DART MINING NL — Interim / Quarterly Report 2016

Apr 28, 2016

Report for the Quarter Update Ended 31 March 2016

29 April 2016

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

Mountain View: Au

Investment Data: Shares on issue: 259,924,632 Unlisted options: 12,473,048

Substantial Shareholders: Top 20 Holdings: 53.47%

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

Corporate Update

• Share Purchase Plan ($0.0101) and Directors Share placement (at SPP price) announced and launched March 11 2016

• Resubmission of FY 2012 and FY 2013 Research & Development concession claims lodged with Innovation Australia for review consideration

• Operational and bulk sample testing progress on Mountain View Au project paving the way for final economic assessment around transport, toll treatment, and Au recoveries

• Constructive progress on mapping and interpretation of JV Au assets at Rushworth paving way towards bulk sample program

• Final cost reduction program implemented which has led to a sharply lower administrative cost burden for the company

• March conference held in Corryong involving past and present management and technical personnel with the objective of identifying and prioritising strategy, existing and potential projects for exploitation

• The commissioning of a comprehensive technical report aimed at deepening our understanding of the company’s extensive resource assets and opportunities. The final report is expected by the end April 2016.

It has been an intensely busy time over the past quarter as we further asses and progress our priority Au assets at Mountain View and Rushworth. The completion and lodgment of the resubmission for the 2012 and 2013 R&D concession claims was a step forward and we now await a response from Innovation Australia - hopefully in the near future.

The A$ Au price held up - generally – only coming under pressure as the A$ rallied against the $US. Support at $US 1200 held firm.

Contact Details:

4 Bryant Street, Corryong VIC 3707 Australia

James Chirnside

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

Visit our webpage: www.dartmining.com.au

We plan to deliver key briefings to shareholders at 11:00 AM on Friday 6th May at the scheduled general meeting in Melbourne. We will deliver the same briefing in Wodonga at 6:00 PM on Monday 9th May. (please see website for venue details) The content of these presentations will be based on subject matter extracted from our new technical report.

We expect that shareholders and investors will benefit from this broad and comprehensive review of the resource assets held by Dart and the strategy proposed to realise its value.

We encourage all shareholders to attend if at all possible.

GOLD ASSET DEVELOPMENT UPDATE

Consistent with the Company’s revised strategy and focus on Au development and production Dart has prioritised and focused work on two specific projects at Mountain View and Rushworth in Victoria.

==> picture [478 x 301] intentionally omitted <==

Figure 1. Dart Mining and JV Tenement Locations with Key Prospect Location Plan.

MOUNTAIN VIEW PROJECT (ML5559)

Bulk Sample / Metallurgical Program

Results of metallurgical test work carried out at ALS Metallurgy (Burnie Laboratory - Tasmania) indicate different gold recovery rates are likely for the high and low grade mineralisation extracted during the bulk sampling program (reported in the December Quarter). Carbon in Leach (CIL) test results indicate 81% and 63% recovery of gold for the high grade and low grade mineralisation respectively, with only moderate influence on recovery at finer grind size. Leach kinetics are considered excellent with moderate consumption of cyanide and lime over 4-6 hour leach periods. The non-cyanide recoverable gold is almost exclusively locked in sulphides.

The results of the metallurgical testing are in line with previous studies and will assist with the selection of the best toll treatment facility for this mineralisation style. Various treatment facilities are currently being reviewed for suitability and shortlisted for detailed contract negotiations. Once toll price negotiations are complete it will be possible to finalise the economic viability model for a decision to mine.

2

NORTHERN MINE VENTURES (NMV) JOINT VENTURE

Dart announced the Northern Mine Ventures Pty Ltd ( NMV ) Joint Venture ( JV ) agreement 13 November 2015. The NMV JV tenement package comprises 44.8 Ha under mining licenses MIN5246, 5306 & 5538 in Rushworth, Central Victoria and 231 Graticules under Exploration License EL4697 & EL5315 in northeast Victoria (Figure 1 – Table 1).

