DART MINING NL — Interim / Quarterly Report 2015

Jul 30, 2015

Report for the Quarter Ended 30 June 2015

31 July 2015

ASX Code: DTM

Key Projects:

Unicorn Porphyry: Mo-Cu-Ag Copper Quarry: Cu-Au Gentle Annie: Cu

Morgan Porphyry: Mo-Ag-Au

Fairley’s: Au

Corporate Update

• In June 2015 there was a change of board with the appointment of James Chirnside, Luke Robinson and Russell Simpson as directors. James Chirnside assumed the role of Chairman and Managing Director of Dart Mining NL.

• Julie Edwards replaced John Nethersole as Chief Financial Officer and Company Secretary.

Mountain View: Au

• After consideration of the company’s financial position the Rights Issue Offer Document commencing 9 June 2015 was withdrawn on 23 June 2015.

Investment Data: Shares on issue: 243,257,892 Unlisted options: 15,473,048

Substantial Shareholders: Top 20 Holdings: 50.85%

• At the end of the quarter the Company’s cash position stood at approximately $1,166,000.

• A major review of the Company’s strategic direction is currently underway and is expected to be completed with recommendations by the third week in August.

Unicorn Project – Study Update

Board & Management: Managing Director: James Chirnside Non-Executive Director: Luke Robinson Non-Executive Director: Russell Simpson Company Secretary: Julie Edwards

Dart Mining NL ACN 119 904 880

Contact Details: 4 Bryant Street, Corryong VIC 3707 Australia

James Chirnside

Phone: +61 (0)498 732 742 Email: jchirnside@dartmining.com.au

The key findings and assumptions around the 27 May ASX Announcement concerning the Unicorn Project are being documented in a detailed report by Metallurgist Colin Seaborn. This report will pull together the findings and extensive test work conducted as part of the ongoing study since May 2014. The study was commissioned by the Board to clarify the level of accuracy for each aspect of the various studies undertaken as input into the 27 May ASX release. The market has previously been informed (latest as of 26 September 2014 in the company Annual Report) that a Prefeasibility Study (PFS) would be completed for the Unicorn Project by June 2015 – being part of the $9.9M Strategic Plan (ASX release 24 March 2014). A PFS is generally accepted as having a +/- 25% level of accuracy for the input data, this allows economic assessments to be made of projects within this level of confidence. The previous reporting around the confidence level (accuracy) of the various studies has been confusing, firstly being referred to as an industry standard PFS (Prefeasibility Study) in the March 24 2014 ASX release, then as a Project Study in the 2015 March 31 Quarterly Report and finally as a Project Definition Study (PDS) in the 27 May release. The Unicorn Project PFS Update report seeks to identify where each key aspect of the project is with respect to the desired PFS level of accuracy.

Visit our webpage: www.dartmining.com.au

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Upper Murray Goldfield – Regional Porphyry Stream Sediment Survey

Results for the Quarter: Regional stream sediment sampling conducted in the remote SE exploration area of Dart Mining’s tenement package (Figure 1) has been completed and initial interpretation carried out. The broad-scale stream sediment sampling program (Figure 2) was designed to identify anomalous metals associated with gold and potential porphyry related mineralisation within previously un-explored regions. Figure 2 illustrates the dense soil and stream sediment sampling that has been carried out by previous explorers in the area and also highlights the absence of previous sampling in the SE sector.

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Figure 2. Upper Murray Regional Stream Sediment Survey – Southeast Exploration Sector. Showing samples from the recently completed stream sediment survey and samples collected by past explorers (Note the absence of previous sampling within the SE Sector).

Of the 42 catchments sampled during the program, 4 contained low level gold B ulk L each E xtractable G old (BLEG) anomalies and two possible low order porphyry signatures with a coincident Ag-As-Bi-CuW-Sn-Mo-Pb-Sb-U and Ag-As-Sb-Cu-Zn-Ni anomalism, both identified to the south of the Boebuck Quartz Diorite in EL5468. BLEG samples are collected from a number of locations across a small area in the creek and sieved to -2mm. The -2mm sieved samples are sent for static leach (ALS CN12) at a commercial laboratory. 2 -3 kg Stream Sediment samples are similarly collected at a number of locations in the creek over a small area and returned to base to be dried and sieved to -80# (Mesh). The -80# sample is sent for 42 element analysis (ALS ME-MS61). A stream sediment sample is collected approximately every 10km[2] to allow low order anomalies to be detected. Follow-up geological mapping is planned when winter track closure is lifted to the area to identify any associated alteration or visible mineralisation within the anomalies identified.

