DART MINING NL — Interim / Quarterly Report 2010

Jan 27, 2010

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

DART MINING NL

ABN Quarter ended (“current quarter”) 84 119 904 880 31 December 2009

Consolidated statement of cash flows

Cash flows related to operating activities	Cash flows related to operating activities	Current quarter $A’000	Year to date (6 months) $A’000
1.1	Receipts from product sales and related debtors
1.2	Payments for; (a) exploration and evaluation (b) development (c) production (d) administration	(211) - - (113)	(383) - - (192)
1.3	Dividends received
1.4	Interest and other items of a similar nature received	3	5
1.5	Interest and other costs of finance paid	-	-
1.6	Income taxes paid	-	-
1.7	Other (provide details if material)	-	-
Net Operating Cash Flows		(321)	(570)
Cash flows related to investing activities
1.8	Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets	- - (9)	- - (9)
1.9	Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets	- - -	- - -
1.10	Loans to other entities	-	-
1.11	Loans repaid by other entities	-	-
1.12	Other (provide details if material)	-	-
Net investing cash flows		-	-
1.13	Total operating and investing cash flows (carriedforward)	(330)	(579)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13	Total operating and investing cash flows (broughtforward)	(330)	(579)
Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	1,083	1,083
1.15	Proceeds from sale of forfeited shares	-	-
1.16	Proceeds from borrowings	-	-
1.17	Repayment of borrowings	-	-
1.18	Dividends paid	-	-
1.19	Other (provide details if material) – IPO Costs	-	-
Net financing cash flows		-	-
Net increase (decrease) in cash held		753	504
1.20	Cashat beginning ofquarter/yearto date	181	430
1.21	Exchangerate adjustments toitem 1.20	-	-
1.22	Cash at end ofquarter	934	934

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

		Current quarter $A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	(142)
1.24	Aggregate amount of loans to the parties included in item 1.10	-
1.25	Explanation necessaryforanunderstanding ofthe transactions
	Payments to Directors and related entities North East Geological Contractors P/L – 1.2 (a) 7 B Hochwimmer and Associates – 1.2 (a) 16 Edrill P/L – 1.2 (a) 57 ResourcesLaw – 1.2 (d) 8 B Hochwimmer – 1.2 (a) 20 D Turnbull – 1.2 (a) 20 C Bain – 1.2 (d) 6 S Poke – 1.2 (d) 4 RUdovenya– 1.2(d) 4

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest -

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available $A’000	Amount used $A’000
3.1	Loan facilities	-
3.2	Credit standby arrangements	-
3.3	New share issue	-

Estimated cash outflows for next quarter

		$A’000
4.1	Exploration and evaluation	544
4.2	Administration	170
	Total	714

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1	Cash on hand and at bank	894	141
5.2	Deposits at call	10	10
5.3	Bank overdraft
5.4	Other (Tenement bonds)	30	30
	Total: cash at end of quarter(item 1.22)	934	181

• See chapter 19 for defined terms.

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Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed
6.2	Interests in mining tenements acquired or increased	EL5194	Interest in exploration tenement at Mt Alfred, north-east Victoria.	- - - -	100.00%

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference+securities (description)	-	-
7.2	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs,redemptions
7.3	+Ordinary securities Fully paid	55,384,000	55,384,000
7.4	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs (c) Off restriction	7,224,000 -	7,224,000 -	$0.05	$0.05
7.5	+Partly Paid Ordinary securities (subject to 9cents call between 1 July 2009 and 31 December 2009)	8,875,000	-	1.0 cents	1.0 cents
7.6	Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	- -	- -	- -	- -
7.7	Options (description and conversion factor)	2,800,000 21,375,008	- 21,375,008	Exercise price 20.0 cents 20.0 cents	Expiry date 31 December 2010 31 May2010
7.8	Issued during quarter	-	-
7.9	Exercised during quarter	-	-
7.10	Expired during quarter	-	-
7.11	Debentures (totals only)	-	-
7.12	Unsecured notes (totals only)	-	-

• See chapter 19 for defined terms.

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Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

Sign here: . .......................... Date: 28 January 2010 (Company secretary)

Print name: John Quayle

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.

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