Mineralisation Reports, inclusive of amendments sought by DEDJTR have been completed and submitted as part of the renewal of the Rushworth Mining Licenses and a Retention Licence Application for the Beechworth area (Figure 1).

Mapping and Work Programming for the Rushworth mining tenements have been completed during the Quarter. Field mapping has resulted in a better insight into the structures controlling mineralisation at Rushworth. Mineralisation occurs along limb thrust faults to the south of the anticline and is enhanced close to crosscourse faults. Other shoot controls have not been recognised, but potentially veining (accompanied by gold) may be better developed in sandy packages. Multiple stacked limb thrust are recognised (Phoenix, Fletcher’s and Appleton’s zones) and these are commonly offset by dextral faulting along north-south oriented crosscourses (Figure 2). Sites are proposed for bulk sampling on key structures with proven gold in drill data to establish mining grades and inform economic viability models.

==> picture [511 x 343] intentionally omitted <==

3

Tenement Status Report as at March 31 2016

In line with statutory requirements, EL5468 tenement area has been reduced by 25% at its second anniversary date. EL5467 (McCormack’s) has been surrendered during the Quarter as part of a tenement rationalisation program, this tenement was originally designed to secure possible infrastructure paths to service the Unicorn Project. An outcome of renewal applications submitted during the last Quarter for EL4724 (Buckland) and EL4726 (Dart) is expected from DEDJTR early in the next Quarter. A renewal application for the three Rushworth joint venture mining tenements ML5246, 5306 and 5538 has been completed, seeking a further 5 years renewal period. Dart Mining prepared an application for a Retention License (RL) over the highly prospective portions of EL4697 (Beechworth), further amendments to the Mineralisation Report sought by DEDJTR have now been submitted to finalise the RL application. Pending approval of the RL, exploration activities within the area of EL4697 covered by the RL Application are permitted.

Table 1. Tenement Status

Tenement Number	Name	Tenement Type	Area (Grats) Unless specified	Interest	Location
EL4724	Buckland2	Exploration	82	100%	NE Victoria
EL4726	Dart1&2	Exploration	680	100%	NE Victoria
EL5058	Cudgewa	Exploration	216	100%	NE Victoria
EL5194	Mt. Alfred	Exploration	51	100%	NE Victoria
EL5467	McCormacks	Exploration	92	Surrendered	NE Victoria
EL5468	Upper Murray	Exploration	148	100%	NE Victoria
ML5559	Mt View2	Mining	4.8 Ha	100%	NE Victoria
ML5246	Chinaman’s	Mining	5 Ha	50% JV	Central Victoria
ML5306	Phoenix	Mining	5 Ha	50% JV	Central Victoria
ML5538	Rushworth	Mining	34.8 Ha	50% JV	Central Victoria
EL4697	Beechworth	Exploration	36	50% JV	NE Victoria
EL5315	Mitta Mitta	Exploration	195	50% JV	NE Victoria

All tenements remain in good standing at 31 March 2016.

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.

