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Dart Mining NL
A GOLD EXPLORATION
AND PRODUCTION COMPANY
DIRECTORS FINANCIAL ADVISOR
Chairman and Non-executive Director Investor Resources Finance Pty Ltd
Christopher John Bain Level 3, 15 Queen Street
Executive Director, Manager Geology Melbourne VIC 3000
Bernhard Rupert Hochwimmer
LEGAL ADVISOR
Executive Director, Manager Exploration
Dean George Turnbull ResourcesLaw International
Level 10, 30 Collins Street
Non-executive Director
Melbourne VIC 3000
Stephen Garry Poke
Non-executive Director SHARE REGISTRY
Richard Glenn Udovenya
Link Market Services Limited
Level 9, 333 Collins Street
CHIEF EXECUTIVE OFFICER Melbourne VIC 3000
John Edward Quayle
COMPANY SECRETARY
John Edward Quayle
ASX CODE
DTM
ABN
84 119 904 880
COMPETENT PERSON’S STATEMENT:
Information in this report that relates to a statement of exploration results of the Company is based on information compiled by Dean Turnbull,
BAppSc (Hons) M.AIG. Mr Turnbull is a Director of Dart Mining NL and has sufficient experience relevant to the style of mineralisation and type
of deposits under consideration and to the activity undertaken. He is qualified as a “competent person” as defined in the 2004 Edition of the
“Australiasian Code for Reporting of Mineral Resources and Ore Reserves” (or “JORC Code”). Mr Turnbull consents to the inclusion of this
information in the form and context in which it appears in this report.
Historical photographs used with permission from Andrew Swift
07 dart mining NL ANNUAL REPORT
CHAIRMAN’S
REPORT
soil and rock chip sampling and geological
mapping. We are pleased to report that
our geologists have rediscovered a number
of old mines with associated disseminated
gold mineralisation, particularly in the
Buckland tenement, that are recorded in
the literature of the 1890s but not located
on any modern maps. We intend to fully
Dear Shareholder evaluate them in due course.
Dart Mining’s first full year as a public Dart is well funded to carry out its planned
company has been one of significant exploration programme and we look forward
achievement. Starting with the formation to building on the earlier, outstanding results
of the Company in May 2006 to explore from Mountain View.
for gold and base metals on tenements in
north-eastern Victoria and south-eastern I would like to take this opportunity to
New South Wales; the raising of seed thank all of our employees and contractors
capital in late 2006, and culminating in the for their contribution in establishing Dart
successful initial public offer raising $5 during the year and their commitment to the
million and listing on the ASX in May 2007. ongoing development of the company.
Dart commenced drilling at the Mountain I also wish to thank shareholders for your
View prospect in the Dart Goldfield and the ongoing support and look forward to
results of this first drill programme have been sharing with you the rewards of successful
particularly pleasing. Drilling intersected high exploration over the coming years.
grade, finely disseminated gold in sulphides
and the mineralisation remains open. We
intend to undertake further drilling in order to
evaluate the prospect’s full potential.
We expect to commence drilling shortly at Chris Bain
the Mount Elliot goldfield near Corryong, Chairman
another of north-eastern Victoria’s forgotten September 2007
but high-grade goldfields on Dart’s
tenements. Later this year we also expect
to test drill the Fairley’s prospect in the
Buckland tenement for disseminated gold.
Work is continuing on the access track
to allow us to move drill rigs into the area,
following approval from the Department of
Primary Industries.
Exploration across Dart’s tenements to
evaluate the many known mineral
occurrences and historic mines is
proceeding according to plan. Primarily,
this involves non-intrusive fieldwork including
water and stream sediment sampling, grid
DART MINING NL 2007 ANNUAL REPORT 1
07
South Wales. The company presently historic reports of gold mineralisation
holds some 1700 square kilometres within intrusive rocks.
of tenements under licence and has
scheduled several key prospects to be Although in its early stages, this phase
drilled. Since listing in May the company of exploration is an exciting step for
has completed a programme of drilling the company and has the potential to
CEO at the Mountain View prospect within locate a style of mineralisation which
REPORT the Dart tenement and drilling will follow has not been previously recognised
shortly at the Mount Elliott prospect, in the region. Stream sediment and
east of Corryong. These programmes soil geochemistry has already defined
represent the first reported modern drill outcropping porphyry bodies that
evaluation of these goldfields and will display a metal signature of reduced
assist in determining the prospects of intrusive related systems. Additional
the fields for further development. mapping, geophysics and stratigraphic
alteration studies are also planned and
The company is initially focused on may also include deep drilling.
exploring prospects capable of early
production, and hence cash flow, from Dart has started a comprehensive
near surface mineralisation. The drilling exploration programme which is
carried out to date at the Mountain View proceeding on schedule and to budget.
prospect has highlighted the very clear The company has also secured a
Dart Mining NL was founded on the potential of the mineralisation directly regional operations base near Corryong
vision of two of our directors, geologists below historic workings. Results are to act as a field office and camp allowing
who have spent years scouring the detailed on page three of this report. time-effective deployment of personnel.
terrain around Corryong and Buckland in
north-eastern Victoria. The expertise of Early success in our initial drilling Having made a strong and confident
an experienced board and management programme has been pleasing and start, Dart will continue to advance its
team helped that vision become the drilling is also planned at the Fairley’s interests and those of shareholders
company it is today; one founded on prospect in the Buckland tenement during this vital exploration phase.
history, high quality exploration targets with field mapping and sampling to
and an experienced and committed date showing a significant system
management team. of sulphide-related mineralisation at
surface. This field work is also being
Dart closed its initial public offering fully used to determine areas of the
subscribed having received substantial tenement to be relinquished under John Quayle
support from investors, particularly in the statutory 40 per cent relinquish- Chief Executive Officer
regional centres around the leases. ment required later this year. September 2007
Needing $5 million to kick start our
exploration programme, some 500 Regional exploration within the
investors subscribed for 25 million company’s exploration licences
shares which was a tremendous start. continues to show highly anomalous
We subsequently made our debut on areas that warrant detailed follow up
the Australian Securities Exchange on investigation. This style of exploration
10 May 2007, trading under the will be ongoing and will enable
code DTM. evaluation of the under-explored
area of the highly prospective Gilmore
The company is undertaking gold Suture zone within the border region
and base metal exploration in north- and to further test the application
eastern Victoria and south-eastern of the company’s Polygonal Vortex
New South Wales. This region Mineralisation Model. An outcome
covers historic goldfields and known of this work has been to apply for
anomalous areas of base metal. The additional exploration areas of 1,082
mineralisation is associated with one square kilometres proximate to the
of the most productive structures in Dart tenement.
eastern Australia, the Gilmore Suture.
Comprehensive research of records The Dart tenement is also host to
dating back to the 1880s has provided potential gold and base metals porphyry
an important insight into the old systems of likely reduced intrusive
workings and their spread. affinity. The company has commenced
regional geochemical background
Dart now has five employees and has studies to locate further targets and
commenced exploration on a number of refine those already known. This work is
prospects located within its tenements in covering areas not previously accessed
north-eastern Victoria and southern New for modern exploration but with known
2 DART MINING NL 2007 ANNUAL REPORT
07 EXPLORATION
MOUNTAIN VIEW
PROSPECT
Mountain View is located in the Dart
Goldfield, some 45 kilometres south of
Corryong in north-eastern Victoria. The
Dart Goldfield comprises a number of
shallow mines from the 1890s where
the gold is associated with sulphide rich
lode structures.
The company’s first drill programme
at Mountain View was undertaken
in May and June shortly after listing.
Drilling has identified high grade gold
from surface, with the most significant
intersect in hole MVD20 achieving 6m
@ 21.79 g/t gold including 2m @ 59.25
g/t gold from 3 metres depth.
Other results include:
n Hole MVD19 from 4 metres
7m @ 6.16g/t gold, including
2m @ 8.99 g/t gold
n Hole MVD17 from 3 metres
6m @ 6.05g/t gold, including
4m @ 8.36 g/t gold
n Hole MVD04 from 9 metres
3m @ 6.57g/t gold
These results, together with the rest
of the assays as reported on page 4,
confirm the high-grade nature of the
sulphide hosted gold mineralisation at
Mountain View.
The initial drilling programme was
designed to gain a better understanding
of the tenor and controls on the gold
mineralisation. Preliminary interpretation
suggests multiple steeply plunging
high-grade, sulphide rich lenses and
further deep drilling is now planned in
the next six months using a drill rig with
significantly greater depth capacity than
the one available for this programme.
Surface soil sampling undertaken to
determine future drilling locations at the
prospect has produced one outcrop
sample some 40 metres west of the
main mineralised zone, that assayed
106 g/t gold.
DART MINING NL 2007 ANNUAL REPORT 3
07 MOUNTAIN
VIEW
DRILLING
RESULTS
Hole
Azimuth Hole mRL AHD From Significant Intersections Cutoffs: Total
Hole No. MGA East (m) MGA North (m)
(MGA Dip (m) (m) 1.0 g/t Au Depth (m)
Grid)
6m @ 2.41 g/t Au
MVD01 567,451 5,960,879 270 -88 960.3 30 39
Including 3m @ 3.62 g/t Au
MVD02 567,450 5,960,879 270 -79 960.3 8 3m @ 1.32 g/t Au 25
MVD03 567,448 5,960,879 270 -45 3 2m @ 2.66 g/t Au 15
MVD04 567,449 5,960,888 270 -78 961.3 9 3m @ 6.57 g/t Au 30
4m @ 3.78 g/t Au
MVD05 567,448 5,960,888 270 55 3 12
Including 1m @ 7.3 g/t Au
MVD06 567,452 5,960,888 270 -89 961.4 22 3m @ 1.12 g/t Au 39
8m @ 5.13 g/t Au
MVD07 567,449 5,960,902 270 -70 964.1 2 14
Including 1m @ 23.8 g/t Au
14m @ 3.2 g/t Au
MVD08 567,450 5,960,902 270 -85 964.1 2 19
Including 2m @ 7.0 g/t Au
MVD09 567,452 5,960,903 270 -90 964 21 6m @ 1.65 g/t Au 37
MVD10 567,436 5,960,843 110 -54 955 19 1m @ 1.56 g/t Au 37
MVD11 567,432 5,960,846 067 -50 956 33 1m @ 1.15 g/t Au 36
4m @ 9.9 g/t Au
MVD12 567,450 5,960,913 270 -44 967 4 11
Including 1m @ 20.3 g/t Au
6m @ 6.21 g/t Au
MVD13 567,451 5,960,913 270 -75 967 4 10
Including 3m @ 9.11 g/t Au
11m @ 4.63 g/t Au
MVD14 567,452 5,960,913 270 -90 967 8 24
Including 4m @ 5.72 g/t Au
MVD15 567,450.1 5,960,830.4 276 -49 950 < 0.12 g/t Au 18
MVD16 567,449.6 5,960,829.1 284 -68 950 < 0.09 g/t Au 27
6m @ 6.05 g/t Au
MVD17 567,450 5,960,908 270 -46 950 3 20
Including 4m @ 8.36 g/t Au
MVD18 567,450 5,960,921 270 -43.5 970 3 2m @ 4.99 g/t Au 10
7m @ 6.16 g/t Au
MVD19 567,450 5,960,908 270 -74 965 4 25
Including 2m @ 8.99 g/t Au
6m @ 21.79 g/t Au
MVD20 567,451 5,960,918 275 -59 968 3 19
Including 2m @ 59.25 g/t Au
MVD21 567,452 5,960,932 270 -60 970 3 2m @ 1.84 g/t Au 14
MVD22 567,450 5,960,927 270 -45 969 1.5 2.5m @ 1.70 g/t Au 6.5
5m @ 3.45 g/t Au
MVD23 567,449 5,960,895 270 -55 963 1 15
Including 3m @ 5.23 g/t Au
8m @ 2.14 g/t Au
MVD24 567,450 5,960,895 270 -80 963 6 27
Including 3m @ 2.90 g/t Au
MVD25 567,451 5,960,896 270 -90 963 14 3m @ 4.38 g/t Au 38.5
3m @ 5.81 g/t Au
MVD26 567,453 5,960,930 260 -70 969 4 20
Including 1m @ 11.7 g/t Au
MVD27 567,451 5,960,960 271 -56 985 < 0.69 g/t Au 26
MVD28 567,452 5,960,949 282 -57 976 1 0.8m @ 1.37 g/t Au 3
4 DART MINING NL 2007 ANNUAL REPORT
07 EXPLORATION
MT ELLIOT PROSPECT
The Mt Elliot goldfield, some six workings. The Just in Time line of lode,
kilometres east of Corryong in north- together with splay and parallel gold
eastern Victoria, comprises a number of lodes extends for over three kilometres.
