DART MINING NL — Investor Presentation 2012

Sep 9, 2012

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ASX ANNOUNCEMENT

10 September 2012

ASX Code: DTM

DART MINING TARGETS LOW COST MINING OPERATIONS. SCOPING STUDY ON TRACK FOR OCTOBER RELEASE

• September Investor presentation attached

• Target cash cost per Ib[1] Mo after credits within lowest cost quartile

Investment Data

Shares on issue 182,937M Unlisted options 8.35M

• Target cost per ore tonne mined[1] within lowest cost quartile

Dart Mining NL (ASX : DTM) previously announced on 5 September 2012, a doubling of the resource at its flagship project Unicorn to 203Mt, including 102Mt of Measured Mineral Resource.

Shareholders

Top 20 Hold 35 %

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

With the release of the resource upgrade, Dart Mining’s focus will now turn to completing the scoping study for Unicorn, planned for release in October 2012. An important component of that scoping study is determining onsite cash costs for mining and milling. Dart Mining is targeting to be in the lowest cost quartile for ore mined per tonne (onsite mine plus mill) and cash cost per pound (onsite mine plus mill after co‐product credits) of Molybdenum produced at current exchange rates ($A/$US 1.05)[1] .

The September Investor presentation is attached and compares Dart Mining’s targeted mining and milling costs after credits from copper and silver against other Western Molybdenum producers.

Note 1 . Target cash cost and cost per tonne ore mined assume an exchange rate of $A/$US 1.05.

About Dart Mining

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:

Dart Mining NL (ASX:DTM) is a Melbourne based exploration and development company that has discovered 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 and located in Victoria approximately 35 kilometres south of Dart Mining’s tenements.

The Unicorn project is Dart Mining’s principal project. It is a molybdenum (Mo) + copper (Cu) + silver (Ag) Climax style porphyry that has similar geological characteristics to the world class Henderson primary Mo porphyry mine in Colorado, USA. Unicorn has a number of unique characteristics with its high grade zones from surface and the deposit outcrops. It is approximately 20 kilometres from major National Electricity Market infrastructure (hydro generation, switchyards and transmission lines), has abundant water, road access direct to the deposit, an existing logistics chain links the deposit to overseas roasters and the project is strongly supported by the local Corryong community.

www.dartmining.com.au

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Dart Mining also has extensive tenement holdings in north east Victoria that are largely underexplored with very strong potential for identifying additional mineralised porphyries. Specific exploration targets known to be mineralised include Morgan (Mo/Ag /Cu/Au), Mammoth (Cu/Ag/Au/Zn/Sn/Mo) and the Dart Pluton string (Au/Cu).

COMPETENT PERSON’S STATEMENT

Information in this report that relates to a statement of Exploration Results and Mineral Resources of the Company is based on information compiled by Dean Turnbull B.App.Sc.(Geol) Hons. M. AIG. Mr Turnbull is a Director and full time employee of Dart Mining NL and has sufficient experience relevant to the style of mineralisation and type of deposits under consideration and to the activity he has undertaken to qualify as a competent person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves” (or “JORC Code”). Mr Turnbull has provided written consent 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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Potential for a world class Mo + Cu + Ag mine
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Managing Director

Sept 2012 1

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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 world class Mo + Cu + Ag porphyry mine

• Similarities to Climax / Henderson – multiple high grade stacked horizons

• Positive outlook for Molybdenum (Mo) – price is predicted to recover

• 102Mt Measured / 203Mt total Resource – could support long mine life

• Lowest cost quartile target – scoping study release October 2012

• • High grade from surface – very low strip ratio / topographic high

• Very positive initial metallurgy – 92% Mo / 96% Cu / 80% Ag recoveries

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

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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 : 12m shares (~7%)
options (expiry 20 March 2017)
Top 20 : 35% • 100,000 unlisted 22 cent
Cash : ~US$2.5m – 1 September 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 IPOs and Chris is a acquisitions, capital raisings. 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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UNICORN RESOURCE SUMMARY
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INSITU METAL
MoEq [1]
JORC TONNAGE Mo Eq [1] Mo Cu Ag Mo Cu Ag
Cutoff
CLASSIFICATION (Mt) (%) (%) (%) (%) (g/t) (t) (t) (Moz)
MEASURED 102 0.04 0.07 0.04 0.06 3.58 37,561 61,305 11.8
INDICATED 35 0.04 0.06 0.04 0.04 2.75 12,792 14,629 3.1
INFERRED 66 0.04 0.05 0.03 0.03 2.15 21,863 21,863 4.5
TOTAL 203 0.04 0.06 0.04 0.05 2.97 72,216 97,798 19.4
FROM SURFACE:
MEASURED [] 54 0.06 0.08 0.04 0.08 4.61 22,016 44,300 7.9
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Variables and factors that influence the Mineral Resource Estimation

MoEq[1] (Molybdenum Equivalent) = Mo + (Cu / 3.44) + (Ag x 34.3) ( assumes equal metallurgical recovery for each metal ) – see Note 1 opposite.

• Measured Mineral Resource at 0.06% MoEq[1] cutoff of 54 Mt @ 0.08% MoEq[1] is included in the 203 Mt @ 0.06% MoEq[1] at a 0.04% MoEq[1] cut off

Estimated by ordinary kriging on 50 x 50 x 50m blocks at 400ppm MoEq[1] Cut off grade (Cut off considered to represent a level at which the combined value of recoverable metals clearly shows reasonable prospects for eventual economic extraction).

