REPORT FOR THE QUARTER ENDED

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1 REPORT FOR THE QUARTER ENDED 30 March 2013 ASX ANNOUNCEMENT 22 April 2013 ASX Code: DTM Investment Data Shares on issue M Unlisted options 14.55M Shareholders Top 20 Hold 38% 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 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) lward@dartmining.com.au Visit our webpage: Red Kite agrees to invest up to $10m into Unicorn and Dart Mining Red Kite completes detailed due diligence on Unicorn Deep Drilling well advanced with visual moly observed at depth o o High Grade M3 Zone intersection extended by 52m to 92m New M4 Zone intersected - potential to increase open pit life Project Director appointed to lead Unicorn Pre-Feasibility Study Metallurgy and Geotechnical drilling program complete Cash at bank as at 30 March $1.81m with an additional $5.3M SUMMARY expected by end April once FIRB approves Redkite transaction Dart Mining NL (ASX: DTM) has had a very successful quarter, highlighted by Red Kite a US based institutional investor - agreeing to invest up to $10M into Dart Mining and Unicorn. This agreement was the result of a series of road shows to the USA and Canada in 2012 which built on Dart Mining s 100% JORC resource up grade announced in August 2012 and the positive project financials resulting from the first economic assessment of Unicorn completed in October Dart Mining has now commenced the Unicorn pre-feasibility study, and with improved funding is in a position undertake further regional exploration studies within its current tenement package, something that Dart Mining has wanted to do for a long time. John Eltham, a very experienced project manager, with a background in metallurgy, joined Dart Mining as Project Director in February having recently worked on the Merlin Moly and Rhenium project in Queensland. The capital raising completed in November enabled the sixth Unicorn drilling program to commence in December 2012 with a focus on improving the understanding of the metallurgy and geotechnical characteristics of the deposit. This drilling program is complete with the focus now having shifted to testing the continuation of the ore body at depth. The deep drilling program consists of two holes with the first hole extending the existing high grade zone - M3 by 52m to a total thickness of 92m and importantly intersected a new high grade zone - M4. The second deep hole is well advanced having reached approximately 740m at the end of the quarter with an inspection of the drill core indicating a high Moly grade through the intersection. Initial assay results are due in early May. In summary the last quarter has seen the company take significant steps forward with Unicorn and the Board and management team are looking forward to gaining a better understanding of the economics and risks of developing Unicorn via the pre-feasibility study and identifying further exploration targets both within and external to its current tenements in North East Victoria.

2 1. US-BASED INSTITUTION RED KITE AGREES TO INVEST UP TO A$10M TO ADVANCE UNICORN As announced to the ASX on 12 March, Dart Mining has been successful in reaching an agreement with RK Mine Finance (Red Kite), subject to Foreign Investment Review Board approval, to invest up to A$10 million into the company s flagship project Unicorn. Dart Mining is very excited by the deal, especially given the continuing tough market conditions for junior explorers, as it provides certainty of funding for the company to move forward into the prefeasibility study phase of the Unicorn project. Post completion of the initial transaction, which is expected in late April, cash at bank will be approximately $7M depending on the final cost of the current drill program. It should be noted that Dart Mining negotiated with Red Kite to exclude the molybdenum offtake from the transaction. Dart Mining believes that the molybdenum offtake has considerable value and will actively market its availability in coming months with a view to identifying another possible cornerstone investor to come into the project. Key aspects of the transaction are outlined below: US based investor, Red Kite, to inject A$5.3M into Dart Mining o $4.5M to secure a 2% Unicorn Project royalty and o $0.8M subscription for shares at 10% premium to 20 day VWAP In addition, Red Kite holds an option to inject a further A$4.7M into Dart Mining o $4.0M for a further 1% Unicorn Project royalty and o $0.7M subscription for shares at 10% premium to 20 day VWAP For every two shares subscribed for by Red Kite, it will be granted one option Funding will be used for a full feasibility study and to obtain approvals Red Kite has completed detailed due diligence in relation to Unicorn Red Kite will have right of first refusal for offtake (Cu/ Ag only and not Mo) and to provide project finance RK Mine Finance (Red Kite), a US-based institutional investor, has agreed to purchase up to a 3% Net Smelter Royalty (NSR) in the Unicorn Project for cash of $8.5M and to inject new equity of up to $1.5M into Dart Mining NL. Red Kite's investment into the Unicorn Project and Dart Mining will be made in two tranches. The first tranche will involve the purchase of a 2% Unicorn Project royalty for AUD$4.5M and the subscription of AUD$0.8M for new Dart shares at a 10% premium to 20 day VWAP. The initial investment is subject to FIRB