shallow mines from the 1890s to early Accordingly, the Mt Elliott goldfield
1900s which produced an estimated presents an accessible priority target to
83,000 ounces of gold despite low be tested by drilling.
recoveries limited by the technology
of the time. Mining ceased because of Drilling is planned in three phases. Firstly
limitations to mining below the water reverse circulation drilling will be used
table and the inability to economically to test a 700 metre strike section of the
recover gold from sulphide rich lode Just in Time and Hope lines of lode.
structures. Follow up diamond drilling will then test
continuity of historic gold grades over
A drilling programme is expected to mineable widths. If successful, Dart
commence in late 2007 along the intends to implement an intensive drilling
Just in Time line of lode. Dart’s three- programme. The company’s budget for
dimensional modelling of the Just in this work is $705,000.
Time and Hope lines of lode indicates
the continuation of significant zones
of gold mineralisation, both down
dip and along strike below the old
MT ELLIOT GOLDFIELD: JUST IN TIME LINE DRILL PROGRAM
PHASE 2/3
RC/DDH TARGET DEVELOPMENT
HISTORICALLY PRE - 1913
MINED SHOOTS PRODUCTION AREA
MULLOCK (MINERALISED WASTE) 15.7 g /t Au
NB THE POST LINE DIVERGES TO THE WEST
MULLOCK (MINERALISED WASTE) 14 G/T AU
TARGET
AT THIS POINT (STOPING <60m DEPTH)
EXTENSION AREA PHASE 1 RC TARGET
5,995,000 mN
5,995,500 mN
DRILL HOLE PIERCE POINTS
DRILL HOLE PIERCE POINTS
(STOPING < 45M DEPTH)
(STOPING < 45M DEPTH)
CORRYONG VIEW ADIT
BREAD AND SUGAR
BULL AND DAMPER
STOPPING EXTENT
JUST IN TIME ADIT
FENBYS REWARD
2M @ 9.5 g/t Au
1M @ 7.9 g/t Au
UNKNOWN
SHEOAK
600 mRL 600 mRL
400 mRL 400 mRL
60 m
200 m 700 m
N
200 mRL 200 mRL
PAGE 20 DART MINING NL PROSPECTUS
DART MINING NL 2007 ANNUAL REPORT 5
07 EXPLORATION
FAIRLEY’S PROSPECT
Located in the Buckland Valley mine as one of the most significant and the associated disseminated
goldfield, Fairley’s prospect is situated hard rock deposits found in the field. gold mineralisation identified by Dart’s
at 800 metres elevation on a ridge The mine exhibited unusual mineralogy geologists. Initial rock chips and
above Fairley’s Creek, a tributary of compared to the smaller surrounding soil sampling indicate that they are
the Buckland River and its extensive orogenic lodes, in which the gold significant mineralised systems and
historic alluvial gold workings. Alluvial was traditionally free milling. Despite warrant further exploration and drilling.
gold production from the Buckland contemporary reports of very high
goldfield was continuous from 1853 to grades, the low yields realised suggests The budget for the programme over
about 1919, with a second period of to Dart that substantial gold was the next two years is approximately
production in the 1930s that included contained in sulphides and not able to $1,000,000. However, the work will
large hydraulic and bucket dredge be recovered on site with the technology be accelerated if it becomes apparent
operations. However, the reported hard of the time. that the prospects host sufficient
rock orogenic-style deposits were small mineralisation to warrant an intensive
In addition, company geologists have
and insufficient to explain the source of drilling programme.
recently rediscovered the historic
such consistent alluvial gold production.
Kaufmann and Centennial mines.
Although lost in modern accounts of Drilling scheduled for late 2007 will test
for extensions PROSPECT
the goldfield,LONG SECTION OF THE FAIRLEY’Sof the high-grade gold
newspaper reports in the
1890s considered the Fairley’s Creek lode mineralisation mined historically
PHASE 1 RC DRILLHOLE TARGET
FACE (4-6-1897 ALPINE OBSERVER) SHOWS
UP TO 15’ (4.57m) WIDE WITH ASSAY’S UP
SHOWS SLIGHTLY LESS THAN 20’ (6.1m)
IN WIDTH AT UP TO 10 dwts (15.5 g/t Au)
CHANNEL SAMPLE 13.7m @ 3.97 g/t Au
CHANNEL SAMPLE 12.5m @ 6.62 g/t Au
CHANNEL SAMPLE 5.75m @ 1.92 g/t Au
CHANNEL SAMPLE 3.7m @ 1.88 g/t Au
PHASE 1 DDH DRILLHOLE TARGET
(4-6-1897 ALPINE OBSERVER)
PHASE 2 DDH DRILLHOLE TARGET
(Inc. 5.6m @ 10.67 g/t Au)
TO 17 dwts (26.4 g/t Au)
NORTHERN GROUND
UNDERGROUND WORKINGS
HISTORIC STOPE
5,921,500 mN
5,921,700 mN
PROPOSED RAB DRILLING ZONE
UPPER OPEN CUT
800 mRL 800 mRL
LOWER OPEN CUT
1L ADIT
2L ADIT
2L BLOCKAGE 25m
700 mRL 700 mRL
50m
100 m
N
PROPOSED DRILL HOLE
600 mRL PIERCE POINTS 600 mRL
6 DART MINING NL 2007 ANNUAL REPORT
PORPHYRY TARGETS
Gold, silver and base metals mineralised dimensional digital modelling. This led to vectors to gold, silver and base
systems are evident in the southern the development of the Polygon Vortex metals mineralisation and to refine the
sector of the Dart tenement at the Model which assists Dart in identifying interpretation. Drill testing of targets
Mammoth-Donovan Hill system and porphyry exploration targets. at the Mt Morgan and Mt Unicorn
in what the company refers to as the intrusions will follow.
Northern Sector Porphyries. Gold and Dart aims to further resolve the
base metals mineralisation is associated interpretation of Mammoth-Donovans Dart’s interpretation of the systems
with the Cravensville Volcanic Arc as Hill before undertaking limited encourages further exploration of the
reduced intrusive related gold style stratigraphical drilling on the North porphyries within the Dart tenement
with similarities to Fort Knox and other Mammoth drill target. If warranted, a with the objective of a major gold and
major gold and base metal deposits second phase of geophysically targeted base metals discovery. The Polygon
in the Tintina Belt of North America. drilling would aim to penetrate the Vortex Model has been the first step in
Dart has achieved substantial progress fault sliver cap at depth to test for the understanding this structurally complex
toward understanding the porphyry style presence of the Mammoth protolith plug. system.
of mineralisation in the Tenements by
geological, geophysical, metallogenic At the Northern Sector Porphyries, Dart
and structural synthesis through intends to use geophysical surveys
geological time scales, aided by three- to assist in determining alteration
DART MINING NL 2007 ANNUAL REPORT 7
07 BOARD OF
DIRECTORS
John Quayle Richard Udovenya Stephen Poke
Chief Executive Officer & Company Secretary, Non-executive Director, aged 45 Non-executive Director, aged 44
aged 56
Richard is a Partner of the law firm Stephen has over 25 years of technical
John graduated from the University of ResourcesLaw International, Dart’s and management experience in all
Canterbury (NZ) in 1972 with degrees in legal advisors. He has 20 years’ legal forms of surface diamond and reverse
Science (Mathematics – Honours) and experience in Australia and New circulation drilling as well as extensive
Business Administration. He Zealand and holds a Bachelor of experience in underground drilling.
subsequently gained a Masters in Laws, a Bachelor of Commerce and a During his career Stephen has managed
Applied Finance from Macquarie Graduate Diploma in Applied Finance some of the largest drilling programs in
University in 1999. John has over 30 and Investment (SIA). Richard is also a Australia in various senior management
years experience in the mining and Fellow of the Financial Services Institute positions with drilling companies.
petroleum sectors and has held senior of Australia. Richard’s focus is in the
management roles at North Broken corporate, corporate governance and Dean Turnbull
Hill, Pasminco, WMC and previously commercial law areas. He is a director Executive Director - Manager exploration, aged 37
at Minara Resources where he was of, and legal advisor to, a number of
Company Secretary through the period Dean is a geology graduate from the
Australian and international companies.
of its recapitalisation. John is a member Bendigo College of Advanced Education
of the AusIMM and AICD. and has a postgraduate honours degree
Bernhard Hochwimmer
in geology from the Key Centre For
Executive Director - Manager Geology, aged 53
Christopher Bain Ore Deposit and Exploration Studies
Chairman & Non-executive Director, aged 54 Bernhard graduated from The University (CODES) at the University of Tasmania.
of New England, BSc, 1978, with Dean is an exploration and mine
Chris is a geologist and mineral multidisciplinary double majors in geologist with over 16 years’ experience,
economist, graduating in Applied zoology, biochemistry and ecology, and predominantly within Victoria and
Geology from RMIT in 1978 and from the University of Tasmania with a southern NSW. Roles have ranged from
completing a post graduate diploma geology double major in 1980. Bernhard grass roots exploration to
majoring in mineral economics from has twenty five years’ industrial resource/reserve estimation on large
Macquarie University in 1986. He has experience as a geo-scientist with scale mining projects and he has
worked in underground mine geology integrated, multidisciplinary training and specialised in 3D geological and
in Mt Isa and Tasmania and exploration experience in engineering geology structural modelling. Dean has also
around Broken Hill. Joining the and medical geology. Bernhard has consulted to Bendigo Mining for several
finance sector in 1986, he held senior been involved in multiple discoveries years. More recently Dean has been
positions in mining research for funds of gold, as well as heavy minerals, rare working as a consultant geologist
management, and stockbroking at ANZ earths, silica and diatomite reserves producing geological and exploration
McCaughan. As a Director of Investor for Westralian Sands Ltd (now Iluka). models on Victorian projects at Bendigo,
Resources, Chris has been instrumental He has published definitive works in Glen Wills, Costerfield and Castlemaine.
in mining project divestitures and both heavy mineral deposit genesis Dean is a member of AIG.
acquisitions, evaluations and valuations, and medical geology. Bernhard is a
capital raisings including several initial member of AIG, the Geological Society
public offerings and ASX listings. He is a of Australia and the International Medical
member of the AusIMM and the AICD. Geology Society (IMGS).