4

JORC CODE, 2012 EDITION – TABLE 1

SECTION 1 SAMPLING TECHNIQUES AND DATA

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	 Nature and quality of sampling (e.g. cut channels,		Metallurgical Sample: A 12m x
techniques	random chips, or specific specialised industry standard measurement tools appropriate to the minerals under		3m x 1.5m trench was excavated in the base of the
	investigation, such as down hole gamma sondes, or		existing Mountain View open
	handheld XRF instruments, etc.). These examples		pit to provide access to what
	should not be taken as limiting the broad meaning of		was interpreted to represent
	sampling.		the upper portion of a high
	 Include reference to measures taken to ensure sample		grade shoot (sulphide lens)
	representivity and the appropriate calibration of any		developed within the envelope
	measurement tools or systems used.		of the Main Lens structure.
	 Aspects of the determination of mineralisation that are		Upon blasting, an excavator
	Material to the Public Report.		was used to remove the
	 In cases where ‘industry standard’ work has been done		broken rock and two stockpiles
	this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be		were made based on visual grade control (based on ore type appearance). Two well demarcated and clean bulk
	required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or		sample stockpiles resulted (High grade and Low grade).
	mineralisation types (e.g. submarine nodules) may		The High grade and Low grade
	warrant disclosure of detailed information.		stockpiles were transferred to
			44 Gal drums on site and
			clearlylabelled.
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 to preferential 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		Two 10kg sub-samples were
techniques and sample preparation	or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.  For all sample types, the nature, quality and		taken from the initial 44 Gal drums (representing the High and Low grade metallurgical sample material excavated
	appropriateness of the sample preparation technique.		from the pit). Individual 10 kg
	 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		samples were collected from the two ore types, individual chips making up the sample were <50mm and chipped

5

Criteria	JORC Code explanation	Commentary	Commentary
	for instance results for field duplicate/second-half		from a random selection of
	sampling.		larger rock fragments to limit
	 Whether sample sizes are appropriate to the grain size		any bias and generate a
	of the material being sampled.		representative average
			sample.
			The 20 kg sample size is
			considered appropriate within
			a fine sulphide gold style
			mineralisation system.
Quality of	 The nature, quality and appropriateness of the assaying		ALS Metallurgy (Burnie)
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,		carried out all laboratory tests and assaying using internal quality control procedures. Results were reported in a short technical report,
	reading times, calibrations factors applied and their		outlining the methods used
	derivation, etc.		and the summary of the
	 Nature of quality control procedures adopted (e.g.		overall gold recoveries from
	standards, blanks, duplicates, external laboratory		each ore style (reported in the
	checks) and whether acceptable levels of accuracy (i.e.		body of this report).
	lack of bias) andprecision have been established.
Verification	 The verification of significant intersections by either		Results of the metallurgical
of sampling and assaying	independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures,		testing were verified by an independent metallurgist, engaged to coordinate and
	data verification, data storage (physical and electronic)		design the testing program.
	protocols.		The results were documented
	 Discuss any adjustment to assay data.		by the independent expert into a summary report of the
			program.
			All assay data and recovery
			estimation were reported in
			digital format and no
			adjustments made to the
			reports.
Location of	 Accuracy and quality of surveys used to locate drill		The location of the trench
data points	holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource		excavated to access the bulk samples is based on using
	estimation.		existing geological models and
	 Specification of the grid system used.		exposure within the existing
	 Quality and adequacy of topographic control.		open pit floor. The samples
			used in the metallurgical test
			work are from a trench 12m x
			3m x 1.5m and as such
			represent a bulk composite of
			mineralisation over
			considerable strike.
Data spacing	 Data spacing for reporting of Exploration Results.		The metallurgical samples
and	 Whether the data spacing and distribution is sufficient		(High and Low grade) are
distribution	to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore		representative of a 12m strike length within the mineralisation
	Reserve estimation procedure(s) and classifications		(some 140m in strike). The
	applied.		program aimed to collect fresh
	 Whether sample compositing has been applied.		representative samples of the
			two mineralisation styles in
			close proximity to the base of
			thepit floor – headgrades

6

Criteria	JORC Code explanation	Commentary
		appear in line with
		expectations based on drilling.
		Metallurgical recovery was the
		focus of the bulk sampling
		program and is considered
		representative of the
		mineralisation style at
		Mountain View.
Orientation of	 Whether the orientation of sampling achieves unbiased	The bulk sample trench
data in	sampling of possible structures and the extent to which	excavated to collect samples
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	of both high and low grade mineralisation covered some 12m of strike and tested the accessible portion of the width
	should be assessed and reported if material.	of the mineralisation at near
		true width in the pit floor (1.7m
		at this depth). The footwall low
		grade material has not been
		sampled in the program but is
		expected to show similar
		metallurgical recoveries to the
		hanging wall material and is
		not considered to have
		introduced a samplingbias.
Sample	 The measures taken to ensure sample security.	All samples submitted for
security		metallurgical test work are placed in sealed plastic bags
		and enclosed in strong plastic
		boxes, 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	Results of the metallurgical
reviews	techniques and data.	testing were verified by an
		independent metallurgist,
		engaged to coordinate and
		design the testing program.
		The results were documented
		by the independent expert into
		a summary report of the
		program.