approval, expected in April, and the satisfaction of other conditions precedents typical of an investment of this nature. It is expected that the first tranche of Red Kite's investment in the Unicorn Project and Dart Mining will be received by no later than 30 April The second tranche of Red Kite's investment into the Unicorn Project and Dart Mining involves, in practical effect, an option to purchase an additional 1% Unicorn Project royalty for A$4.0M and to subscribe A$0.7M for further Dart Mining shares (at a 10% premium to 20 day VWAP). The second tranche is subject to Red Kite being satisfied that certain milestones relating to the Unicorn Project (for example, demonstrated progress with the pre-feasibility studies, with a particular focus on environmental approvals, tailings and metallurgy) have been satisfied. Unless extended, these conditions must be met by 31 October Dart Mining is confident that the conditions set by Red Kite for the second tranche can be met well in advance of that date. The agreement with Red Kite also provides it with a right of first refusal on an Offtake Agreement for all copper and silver (but not molybdenum) produced by the Unicorn Project and an option to provide financing for the Unicorn Project (once a decision to mine has been made by Dart Mining). Red Kite provides mining companies with project financing and metal offtake agreements for initiation or expansion of mine production and is part of the Red Kite group. Red Kite operates across the global metals industry from offices in Bermuda, Denver, Hong Kong, London, New York, Shanghai and Sydney. Investors in Red Kite funds include college endowments, foundations, family offices, pensions and other institutional investors. For more information about Red Kite visit

3 Dart Mining has worked closely with Red Kite through a detailed due diligence process which involved a site visit by Red Kite's investment team and its appointed experts. The due diligence included a thorough review of the mining methodology, plant design, geological model, environmental impacts and the financial assumptions underpinning the Unicorn scoping study. Red Kite s agreement to make a substantial investment in two tranches is a real vote of confidence in the Unicorn Project. It will not only enable Dart Mining to accelerate the feasibility and approvals process, but it also sends a strong message to other potential Unicorn cornerstone investors and offtake partners that will be needed as Dart Mining moves forward with the Project. Importantly, the arrangements with Red Kite specifically contemplate the introduction of a cornerstone investor to the Unicorn Project. The preferred course for such an investor is likely to be by a direct investment by the cornerstone investor into a joint venture established for the purpose of holding the Unicorn Project assets. For every two fully paid ordinary shares subscribed for by Red Kite, it will be granted an option entitling it to subscribe for one Dart share at an exercise price 30% above the 20 day VWAP for Dart Mining shares with an expiry three years after grant. 2. PROJECT DIRECTOR APPOINTED TO LEAD UNICORN PRE-FEASIBILITY STUDY John Eltham appointed Project Director bringing over 40 years of project management experience to Dart Mining John will be based in Melbourne and will travel frequently to site in Corryong John brings a wealth of project development expertise to the Unicorn project, in particular, his most recent role as Executive General Manager Projects, where John led the Merlin Molybdenum/Rhenium Feasibility Study for Ivanhoe Australia. His knowledge of molybdenum processing and the market for the treatment of molybdenum concentrate will be invaluable in further advancing the Unicorn project. John Eltham is a qualified metallurgist with a substantial history of developing successful greenfield and brownfield complex mining, processing and associated infrastructure projects for Normandy Mining in Australia and overseas, for Sino Gold's Jinfeng project in China and Newmont's Minahasa project in Indonesia. In addition John has worked on project developments in Spain, Turkey, Greece, New Zealand, PNG and Ghana. 3. UNICORN MOLYBDENUM PROJECT DEVELOPMENT SUMMARY Unicorn moved into the prefeasibility study (PFS) stage of development this quarter, led by John Eltham. A team of specialist consultants have been selected to investigate a number of options for development which were identified in the Scoping Study. Key early study areas include the location of tailings storage facilities, more detailed metallurgy, identification of the power and water supply and defining the baseline environmental monitoring and ongoing community development work. Four diamond core holes were drilled in the deposit to provide significant tonnages of sample for metallurgical test work. These holes were targeted to produce samples of ore from the four different rock types. This work is being conducted by the AMML laboratory in Gosford. The results will provide data for both plant and tailings design and capital cost estimation. In the first week of Q2, the team of specialist consultants will visit the site and work together on a Risk Analysis for the project development. The outcome of this analysis will guide the urgency, level and complexity of the study work to be undertaken during At this stage, Dart Mining is targeting Q to complete the prefeasibility study.