8 DART MINING NL 2007 ANNUAL REPORT
07
FINANCIAL REPORT
07 CONTENTS
Directors’ Report 2
Remuneration Report 8
Auditors Independence Declaration 18
Income Statement 19
Balance Sheet 20
Statement of Changes in Equity (Consolidated) 21
Statement of Changes in Equity (Company) 22
Cash Flow Statement 23
Notes to the Financial Statements 24
Audit Report 49
ASX Additional Information 51
RESULTS FOR ANNOUNCEMENT TO THE MARKET 07
28 September 2007
RESULTS FOR ANNOUNCEMENT TO THE MARKET
1. Details of the reporting period and the previous corresponding period.
The current reporting period is 1 July 2006 to 30 June 2007
This is the initial report
2. Results for announcement to the market
Revenue from ordinary activities $76,998
Profit/(loss) from ordinary activities after tax (101,074)
Net profit/(loss) for the period attributable to members (101,074)
Dividends (distributions) Amount per security Franked amount per security
Proposed dividend in relation to this period Nil Nil
Record date for determining entitlements to N/A
the dividend
NTA Backing Net tangible asset backing per share $0.12 30 June 2007
Dart Mining NL’s principal activity is an exploration for and development of gold properties in north-east Victoria and
southern New South Wales.
The cash and assets in a form readily convertible to cash, that were held at the time of admission to the ASX list have
been used consistent with the business objectives of Dart Mining.
John Quayle
CEO & Company Secretary
DART MINING NL 2007 ANNUAL REPORT 1
07 DIRECTORS’ REPORT
Your directors submit their report for the year ended 30 June 2007.
DIRECTORS
The names and details of the company’s directors in office during the financial year and until the date of this report are as
follows. Directors were in office for this entire period unless otherwise stated.
Names, qualifications experience and special responsibilities
Christopher Bain Chris Bain is a geologist and mineral economist. He has worked in underground mine
Non-Executive Chairman geology in Mt Isa and Tasmania and exploration around Broken Hill. Since joining the
Appointed 26 May 2006 finance sector he has been instrumental in mining project divestitures and acquisitions,
Age 54 evaluations and valuations, capital raisings including several initial public offerings and
ASX listings. Chris is a member of the Australasian Institute of Mining and Metallurgy and
the Australian Institute of Company Directors.
Mr Bain is currently Chairman of the Company and a member of the Audit and Risk
Management Committee.
Other Current Directorships of Listed Companies
None
Former Directorships of Listed Companies in last three years
None
Bernhard Hochwimmer Bernhard Hochwimmer graduated from The University of New England, BSc, 1978,
Executive Director with multidisciplinary double majors in zoology, biochemistry and ecology, and from The
Appointed 26 May 2006 University of Tasmania, 1980 with a geology double major. Bernhard has twenty five
Age 54 years’ industrial experience as a geo-scientist with integrated multidisciplinary training and
experience in Engineering Geology and Medical Geology. Bernhard has been involved
in multiple discoveries including gold, as well as heavy minerals; rare earths; silica and
diatomite reserves for Westralian Sands Ltd (now Iluka). He has published definitive
works in both heavy mineral deposit genesis and medical geology. Bernhard is a member
of Australian Institute of Geoscientists, and the International Medical Geology Society.
Other Current Directorships of Listed Companies
None.
Former Directorships of Listed Companies in last three years
None.
Dean Turnbull Dean Turnbull is a geology graduate from the Bendigo College of Advanced Education
Executive Director and has a Postgraduate Honours degree in geology from the Key Centre For Ore Deposit
Appointed 26 May 2006 and Exploration Studies (CODES) at the University of Tasmania. Dean is an exploration
Age 38 and mine geologist with over 16 years’ experience, predominantly within Victoria and
southern NSW. Roles have spanned the spectrum from grass roots exploration to
Resource/Reserve estimation on large scale mining projects and he has specialised
in 3D geological and structural modelling. Dean is a member of Australian Institute of
Geoscientists.
Mr Turnbull is currently a member of the Audit and Risk Management Committee.
Other Current Directorships of Listed Companies
None.
Former Directorships of Listed Companies in last three years
None.
2 DART MINING NL 2007 ANNUAL REPORT
DIRECTORS’ REPORT 07
Stephen Poke Stephen Poke has over 25 years of technical and management experience in all forms
Non-Executive Director of surface diamond and reverse circulation drilling as well as extensive experience in
Appointed 15 June 2006 underground drilling. Over the past 25 years Stephen has been involved in and managed
Age 45 some of the largest drilling programs in Australia in various senior management positions
with drilling companies.
Mr Poke is currently chairman of the Audit and Risk Management Committee.
Other Current Directorships of Listed Companies
None.
Former Directorships of Listed Companies in last three years
None.
Richard Udovenya Richard Udovenya is a Partner of the law firm ResourcesLaw International, Dart’s legal
Non-Executive Director advisors. He has over 20 years’ legal experience in Australia and New Zealand and
Appointed 15 June 2006 holds a Bachelor of Laws, a Bachelor of Commerce and a Graduate Diploma in Applied
Age 46 Finance and Investment (SIA). Richard is also a Fellow of the Financial Services Institute
of Australia. Richard’s focus is in the corporate, corporate governance and commercial
law areas. He is a director of, and legal advisor to, a number of Australian and
international companies.
Other Current Directorships of Listed Companies
None.
Former Directorships of Listed Companies in last three years
None.
Interests in the shares and options of the company and related bodies corporate
At the date of this report, the interests of the directors, directly and indirectly, in the shares and options of Dart Mining NL were:
Director Ordinary Shares Partly-paid Shares Options over Options over
Ordinary Shares Ordinary Shares
(Listed) (Unlisted)
C.J. Bain 1,026,666 503,332 538,333 400,000
B.R. Hochwimmer 4,500,000 2,250,000 2,250,000 -
D.G. Turnbull 4,500,000 2,250,000 2,250,000 -
S.G. Poke 3,752,500 1,750,000 1,876,250 -
R.G. Udovenya 200,000 100,000 100,000 400,000
CHIEF EXECUTIVE OFFICER and COMPANY SECRETARY
John Quayle John Quayle graduated from the University of Canterbury (NZ) in 1972 with degrees
Appointed 6 December 2006 in Science (Mathematics – Honours) and Business Administration and subsequently
Age 57 in 1999 gained a Masters in Applied Finance from Macquarie University. He has
worked in the mining and petroleum sectors throughout his career including senior
management roles at BP, North Broken Hill, Pasminco, WMC and lastly at Minara
Resources where he was Company Secretary through the period of its recapitalisation.
John is a member of the Australasian Institute of Mining and Metallurgy and the
Australian Institute of Company Directors.
DART MINING NL 2007 ANNUAL REPORT 3
07 DIRECTORS’ REPORT
CORPORATE INFORMATION
Corporate Structure
Dart Mining NL is a company limited by shares that is incorporated and domiciled in Australia. Dart Mining has prepared a
consolidated financial report incorporating the entity, Dart Resources Pty Ltd, which it controlled during the financial year and
which is included in the financial statements.
Principal Activities
The principal activity of the economic entity during the financial year was exploration for gold and base metals in north-east
Victoria and southern New South Wales.
Employees
The consolidated entity employed 4 employees as at 30 June 2007 (2006: 2 employees).
CONSOLIDATED RESULTS
The loss for the consolidated entity after income tax was $101,074 (2006: Nil).
DIVIDENDS
No dividends in respect of the current financial year have been paid, declared or recommended for payment.
OPERATING AND FINANCIAL REVIEW
Group Overview
Dart Mining NL was established in May 2006 for the purpose of exploring for and developing gold properties in north-east
Victoria and southern New South Wales.
Exploration Overview
Please refer to the Chief Executive Officer’s Report for details of exploration activities undertaken during the financial year.
Financial Overview
Operating Results for the Year
The loss for the consolidated entity after income tax was $101,074 (2006:Nil). This result was in line with expectations and is
consistent with information as provided in the prospectus dated 14 March 2007 and reflected:
• costs associated with managing the exploration program; and
• corporate overheads associated with statutory and regulatory requirements following listing on the Australian Securities
Exchange during the year.
4 DART MINING NL 2007 ANNUAL REPORT
DIRECTORS’ REPORT 07
Review of Financial Condition
During the year, the Company raised $5,175,905 (net of capital raising costs) by way of share placements in September/
October 2006 as well as the initial public offer of securities and listing of the Company’s shares on the Australian Securities
Exchange in May 2007. At the end of the financial year, a large proportion of the funds from the IPO were held by the
Company as cash investments. The Company strives to maximise the return on these funds by investing surplus funds and
minimising expenditure on corporate overheads.
Cash Flows
The cash flows of the Company consist of payments to employees and suppliers for exploration activities on tenements held;
and the maintenance of the corporate head office which manages existing projects as well as costs involved in investigating
new exploration opportunities.
CAPITAL RAISINGS / CAPITAL STRUCTURE
During the year under review, the Company raised $5,175,905 (net of capital raising costs) to fund the exploration of the
Company’s tenements and project generation for gold and base metals targets in north-east Victoria and southern New
South Wales, as well as to provide working capital for the Company.
Placement
The company undertook a share placement in the first half of the financial year with 5,250,000 shares issued on 18 October
2006 at an issue price of 7.5 cents per share to raise $375,000.
Initial Public Offer
The Company issued a prospectus dated 14 March 2007 offering 25,000,000 shares for subscription at an issue price of
20 cents per share to raise $5 million. The offering was successfully completed and the Company’s shares were listed on 10
May 2007 by the Australian Securities Exchange.
Grant of Options
On 18 October 2006, as a success fee following completion of the private equity raising and in anticipation of further work
on the IPO, 800,000 options were issued as follows:
Grantee Grant and Vesting date Expiry date Number In Escrow Exercise price
Investor Resources 18 October 2006 31 December 2010 400,000 24 months commencing 20 cents
Finance Pty Ltd1 10 May 2007
LAH Securities Pty 18 October 2006 31 December 2010 400,000 24 months commencing 20 cents
Ltd 2 10 May 2007
1
a company in which Mr Bain, a director of Dart, has an interest
2
a company in which Mr Udovenya, a director of Dart, has an interest
DART MINING NL 2007 ANNUAL REPORT 5
07 DIRECTORS’ REPORT
Upon the acceptance of employment as Company Secretary and CEO designate, the Company agreed to grant 1,000,000
options to John Quayle as follows:
Grant date Vesting date Expiry date1 Number In Escrow Exercise price
3 January 2007 6 December 2007 31 December 2010 500,000 24 months commencing 20 cents
10 May 2007
3 January 2007 6 December 2008 31 December 2010 500,000 24 months commencing 20 cents
10 May 2007
1
Expiry date 31 December 2010 or 3 months after ceasing employment whichever comes first
As a success fee in the Initial Public Offer capital raising, 1,000,000 options to Intersuisse Corporate Ltd were issued as
follows:
Grantee Grant and Vesting date Expiry date Number In Escrow Exercise price
Intersuisse Corporate 18 October 2006 31 December 2010 1,000,000 24 months commencing 20 cents
Ltd 10 May 2007
Shares issued as a result of the exercise of Options
Nil.
Value of Options issued to Directors and Executives
Grantee Value of options granted Value of options exercised at Value of options lapsed Total
at the grant date the exercise date at the date of lapse
John Quayle $30,865 - - $30,865
Summary of Shares / Options on Issue – 30 June 2007
As a result of the issue of shares and options, the Company has 42,750,000 ordinary shares, 8,875,000 partly-paid shares
(9 cents payable) and 2,800,000 options (20 cents exercise price) on issue. Details of the options are as follows:
Issuing entity Number of shares Class of shares Exercise Price Expiry Date
under option
Dart Mining NL 2,800,000 Ordinary 20 cents 31 December 2010
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Shareholders’ equity increased to $5,247,899 from $3, an increase of $5,247,896 as a result of the share placement and
initial public offer of ordinary shares as detailed above. Subsequent to the Initial Public Offer the Company applied to the
Australian Securities Exchange to have its shares listed. This took place on 10 May 2007.