Donovan’s Prospect – Soil Survey

Results for the Quarter: Donovan’s Prospect lies 2.5 km north of the polymetallic (Cu, Ag, Sn, Zn, Pb and Au) Mammoth Porphyry Prospect (Figure 2). A targeted soil program within a 5 km x 5 km grid was established to test the validity of a base metals soil anomaly interpreted through soil sampling conducted by previous explorers, thought to have potential to represent patterns of alteration and metal zonation

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expected to be developed above a buried intrusion (Figure 3). All soil samples are collected at the top of the B horizon (clay layer) and sieved to -2mm prior to analysis carried out using a pXRF unit back at base. Rock chips are collected over an area of outcrop (2 - 5m[2] ) as a representative sample or from chips evenly distributed across a defined sample interval. The samples are submitted for whole sample pulverization and 42 element analysis (ALS ME-MS61).

Interpretation of the results of both soil and rock chip geochemistry with prospect geological mapping suggest a structural link with the regional Saltpetre Gap fault zone (a regional NW dipping thrust fault) that may have developed narrow shears at right angles (normal) to the main fault trend. Evidence of sheared material and gossanous alteration / mineralisation with associated base metal anomalism flank the NW trending shear structures over 1000m along the interpreted strike (Northeast, Central and Western Anomalies – Figure 3). The base metal anomalies may be related to mineralizing fluids tapped by the Saltpetre Gap fault zone during periods of extension and emplacement of the Mammoth Porphyry, which is exposed some 2.5kms to the south. Previous drilling by Dart Mining has shown the Mammoth Porphyry continues at depth below the regional Saltpetre Gap fault zone, trending to the north below Donovan’s Hill (Figures 2 & 3). The metal signature shows a suite of distal metals, indicating the source of the mineralizing fluids is likely to be buried deeply below Donovan’s Hill or represents structural leakage of mineralizing fluids along shears. As such the Donovan’s geochemical target has been downgraded against other porphyry targets such as Morgan, Gentle Annie, Stacey’s, Copper Quarry and satellite anomalies to the Unicorn Porphyry.

==> picture [457 x 368] intentionally omitted <==

Figure 3. Donovan’s Prospect Soil Survey. The map shows the soil sampling program completed during the period with graduated symbols for Cu, Zn, Pb, Bi and As (See inset Legend). Interpretation illustrates the potential structural links at right angles to the Saltpetre Gap Thrust (a regional fault zone) which intersects the northern surface extent of the mineralised Mammoth Porphyry, some 2.5 km south.

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GOLD ASSET DEVELOPMENT PROJECTS

Leading up to the General Meeting of 18 June 2015, significant attention had been placed on the development of promotional presentation material to assist in the disposal or joint venture of porphyry and gold assets held by the company. Following the appointment of a new Board at the general meeting, the main focus of exploration has been on further work around the known gold prospects within the tenement package. The approved Mountain View Mining Licence (ML5559) and gold mineralisation identified at the Onslow Reefs prospect have received significant attention. Topography surveys using a differential GPS have been conducted to better define detailed topography and mining features in the prospect areas. This survey will allow scoping study mine design to begin, leading to a preliminary economic assessment over the Mt View area. Ongoing soil geochemistry is being extended north of the Mountain View Mining Licence to test the size of previously identified gold anomalies associated with historic workings.

