issue.

The Prospectus for the Rights Issue together with personalised Entitlement Acceptance Form will be dispatched to shareholders on 7 January 2011.

Under the Rights Issue, persons in Australia and New Zealand, who are registered as holders of fully paid ordinary shares in the capital of Dart at 5.00pm (AEDT) on 31 December 2010 will be entitled to participate in the Rights Issue in respect of the number of shares in respect of which that person is then registered as the holder.

Important Dates for the Rights Issue

The Rights Issue is open for acceptance by eligible shareholders from 7 January 2011 until the Closing Date of24 January 2011, at 5pm (AEDT) .

Notice of Issue sent toEligible Shareholders	22 December 2010
Shares trade'ex-rights'andRights trading commences on ASX	23December 2010
RecordDate to determineEntitlements undertheRightsIssue	31 December 2010
Prospectus and Shareholder Application Form or Non-ShareholderApplication Form(as the casemay be) despatched	7 January 2011
Last day of Rights trading	17January2011
Securities quoted ona deferred settlement basis	18 January2011
ClosingDateforacceptances of Entitlements	24January2011
Allotment and issue of New Shares and New Options and end ofdeferred settlement trading	2 February 2011
Despatch of shareholding statements for New Shares and NewOptions	2 February 2011
Trading of NewShares andNewOptions expected to commence	7 February2011

(Please note this timetable is indicative only and subject to change. The Directors reserve the right to vary these dates, including the Closing Date without prior notice. The Directors also reserve the right not to proceed with the whole or part of the offer any time prior to allotment. In that event, all Application Money will be returned without interest).

The timetable is indicative only and subject to change. The Directors may extend the closing date by giving at least 6 Business Days notice to ASX prior to the closing date.

The above information was provided to ASX on 20 December 2010. If you have any questions concerning the Rights Issue, or details contained in this letter or the prospectus, please contact your financial advisor, or the Company Secretary Andrew Draffin on 03 9620 0033.

Yours faithfully,

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Christopher J Bain Chairman and Interim Chief Executive Officer

Level 2, 395 Collins Street Melbourne, Victoria, 3000, Australia

TELEPHONE +61 3 9620 0033 FACSIMILE +61 3 9620 0070 EMAIL info@dartmining.com.au WEB www.dartmining.com.au ACN 119 904 880