6 DART MINING NL 2007 ANNUAL REPORT
DIRECTORS’ REPORT 07
SIGNIFICANT EVENTS AFTER THE BALANCE DATE
Since 30 June 2007, 21,375,008 further options have been issued pursuant to a short form prospectus dated 4 July 2007.
These options have an exercise price of 20 cents and an expiry date of 31 May 2010 and were issued to all shareholders
in the ratio of one bonus option for every two ordinary fully paid shares held on the record date. No options have been
exercised up to the date of this report.
Apart from the above, no matter or circumstance has arisen since 30 June 2007 which has significantly affected or may
significantly affect the operations of the consolidated entity, the results of those operations or the state of affairs of the
consolidated entity, in subsequent financial years.
FUTURE DEVELOPMENTS
The Board of Directors intends to continue with the exploration of the Company’s tenements and project generation for gold
and base metals targets in north-east Victoria and southern New South Wales as outlined in the prospectus dated 14 March
2007. Further details of the Company’s prospects are included in the Report on Exploration Projects which forms part of the
Chief Executive Officer’s Report.
As the Company is listed on the Australian Securities Exchange, it is subject to the continuous disclosure requirements of the
ASX Listing Rules which require immediate disclosure to the market of information that is likely to have a material effect on
the price or value of Dart Mining NL’s securities.
ENVIRONMENTAL REGULATION
The economic entity holds participating interests in a number of exploration tenements. The various authorities granting such
tenements require the tenement holder to comply with the terms of the grant of the tenement and all directions given to it
under those terms of the tenement. There have been no known breaches of the tenement conditions, and no such breaches
have been notified by any government agencies during the year ended 30 June 2007.
MEETINGS OF DIRECTORS
The number of meetings of the Directors held during the year and the numbers of meetings attended by each Director were
as follows:
Current Directors Held Entitled to attend Attended
C.J. Bain 13 13 13
B.R. Hochwimmer 13 12 12
D.G. Turnbull 13 12 12
S.G. Poke 13 12 11
R.G. Udovenya 13 13 13
Audit and Risk Management Committee
The Board of Directors established the Audit and Risk Management Committee on 9 May 2007. The charter for the Audit
and Risk Management Committee was adopted on 12 July 2007. The members of the committee are the directors, Stephen
Poke (Chairman), Chris Bain, and Dean Turnbull. No meetings were held during the financial year. Two meetings have been
held subsequent to 30 June 2007.
DART MINING NL 2007 ANNUAL REPORT 7
07 REMUNERATION REPORT
REMUNERATION PHILOSOPHY
The Board of Directors of Dart Mining NL is responsible for determining and reviewing compensation arrangements for
the directors, the chief executive officer and the executive team. The Board’s remuneration policy is to ensure that the
remuneration package properly reflects the person’s duties and responsibilities, with the overall objective of ensuring
maximum stakeholder benefit from the retention of a high quality board and executive team. Such officers are given the
opportunity to receive their base emolument in a variety of forms, including cash and fringe benefits such as motor vehicles.
It is intended that the manner of payment chosen will be optimal for the recipient without creating undue cost to the
company.
To assist in achieving these objectives, the Board intends to link the nature and amount of executive officers’ emoluments to
the company’s financial and operational performance. No formal plan has been adopted at this time.
Employment Agreements are entered into with Executive Directors and Specified Executives. The employment contracts
with the two Executive Directors are terminable by either the Company or the Executive Director by giving six month’s notice.
The current employment contract with the Chief Executive Officer (CEO) runs until its termination date of 6 December 2008,
unless terminated by the CEO or by the Company either of whom may give four weeks notice. Contracts do not provide for
any additional termination benefits.
REMUNERATION STRUCTURE
In accordance with best practice corporate governance, the structure of non-executive director and executive remuneration
is separate and distinct.
NON-EXECUTIVE DIRECTOR REMUNERATION
Objective
The Board seeks to set aggregate remuneration at a level which provides the company with the ability to attract and retain
directors of the highest calibre, whilst incurring a cost which is acceptable to shareholders.
Structure
The Constitution and the ASX Listing Rules specify that the aggregate remuneration of non-executive directors shall be
determined from time to time by a general meeting. An amount not exceeding the amount determined is then divided
between the directors as agreed. The latest determination was in the constitution adopted on 22 June 2006 which approved
an aggregate remuneration of $200,000 per year.
The amount of aggregate remuneration sought to be approved by shareholders and the manner in which it is apportioned
amongst directors is reviewed annually. The board considers advice from external consultants as well as the fees paid to
non-executive directors of comparable companies when undertaking the annual review process.
Each non-executive director receives a fee for being a director of the company. Directors who are called upon to perform
extra services beyond the director’s ordinary duties may be paid additional fees for those services.
Non-executive directors have long been encouraged by the board to hold shares in the company. It is considered good
governance for directors to have a stake in the company on whose board he or she sits.
The remuneration of non-executive directors for the period ending 30 June 2007 is detailed in Table 1 on page 11 of this report.
8 DART MINING NL 2007 ANNUAL REPORT
REMUNERATION REPORT 07
SENIOR EXECUTIVE REMUNERATION
Objective
The company aims to reward executives with a level and mix of remuneration commensurate with their position and
responsibilities within the company and so as to:
• reward executives for company, business unit and individual performance against targets set by reference to
appropriate benchmarks;
• align the interests of executives with those of shareholders;
• link reward with the strategic goals and performance of the company; and
• ensure total remuneration is competitive by market standards.
Structure
In determining the level and make-up of executive remuneration, the Board obtained independent advice from external
consultants on market levels of remuneration for comparable executive roles. It is the Board’s policy that employment
contracts are entered into with the all senior executives.
VARIABLE REMUNERATION – LONG TERM INCENTIVES
Objective
The objectives of long term incentives are to:
• recognise the ability and efforts of the employees of the company who have contributed to the success of the company
and to provide them with rewards where deemed appropriate;
• provide an incentive to the employees to achieve the long term objectives of the company and improve the
performance of the company; and
• attract persons of experience and ability to employment with the company and foster and promote loyalty between the
company and its employees.
Structure
No formal plan has been implemented at this time. It is expected that long term incentives granted to senior executives will
be delivered in the form of options in accordance with a proposed Employee Share Option Plan contingent on the approval
of shareholders. At the commencement of each financial year, the company and each senior executive will agree upon a set
of financial and non-financial objectives related to the senior executive’s job responsibilities. The objectives will vary but all will
be targeted to relate directly to the company’s business and financial performance and thus to shareholder value.
SERVICE CONTRACTS
Service Contracts are entered into with Executive Directors and Specified Executives.
DART MINING NL 2007 ANNUAL REPORT 9
07 REMUNERATION REPORT
Bernhard Hochwimmer
By an agreement dated 27 July 2006 (as subsequently varied by deed dated 21 February 2007), the Company has engaged
B Hochwimmer and Associates Pty Ltd, a company which is controlled by Bernhard Hochwimmer, to provide consulting
geological and management services to Dart, the terms of which agreement include inter alia:
• Mr Hochwimmer will devote 80% of his time to the Company’s business
• The Company has agreed to a remuneration package of $145,000 per annum for Mr Hochwimmer’s services, with
annual reviews, together with reimbursement of all business related expenses including motor vehicle running and
maintenance expenses.
• A restraint on Mr Hochwimmer undertaking additional part-time consulting or provision of other services which may
conflict with the activities of Dart without the approval of the Chairman which may not be unreasonably withheld. This
restraint continues for 12 months after cessation of engagement with Dart.
• An obligation on Mr Hochwimmer to maintain confidentiality in respect of proprietary information obtained during
employment.
• The agreement is terminable by either party on 6 months notice being given.
Dean Turnbull
By an agreement dated 27 July 2006 (as subsequently varied by deed dated 21 February 2007), the Company has engaged
North East Geological Contractors Pty Ltd, a company which is controlled by Dean Turnbull, to provide consulting geological
and management services to Dart, the terms of which agreement include inter alia:
• Mr Turnbull will devote 80% of his time to the Company’s business
• The Company has agreed to a remuneration package of $145,000 per annum for Mr Turnbull’s services, with annual
reviews, together with reimbursement of all business related expenses including motor vehicle running and maintenance
expenses.
• A restraint on Mr Turnbull undertaking additional part-time consulting or provision of other services which may conflict
with the activities of Dart without the approval of the Chairman which may not be unreasonably withheld. This restraint
continues for 12 months after cessation of engagement with Dart.
• An obligation on Mr Turnbull to maintain confidentiality in respect of proprietary information obtained during
employment.
• The agreement is terminable by either party on 6 months notice being given.
John Quayle
By an employment agreement dated 10 January 2007, the Company and Mr John Quayle have agreed the terms of his
employment including inter alia:
• Mr Quayle is engaged to provide services in the capacity of Company Secretary and Chief Executive Officer designate
on a part-time basis for 20 hours per week commencing on 6 December 2006 for a period of 24 months, at an annual
salary of $92,650 with periodic reviews.
• A restraint on Mr Quayle undertaking additional part-time employment which may conflict with the activities of Dart
without the approval of the Chairman which may not be unreasonably withheld.
• An obligation on Mr Quayle to maintain confidentiality in respect of proprietary information obtained during employment.
10 DART MINING NL 2007 ANNUAL REPORT
REMUNERATION REPORT 07
• The grant of 1,000,000 options to Mr Quayle in 2 tranches:
a) 500,000 options (with an expiry date of 31 December 2010) exercisable at 20 cents vesting on 6 December 2007,
and
b) 500,000 options (with an expiry date of 31 December 2010) exercisable at 20 cents vesting on 6 December 2008.
The options are not transferable and may be exercised at any time during employment and for 3 months after cessation
of employment, after which they lapse. They will not be quoted.
Mr Quayle’s appointment as Chief Executive Officer was confirmed on 8 March 2007.
REMUNERATION OF DIRECTORS AND EXECUTIVES
Directors and executives remuneration
Primary Post Employment Equity Total
Salary & Fees Superannuation Options
$ $ $ $
Directors
C.J. Bain 2007 6,986 - - 6,986
2006 - - - -
B.R.Hochwimmer 2007 149,250 - - 149,250
2006 - - - -
D.G.Turnbull 2007 149,250 - - 149,250
2006 - - - -
S.G.Poke 2007 4,890 - - 4,890
2006 - - - -
R.G.Udovenya 2007 4,890 - - 4,890
2006 - - - -
Executive Officers
J E Quayle 2007 53,123 - 30,865 83,988
2006 - - - -
Options granted as part of remuneration for the year ended 30 June 2007
Options were granted as follows:
Grant date Vesting date Expiry date1 Number In Escrow Exercise price
3 January 2007 6 December 2007 31 December 2010 500,000 24 months commencing 20 cents
10 May 2007
3 January 2007 6 December 2008 31 December 2010 500,000 24 months commencing 20 cents
10 May 2007
DART MINING NL 2007 ANNUAL REPORT 11
07 REMUNERATION REPORT
Options granted as part of senior management remuneration have been valued using the Black Scholes option pricing
model, which takes account of factors including the option exercise price, the current level and volatility of the underlying
share price, the risk-free interest rate, expected dividends on the underlying share, current market price of the underlying
share and the expected life of the option.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
The Company has entered into Deeds of Indemnity with the Directors and the Company Secretary, indemnifying them
against certain liabilities and costs to the extent permitted by law.