At the Onslow Reefs, a small program of RC drilling is scheduled for the September Quarter under the approved work plan. The initial drilling is targeted at shallow mineralisation above the 60m adit level where previous chip sampling of the lode has identified high grade gold mineralisation. The length of the mineralised zone is not defined at depth and requires drill testing. The planned drilling will be the first to be conducted at the Onslow Reefs prospect and will identify any low grade halo to the reefs and the continuity of structure and grade of the lode between surface and approximately 60m depth. The initial drilling will assist in estimating the potential of the prospect to host economic mineralisation and determine if additional drilling is warranted to estimate a resource. Up to 500m of RC drilling is planned in a series of vertically and horizontally fanned holes from up to two drill pads.

Tenement Status Report as at June 30 2015

Tenement Number	Name	Area(Grats)	Interest	Location
EL4724	Buckland2	82	100%	NE Victoria
EL4726	Dart1&2	680	100%	NE Victoria
EL5058	Cudgewa	413	100%	NE Victoria
EL5194	Mt. Alfred	51	100%	NE Victoria
EL5467	Mcormacks	92	100%	NE Victoria
EL5468	Upper Murray	198	100%	NE Victoria
MIN5559	Mt View	4.8	100%	NE Victoria

All tenements remain in good standing at 30 June 2015. NOTE 1: Unicorn Project area subject to a 2% NSR Royalty agreement with BCKP Limited (Orion Mine Finance) dated 29 April 2013. NOTE 2: Areas subject to a 1.5% Founders NSR Royalty Agreement

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Dean Turnbull B.App.Sc.(Geol) Hons. M. AIG, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Turnbull is a full time employee of Dart Mining NL. Mr Turnbull has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Turnbull consents 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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JORC CODE, 2012 EDITION – TABLE 1

SECTION 1 SAMPLING TECHNIQUES AND DATA

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (e.g. cut channels,	All stream sediment samples
techniques	random chips, or specific specialised industry standard measurement tools appropriate to the minerals under	are collected from multiple locations in the active stream
	investigation, such as down hole gamma sondes, or	bed (2 – 3kg) and then dried
	handheld XRF instruments, etc.). These examples	and sieved to 80# back at
	should not be taken as limiting the broad meaning of	base prior to being labelled
	sampling.	and sent to the laboratory for
	 Include reference to measures taken to ensure sample	ME-MS61 42 element scan
	representivity and the appropriate calibration of any	(ALS Technique).
	measurement tools or systems used.	Bulk Leach Extractable Gold
	 Aspects of the determination of mineralisation that are	(BLEG) samples are collected
	Material to the Public Report.	from multiple locations in the
	 In cases where ‘industry standard’ work has been done	active stream bed (2 – 3kg)
	this would be relatively simple (e.g. ‘reverse circulation	and then dried and sieved to -
	drilling was used to obtain 1 m samples from which 3	2mm prior to being shipped to
	kg was pulverised to produce a 30 g charge for fire	the laboratory.
	assay’). In other cases more explanation may be	Hand held XRF (pXRF)
	required, such as where there is coarse gold that has	analysis is performed on the
	inherent sampling problems. Unusual commodities or	sieved sample without
	mineralisation types (e.g. submarine nodules) may	pulverization.
	warrant disclosure of detailed information.	XRF calibration is examined
		using duplicate samples
		submitted for commercial
		assay analysis and the
		equivalent XRF sample data
		compared where possible.
Drilling	 Drill type (e.g. core, reverse circulation, open-hole	NA
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube,
	depth of diamond tails, face-sampling bit or other type,
	whether core is oriented and if so, by what method,
	_etc.). _
Drill sample	 Method of recording and assessing core and chip	NA
recovery	sample recoveries and results assessed.
	 Measures taken to maximise sample recovery and
	ensure representative nature of the samples.
	 Whether a relationship exists between sample recovery
	and grade and whether sample bias may have occurred
	due topreferential loss/gain of fine/coarse material.
Logging	 Whether core and chip samples have been geologically	NA
	and geotechnically logged to a level of detail to support
	appropriate Mineral Resource estimation, mining
	studies and metallurgical studies.
	 Whether logging is qualitative or quantitative in nature.
	Core (or costean, channel, etc.) photography.
	 The total length and percentage of the relevant
	intersections logged.
Sub-sampling	 If core, whether cut or sawn and whether quarter, half	NA
techniques	or all core taken.
and sample preparation	 If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

