DART MINING NL — Capital/Financing Update 2013

Apr 22, 2013

FIRB RESPONSE: INVESTMENT BY RED KITE OF UP TO A$10M INTO DART MINING’S UNICORN PROJECT EXEMPT FROM NOTIFICATION

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ASX ANNOUNCEMENT 23 April 2013

ASX Code: DTM

Investment Data Shares on issue 198.54M Unlisted options 14.55M

Shareholders Top 20 Hold 38%

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 Director 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

As announced to the ASX on 12 March 2013, RK Mine Finance (Red Kite), has agreed to purchase up to a 3% Net Smelter Royalty (NSR) in the Unicorn Project for cash of $8.5M and to inject new equity of up to $1.5M into Dart Mining NL (ASX:DTM). Red Kite's investment into the Unicorn Project and Dart Mining will be made in two tranches. RK Mine Finance is part of the Red Kite Group, one of the largest metal merchants in the world.

The first tranche will involve the purchase of a 2% Unicorn Project royalty for A$4.5M and the subscription of A$0.8M for new Dart Mining shares at a 10% premium to 20 day VWAP. This initial investment was subject to FIRB not objecting to the transaction, and FIRB’s response to that effect has now been received by Red Kite (the proposed royalty acquisition is exempt from notification under the Foreign Acquisitions and Takeovers Act 1975). As all other conditions precedent to this initial investment have also been satisfied, Dart Mining anticipates that the first tranche of Red Kite's investment into the Unicorn Project and Dart Mining should be received before mid-May.

The second tranche of Red Kite’s investment is subject to Red Kite being satisfied that certain milestones relating to the Unicorn Project (for example, demonstrated progress with the prefeasibility studies, with a particular focus on environmental approvals, tailings and metallurgy) have been satisfied. Unless extended, these conditions must be met by 31 October 2014. Dart Mining is confident that the conditions set by Red Kite for the second tranche can be met well in advance of that date, with key aspects of the Unicorn Project prefeasibility study already having been commenced.

About Dart Mining

Dart Mining NL (ASX:DTM) is a Melbourne-based exploration and development company that has discovered and is seeking to develop a new mineralised porphyry province in north east Victoria. The Dart province hosts molybdenum (Mo), copper (Cu), silver (Ag), zinc (Zn), tin (Sn) and gold (Au) mineralisation in porphyry igneous intrusions. It lies adjacent to the Gilmore suture with numerous intersecting splay faults. NSW is a proven host of world class porphyry mines associated with splay structures off the Gilmore Suture such as North Parkes, Cadia and Ridgeway, as is the Stockman Copper, Zinc, Silver and Gold VMS project, which is at an advanced stage of development in Victoria about 35km south of Dart Mining’s tenements.

The Unicorn Project, which is Dart Mining’s principal project, is a molybdenum (Mo), copper (Cu) and silver (Ag) Climax-style porphyry that has similar geological characteristics to the world class Henderson Climax-style primary Mo porphyry mine in Colorado USA. The Unicorn Project has a number of unique characteristics. It outcrops, has an extensive high grade zone from surface, is about 20km from the National Electricity Market infrastructure (hydro generation, switchyards and transmission lines), has abundant water onsite, road access, an existing logistics chain from mine to market, no known native title, flora or fauna issues and strong Corryong community and government support.

Dart Mining completed a detailed preliminary economic assessment (scoping study) for the Unicorn Project in October 2012. It yielded compelling economic results and warranted the undertaking by Dart Mining of the proposed prefeasibility studies.

About Molybdenum

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 as it adds strength, hardness, toughness and resistance to corrosion. Molybdenum also has a range of chemical uses including acting as a catalyst to remove impurities, notably sulphur, during crude oil production. Molybdenum is also used in the paint and plastics industries.

World demand for molybdenum is growing at 4% to 6% pa and new uses for molybdenum continue to be discovered. A recent example is the development by two Australian scientists of a new two-dimensional material using molybdenum oxide that they believe could revolutionise the electronics market by facilitating thinner, faster and lighter gadgets. This continues molybdenum’s diversification into areas and uses in addition to its traditional use in steel production.

The use of molybdenum is also growing in the renewable energy sector where it is used in the manufacture of solar panels and, potentially, as an electrode plate for the separation of hydrogen and oxygen to produce hydrogen energy. Molybdenum is also used in nanotechnologies to make electrical goods smaller.