The Company has also agreed to pay a premium in respect of a contract insuring the Directors and Officers of the Company.
Full details of the cover and premium are not disclosed as the insurance policy prohibits the disclosure.
AUDITOR INDEPENDENCE AND NON-AUDIT SERVICES
A copy of the auditor’s independence declaration under s. 307C of the Corporation Act 2001 in relation to the audit of the full
year is included on page 18.
The directors are satisfied that the provision of non-audit services, during the year by the auditor (or by another person
or firm on the auditor’s behalf) is compatible with the general standards of independence for auditors imposed by the
Corporations Act 2001.
This report has been made in accordance with a resolution of the Directors.
C J BAIN D G TURNBULL
Director Director
Melbourne
27 September 2007
12 DART MINING NL 2007 ANNUAL REPORT
CORPORATE GOVERNANCE STATEMENT 07
The Board of Directors of Dart Mining NL (the Company) is committed to the principle of good practice in corporate
governance. The Board believes that genuine commitment to good corporate governance is essential to the performance
and sustainability of the Company’s business and as such depends upon the corporate culture – values and behaviours –
that underlie day-to-day activities.
The Board continually reviews its corporate governance practices and regularly monitors developments in good practice
governance in Australia and overseas. Where international and Australian guidelines are not consistent, the good practice
guidelines of the Australian Securities Exchange Limited (“ASX”) convened ASX Corporate Governance Council has been
adopted as the minimum base for corporate governance practices.
BOARD OF DIRECTORS
The Board has adopted a formal charter which allocates responsibilities between the Board and management which is
available from the corporate governance section of the Company website at www.dartmining.com.au. The charter details the
composition, responsibilities and code of conduct under which the Board operates. The Board has resolved unanimously
that the Company will at all times aspire to “good practice” in Corporate Governance.
Unless otherwise indicated in this statement the practices specified in the charter have been followed throughout the
reporting period and will remain in force until amended by resolution of the Board.
Role of the Board
The Board acknowledges its accountability to shareholders for creating shareholder value within a framework that protects
the rights and interests of shareholders and ensures the Company is properly managed. The Board aims to achieve these
objectives through the adoption and monitoring of strategies, plans, policies and performance as follows:
a. Providing input into, and approval of, the Group’s strategic direction; approval and monitoring of budgets and business
plans; and ensuring appropriate resources are available, including capital management and major capital expenditure.
b. Approving the Group’s systems of risk management, monitoring their effectiveness and maintaining a dialogue with the
Group’s auditors.
c. Considering, approving and monitoring internal and external financial and other reporting, including reporting to
shareholders, the ASX and other stakeholders.
d. Selection and evaluation of Directors, the Chief Executive Officer (CEO), and senior executives and planning for their
succession.
e. Setting the CEO and Director remuneration within shareholder approved limits and ensuring that the remuneration and
conditions of service of senior executives are appropriate.
f. Ensuring, and setting standards for, ethical behaviour and compliance with the Group’s own governing documents,
including the Group’s Code of Conduct and corporate governance standards.
Board Processes
The Board aims to perform its role and objectives through the adoption and monitoring of strategies, plans, policies and
performance; the review of the CEO and senior management performance, conduct and reward; monitoring of the major
risks of the company’s business; and by ensuring the company has policies and procedures to satisfy its legal and ethical
responsibilities.
The Board determines the strategic direction of the Company and sets policies accordingly. In addition to maintaining
oversight of the Company’s executive management and operations, the Board monitors substantive issues such as ethical
standards and social and environmental responsibilities.
DART MINING NL 2007 ANNUAL REPORT 13
07 CORPORATE GOVERNANCE STATEMENT
Composition of the Board
The names of the Directors of the Company at the date of this Statement are set out in the Directors’ Report in this financial
report. The composition of the Board is determined using the following principles:
• a maximum of twelve Directors;
• a non-executive Director as Chairman;
• a majority of non-executive Directors; and
• a balance between independent and non-independent Directors.
The Board is currently comprised of five Directors: three non-executive Directors and two executive Directors. However, the
Company’s Constitution provides for a maximum of 12 Directors. The Board periodically reviews its size as appropriate. The
Chief Executive Officer, who is appointed by the Board, is invited to attend all Board meetings.
Directors are considered to be independent if they are not major shareholders, are independent of management, and are free
from any business or other relationship that could materially interfere with their exercise of free and independent judgement.
Messrs Bain and Udovenya are considered to fall within this category.
By reason of history the Board comprises a majority of non-independent Directors (Messrs Hochwimmer, Turnbull, and
Poke) who, being major shareholders themselves, and/or who provide services to the Company either as employees or
contractors, have been regarded as being non-independent.
While the composition of the current Board does not comply with ASX Corporate Governance Council recommendation
2.1 which recommends that the board should comprise a majority of independent directors, the Board regards the present
composition of Directors and Board Committees as a good balance at this stage of the development of the Company with
the appropriate mix of expertise and experience and ability to represent the interests of all shareholders.
Future Director appointees will receive a formal letter of appointment setting out the responsibilities, rights and terms and
conditions of their appointment. Directors participate in a comprehensive induction which covers the operations, financial
position, strategic and risk management issues, as well as the operation of the Board and any sub-committees.
Meetings
The Board meets on a regular basis to retain full and effective control and monitor executive management. During the period
for the financial year to 30 June 2007, the full Board met 13 times. The Directors met separately eight times to consider
matters relating to the IPO and Bonus Options prospectus preparation. The Directors’ attendance at meetings is detailed in
the Directors’ Report.
Members of the Management team may attend meetings at the invitation of the Board.
Role of Chairman and Chief Executive Officer (CEO)
The Chairman is an independent Director elected by the full Board, having no association with the Company, nor is he a
substantial shareholder of the Company, and has not previously been an employee.
The Chairman is responsible for leading the Board, ensuring Directors are properly briefed in all matters relevant to their
role and responsibilities, facilitating Board discussions and managing the Board’s relationship with the Company’s senior
executives.
The CEO is responsible for implementing Group strategies and policies. The Board Charter specifies that these are separate
roles to be undertaken by separate people.
14 DART MINING NL 2007 ANNUAL REPORT
CORPORATE GOVERNANCE STATEMENT 07
Term of Office
The Board reviews its performance and composition on an annual basis and aims to have members with high levels of
intellectual ability, experience, soundness of judgement and integrity to maximise its effectiveness and contribution. Directors
serve a maximum three-year term before being required to be re-elected by members. Dart’s constitution provides that at
least one third (or the nearest whole number) of Directors must retire at each Annual General Meeting, but are eligible for re-
election at that meeting. There is no compulsory retiring age.
Independent Professional Advice
In performing their duties Directors have the right to seek independent, professional advice at the Company’s expense,
in furtherance of their duties as Directors, with the approval of the Chairman, which approval shall not be unreasonably
withheld.
BOARD COMMITTEES
The Company has a formally constituted Audit and Risk Management Committee reporting to the Board of Directors. This
committee is chaired by a non-executive director and operates under a charter with authority to examine and report on any
matters concerning risk management within the company including, but not limited to, operational, occupational health and
safety, and financial matters. The charter is published on the Company’s website.
The Directors consider that the Company is not of a size nor are its affairs of such complexity as to justify the formation
of other special or separate committees such as Remuneration or Nomination committees. The Board as a whole is
able to address the governance aspects of the Company’s activities and ensure that it adheres to appropriate ethical
standards. However as appropriate and as required the Board will establish Board Committees to assist in the execution
of its responsibilities. Any Committees formed will have written mandates and operating procedures that, together with
membership, will be reviewed on a regular basis.
CODE OF BUSINESS CONDUCT
The Board has adopted a Code of Conduct (the Code) and a policy “Behaviour Standards - Standards of Business Conduct”
setting out parameters for ethical behaviour and business practices which applies to all of the Company’s directors, officers
and employees. The Code is included in the Board Charter and is available for review on the Company website. The Code
is regularly reviewed and updated as necessary to ensure it reflects the highest standards of behaviour and professionalism
and the practices necessary to maintain confidence in the Group’s integrity.
In summary, the Code requires that at all times all group personnel act with the utmost integrity, objectivity and in compliance
with both the letter and the spirit of the law and Company policies.
Conflicts of Interest
All directors of the Company must keep the Board advised, on an ongoing basis, of any private interest that could potentially
conflict with the interests of the Company. Where the Board believes that a significant conflict exists, the director concerned
does not receive relevant board papers and is not present at the meeting whilst the item is considered. The Board has
developed procedures to assist Directors to disclose potential conflicts of interest.
All directors and executive officers of the Company are required to disclose to the Company any material transaction or
commercial relationship or corporate opportunity that reasonably could be expected to give rise to such a conflict.
Insider Trading
Trading in shares by any Director or senior executive of the Company within the period between the close of each financial
quarter and the release of quarterly, half yearly interim and full year results by the Company requires the express written
approval of the Chairman before any trading is conducted or the entry into any share trading agreements.
DART MINING NL 2007 ANNUAL REPORT 15
07 CORPORATE GOVERNANCE STATEMENT
Fair dealing and ethical standards
The Code requires all directors, officers and employees of the Company to behave honestly and ethically at all times with all
people and other organisations.
The Code requires employees who are aware of unethical practices within the Group or breaches of the Company’s trading
policy to report these using the Company’s whistleblower program. This can be done anonymously. The Company Secretary
also has responsibility for the initial investigations of significant issues raised under the whistleblower program. These
matters are reported to the Board.
The Directors are satisfied that the Company has complied with its policies on ethical standards, including trading in
securities.
FINANCIAL REPORTING
Reporting Standards
The Company is committed to providing shareholders with clear, transparent, and high quality financial information in a timely
manner. The Company continuous disclosure policy underpins this approach.
The financial reports of the Company are produced in accordance with Australian International Financial Reporting
Standards, other authoritative pronouncements of the Australian Accountings Standards Board and the Corporations
Act. The financial statements and reports are subject to review every half year and the auditor issues an audit opinion
accompanying the full year results for each financial year.
External Auditors
The Company policy is to appoint external auditors who clearly demonstrate quality and independence. The performance
of the external auditor is reviewed annually, taking into consideration assessment of performance, existing value and tender
costs. Deloitte Touche Tohmatsu have been appointed as the external auditors.
An analysis of fees paid to the external auditors, including a breakdown of fees for non-audit services, is provided in Note 22
to the financial statements. It is the policy of the external auditors to provide an annual declaration of their independence to
the Board.
The external auditor is requested to attend the annual general meeting and be available to answer shareholder questions
about the conduct of the audit and the preparation and content of the audit report.
Management Certification
The Company requires that the Chief Executive Officer make the following certifications to the Board:
1. that the Company’s financial reports are complete and present a true and fair view, in all material respects, of the
financial condition and operational results of the Company and group and are in accordance with relevant accounting
standards.
2. that the above statement is founded on a sound system of risk management and internal compliance and control
and which implements the policies adopted by the Board and that the Company’s risk management and internal
compliance and control is operating efficiently and effectively in all material respects.
RISK ASSESSMENT
The Board is responsible for ensuring there are adequate policies in relation to risk management, compliance and internal
control systems. The Board has appointed an Audit and Risk Management Committee to advise it in these matters. In
summary, the Company policies are designed to ensure strategic, operational, legal, reputation and financial risks are
identified, assessed, effectively and efficiently managed and monitored to enable achievement of the Company’s business
objectives.