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Criteria	JORC Code explanation	Commentary	Commentary
	 For all sample types, the nature, quality and
	appropriateness of the sample preparation technique.
	 Quality control procedures adopted for all sub-sampling
	stages to maximise representivity of samples.
	 Measures taken to ensure that the sampling is
	representative of the in situ material collected, including
	for instance results for field duplicate/second-half
	sampling.
	 Whether sample sizes are appropriate to the grain size
	of the material being sampled.
Quality of	 The nature, quality and appropriateness of the assaying		BLEG analysis is performed
assay data and laboratory tests	and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model,		using a cyanide solution (ALS Technique CN12) using a Static leach technique. The ALS static leach method involves adding water to make
	reading times, calibrations factors applied and their		an approximate 1:1 ratio
	derivation, etc.		based on the average sample
	 Nature of quality control procedures adopted (e.g.		weight of the samples being
	standards, blanks, duplicates, external laboratory		processed, ie ≈ 2kg sample
	checks) and whether acceptable levels of accuracy (i.e.		with 2L of solution. Lime is
	lack of bias) and precision have been established.		added as a buffer to ensure
			the pH is in the correct range
			for use with cyanide to ensure
			appropriate leach activity
			occurs once the cyanide is
			added. The vessel is mildly
			shaken to mix and effectively
			wet the entire sample.
			Cyanide (0.5%) is then added
			to the mixture and again it is
			mildly shaken to ensure the
			cyanide is mixed to form an
			homogeneous solution. The
			vessels are mildly shaken
			periodically over the leach
			period to ensure the solution
			remains homogeneous so that
			localised areas of increased
			gold concentration does not
			occur. The standard leach
			period is 24 hours.
			Soil gold levels (where
			determined) use ALS
			technique Au-AA22, which is
			a low detection limit
			(0.001ppm) technique
			commonly used in
			geochemical investigations.
			ME-MS61r is a four acid
			digestion technique with near
			total digestion for common
			base metals but partial for
			some REE (not quoted within
			this report).
Verification	 The verification of significant intersections by either		Verification of significant
of sampling and assaying	independent or alternative company personnel.  The use of twinned holes.		intersections were made by alternative company

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Criteria	JORC Code explanation	Commentary
	 Documentation of primary data, data entry procedures,	personnel.
	data verification, data storage (physical and electronic)	Data were logged onto paper
	protocols.	and transferred to a
	 Discuss any adjustment to assay data.	spreadsheet and checked
		Electronic only assay data is
		imported into a spreadsheet
		from the laboratory’s electronic
		data.
Location of	 Accuracy and quality of surveys used to locate drill	Hand held GPS locations mark
data points	holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource	the start and end of each soil line, soil sample locations are
	estimation.	then either located by GPS or
	 Specification of the grid system used.	measured offsets along soil
	 Quality and adequacy of topographic control.	lines by tape and compass
		(corrected for slope) –
		Absolute location accuracy is
		+/- 10 – 15m.
		All maps, plans and data are
		on an MGA datum and GDA94
		zone 55 projection.
		Elevation is established from
		government 10 and 20m
		contour mapping.
Data spacing	 Data spacing for reporting of Exploration Results.	Soil data spacing varies across
and	 Whether the data spacing and distribution is sufficient	prospects and different
distribution	to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore	mineralisation styles – spacing is based on expected
	Reserve estimation procedure(s) and classifications	continuity of mineralisation, no
	applied.	data compositing or
	 Whether sample compositing has been applied.	manipulation is carried out.
Orientation of	 Whether the orientation of sampling achieves unbiased	Soil sampling lines are,
data in	sampling of possible structures and the extent to which	wherever possible, oriented as
relation to geological structure	this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this	close to perpendicular as possible to the expected strike of mineralisation.
	should be assessed and reported if material.
Sample	 The measures taken to ensure sample security.	All samples submitted for
security		commercial assay analysis are placed in sealed polyweave
		bags and delivered to a
		commercial transport company
		for delivery to the laboratory.
		Any evidence of sample
		damage or tampering is
		immediately reported by the
		laboratory to the company and
		a decision made as to the
		integrity of the sample and the
		remaining samples within the
		damaged / tampered bag/s.
Audits or	 The results of any audits or reviews of sampling	An internal review of
reviews	techniques and data.	procedures, operations,
		sampling techniques and
		analytical techniques was
		made byDart Mining.

