DART MINING NL — Capital/Financing Update 2012

Apr 22, 2012

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ASX ANNOUNCMENT

RC DRILL PROGRAM UNDERWAY

23 April 2012

• RESOURCE UPGRADE DRILLING COMMENCED

ASX Code: DTM

Investment Data

Shares on issue 180.9m Unlisted options 8.55m

Shareholders

Top 20 Hold 37%

Key Projects / Metals

• Unicorn Porphyry Mo-Cu-Ag

• Morgan Porphyry Mo-Ag-Au

• Mountain View Lode – Au

Mo – Molybdenum Cu – Copper Au – Gold Ag – Silver

Board & Management

Chairman

Mr Chris Bain

Managing Director

Mr Lindsay Ward

Executive Directors

Mr Dean Turnbull Manager – Exploration

Non-Executive Directors

Mr Stephen Poke Mr Richard Udovenya

Contact Details

Dart Mining NL Level 2 395 Collins Street Melbourne VIC 3000 Australia

Mr Lindsay Ward

Phone: +61 (0)3 9621 1299

Email: lward@dartmining.com.au

Visit our webpage: www.dartmining.com.au

• FIRST TWO RC HOLES DRILLED INTO SOUTHERN BRECCIA INTERSECT VISIBLE MOLYBDENITE

• FIRST ASSAYS FROM SOUTHERN BRECCIA EXPECTED LATE MAY

• RESOURCE UPGRADE ON SCHEDULE FOR Q3 2012

Dart Mining NL (ASX:DTM) has commenced its fourth drilling program at Unicorn with the key objective of increasing the size of the current JORC compliant Indicated Resource and also to advance it to JORC Measured status. This will involve drilling approximately 15 reverse circulation (RC) holes from surface to 250 metres. The drilling program is some 10 days behind schedule due to a series of equipment issues however the first results from the southern breccia drilling are expected by late May. As previously advised the drilling program will be completed during June with the resource update remaining on schedule for Q3 2012.

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The first two RC holes into the southern breccia have intersected visible molybdenum in fresh breccia fragments with the first hole ending in strong mineralisation at 180 metres. This hole is scheduled for a diamond tail following the completion of the RC component of the program.

As previously advised, as part of the Resource upgrade drilling, the southern mineralised breccia (forming the high wall of any potential open pit), sediments and rhyolite surrounding the Unicorn porphyry is being tested. This represents the first systematic drill

testing of these zones. Recent clearing during track construction in the southern breccia has exposed visible molybdenum within breccia fragments some 130 metres further south than previously identified. This zone will be systematically tested in the current drilling program and will greatly assist with the estimation of an expanded Resource (Figure 1).

RC drilling into the IP anomaly has been suspended before target depth was reached due to a large influx of ground water into the hole. The RC drilling technique is not suitable for high water flow conditions and will require a diamond drill tail to extend the hole to target depth (250m) after the completion of the current RC drilling phase.

The intersection of significant ground water at the base of the mountain supports Dart Mining’s scoping study assumption that processing water for a future plant facility will potentially be sourced from a bore field rather than a local river. This is likely to have a positive effect on the overall economics of the Unicorn project.

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Figure 1. 3D Isometric diagram looking south showing the IP anomaly, new drilling access tracks and the southern breccia zone.

About M olybdenum

Molybdenum is both a traditional and new age / future metal with unique characteristics. Its primary use is as an essential metal in the manufacture of steel where it adds strength, hardness and toughness as well as increasing steels resistance to corrosion. Molybdenum also has a range of chemical uses including acting as s a catalyst to remove impurities, including sulphur, during crude oil production. Molybdenum is also used in the paint and plastics industry.

Molybdenum has a growing use in the renewable energy sector where it is used in the manufacture of solar panels and has a potential use as the electrode plate for the separation of hydrogen and oxygen to produce hydrogen energy. Molybdenum is also used in nano technologies to make electrical goods smaller.

Molybdenum is traded on the LME and has worldwide demand of ~ 220,000 tonnes pa that is growing at 5% pa.

About Dart Mining

Dart Mining NL (ASX:DTM), a Victorian-based exploration company, has discovered a new mineralised province hosting molybdenum (Mo) + copper (Cu) + silver (Ag) mineralised climax style porphyry igneous intrusive. The Dart Mining mineral province occurs within the Lachlan Fold Belt near Corryong in north east Victoria and is the only known Australian host of Climax style porphyries which are proven hosts of world class mines around the world. The Lachlan Fold Belt and Gilmore suture that cross from NSW into Dart Mining’s tenements in Victoria are proven hosts of substantial porphyry mines including North Parkes, Cadia and Ridgeway in NSW and the Benambra VMS to the south of Dart Mining’s tenements in Victoria.

Dart Mining recently announced its maiden JORC Resource for its principal project Unicorn, which has very strong geological similarities to the world class Henderson primary Mo mine in Colorado, USA. Dart Mining tenements remain largely underexplored and the potential for identifying additional mineralised porphyries is very strong.

Dart Mining also has two gold projects including Mountain View where drilling identified high-grade gold along a 150 metre strike with results including 6m @ 7.8 g/t Au (including 2m @ 19.3 g/t Au) and 4m @ 8.72 g/t Au (including 1m @ 18.75 g/t Au) as well as the Fairley’s disseminated gold prospect where drilling has confirmed the presence of a very large (up to 22 metres in width) disseminated sulphide related gold system.

COMPETENT PERSON’S STATEMENT

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

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