16 DART MINING NL 2007 ANNUAL REPORT
CORPORATE GOVERNANCE STATEMENT 07
Considerable importance is placed on maintaining a strong control environment. There is an organisation structure with
clearly drawn lines of accountability and delegation of authority. Adherence to the Code of Conduct is required at all times
and the Board actively promotes a culture of quality and integrity.
Detailed control procedures cover management accounting, purchases and payments, financial reporting, capital
expenditure requests, project appraisal, environment, health and safety, IT security, compliance, and other risk management
issues. There is a systematic review and monitoring of key business operational risks by management which reports on
current and future risks and mitigation activities to the Board.
The Company recognises the importance of environmental and occupational health and safety (OH&S) issues and is
committed to the highest levels of performance with the systematic identification of environmental and OH&S issues to
ensure they are managed in a structured manner. This system allows the Company to:
• monitor its compliance with all relevant legislation
• continually assess and improve the impact of its operations on the environment
• encourage employees to actively participate in the management of environmental and OH&S issues
• work with trade associations representing the entity’s businesses to raise standards
• use energy and other resources efficiently; and
• encourage the adoption of similar standards by the entity’s principal suppliers, contractors and distributors.
CONTINUOUS DISCLOSURE AND SHAREHOLDER COMMUNICATION
The Company is a disclosing entity under the Corporations Act and is subject to the continuous disclosure requirements
under the ASX Listing Rules. Communications with shareholders and other stakeholders are given a high priority. In addition
to statutory disclosure documents such as Annual Reports and Quarterly production reports, the Board is committed to
keeping all stakeholders informed of all material developments that affect the Company in a timely manner.
The Company has a formal policy and comprehensive procedures on continuous disclosure. Once the Board or
Management becomes aware of information concerning the Company that would be likely to have a material effect on the
price or value of the company’s securities (and which does not fall within the exceptions to the disclosure requirements
contained in the Listing Rules), that information is released to the ASX.
The Board has appointed the Company Secretary (or in his absence, the Chairman) as the person responsible for
communication to ASX. This role includes responsibility for ensuring compliance with the continuous disclosure
requirements in the ASX Listing Rules and overseeing and co-ordinating information disclosure to the ASX, analysts, brokers,
shareholders, the media and the public. All Company announcements, presentations or other briefings are posted on the
company’s website after release to the Australian Securities Exchange.
The Board also endorses full and regular communication with and between Directors, the Chief Executive Officer, senior
management, the external auditors and other Professional Advisers, Shareholders and other significant stakeholders. The
Board also ensures the Company Secretary maintains a good, open and frank relationship with the ASX and its designated
Company officers to ensure compliance and full disclosure.
All shareholders have the opportunity to elect to receive a copy of the Company’s annual report at the same time as they
receive by post a copy of the Notice of the Annual General Meeting.
Full use is made of annual general meetings to inform shareholders of current developments through appropriate
presentations and to provide opportunities for questions.
COMPLIANCE WITH ASX CORPORATE GOVERNANCE COUNCIL GOOD PRACTICE
RECOMMENDATIONS
The Company complies with all of the ASX Corporate Governance Council good practice recommendations with the
exception that independent directors are not in the majority on the Board or as otherwise set out in this document.
DART MINING NL 2007 ANNUAL REPORT 17
18 DART MINING NL 2007 ANNUAL REPORT
INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
Consolidated Company
Note 2007 2006 2007 2006
$ $ $ $
Revenue from ordinary activities 2 76,998 76,998
Employment related costs (47,632) (47,632)
Depreciation and amortisation expense (1,109) (1,109)
Office expenses (1,149) (1,149)
Administrative expenses (118,374) (118,276)
Other expenses from ordinary activities (9,808) (8,014)
Loss before income tax expense 2 (101,074) (99,182)
Income tax expense 3 - - -
Net loss for the year (101,074) (99,182)
Net loss attributable to members of Dart Mining NL (101,074) (99,182)
Earnings per share
From continuing operations:
Basic (cents per share) 4 (1.28)
Diluted (cents per share) 4 (1.28)
DART MINING NL 2007 ANNUAL REPORT 19
07 BALANCE SHEET AS AT 30 JUNE 2007
Consolidated Company
Note 2007 2006 2007 2006
$ $ $ $
Current Assets
Cash assets 4,314,896 3 4,314,896 3
Receivables 5 173,496 - 172,035 -
Prepayments 6 17,051 - 17,051 -
Total Current Assets 4,505,443 3 4,503,982 3
Non-Current Assets
Property, plant and equipment 7 77,457 - 77,457 -
Deferred exploration and evaluation costs 8 1,046,501 - 1,046,501 -
Investment in Subsidiary 9 - - 14,001 -
Goodwill 11 10,066 - - -
Total Non-Current Assets 1,134,024 - 1,137,959 -
Total Assets 5,639,467 3 5,641,941 3
Current Liabilities
Payables 10 390,840 - 390,469 -
Provisions 12 728 - 728 -
Loans 13 - - 953 -
Total Current Liabilities 391,568 - 392,150 -
Total Liabilities 391,568 - 392,150 -
Net Assets 5,247,899 3 5,249,791 3
Equity
Company Interest
Contributed equity 14 5,175,908 3 5,175,908 3
Option reserve 173,065 - 173,065 -
Accumulated losses 15 (101,074) - (99,182) -
Total Equity 5,247,899 3 5,249,791 3
20 DART MINING NL 2007 ANNUAL REPORT
STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED)
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
Ordinary Capital
Share Raising Option Retained
Capital Costs Reserve Profits Total
Consolidated Note $ $ $ $ $
Balance at 1 July 2005 - - - - -
Shares issued during the year 3 - - - 3
Capital raising costs - - - - -
Option reserve - - - - -
Loss attributable to members of the company - - - - -
Balance at 30 June 2006 3 - - - 3
Balance at 1 July 2006 3 - - - 3
Shares issued during the year 6,012,500 - - - 6,012,500
Capital raising costs - (836,595) - - (836,595)
Option reserve - - 173,065 - 173,065
Loss attributable to members of the company (a) - - - (101,074) (101,074)
Balance at 30 June 2007 6,012,503 (836,595) 173,065 (101,074) 5,247,899
(a) Loss for the period equals total recognised income and expense
DART MINING NL 2007 ANNUAL REPORT 21
07 STATEMENT OF CHANGES IN EQUITY (COMPANY)
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
Ordinary Capital
Share Raising Option Retained
Capital Costs Reserve Profits Total
Company Note $ $ $ $ $
Balance at 1 July 2005 - - - - -
Shares issued during the year 3 - - - 3
Capital raising costs - - - - -
Option reserve - - - - -
Loss attributable to members of the company - - - - -
Balance at 30 June 2006 3 - - - 3
Balance at 1 July 2006 3 - - - 3
Shares issued during the year 6,012,500 - - - 6,012,500
Capital raising costs - (836,595) - - (836,595)
Option reserve - - 173,065 - 173,065
Loss attributable to members of the company (a) - - - (99,182) (99,182)
Balance at 30 June 2007 6,012,503 (836,595) 173,065 (99,182) 5,249,791
(a) Loss for the period equals total recognised income and expense
22 DART MINING NL 2007 ANNUAL REPORT
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2007 07
Consolidated Company
Note 2007 2006 2007 2006
$ $ $ $
Cash Flows From Operating Activities
GST received 11,684 - 11,684 -
Interest received 27,912 - 27,912 -
Payments to suppliers and employees (91,172) - (89,280) -
Net Cash Flows Used in Operating Activities 16(a) (51,576) - (49,684) -
Cash Flows From Investing Activities
Purchase of plant and equipment (26,938) - (26,938) -
Acquisition of subsidiary, net of cash acquired 11 1,134 - - -
Payment for exploration costs (356,471) - (357,256) -
Net Cash Flows Used in Investing Activities (382,275) - (384,167) -
Cash Flows From Financing Activities
Proceeds from issue of ordinary shares 5,375,000 3 5,375,000 3
Payment of share issue costs (626,256) - (626,256) -
Net Cash Flows From Financing Activities 4,748,744 3 4,748,744 3
Net Increase in Cash Held 4,314,893 - 4,314,893 -
Cash at the beginning of the financial year 3 - 3 -
Cash at the end of the financial year 16(b) 4,314,896 3 4,314,896 3
DART MINING NL 2007 ANNUAL REPORT 23
07 NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
Note Contents
1. Summary of Significant Accounting Policies
2. Revenue and Expenses
3. Income Tax
4. Earnings per Share
5. Receivables
6. Prepayments
7. Property, Plant and Equipment
8. Deferred Exploration and Evaluation Costs
9. Investment in Subsidiary
10. Payables
11. Acquisition of Business
12. Provisions
13. Loans
14. Contributed Equity
15. Accumulated Losses
16. Cash Flow Reconciliation
17. Expenditure Commitments
18. Subsequent Events
19. Employee Benefits and Superannuation Commitments
20. Share-Based Payments
21. Key Management Personnel Remuneration
22. Auditor’s Remuneration
23. Related Party Disclosures
24. Financial Instruments
25. Contingent Liabilities and Contingent Assets
24 DART MINING NL 2007 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
1. Summary of Significant Accounting Policies
Statement of Compliance
The financial report is a general-purpose financial report which has been prepared in accordance with the Corporations
Act 2001, Accounting Standards and Interpretations, and complies with other requirements of the law.
The financial report includes separate financial statements of the company and the consolidated financial statements of
the Group.
Accounting Standards include Australian equivalents to International Financial Reporting Standards (‘A-IFRS’).
Compliance with A-IFRS ensures that the financial statements and notes of the Group comply with International
Financial Reporting Standards (‘IFRS). The Company financial statements and notes also comply with IFRS except for
the disclosure requirements in IAS32 ‘Financial Instruments: Disclosure and Presentation’ as the Australian equivalent
Accounting Standard, AASB 132 ‘Financial Instruments: Disclosure and Presentation’ does not require such disclosures
to be presented by the Company where its separate financial statements are presented with the consolidated financial
statements of the Group. The financial report has also been prepared on an historical cost basis, and is presented in
Australian dollars
The financial statements were authorised for issue by the directors on 27 September 2007.
The following significant policies have been adopted in the preparation and presentation of the financial report:
(a) Adoption of new and revised Accounting Standards
In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the
Australian Accounting Standards Board (AASB) that are relevant to its operations and effective for annual reporting
periods beginning on 1 January 2006. The adoption of these new and revised Standards and Interpretations has had
no impact on the financial results of the Group.