Top Cutting has been applied to high grade drill intersections at different values for each metal, such that grades utilised in the Resource do not rise above the following upper limits:

• Molybdenum Cutoff: 3500ppm (0.35% Mo). Maximum value in drill hole samples 6260 ppm Mo

• Copper Cutoff: 10000ppm (1.0% Cu). Maximum value in drill hole samples 17,800 ppm Cu

• Silver Cutoff: 50ppm (50 g/t Ag). Maximum value in drill samples 100 g/t Ag

Bulk Density assigned by lithology. Silica Cap – 2.72 g/cm[3] ; Quartz Feldspar Porphyry 2.67 g/cm[3] ; Polymict Breccia 2.73 g/cm[3 ] ; Igneous Breccia 2.72 g/cm[3] ; Diorite 2.67 g/cm[3] and Sediments / Sedimentary Breccia 2.68 g/cm[3 .] A total of 27 samples were used to estimate the representative bulk density of each style of lithology / mineralisation.

Note 1: Molybdenum Equivalent Assumptions: Based on relative value (with reference to the average price) of each metal in the 2 months June 22[nd] to August 23[rd] 2012 listed on the LME for Molybdenum and Copper and average price for the same period for Silver as follows:

• Mo US$25,871 per tonne

• Cu US$7515.7 per tonne

• Ag US$27.6 per ounce

Competent Person Statement

Information in this report that relates to a statement of Exploration Results and Mineral Resources of the Company is based on information compiled by Dean Turnbull B.App.Sc.(Geol) Hons. M. AIG. Mr Turnbull is a Director and full time employee of Dart Mining NL and has sufficient experience relevant to the style of mineralisation and type of deposits under consideration and to the activity he has undertaken to qualify as a competent person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves” (or “JORC Code”). Mr Turnbull has provided written consent to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Molybdenum Equivalent grade should not be interpreted as actual molybdenum grade as the conversion ratios vary with the volatile prices of Mo, Cu and Ag. However, it is the Company's opinion that elements considered here have a reasonable prospect to be recovered.

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HIGH GRADE FROM SURFACE
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• High grade from surface 54Mt Measured Resource at 0.08% MoEq[1] contained within

 102Mt Measured Resource at 0.07% MoEq[1]

• 203Mt JORC Measured + Indicated + Inferred Resource at 0.06% MoEq1 • Could support long mine life in excess of 20 years • Indicated to Measured resource conversion at minimal grade loss

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SIGNIFICANT INSITU METAL CONTENT
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Contained Insitu Metal

• Measured

• Mo – 37.6 Kt

• Cu – 61.3 Kt

• Ag – 11.8 Moz

• Measured and Indicated

• Mo – 50.4 Kt

• Cu – 75.9 Kt

• Ag – 14.9 Moz

• Total Resource

 Mo – 72.2 Kt

• Cu – 97.8 Kt

• Ag – 19.4 Moz

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CASE STUDY ENDAKO MINE
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Unicorn Project

Endako Mine BC

• 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

• Total resource 0.06% MoEq

• ~$300M to develop mine

• Excellent infrastructure

• –

• Target cash cost US$4 5 / lb[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 0.046% Mo

• ~$600M recent mine upgrade

• Excellent infrastructure

• –

• US$8 9 / lb cash cost

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1 at an exchange rate of $A/US ~$1.05

			TARGET ONSITE MINE + MILL COST	/	ORE TONNE	ORE TONNE	ORE TONNE
0 5 10 15 20 25			La Caridad Cerro Verde Cuajone Highland Valley Endako Sierrita Continental Toquepala Bagdad Bingham Canyon Antamina Thompson Creek Los Pelambres Collahuasi Chuquicamata US$/t ore Dart Mining Target Cash Cost US$ per Tonne Mined (~A$/US 1.05)	Los Bronces		Andina El Teniente	Henderson
	0		20 40 60 80	100		120
			Cumulative Mo mine output (kt)
Source: Roskill Molybdenum Market Outlook to 2016.1 DTM not in production & subject to						scoping study outcomes

0 2 4 6 8 10 12 Costs US$/lbMo Source:

12 TARGET CASH COST AFTER CREDITS Antamina Bingham Canyon Cuajone La Caridad Toquepala Andina Cerro Verde El Teniente Los Pelambres Collahuasi Highland Valley Los Bronces Continental Sierrita Chuquicamata Henderson Thompson Creek Bagdad Questa Endako 0 20 40 60 80 100 120 Cumulative Mo mine output (kt) Dart Mining Target Cash Cost US$ /lb1 (~A$/US 1.05) Roskill Molybdenum Market Outlook to 2016.1 DTM not in production & subject to scoping study outcomes

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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
13
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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NEW AUSTRALIAN MINERAL PROVINCE
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• Gilmore splays are

• known host 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 16 (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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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 ADVANTAGE
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The section is conceptual only. There has been insufficient exploration drilling, financial modelling & mine planning to accurately define the pit shape and it is uncertain if further drilling will enable this to occur.*

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NEWS FLOW and KEY EVENTS
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DTM KEY TAKEAWAYS
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• –

• Unicorn lowest quartile cost target cash cost per lb & ore mined

• –

• Scoping study October 100Mt Measured JORC Resource

• –

• 20+ year mine life could be supported high grade from surface

• –

• Very low strip ratio potential to have a nil waste initial pit

• –

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

• –

• Power, water, roads, logistics chain infrastructure cost savings

• –

• Strong community & government support available workforce

• –

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

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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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Competent Person Statement
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~~in the report of the matters based on his information in the form and context in which it appears.~~ 24