4 4. METALLURGY AND GEOTECHNICAL DRILLING PROGRAM COMPLETE Five large diameter geotechnical / metallurgical holes have been completed Geotechnical drilling and logging of past and recently drilled holes completed Pre-feasibility metallurgical testing underway The metallurgical drilling program was completed in February. Five large diameter (83.5mm PQ) diamond drill holes, to test the variability of the metallurgy across the deposit, were drilled to a depth of up to approximately 200 metres. Approximately 7 tonnes of samples from the four main ore types within Unicorn have been shipped to the AMML laboratory in Gosford (NSW) to undergo a series of grinding, flotation and recovery optimisation testing. These studies will supply the key data to allow detailed plant and tailings dam design and allow pre-feasibility mine planning to commence. These metallurgical holes were also geotechnically logged, a dedicated geotechnical hole drilled and previous diamond core re-logged by Coffey Mining to determine the safe angle for final high wall pit design. Initial indications from Coffey Mining are that overall batter angles of up to 55 degrees, consistent with the scoping study, can be used in prefeasibility mine design. A detailed report from Coffey Mining should be available in April. 5. DEEP DRILLING WELL ADVANCED First Deep Hole Extension of DUNDD008 M3 zone extended by 52m to 0.07% MoEq 1 including 0.12% MoEq 1 and 0.22% MoEq 1 An additional high grade zone (M4) from 482m contains 0.1% MoEq 1 including 0.12% MoEq 1. New M4 zone provides potential to extend open pit mine life to 20 years DUNDD008 was an existing diamond hole (June 2011) that was extended from its original depth of 387.9m to 695.8m. The hole extended the previously identified high grade zone (M3) by 52m to 92m in total thickness with M3 containing intersections of 0.12% MoEq 1 and 0.22% MoEq 1. DUNDD008 also identified an additional high grade mineralised zone (M4) from 482m which contained 0.1% MoEq 1 including 0.12% MoEq 1. This new high grade zone was intersected near the northern edge of the porphyry system before the hole entered the lower grade surrounding rhyolite which is consistent with previous drilling. Promisingly, the brecciated porphyry / rhyolite contact in DUNDD008 contained intersections of up to 0.12% MoEq 1. Photo 1: M4 Zone at approximately 487m Quartz/Mo stockwork veins (HQ Core size). DUNDD008 has confirmed that the Unicorn porphyry body dips to the south (refer Figure 1) rather than being sub vertical as previously thought. This is common for these types of porphyry systems and, with the intersection of another stacked high grade zone (M4 Photo 1), Dart Mining remains confident that Unicorn is a climax-style porphyry similar in nature to Henderson. The identification of M4, subject to additional drilling, confirms that the potential for extending the current open pit life from 14 to 20 years as suggested in the scoping study remains realistic.