7

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 Tenement Type Area (Grats) Interest Location EL4724 Buckland2 EL 82 100% NE Victoria EL4726 Dart1&2 EL 680 100% NE Victoria EL5058 Cudgewa EL 216 100% NE Victoria EL5194 Mt. Alfred EL 51 100% NE Victoria EL5467 McCormacks EL 92 Surrendered EL5468 Upper Murray EL 148 100% NE Victoria ML5559 Mt View2 ML 4.8 Ha 100% NE Victoria ML5246 Chinaman’s ML 5 Ha 50% JV Central Victoria ML5306 Phoenix ML 5 Ha 50% JV Central Victoria ML5538 Rushworth ML 34.8 Ha 50% JV Central Victoria EL4697 Beechworth EL 36 50% JV NE Victoria EL5315 Mitta Mitta EL 195 50% JV NE Victoria All tenements remain in good standing at 31 March 2016. 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 Further notes on tenure of the tenements are covered in the Tenement Status section in the body of the report.	Tenement Number	Name	Tenement Type	Area (Grats)	Interest	Location
	EL4724	Buckland2	EL	82	100%	NE Victoria
	EL4726	Dart1&2	EL	680	100%	NE Victoria
	EL5058	Cudgewa	EL	216	100%	NE Victoria
	EL5194	Mt. Alfred	EL	51	100%	NE Victoria
	EL5467	McCormacks	EL	92	Surrendered
	EL5468	Upper Murray	EL	148	100%	NE Victoria
	ML5559	Mt View2	ML	4.8 Ha	100%	NE Victoria
	ML5246	Chinaman’s	ML	5 Ha	50% JV	Central Victoria
	ML5306	Phoenix	ML	5 Ha	50% JV	Central Victoria
	ML5538	Rushworth	ML	34.8 Ha	50% JV	Central Victoria
	EL4697	Beechworth	EL	36	50% JV	NE Victoria
	EL5315	Mitta Mitta	EL	195	50% JV	NE Victoria
Exploration done by other parties  Acknowledgment and appraisal of exploration by other parties. NA
Geology  Deposit type, geological setting and style of mineralisation. Mountain View mineralisation is fault hosted and consists of a silica sulphide alteration with associated fine gold. Mineralisation occurs within dilatation sites along the Browns Creek fault within the Wabisco Shale. Rushworth mineralisation has been described in detail in the body of the report, being of a style consistent with typical Central Victorian goldfields. The strike of sediments and folding is east- west rather than the typical north – south of Bendigo and elsewhere. There is no evidence to date that this has a material impact on the mineralisation tenure or grade. Erratic, coarse free gold associated with quartz veining of variable orientation appears to show a close spatial association with low angle north dipping thrust faults traversing south limb sediments. No saddle reefs have been observed to date. Beechworth hosts typical orogenic bedded strike slip shear quartz veining with internal gold shoot structures. Isolated occurrences of gold mineralised pipe like stockwork bodies associated with refraction of through going shears within large sandstone beds have also been