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SECTION 2 REPORTING OF EXPLORATION RESULTS

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status  Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Tenement Number Name Area (Grats) Interest Location EL4724 Buckland2 82 100% NE Victoria EL4726 Dart1&2 680 100% NE Victoria EL5058 Cudgewa 413 100% NE Victoria EL5194 Mt. Alfred 51 100% NE Victoria EL5467 Mcormacks 92 100% NE Victoria EL5468 Upper Murray 198 100% NE Victoria MIN5559 Mt View 4.8 100 NE Victoria All tenements remain in good standing at 30 June 2015.NOTE 1:Unicorn Project area subject to a 2% NSR Royalty agreement with BCKP Limited (Orion Mine Finance) dated 29 April 2013.NOTE 2:*Areas subject to a 1.5% Founders NSR Royalty Agreement	Tenement Number	Name	Area (Grats)	Interest	Location
	EL4724	Buckland2	82	100%	NE Victoria
	EL4726*	Dart1&2	680	100%	NE Victoria
	EL5058	Cudgewa	413	100%	NE Victoria
	EL5194	Mt. Alfred	51	100%	NE Victoria
	EL5467	Mcormacks	92	100%	NE Victoria
	EL5468	Upper Murray	198	100%	NE Victoria
	MIN5559	Mt View	4.8	100	NE Victoria
Exploration done by other parties  Acknowledgment and appraisal of exploration by other parties. Previous exploration soil and stream sediment surveys have been carried out at the Donovan’s Prospect. This early work was carried out by a number of parties including Marathon Petroleum, Essex Minerals Company and Pan Australian Mining Ltd. Each group is likely to have used different technique (all unknown).
Geology  Deposit type, geological setting and style of mineralisation. Donovan’s is interpreted to show a base metals anomaly related to a structural connection with the Mammoth Porphyry, a high level Quartz Feldspar Porphyry showing polymetalic mineralisation of Cu, Zn, Pb, Sn, Ag and Au within breccia and adjacent sediments. Donovan’s is expected to be a similar target style at depth to that observed at Mammoth.
Drill hole Information  A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. NA
Data aggregation methods  In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate NA

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	short lengths of high grade results and
	longer lengths of low grade results, the
	procedure used for such aggregation should
	be stated and some typical examples of
	such aggregations should be shown in
	detail.
	 The assumptions used for any reporting of
	metal equivalent values should be clearly
	stated.
Relationship	 These relationships are particularly	NA
between	important in the reporting of Exploration
mineralisation	Results.
widths and intercept lengths	 If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole
	lengths are reported, there should be a clear
	statement to this effect (e.g. ‘down hole
	_length, true width not known’). _
Diagrams	 Appropriate maps and sections (with scales)	NA
	and tabulations of intercepts should be
	included for any significant discovery being
	reported These should include, but not be
	limited to a plan view of drill hole collar
	locations and appropriate sectional views.
Balanced	 Where comprehensive reporting of all	NA
reporting	Exploration Results is not practicable, representative reporting of both low and
	high grades and/or widths should be
	practiced to avoid misleading reporting of
	Exploration Results.
Other	 Other exploration data, if meaningful and	Any other relevant information is
substantive	material, should be reported including (but	discussed in the main body of the report.
exploration data	not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and
	method of treatment; metallurgical test
	results; bulk density, groundwater,
	geotechnical and rock characteristics;
	potential deleterious or contaminating
	substances.
Further work	 The nature and scale of planned further	Planned work is discussed in the body of
	work (e.g. tests for lateral extensions or	the report and is dependent on future
	depth extensions or large-scale step-out	company direction.
	drilling).
	 Diagrams clearly highlighting the areas of
	possible extensions, including the main
	geological interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

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