5 A previous drill hole, DUNDD005 completed in August 2010 and some 100 metres to the north east intersected a high grade zone at a similar depth to the newly defined M4 zone intersected in DUNDD008. It appears that the two zones may be related in the form of a sub-horizontal layer draped over a porphyry pulse. This will need to be tested by further drilling at a later date. The northern edge of the target porphyry system was intersected at 586m by DUNDD008 and then passed through some 27m of lower grade surrounding rhyolite before intersecting the host sediments at 613m. The hole was extended to 695.8m and then stopped within sediments. Second Deep Hole DUNDD012 DUNDD012 progressing to plan with coarse, visible Mo intersected Additional higher grade Mo stacked horizon intersected from 690m Assay results from strongly mineralised zone (690 to 740m) expected May Initial 420m outside of scoping study pit and not sampled to save cost DUNDD012 was some 740m from surface at the end of the quarter with a target depth of below 1000m this is the deepest drilling to date at the Unicorn Porphyry Mo-Cu-Ag deposit. DUNDD012 was designed to test the depth potential of the system below the current resource. This required the hole to commence to the south of the deposit and progress for some 420metres generally outside of the scoping study pit (refer Figure 1). At a depth of 420 metres the hole passed out of the brecciated rhyolite and into a porphyritic granite, with minor visible molybdenum. This is a feature commonly observed in Climax style systems where a single porphyry pulse can transition from strongly mineralised rhyolitic (fine) porphyry at the top of the pulse to a barren central, granitic basal zone. The Henderson mine in the USA has similar features, with later mineralisation from further down in the system only evident as steep veins within the otherwise barren granitic body. These steep (radial) veins are often arranged in a radiating pattern (like spokes of a wheel) above the next mineralised porphyry pulse up to 150m further below the barren granite. Flat veins, which are often high grade, are known as concentric veins and often occur above and within the mineralised pulse (refer Figure 1). Pleasingly, a similar style of transition feature from barren granite to strongly mineralised porphyry appears to have been intersected by DUNDD012. DUNDD012 has passed though some 180m of sparse molybdenum mineralisation from 420m within granitic material before intersecting a major fault zone from m. The hole then passed into typical Unicorn porphyry containing visible molybdenum with a significant increase in the density of quartz stockwork veins below 634m as radial veins. A marked change in rock type occurs at approximately 690m where rhyolitic porphyry appears showing coarse visible molybdenum in a quartz stockwork zone showing minor concentric flat veins (refer Photo 2). Photo 2: Mineralised narrow quartz stockwork veins showing coarse visible moly ~734m depth. NQ sized drill core: One Dollar coin for scale style porphyry intrusive similar to Henderson. This open higher grade zone is a further 300m below the newly intersected M4 (refer ASX release dated 27 Feb 2013) and illustrates the very continuous nature of the stacked mineralisation zones developed in this style of deposit and provides further evidence to support that Unicorn is a Climax Currently the zone below 600 metres is being logged and sampled with assay results expected in early May. The first 420m of the hole has not been systematically sampled providing significant savings on assay costs and sample preparation. The whole core has been retained for possible future sampling.