8

		observed in the Goldfield. Gold
		mineralisation is predominantly free with
		minor associated sulphides.
Drill hole	 A summary of all information material to the	NA
Information	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.
Data	 In reporting Exploration Results, weighting	NA
aggregation methods	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 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 important	NA
between	in the reporting of Exploration Results.
mineralisation	 If the geometry of the mineralisation with
widths and intercept lengths	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	Results of metallurgical testing are
reporting	Exploration Results is not practicable, representative reporting of both low and high	considered to present a representative view of expected recoveries for the high
	grades and/or widths should be practiced to	and low grade mineralisation tested using
	avoid misleading reporting of Exploration	CIL, this technique may not be the final
	Results.	technique adopted for processing,
		dependent upon toll treatment
		negotiations and any additional test work
		resulting.
Other	 Other exploration data, if meaningful and	Any other relevant information is
substantive	material, should be reported including (but not	discussed in the main body of the report.
	limited to): geological observations;

9

exploration	geophysical survey results; geochemical
data	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 work	Planned work is discussed in the body of
	(e.g. tests for lateral extensions or depth	the report and is dependent on future
	extensions or large-scale step-out drilling).	company direction.
	 Diagrams clearly highlighting the areas of
	possible extensions, including the main
	geological interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

10

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Name of entity

DART MINING NL

	ABN 84 119 904 880 Consolidated statement of cash flows	ABN 84 119 904 880 Consolidated statement of cash flows	Quarter ended (“current quarter”) 31 MARCH 2016	Quarter ended (“current quarter”) 31 MARCH 2016
			31 MARCH 2016
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other – Net Operating Cash Flows*		Current quarter $A’000		Year to date (9 months) $A’000
		(195) ‐ ‐ (120) ‐ 2 ‐ ‐ ‐		(745) ‐ ‐ (467) ‐ 11 ‐ ‐ ‐
		(313)		(1201)
Cash flows related to investing activities 1.8 Payment for purchases of:(a) prospects (b) equity investments (c) other fixed assets 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 (carried forward)		‐ ‐ ‐ ‐		‐ ‐ ‐ ‐
		‐		‐
		(313)		(1201)

• See chapter 19 for defined terms.

01/05/2010 Appendix 5B Page 1

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(313)	(1201)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 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 (Capital raising costs) Net financing cash flows	‐ ‐ ‐ ‐ ‐ ‐	138 ‐ ‐ ‐ ‐ (9)
	‐	129
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	(313)	(1,072)
	407 ‐	1,166 ‐
	94	94

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

entities of the entity and associates of the related entities
1.23 Aggregate amount of payments to the parties included in item 1.2 1.24 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
	126

• 1.25 Explanation necessary for an understanding of the transactions

Incudes directors fees, superannaution and consulting fees.

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

• See chapter 19 for defined terms.

Appendix 5B Page 2

01/05/2013

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1	Loan facilities
3.2	Credit standby arrangements

Amount available $A’000	Amount used $A’000

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	89
	‐
	232
Total	321

Reconciliation of cash

Total Reconciliation of cash		321
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 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	94 ‐ ‐ ‐	155
		252
		‐
		‐
Total: cash at end of quarter(item 1.22)	94	407

• See chapter 19 for defined terms.

01/05/2010 Appendix 5B Page 3

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Changes in interests in mining tenements and petroleum tenements

6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements and petroleum tenements acquired or increased	Tenement reference and location	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	EL5467 McCormacks	100%	100%	0%

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 note3) (cents)	Amount paid up per security (see note3) (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 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy‐ backs	259,924,632	259,924,632
7.5 +Convertible debt securities (description)

• See chapter 19 for defined terms.

Appendix 5B Page 4

01/05/2013

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	100,000 100,000 3,000,000 4,273,048 1,000,000 2,000,000 400,000 1,600,000		$0.18 $0.22 $0.15 $0.11 $0.11 $0.11 $0.03 $0.06	20 March 2017 20 March 2017 31 December 2016 6 May 2016 30 August 2016 31 December 2016 31 December 2017 31 December 2017
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

• See chapter 19 for defined terms.

01/05/2010 Appendix 5B Page 5

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

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 5).

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

Sign here: Date: 29 April 2016 (Company Secretary) Print name: Julie Edwards

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 and petroleum 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 or petroleum 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 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting 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.

Appendix 5B Page 6

01/05/2013