DART MINING NL — Investor Presentation 2012

Oct 22, 2012

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Managing Director

Oct 2012

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DISCLAIMER
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The information contained in this document is disclosed to you by Dart Mining NL (ACN 119 904 880) (the "Company").

Nothing in this document shall form the basis of any contract or commitment, or constitutes investment, financial product, legal, tax or other advice. The information in this document does not take into account your investment objectives, financial situation or particular needs.

The Company has prepared this document and is not aware of any errors in this document, but does not make any recommendations or warranty, express or implied concerning the accuracy of any forward looking statements or the likelihood of achievement or reasonableness of any assumptions, forecasts, prospects or returns contained in the information. Such assumptions, forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies.

This document is intended to provide background information only and does not purport to make any recommendation upon which you may reasonably rely without taking further and more specific advice. Potential investors should make their own decision whether to purchase any share in the Company based on their own enquiries. Potential investors are advised to seek appropriate independent advice, if necessary, to determine the suitability of the investment. An investment in the Company should be considered speculative.

This document is not a prospectus or other disclosure document.

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DTM INVESTMENT HIGHLIGHTS
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• Unicorn deposit – potentially a long life Mo + Cu + Ag porphyry mine

• Positive outlook for Moly (Mo) – demand & price predicted to recover

• High grade from surface – very low strip ratio / available infrastructure

• Very positive metallurgy – 92% Mo / 96% Cu / 83% Ag

• Simplified approvals – no known native title, flora or fauna issues

• NPV $255M initial 14 years (100% equity) – +6yr life[2] adds $50 - 70M NPV

• 2.5 year payback – pretax IRR 27% (discount rate 10%)

• $304M capital – cash positive @ $8/lb[1] Mo ( A$3.58/lb[1] cash cost)

1Net of credits. 2 Still to be defined and included in JORC Resource

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DTM CORPORATE STRUCTURE
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ASX Code: DTM
:
Options
Shares on issue : ~182.94m •
8.35m unlisted 15 cent options
Market cap : ~$18.m (expiry 31 Dec 2013)
• 100,000 unlisted 18 cent
Directors : 11.6m shares (~7%)
options (expiry 20 March 2017)
Top 20 : 35% • 100,000 unlisted 22 cent
Cash : ~US$2.3m – 1 October 2012 options (expiry 20 March 2017)
Expenditure Profile: ~65% Exploration / ~35% Corporate
Relative Share Price Performance
Australian Molybdenum Explorers / Developers
150%
100%
Dart Mining (DTM)
50%
0%
-50%
Small Resources (XSR)
-100%
Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12
THR MOL ZGM AQR XSR DTM
Absolute Return (%)
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• 8.35m unlisted 15 cent options (expiry 31 Dec 2013)

• • 100,000 unlisted 18 cent options (expiry 20 March 2017)

• • 100,000 unlisted 22 cent options (expiry 20 March 2017)

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HANDS ON AND COHESIVE BOARD
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Lindsay Ward – Managing Director

Experienced senior executive having worked at CEO & GM level across the mining, power generation, mineral processing, ports, rail and logistic industries Chris Bain – Chairman

Well regarded corporate advisor, who has been instrumental in numerous resource based acquisitions, IPOs and capital raisings. Chris is a qualified geologist & mineral economist

Dean Turnbull – Executive Director

Instrumental in pegging Dart Mining’s tenements. Leads the Corryong based exploration team. Extensive exploration and mine geology experience Stephen Poke – Non-Executive Director

Experienced resources industry executive with a strong focus on mining and exploration drilling

Richard Udovenya – Non-Executive Director

Specialises in corporate, corporate governance and commercial law in the natural resources sector with a focus on ECM activities, including IPOs for ASX and AIM listings. Legal adviser to Australian & international resource companies

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PROJECT LOCATION ADVANTAGE
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ALBURY
N.S.W
VICTORIA CORRYONG
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NEW AUSTRALIAN MINERAL PROVINCE
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• Gilmore splays are

known hosts of major ore bodies

• Cadia / Ridgeway / Nth

  • Parkes in NSW

• Benambra in Victoria

• Gilmore suture flexes

• across into Victoria with a series of splay faults

• DTM has 2,000km[2] of

• tenements across this strategic structural zone

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UNICORN and HENDERSON ARE SIMILAR
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DRILL RIG
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Unicorn Mineral Resource (Left) showing the 5,978,100mN cross section showing Measured, Indicated and Inferred Mineral Resource and the M3 Grade Zone to 400 RL (450m below surface). The conceptual Henderson style Target associated with multiple intrusive centres is also illustrated. The Henderson Mine Geological cross section (Right) at the same scale (Modified composite section compiled from: Wallace 1978-1995,Seedorf & Einaudi 2004 and Banks 2009).