6 DUNDD012 progress has been slowed due to several down hole issues, common at the significant depths currently being tested. However, with the hole at 740m depth, it is expected to reach target depth below 1000m prior to the end of April. The hole has followed design and remained very steep, passing through the upper sedimentary breccia, Igneous breccia and through the brecciated silica cap before passing into the brecciated portion of the upper mineralised porphyry body (Figure 1). Photo 3. Mineralised narrow quartz stockwork veins showing coarse visible molybdenum at ~738m depth. NQ core. One Dollar coin for scale DUNDD012 is designed to test the long term potential of the Unicorn Porphyry system to host economic underground Resources to follow an initial open pit phase. With only a single hole into this very large system, substantial further drilling will be required to define resources; however, the interpretation down to some 740m indicates the Unicorn deposit retains key similarities with the mineralisation present in a Climax style system and is showing clear potential for further stacked high grade zones open below 740m to date. The strong molybdenum mineralisation encountered below 700m depth may represent the top of another high grade layer (Photo 3). The area between M4 in DUNDD008 and this zone remains untested, however, due to the nature of the system, it is likely that other high grade zones remain above and to the north of the drill hole below the M4 zone intersection. 6. RESOURCES MINISTER AND SENIOR DPI REPRESENTATIVES ATTEMPT TO VISIT SITE The Victorian Resources Minister (at the time of the site visit), The Hon. Michael O Brien MP, his senior advisors, local State Member Bill Tilley MP and a senior representative from DPI were flown to Corryong in February. Unfortunately, low cloud and bad weather prevented their aircraft from landing but it did give Dart Mining a good opportunity to talk one-on-one with the Minister and to brief his advisors and DPI about Unicorn, its location, infrastructure advantages, and the assistance anticipated being required from the Government to complete the approvals process. 7. DART MINING MEDIA ACTIVITIES FOR THE QUARTER During the quarter, Dart Mining was featured in a number of media interviews and articles, including: 19 January 2013 Drilling results buoy miner by Howard Jones, Border Mail 14 February 2013 Positive outlook for mine/expected mine life extended/more uses for Moly, Corryong Courier 21 February 2013 Miner ready for new study, Corryong Courier 28 February 2013 WIN news Albury, Interview with Michael O Brien, Victorian Minister for Energy and Resources 28 February 2013 Prime7 Albury, Interview with Michael O Brien, Victorian Minister for Energy and Resources 1 March 2013 Minister talks up Corryong mine plan by Brad Worrall, Border Mail 7 March 2013 Minister misses mine visit, Corryong Courier 12 March 2013 Sky Business News interview 13 March 2013 Dart Mining flies a Red Kite by Brad Worrall, Border Mail 13 March 2013 In the black by John Beveridge, Herald Sun (Melbourne) 13 March 2013 Criterion by Tim Boreham, The Australian 14 March 2013 Investor backs mine, Corryong Courier March 2013 Wall Street Ledger audio interview The Sky News Business interview, Wall Street Ledger audio interview and all other media articles are available on the Dart Mining website (

7 Figure 1: Composite Long Section looking east showing geological interpretation, DUNDD008, completed metallurgical / geotechnical drilling and the progress of the second deep drill hole (DUNDD012 - Underway).

8 About Dart Mining 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 in Victoria about 35km south of Dart Mining s tenements. Unicorn, Dart Mining s principal project, is a molybdenum (Mo) + copper (Cu) + silver (Ag) Climax-style porphyry that has similar geological characteristics to the world class Henderson Climax-style primary Mo porphyry mine in Colorado USA. Unicorn has a number of unique characteristics. It outcrops, has an extensive high grade zone from surface, is about 20km from the National Electricity Market infrastructure (hydro generation, switchyards and transmission lines), has abundant water onsite, road access, an existing logistics chain from mine to market, no known native title, flora or fauna issues and strong Corryong community and government support. Dart Mining completed a detailed preliminary economic assessment (scoping study) for Unicorn in October 2012 that yielded compelling economic results; and the company has begun feasibility studies. About Molybdenum Molybdenum is both a traditional and new age/future metal with unique characteristics. Its primary use is as an essential metal in the manufacture of steel as it adds strength, hardness, toughness and resistance to corrosion. Molybdenum also has a range of chemical uses including acting as s a catalyst to remove impurities, including sulphur during crude oil production. Molybdenum is also used in the paint and plastics industries. World demand for molybdenum is continuing to grow at 4-6% pa and new uses for molybdenum continue to be discovered. An example is recently two Australian scientists developed a new two-dimensional material using molybdenum oxide that they believe could revolutionise the electronics market with thinner, faster and lighter gadgets. This continues molybdenum s diversification in addition to its traditional use in steel. Molybdenum has a growing use in the renewable energy sector where it is used in the manufacture of solar panels and has a potential use as the electrode plate for the separation of hydrogen and oxygen to produce hydrogen energy. Molybdenum is also used in nano technologies to make electrical goods smaller. 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