DART MINING NL — Investor Presentation 2013

Jun 5, 2013

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Managing Director

June 2013

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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 CASHED UP + MOVING FORWARD
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Cash $6.3M with burn rate ~$240,000 / month PLUS $0.85M R&D Refund PLUS $4.7M 2[nd] Red Kite Tranche[1 ]

Victoria re-affirming it’s commitment to resource development Single contact point, project facilitation, statutory timeframes

Strategy 1 - Progress Unicorn Prefeasibility

Strategy 2 – Growth DTM Tenements NE Vic – Gold + Porphyry's

Strategy 3 – Growth M&A – Gold and Base Metals

1 Refer ASX announcement 12 March 13. Second tranche subject to meeting key milestones

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

• Red Kite (US metal merchant) invests upto A$10M – detailed due diligence

• Prefeasibility underway – fully funded, as is regional exploration

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

• Very positive metallurgy – no known native title, flora or fauna issues

• NPV $255M initial 14 years (100% equity) – +6yr life[1] adds $50 - 70M NPV

• • 2.5 year payback – pretax IRR 27% (discount rate 10% / 100% equity) • $304M capital – all up cash cost @ $8/lb[2] Mo (onsite, logistics, smelting)

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

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ABOUT RK MINE FINANCE – RED KITE
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• RK Mine Finance specializes in providing development, acquisition and bridge financing to miners of precious & non-ferrous metal ( www.RKMineFinance.com )

• Red Kite Group – ~$3.5B under management[1] (~$1.7B mine finance exclusively)

• Large global metal merchant – NY, London, Shanghai, HK, Sydney, Bermuda

• Red Kite $10M DTM investment[2] – major confidence boost for Unicorn

• –

• Red Kite rewarded from production 3% NSR royalty @A$8.5M (2 tranches)[3]

• –

• Equity A$1.5M (2 tranches) invested[1] 10% premium to 20 day VWAP

• Currently ~4.5% shareholding – will move to ~9% with 2[nd] tranche

• Red Kite detailed due diligence – confidence in Unicorn & management

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$8.6M (AUD) $50M Equity, Loan Equity and Off and Off take take Agreement Agreement (August 2012) (November 2012 )

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$20M Equity, $20M Royalty Royalty and Off Agreement take Agreement (February 2013) (November 2012 )

1 2 3 30 April 2013 Refer ASX announcement 12 March 13 Second tranche subject to meeting key milestones

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DTM CORPORATE STRUCTURE
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ASX Code:

DTM

: Unlisted Options

Shares on issue :

~207m

• 8.35m $0.15 options (expiry Dec 2013)

~$17m

• 100K $0.18 options (expiry Mar 2017)

Market cap : ~$17m Directors : 11.6m shares (~5.6%) Top 20 : 40% Cash : ~US$6.3m – 1 June 2013 Expenditure :

• 100K $0.22 cent (expiry Mar 2017)

• 3m $0.15 options (expiry Dec 2015)

• 3m $0.15 options (expiry Dec 2016)

• 4.27m $0.11 options (expiry 7 May 2016)

• ~65% Exploration / ~35% Corporate

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Relative Share Price Performances
Australian Molybdenum Explorers / Developers
40%
20%
Dart Mining (DTM)
0%
-20%
-40%
-60%
Small Resources Index (XSR)
-80%
-100%
May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13
THR MOL ZGM XSR DTM
Absolute Return (%)
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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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RESOURCING FOR GROWTH
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DART MINING BOARD

MANAGING DIRECTOR Lindsay Ward Admin / SHE Co-Ordinator Natalie Purden EXPLORATION UNICORN PROJECT DEVELOPMENT FINANCE MANAGER SPECIALIST SAFETY MANAGER DIRECTOR GEOLOGIST Andrew Draffin and HR Support Dean Turnbull John Eltham Kris Butera SENIOR EXPLORATION BACK OFFICE GEOLOGIST KEY CONSULTANTS  COMPANY SECRETARY Rodney Boucher  LYCOPODIUM (Plant )  ACCOUNTING  GHD (Approvals) EXPLORATION  FINANCE  BIOSIS (Flora & Fauna) GEOLOGIST  PAYROLL LEGEND Xavier Webb  URS (Water)  AMC (Mining) Full Time FIELD COORDINATOR  ATC WILLIAMS Steve Dunn (Tailings)  PARSONS BRINKERHOFF Part Time (Power ) FIELD ASSISTANTS Casual

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PROJECT LOCATION ADVANTAGE
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ALBURY
N.S.W
VICTORIA CORRYONG
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NE VICTORIA - VERY PROSPECTIVE GROUND
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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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HIGH GRADE ZONES CONTINUE BELOW 700m DEPTH
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Unicorn Mineral Resource (Left) showing a composite cross section through the entire deposit with the M1, M2, M3 and M4 Grade Zones and the Mineral Resource area from surface to 400m RL (approximately 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 ZONES CONTINUE BELOW 700m DEPTH
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Additional Rhyolitic Pulse showing UST

• Pulse centre to the east of drilling.

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Coarse visible Mo within radial veins showing strong Potassic alteration halos.