Initial application of the following Standards will not affect any of the amounts recognised in the financial report, but will
change the disclosures presently made in relation to the consolidated entity’s and the company’s financial report:
AASB 7 ‘Financial Instruments: Disclosures’ and consequential Effective for annual reporting periods beginning
amendments to other accounting standards resulting from its issue on or after 1 January 2007
AASB 101 ‘Presentation of Financial Statements’ – revised standard Effective for annual reporting periods beginning
on or after 1 January 2007
AASB 2007-7 ‘Amendments to Australian Accounting Standards’ Effective for annual reporting periods beginning
on or after 1 July 2007
AASB 8 ‘Operating Segments’ Effective for annual reporting periods beginning
on or after 1 January 2009
DART MINING NL 2007 ANNUAL REPORT 25
07 NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
1. Summary of Significant Accounting Policies (continued)
Initial application of the following Standards and Interpretations is not expected to have any material impact to the
financial report of the consolidated entity and the company:
AASB Interpretation 7 ‘Applying the Restatement Approach under Effective for annual reporting periods beginning
AASB 1129 Financial Reporting in Hyperinflationary Economies’ on or after 1 March 2006
AASB Interpretation 8 ‘Scope of AASB 2’ Effective for annual reporting periods beginning
on or after 1 May 2006
AASB Interpretation 9 ‘Reassessment of Embedded Derivatives’ Effective for annual reporting periods beginning
on or after 1 June 2006
AASB Interpretation 10 ‘ Interim Financial Reporting and Impairment Effective for annual reporting periods beginning
on or after 1 November 2006
AASB Interpretation 11 ‘AASB 2 – Group and Treasury Share Effective for annual reporting periods beginning
Transactions’ on or after 1 March 2007
AASB 2007-1 ‘Amendments to Australian Accounting Standards Effective for annual reporting periods beginning
arising from AASB Interpretation 11’ on or after 1 March 2007
AASB Interpretation 12 ‘ Service Concession Arrangements’ Effective for annual reporting periods beginning
on or after 1 January 2008
AASB 2007-2 ‘Amendments to Australian Accounting Standards Effective for annual reporting periods beginning
arising from AASB Interpretation 12’ on or after 1 January 2008
AASB 2007-4 ‘Amendments to Australian Accounting Standards Effective for annual reporting periods beginning
arising from ED 151 and Other Amendments’ on or after 1 July 2007
AASB Interpretation 13 ‘Customer Loyalty Programmes’ Effective for annual reporting periods beginning
on or after 1 July 2008
AASB Interpretation 14 ‘AASB 119 – The Limit on a Defined Benefit Effective for annual reporting periods beginning
Asset, Minimum Funding Requirements And their Interaction’ on or after 1 January 2008
AASB 123 ‘Borrowing Costs’ – revised standard Effective for annual reporting periods beginning
on or after 1 January 2009
AASB 2007-6 ‘Amendments to Australian Accounting Standards Effective for annual reporting periods beginning
arising from AASB 123’ on or after 1 January 2009
The directors anticipate that the adoption of these Standards and Interpretations will have no material financial
impact on the financial statements of the company or the Group, as the issue of Interpretation 7, Interpretation 8 and
Interpretation 9 do not affect its present policies and operations. The recently established Group is yet to produce half-
year results, and accordingly, Interpretation 10, which prohibits the reversal of certain impairment losses, has no impact
on the company or the Group’s future financial statements.
The application of AASB 101 (revised), AASB 7 and AASB 2005-10 will not affect any of the amounts recognised in
the financial statements, but will change the disclosures presently made in relation to the company and the Group’s
financial instruments and the objectives, policies and processes for managing capital.
These Standards and Interpretations will be first applied in the financial report of the Group that relates to the annual
reporting period beginning after the effective date of each pronouncement.
26 DART MINING NL 2007 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
1. Summary of Significant Accounting Policies (continued)
(b) Principles of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities (including
special purpose entities) controlled by the Company (its subsidiaries) (referred to as ‘the Group’ in these financial
statements). Control is achieved where the Company has the power to govern the financial and operating policies of an
entity so as to obtain benefits from its activities.
The result of subsidiaries acquired or disposed of during the year are included in the consolidated income statement
from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies
into line with those used by other members of the Group.
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. In the separate
financial statements of the Company, intra-group transactions (‘common control transactions’) are generally accounted
for by reference to the existing (consolidated) book value of the items. Where the transaction value of common control
transactions differ from their consolidated book value, the difference is recognised as a contribution by or distribution to
equity participants by the transacting entities.
(c) Cash and cash equivalents
Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that
are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
For the purposes of the Statement of Cash Flows, cash includes cash on hand and in banks, and money market
investments readily converted to cash, net of outstanding bank overdrafts.
(d) Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the entity and the revenue
can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:
Interest Income
Interest revenue is recognised on a proportional basis taking into account the interest rate applicable to the financial
assets
(e) Income Tax
Current tax
Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable
profit or tax loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively
enacted by reporting date. Current tax for current and prior periods is recognised as a liability (or asset) to the extent
that it is unpaid (or refundable).
DART MINING NL 2007 ANNUAL REPORT 27
07 NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
1. Summary of Significant Accounting Policies (continued)
Deferred tax
Deferred tax is accounted for using the comprehensive balance sheet liability method in respect of temporary
differences arising from differences between the carrying amount of assets and liabilities in the financial statements and
the corresponding tax base of those items. The tax base of an asset or liability is the amount attributed to that asset or
liability for tax purposes.
In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are
recognised to the extent it is probable that sufficient taxable amounts will be available against which deductible
temporary differences or unused tax losses and tax offsets can be utilised. However, deferred tax assets and liabilities
are not recognised if the temporary differences giving rise to them arise from the initial recognition of assets and
liabilities (other than as a result of a business combination) which affects neither taxable income nor accounting profit.
Furthermore, a deferred tax liability is not recognised in relation to taxable temporary differences arising from goodwill.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, branches,
associates and joint ventures except where the consolidated entity is able to control the reversal of the temporary
differences and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets arising from deductible temporary differences associated with these investments and interests are
only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the
benefits of the temporary differences and they are expected to reverse in the foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when
the asset and liability giving rise to them are settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax
consequences that would follow from the manner in which the consolidated entity expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities.
(f) Goodwill
Goodwill acquired in a business combination is initially measured at its cost, being the excess of the cost of the
business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent
liabilities recognised. Goodwill is subsequently measured at its cost less any impairment losses.
(g) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST except:
• where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in
which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as
applicable; and
• receivables and payables are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or
payables in the Statement of Financial Position.
Cash flows are included in the Statement of Cash Flows on a gross basis and the GST component of cash flows arising
from investing and financing activities, which is recoverable from, or payable to, the taxation authority are classified as
operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or
payable to, the taxation authority.
28 DART MINING NL 2007 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
1. Summary of Significant Accounting Policies (continued)
(h) Receivables
All debtors are recognised and carried at original invoice amount less a provision for any uncollectible debts.
Collectability of debtors is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off. A
provision for doubtful debts is raised where some doubt as to full collection exists.
(i) Exploration and Evaluation Assets
The consolidated entity applies AASB 6 Exploration For and Evaluation of Mineral Resources. Exploration and
evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only
carried forward to the extent that they are expected to be recouped through the successful development of the area
or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of
economically recoverable reserves.
Accumulated costs in relation to an abandoned area are written off in full against operating results in the year in which
the decision to abandon the area is made.
When production commences, the accumulated costs for the relevant area of interest are amortised over the life of the
area according to the rate of depletion of the economically recoverable reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward
costs in relation to that area of interest.
Costs of site restoration are provided over the life of the facility from when exploration commences and are included
in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment
and building structures, waste removal and rehabilitation of the site in accordance with the clauses of the mining
permits. Such costs are determined using estimates of future costs, current legal requirements and technology on an
undiscounted basis.
Any changes in the estimates for the costs are accounted for on a prospective basis. In determining the costs of site
restoration there is uncertainty regarding the nature and extent of the restoration due to community expectations and
future legislation. Accordingly the costs are determined on the basis that restoration will be completed within one year
of abandoning a site.
(j) Impairment of Assets
At each reporting date, the consolidated entity reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to the extent of the impairment loss (if any). Where
the asset does not generate cash flows that are independent from other assets, the consolidated entity estimates the
recoverable amount of the cash-generating unit to which the assets belongs.
Goodwill, intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for
impairment annually and whenever there is an indication that the asset may be impaired. An impairment of goodwill is
not subsequently reversed.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset for which the estimates of future
cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the
carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is
recognised in profit or loss immediately, unless the relevant asset is carried at fair value, in which case the impairment
loss is treated as a revaluation decrease.
DART MINING NL 2007 ANNUAL REPORT 29
07 NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
1. Summary of Significant Accounting Policies (continued)
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased
to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not
exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset
(cash-generating unit) in prior years. A reversal of an impairment loss is recognised in profit or loss immediately, unless
the relevant asset is carried at fair value, in which case the reversal of the impairment loss is treated as a revaluation
increase.
(k) Property, Plant and Equipment
i) Acquisition
Items of property, plant and equipment are initially recorded at cost and depreciated as outlined below.
ii) Depreciation of Property, Plant and Equipment
Property, plant and equipment are depreciated on a straight line basis at rates based upon the expected useful lives of
these assets. The useful lives of these assets are detailed in Note 8 to the financial statements.
(l) Leases
Leases are classified at their inception as either operating or finance leases based on the economic substance of the
agreement so as to reflect the risks and benefits incidental to ownership.
Operating Leases
The minimum lease payments of operating leases, where the lesser effectively retains substantially all of the risks and
benefits of ownership of the leased item, are recognised as an expense on a straight line basis. Contingent rentals are
recognised as an expense in the financial year in which they are incurred.
Finance Leases
Leases which effectively transfer substantially the entire risks and benefits incidental to ownership of the leased item
to the group are capitalised at the present value of the minimum lease payments and disclosed as property, plant and
equipment under lease. A lease liability of equal value is also recognised. The consolidated entity has no finance leases
as at 30 June 2007.
(m) Financial Assets
Investments are recognised and derecognised on trade date where the purchase or sale of an investment is under a
contract whose terms require delivery of the investment within the timeframe established by the market concerned, and
are initially measured at fair value, net of transaction costs except for those financial assets classified as at fair value
through profit or loss which are initially measured at fair value.
Subsequent to initial recognition, investments in subsidiaries are measured at cost in the company financial statements.
Subsequent to initial recognition, investments in associates are accounted for under the equity method in the
consolidated financial statements and the cost method in the company financial statements. During the financial
year Dart Mining NL acquired 100% ownership of Dart Resources Pty Ltd. Dart Resources Pty Ltd is a non-trading
subsidiary which holds ownership of one exploration licences currently explored by Dart Mining NL, as detailed in the
additional information of this report.
(n) Payables
Liabilities are recognised for amounts to be paid in the future for goods and services received, whether or not billed to
the consolidated entity. Payables to related parties are carried at the principal amount. Interest, when charged by the
lender, is recognised as an expense on an accrual basis.
30 DART MINING NL 2007 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
1. Summary of Significant Accounting Policies (continued)
(o) Issued Capital
Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Any transaction
costs arising on the issue of ordinary shares are recognised directly in equity as a reduction in the share proceeds
received.
Transaction costs on the issue of equity instruments
Transaction costs arising on the issue of equity instruments are recognised directly in equity as a reduction of the
proceeds of the equity instrument to which the costs relate. Transaction costs are costs that are incurred directly in
connection with the issue of those equity instruments and which would not have been incurred had those instruments
not been issued.
Interest and dividends
Interest and dividends are classified as expenses or as a distribution of profit consistent with the balance sheet
classification of the related debt or equity instruments or component parts of compound instruments.
(p) Employee Benefits
Provision is made for employee benefits accruing to employees in respect of wages and salaries, annual leave,
long service leave, and sick leave when it is probable that settlement will be required and they are capable of being
measured reliably.
Provisions made in respect of employee benefits expected to be settled within 12 months, are measured at their
nominal values using the remuneration rate expected to apply at the time of settlement.
Provisions made in respect of employee benefits which are not expected to be settled within 12 months are measured
as the present value of the estimated future cash outflows to be made by the consolidated entity in respect of services
provided by employees up to reporting date.
(q) Earnings per Share (“EPS”)
Basic EPS is calculated as net profit attributable to members, adjusted to exclude costs of servicing equity (other than
dividends) and preference share dividends, divided by the weighted average number of ordinary shares, adjusted for
any bonus element.
Diluted EPS is calculated as net profit attributable to members, adjusted for:
• Costs of servicing equity (other than dividends) and preference share dividends;
• The after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been
recognised as expenses; and
• Other non-discretionary changes in revenues or expenses during the period that would result from the dilution of
potential ordinary shares divided by the weighted average number of ordinary shares and dilutive potential ordinary
shares, adjusted for any bonus element.
