DART MINING NL — Investor Presentation 2013

May 12, 2013

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Managing Director

May 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 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[2] adds $50 - 70M NPV

• • 2.5 year payback – pretax IRR 27% (discount rate 10% / 100% equity) • $304M capital – cash positive @ $8/lb[1] Mo ( A$3.58/lb[1] cash cost)

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

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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)

~$18m

• 100K $0.18 options (expiry Mar 2017)

Market cap : ~$18m Directors : 11.6m shares (~5.6%) Top 20 : 40% Cash : ~US$6.5m – 7 May 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

Relative Share Price Performances Australian Molybdenum Explorers / Developers

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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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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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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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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 10
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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35 Global Mo 300 Consumption Molybdenum Oxide Price (US$/lb) 4.6% Forecasted 280 Growth in Global 30 Consumption Yearly Average 260 Mo Price 25 Forecasted Mo 240 Price (Mean) Forecasted Mo Price (High) 220 20 Forecasted Mo Forecast Mo Price Price (Low) (Low) 200 Average Mo Price Forecasted Mo Used In Scoping 15 price (Scoping Study)Study Average Mo Price 180 Unicorn Project Project Cash Scoping Study Positive Point Used In Scoping 10 Aver Cash Positive Study 160 Point 140 Unicorn Project 5 Scoping Study Aver 120 Cash Positive Point ( first 10 years) 0 100 Source: Roskill Molybdenum Market outlook to 2016 excluding Dart Mining plus Company reports. Note: Unicorn not yet in production

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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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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

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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 0 5 10 15 20 25 0 20 40 60 80 100 120 US$/t ore Cumulative Mo Mine Output (kt) Secondary Mo Mines Primary Mo Mines Dart Mining's proposed Mt Unicorn Mo Mine1 Onsite Mine and Mill Costs at Mo 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 Mo Producing Mines 2011

Source: Roskill Molybdenum Market outlook to 2016 excluding Dart Mining.[1] Unicorn first 10 years average A$ and not yet in production

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TARGET CASH COST AFTER CREDITS
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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)
Endako
Questa
Bagdad
Thompson Creek
Continental Sierrita Chuquicamata Henderson
Highland Valley Los Bronces
Collahuasi
Cerro Verde El Teniente Los Pelambres
Costs US$/lb Mo
Andina
Mt Unicorn
Toquepala
La Caridad
Cuajone
Bingham Canyon
Adntamina
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Source: Roskill Molybdenum Market outlook to 2016 excluding Dart Mining.[1] Unicorn first 10 years average A$ and not yet in production

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PRIMARY Mo PROJECT COMPARISON
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0.2 Molybdenum Grade (%) vs Onsite Cash Costs ($/lb Mo)
0.18 (Bubble Size Represents Annual Mo Output [1] )
0.16 Climax
0.14
0.12
Liberty
0.1 Ruby Creek
Mt Unicorn
0.08
Initial 5 Year Pit [1 ]
0.06 Mt Unicorn
Thompson Creek
Initial 14 Year Pit [1 ]
Endako
0.04
Mt Hope
0.02
0
0 2 4 6 8 10 12
Operating Costs $/lb Mo (with credits)
Mo Grade (%)
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Source: Roskill Molybdenum Market outlook to 2016 excluding Dart Mining plus Company reports. Note: Unicorn not yet in production

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

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2 1.5

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PRIMARY Mo PROJECT COMPARISON
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Strip Ratio vs Onsite Cash Costs ($/lb Mo) (Bubble Size Represents Mo Grade[[1]] )

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Strip Ratio vs Onsite Cash Costs ($/lb Mo)
(Bubble Size Represents Mo Grade [[1]] )
2.5
Thompson Creek
2
Mt Hope
1.5
Climax
1 Endako
Liberty
Ruby Creek
Mt Unicorn
0.5 Initial 14 Year Pit [1 ]
Mt Unicorn
Initial 5 Year Pit [1 ]
0
0 2 4 6 8 10 12
Operating Costs $/lb Mo (with credits)
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Source: Roskill Molybdenum Market outlook to 2016 excluding Dart Mining plus Company reports. Note: Unicorn not yet in production

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

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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% / 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$32.5/Oz Unicorn Capital Cost (A$) 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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PRE-FEASIBILITY STUDY PARTNERS
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Ecology & Cultural Heritage

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

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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 21

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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$6.5m, Mcap ~A$18M

• Very low strip ratio – innovative mining methodology

• 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

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

1Net 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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