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HIGH GRADE FROM SURFACE
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• 203Mt JORC Measured + Indicated + Inferred Resource at 0.06% MoEq[1 ]

• 102Mt Measured Resource at 0.07% MoEq[1] including

• 54Mt Measured Resource at

0.08% MoEq[1] from surface

• Insitu Metal - Measured and Indicated Resource

• Mo – 50.4 Kt

• Cu – 75.9 Kt

• Ag – 14.9 Moz

• Metallurgy

• Mo 92% + Cu 96% + Ag 83%

• 51% Mo con + 23% Cu/Ag con

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1 MoEq (ppm) = Mo (ppm) + (Cu (ppm) / 3.44) + (Ag (ppm) x 34.3)

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ABOUT MOLYBDENUM
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Source: 2012 CRU report and Thomson Creek 2012 AGM presentation Source: 2012 CRU report and Thomson Creek 2012 AGM presentation
1600 Comparison of Global Crude Steel 260
1500 Production and 240
1400 Global Molybdenum Mine Production
220
1300 1995 - 2011
200
1200
1100
180
1000
160
900
Crude Steel Production 140
800
Mo Production
700 120
10
1995 1997 1999 2001 2003 2005 2007 2009 2011
Source: World Steel, IMOA and Roskill
Source: 2012 CRU report and Thomson Creek 2012 AGM presentation
Crude Steel Production (Mt)
World Mine Production Of Mo (kt)
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MOLYBDENUM MARKET FORECASTS
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–
CASE STUDY ENDAKO MINE
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Unicorn Project (scoping study)

Endako Mine BC (in operation)

• Multi metal – Mo + Cu + Ag

• High recoveries

• Mo 92% + Cu 96% + Ag 83%

• Two saleable concentrates

• 51% Mo plus a 23% Cu/Ag

• Strip Ratio less than ~0.2 : 1

• Head grade

• Measured 0.08% MoEq[1 ]

  • Single metal only – Mo

  • Low recovery

    • Mo 74%

  • Single concentrate

    • 51% Mo

  • Strip Ratio less than 0.4 : 1

  • Head grade

    • Proven 0.047% Mo

• Total resource 0.06% MoEq[1]

• ~A$304M to develop

• Excellent infrastructure

• Target cash cost A$3.58/lb[2 ]

• Total resource 0.046% Mo

• ~$600M recent upgrade

• Excellent infrastructure

• –

• US$8 9/lb cash cost

1 MoEq (ppm) = Mo (ppm) + (Cu (ppm) / 3.44) + (Ag (ppm) x 34.3) 2 average first 10 years

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TARGET ONSITE MINE + MILL COST / ORE TONNE
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La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011	La Caridad Cerro Verde Cuajone Highland Valley Endako. Mt Unicorn Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek (Mo Only) Los Pelambres Collahuasi Chuquicamata Los Bronces Andina El Teniente Henderson Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Molybdenum-Producing Mines 2011

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TARGET CASH COST AFTER CREDITS
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12
Cash Operating Costs with By-Product Credits 2011
10
Secondary Mo Mines
8 Primary Mo Mines
Dart Mining's proposed
Mt Unicorn Mo Mine [1]
6
4
2
0
0 20 40 60 80 100 120 140
Cumulative Mo Mine output (kt)
Source: Roskill Molybdenum Market outlook to 2016 excluding Dart Mining. [1] Unicorn first 10 years average A$ and not yet in production
Endako
Questa
Bagdad
Thompson Creek
Continental Sierrita Chuquicamata Henderson
Highland Valley Los Bronces
Collahuasi
Cerro Verde El Teniente Los Pelambres
Costs US$/lb Mo
Andina
Mt Unicorn
Toquepala
La Caridad
Cuajone
Bingham Canyon
Adntamina
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SCOPING STUDY PARTNERS
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Unicorn Block Model

Estimation

AMC Consulting Pty Ltd, a leading mining consultancy

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Unicorn Scoping Study Mining Pre-Production Estimation Taylor Mine Planning, specialist mine planner

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Metallurgical Test Work AMML Pty Ltd, an established minerals testing laboratory specialising in flotation test work

Unicorn Molybdenum Project Peer Revision of Auscenco Processing Plant Study

Arccon Mining Services Pty Ltd, a leading Perth based engineering and project management company.