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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 Roskill Molybdenum Market outlook to 2016
1600 Comparison of Global Crude Steel 260
1500 Production and 240
1400 Global Molybdenum Mine Production
220
1300
200
1200
1100
180
1000
160
900
Crude Steel Production 140
800
Mo Production
700 120
1995 1997 1999 2001 2003 2005 2007 2009 2011
Source: 2012 Roskill Molybdenum Market outlook to 2016
Crude Steel Production (Mt)
World Mine Production Of Mo (kt)
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MOLYBDENUM MARKET FORECASTS
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Average Mo Price Used in Scoping Study

Source: 2012 Roskill Molybdenum Market outlook to 2016 excluding Dart Mining plus Company reports. Note: Unicorn not yet in production

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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 PRODUCTION PARAMETERS
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• Initially open cut mine – potential to move to underground

• Residential mine within Corryong Community – not fly in fly out

• –

• High grade from surface and outcrops very low strip ratio

• Clear / Mine / Crush / Float / Tailings – simple separation process

• ~

• Targeting 20 year mine life – 10Mtpa ore / 30Ktpa concentrate

• 51% Mo Con (~3ktpa[1] Mo) – 23% Cu/Ag Con (~6Ktpa[1] Cu,~0.8Moz Ag[1] )

• Export in containers – truck to Albury / train to Melbourne Port

• Buy local - employ local - live local – community support is key

1Average First 10 Years of Production from Scoping Study

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SCOPING STUDY / PEA - OCTOBER 2012
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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% / 100% equity) • –

• 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 C ital Cost A Unicorn ratin Cost A ap ( $) Ope g ( $)

• 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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–
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 ~0.2 : 1

• Head grade

• Measured 0.08% MoEq[1 ]

  • Single metal only – Mo

  • Low recovery

    • Mo 74%

  • Single concentrate

    • 51% Mo

  • Strip Ratio ~1 : 1

  • Head grade

    • Proven 0.047% Mo

• Total resource 0.06% MoEq[1]

• ~A$304M to develop

• Excellent infrastructure

• 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

					TARGET ONSITE MINE + MILL	TARGET ONSITE MINE + MILL	TARGET ONSITE MINE + MILL	TARGET ONSITE MINE + MILL	TARGET ONSITE MINE + MILL	TARGET ONSITE MINE + MILL	TARGET ONSITE MINE + MILL	TARGET ONSITE MINE + MILL	TARGET ONSITE MINE + MILL	TARGET ONSITE MINE + MILL	COST /	COST /	COST /	ORE TONNE	ORE TONNE	ORE TONNE	ORE TONNE	ORE TONNE
25
			Onsite Mine and Mill								Costs		at Mo Producing Mines							Henderson
10 15 20 US$/t ore				La Caridad	Cerro Verde		Cuajone Highland Valley Endako. Mt Unicorn Sierrita Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1		Continental	Toquepala	Bagdad	Bingham Canyon	Antamina Thompson Creek (Mo Only)	Los Pelambres	Collahuasi	Chuquicamata	Los Bronces	Andina	El Teniente
5
0
0							20		40				60 80			100				120
												Cumulative Mo Mine Output (kt)
Source:			2012		Roskill Molybdenum Market outlook to							2016 excluding Dart Mining.1Unicorn first 10 years average							and not yet in production

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TARGET CASH COST AFTER CREDITS
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Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina	Adntamina Toquepala La Caridad Cuajone Bingham Canyon Mt Unicorn Sierrita Cerro Verde Collahuasi Continental El Teniente Los Bronces Los Pelambres Highland Valley Chuquicamata Henderson Thompson Creek Endako Bagdad Questa Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Cash Operating Costs with By-Product Credits Andina

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PRIMARY Mo PROJECT COMPARISON
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1 Mt Unicorn MoEq Output, (MoEq (ppm)=Mo (ppm) + (Cu (ppm) / 3.44) + (Ag (ppm) x 34.3)) 22

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PRIMARY Mo PROJECT COMPARISON
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1 Mt Unicorn MoEq Grade, (MoEq (ppm)=Mo (ppm) + (Cu (ppm) / 3.44) + (Ag (ppm) x 34.3))

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PRE-FEASIBILITY STUDY PARTNERS
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Ecology & Cultural Heritage

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Biosis are expert consultants in the field of Environmental, Ecology (fauna & flora) and Cultural Heritage Management throughout Australia

Environmental and Approvals

GHD are a longstanding Global consultancy firm specialising in Environmental Management

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

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Unicorn Plant Design and

Prefeasibility Study

Lycopodium is a leading Australian engineering & project management group, developing & commissioning major resource projects worldwide

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Water Management URS is an Industry leader in sustainable water resource practices and technologies

Tailings Storage & Management

ATC Williams are specialist consultants for the design, transport, storage & management of mine tailings

Power Supply

Leading Provider of engineering & project management services to the global power/energy market.

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INDICATIVE PATHWAY TO PRODUCTION
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1Unicorn is not in production and there is no certainty that the pathway to production will occur

COMMUNITY ALIGNMENT ADVANTAGE

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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 view 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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CONCEPTUAL MINING METHOD
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NEWS FLOW and KEY EVENTS
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DART MINING (DTM) KEY TAKEAWAYS
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• Red Kite invests up to A$10M – detailed due diligence completed

• Prefeasibility & DTM fully funded – cash ~A$6.3m (plus ~$5.5M[1] to come)

• Very low strip ratio – Lowest cost quartile onsite cash cost

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

• Power, water, roads, logistics in place – lower capital cost

• Strong community support – available workforce / not FIFO

• • No known heritage, flora or fauna issues – simplified approvals

• Current market presents opportunities – DTM targeting growth

12nd Red Kite Tranche ~A$4.7M subject to milestones & R&D refund ~$0.8M. 2Net of credits

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

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