Unicorn Project Mine to Smelter Study

Braemar Seascope Pty Ltd, September 2012, one of the world’s largest ship charterers and provider of logistics services.

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Unicorn Scoping Study Plant Design Capital and Operating Ausenco Services Pty Ltd, a leading Australian engineering and project management company

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Molybdenum Market outlook to 2017

Roskill Information Services Ltd, a leader in international metals and minerals research.

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SCOPING STUDY KEY FINANCIALS
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• Initial mine life 14 years – strong potential to increase to 20 years

• NPV $255M initial 14 years (100% equity) – +6yr life[3] adds $50 - 70M NPV

• 2.5 year payback – pretax IRR 27% (discount rate 10%)

• –

• Onsite cash cost A$3.58/Ib[2] Project cash positive at Mo US$8/lb[1]

• • Exchange rate A$1.00 : US$0.90 – average over initial 14 yr project life

• • Average Mo price over initial 14 year mine life US$15.40/Ib

• Average Cu price over initial 14 year mine life US$3.80/Ib

• Average Ag price over initial 14 year mine life US$32.5/Oz Unicorn Capital Cost (A$) Unicorn Operating Cost (A$) Processing Plant $189M Processing $6.31/t Mine Development $56M Mining $2.24/t Mine Equipment $31M Administration $0.23/t Contingency $28M Overheads $0.23/t Total $304M Total $9.01/t

3 1Net of credits 2Average A$ first 10 years Still to be defined and included in JORC Resource

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COMMUNITY ALIGNMENT ADVANTAGE
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Victorian

Government supports Unicorn via three drilling grants totalling $240,000

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STRIP RATIO ADVANTAGE
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DRILL RIG
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INFRASTRUCTURE ADVANTAGE
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What Project Value Should Investors in Dart Mining Place on Existing Infrastructure?

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CONCEPTUAL MINING METHOD
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INDICATIVE PATHWAY TO PRODUCTION
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1
Additional Drilling
2
Pre-feasibility Metallurgy
3
Approvals Process and EIS
4
Pre-feasibility Study
5 Decision Point
6 Bankable Feasibility Study
7 Decision Point
8 Arrange Financing
9 Decision To Mine
10 Construction
11 First Ore
A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J
2012 2013 2014 2015 2016
1Unicorn is not in production and there is no certainty that the pathway to production will occur
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NEWS FLOW and KEY EVENTS
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–
DTM KEY TAKEAWAYS
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• Very low strip ratio – innovative low risk mining methodology

• High recoveries – separate (Mo & Cu/Ag) saleable concentrates

• Power, water, roads, logistics in place – infrastructure cost savings

• Strong community & government support – available workforce

• No known native title, flora or fauna issues – simplified approvals

• Lowest cost quartile producer – A$3.58/lb[1] onsite cash costs

• –

• NPV $255M initial 14 years (100% equity) pretax IRR 27%

• Opportunity for life extension – +6 years[2] adds $50 - $70M NPV

1Net of credits 2Still to be defined and included in JORC Resource

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FURTHER DISCLAIMER
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Economic Potential

The Unicorn project remains at an early stage of planning and assessment and there are risks associated with the estimates of key parameters (including but not limited to further metallurgical test work to advance mineral processing design and the need to accurately cost the required tailings storage solution for the project). However, the data is sufficient to allow assessment to a scoping study level of accuracy and no technical issues have been identified at this stage that would prevent the project from advancing to a Pre-Feasibility study.

A key conclusion of the scoping study is that the project is considered to have positive economic potential.

Further Studies

Further studies are now required to increase confidence in the projects parameters and economics. In the coming months, Dart Mining will look to initiate a pre-feasibility study and to assess opportunities to extend the mine life, improve project economics and look at the potential of underground mining.

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THANK YOU AND QUESTIONS
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MOLYBDENUM A SOFT, GREY, NON TOXIC MINERAL WITH PROPERTIES UNLIKE ANY OTHER ELEMENT

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DRILL RIG
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~~in the report of the matters based on his information in the form and context in which it appears.~~ 26