(r) Share-based payments
The Group measures the cost of equity-settled transactions with employees and consultants by reference to the fair
value of the equity instruments at the date at which they are granted. The fair value is determined by using the Black-
Scholes model, using the assumptions detailed in Note 20.
a) The fair value determined at the grant date of the equity settled share based payment is expensed on a straight-
line basis over the vesting period, based on the Groups estimate of shares that will eventually vest.
DART MINING NL 2007 ANNUAL REPORT 31
07 NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
1. Summary of Significant Accounting Policies (continued)
b) Equity-settled share based payment transactions with other parties are measured at the fair value of the goods
and services received, except where the fair value cannot be estimated reliably, in which they are measured at the
fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty
renders the service.
(s) Going Concern Basis
The consolidated entity is involved in the exploration and evaluation of mineral tenements and as such expects to be
cash absorbing until these tenements demonstrate that they contain economically recoverable reserves.
As at 30 June 2007, the Group recorded losses from continuing operations before taxation of $101,074. In addition,
the company had incurred positive cash flows from of $4,394,896 in the financial year and has a surplus of current
assets over current liabilities of $4,113,875 as at 30 June 2007.
Notwithstanding the above, the financial statements have been prepared on a going concern basis which contemplates
the continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary
course of business.
To continue as a going concern, the consolidated entity require the generation of sufficient funds from operating
activities including successful development of the existing tenements; and/or future equity or debt fund raisings.
Having carefully assessed the uncertainties relating to the likelihood of securing additional funding and the consolidated
entity’s and company’s ability to effectively manage their expenditures and cash flows from operations, the directors
believe that the consolidated entity and company will continue to operate as going concerns for the foreseeable future
and therefore it is appropriate to prepare the financial statements on a going concern basis.
In the event that the assumptions underpinning the basis of preparation do not occur as anticipated, there is uncertainty
whether the consolidated entity and company will continue to operate as going concerns. If the consolidated entity and
company are unable to continue as going concerns they may be required to realise their assets and extinguish their
liabilities other than in the normal course of business and at amounts different to those stated in the financial statements.
No adjustments have been made to the financial report relating to the recoverability and classification of the asset
carrying amounts or the classification of liabilities that might be necessary should the consolidated entity and company
not continue as a going concern.
2. Revenue and Expenses
Consolidated Company
2007 2006 2007 2006
$ $ $ $
Revenue
Revenue from non-operating activities
Interest – Other persons/corporations 76,998 - 76,998 -
Total revenue from non-operating activities 76,998 - 76,998 -
Total Revenue 76,998 - 76,998 -
(a) Loss before income tax
Loss before income tax has been arrived at after Crediting/
(charging) the following expenses:
Depreciation (1,109) - (1,109) -
Share based payments (30,865) - (30,865) -
32 DART MINING NL 2007 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
3. Income Tax
Consolidated Company
2007 2006 2007 2006
$ $ $ $
(a) The prima facie tax, using tax rates applicable in the country
of operations, on operating loss differs from the income tax
provided in the financial statements as follows:
Prima facie tax benefit on loss from ordinary activities 30,322 - 29,755 -
Non-deductible expenses - - - -
Temporary differences and tax losses not brought to account (30,322) - (29,755) -
Income tax benefit attributable to ordinary activities - - - -
(b) Income tax losses
Deferred tax asset arising from tax losses not recognised at
reporting date as the asset is not regarded as meeting the
probable criteria: 30,322 - 29,755 -
4. Earnings per Share
Consolidated
2007 2006
$ $
The following reflects the income and share data used in calculating basic and diluted
earnings per share:
Net loss for the year 101,074 -
Basic earnings per share (1.28)c -
Diluted earnings per share (1.28)c -
Weighted average number of ordinary shares used in the calculation of basic and diluted
earnings per share 7,872,232 -
Diluted earnings per share is calculated after classifying all options on issue remaining unconverted at 30 June 2007 as
potential ordinary shares. As at 30 June 2007, the Company has on issue 2,800,000 options over unissued capital and
has incurred a net loss. As the notional exercise price of these options is greater than the current market price of the
shares they have not been included in the calculations of diluted earnings per share.
5. Receivables
Consolidated Company
2007 2006 2007 2006
$ $ $ $
- -
Accrued interest – Other persons/corporations 49,086 - 49,086 -
Security Deposits 4,136 - 4,136 -
GST receivable (net) 119,675 - 118,214 -
Other Receivables 599 - 599 -
173,496 - 172,035 -
Terms and conditions relating to the above financial instruments
(i) Receivables are non interest bearing and have commercially acceptable repayment terms
DART MINING NL 2007 ANNUAL REPORT 33
07 NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
6. Prepayments
Consolidated Company
2007 2006 2007 2006
$ $ $ $
Insurance 17,051 - 17,051 -
17,051 - 17,051 -
7. Property, Plant and Equipment
Consolidated Company
Computer Computer
Plant & Equipment Plant & Equipment
Equipment & Software Total Equipment & Software Total
Gross carrying amount
Balance at 1 July 2005 - - - - - -
Additions - - - - - -
Balance at 30 June 2006 - - - - - -
Accumulated depreciation/
Amortisation and impairment
Balance at 1 July 2005 - - - - - -
Depreciation expense - - - - - -
Balance at 30 June 2006 - - - - - -
Net book value
As at 30 June 2005 - - - - - -
As at 30 June 2006 - - - - - -
- - - - - -
Gross carrying amount
Balance at 1 July 2006 - - - - - -
Additions 8,090 70,476 78,566 8,090 70,476 78,566
Balance at 30 June 2007 8,090 70,476 78,566 8,090 70,476 78,566
Accumulated depreciation/
Amortisation and impairment
Balance at 1July 2006 - - - - - -
Depreciation expense (126) (983) (1,109) (126) (983) (1,109)
Balance at 30 June 2007 (126) (983) (1,109) (126) (983) (1,109)
Net book value
As at 30 June 2006 - - - - - -
As at 30 June 2007 7,964 69,493 77,457 7,964 69,493 77,457
7,964 69,493 77,457 7,964 69,493 77,457
The following useful lives are used in the calculation of depreciation:
Plant & Equipment 3 – 5 years
Computer Equipment & Software 3 – 4 years
34 DART MINING NL 2007 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
8. Deferred Exploration and Evaluation Costs
Consolidated Company
2007 2006 2007 2006
Note $ $ $ $
Balance at beginning of financial year - - - -
Additional expenditure carried forward 1,046,501 - 1,046,501 -
Write-off during financial year - - - -
Provision for licence areas to be relinquished - - - -
Balance at end of financial year 1,046,501 - 1,046,501 -
Ultimate recovery of deferred exploration and evaluation costs is dependent upon success in exploration and evaluation
or sale or farm-out of the exploration interests.
9. Investment in Subsidiary
Subsidiary – Dart Resources Pty Ltd - - 14,001 -
- - 14,001 -
10. Payables – Current
Trade and other payables 354,073 - 353,702 -
Accrued Expenses 16,767 - 16,767 -
Accrued Audit Fees 22 20,000 - 20,000 -
390,840 - 390,469 -
Terms and conditions relating to the above financial instruments:
(i) Trade creditors are non-interest bearing and are usually settled on 30 day terms.
(ii) Other creditors are non-interest bearing and have an average term of 30 days.
11. Acquisition of Businesses
Name of Business Principal Activity Date of Acquisition Proportion of shares Cost of acquisition
Acquired acquired (%) ($)
Dart Resources Pty Ltd Mining 31/07/06 100 1,500
Net assets acquired Total fair value on
acquisition
($)
Current assets:
Cash assets 1,134
Receivables 2,800
Current Liabilities:
Payables (12,500)
(8,599)
Cost of acquisition 1,500
Goodwill on acquisition 10,066
The cost of the acquisition of Dart Resources Pty Ltd comprises the issue of 30,000 Dart Mining NL shares at an issued
fair value of 5 cents per share. Goodwill arose in the business combination because of the cost of the combination,
including a premium to acquire Dart Resources Pty Ltd.
DART MINING NL 2007 ANNUAL REPORT 35
07 NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
12. Provisions
Consolidated Company
2007 2006 2007 2006
Note $ $ $ $
Employee benefits 19 728 - 728 -
728 - 728 -
13. Loans
Dart Resources Pty Ltd - - 953 -
- - 953 -
14. Contributed Equity
(a) Issued and paid up capital Ordinary shares fully paid
5,175,908 3 5,175,908 3
Details
Ordinary Shares
Beginning of the financial year 3 3 3 3
Shares issued during the year
• 12,469,998 shares issued at 5 cents per share to certain
directors for interest in tenement 623,500 - 623,500 -
• 249,999 shares issued at 5 cents to Minadco Pty Ltd*1
as a repayment of loan to Dart Resources Pty Ltd 12,500 - 12,500 -
• 30,000 shares issued at 5 cents to acquire Dart Resources
Pty Ltd 1,500 - 1,500 3
• 5,000,000 shares issued at 7.5 cents as seed capital raising 375,000 - 375,000 -
• 25,000,000 shares issued at 20 cents to IPO applicants 5,000,000 - 5,000,000 -
• Less transaction costs arising from issue of shares (836,595) - (836,595) -
Closing balance 5,175,908 3 5,175,908 3
*1
C.J Bain holds an indirect interest in Minadco Pty Ltd
Option Reserve
Beginning of the financial year - - - -
• Options granted during the year
• On 18 October 800,000 options granted at fair value of 7.9
cents per option to third parties as a success fee 63,200 - 63,200 -
• On 3 January 1,000,000 options granted at fair value of 7.9
cents per option to J.E. Quayle as share-based payment 30,865 - 30,865 -
• On 14 February 1,000,000 options at 7.9 cents per option to
third party as a success fee 79,000 - 79,000 -
Closing balance 173,065 - 173,065 -
36 DART MINING NL 2007 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
14. Contributed Equity (continued)
Summary of Capital Transactions
The following share movements took place during the financial year:
• on 28 July 2006, 12,469,998 ordinary shares were issued to certain directors together with 6,235,000 partly paid
shares to 1 cent (9cents payable).
• on 28 July 2006, 249,999 ordinary shares were issued to Minadco Pty Ltd as repayment of loan to Dart
Resources Pty Ltd
• on 31 July 2006, 30,000 ordinary shares were issued to certain directors as part consideration for acquisition of
Dart Resources Pty Ltd.
• on 18 October 2006, 5,000,000 ordinary shares were issued at 7.5 cents per share. Also issued was 2,500,000
partly paid shares to 1 cent (9 cents payable)
• on 18 October 800,000 options (exercisable at 20 cents) were granted to Investor Resources Finance Pty Ltd and
LAH Securities Pty Ltd as a corporate success fee for assisting in the capital raising .
• On 3 January 2007, 1,000,000 options (exercisable at 20 cents) were granted to the Chief Executive Officer (CEO)
designate as part of his contract of employment.
• On 18 October 2006, 1,000,000 options (exercisable at 20 cents) were granted to the Intersuisse Corporate Ltd
as a corporate success fee for assisting in the capital raising.
• pursuant to the prospectus dated 14 March 2007, 25,000,000 ordinary shares were issued on 4 May 2007
as a result of an initial public offer of shares which resulted in the Company listing on the Australian Securities
Exchange.
The Company’s key objectives in raising funds are to explore for and discover a gold resource of sufficient size for Dart
to become a gold producer; to grow initial gold production by on-going exploration success, building a resource base
across different goldfields; and to be successful in discovering and developing large gold and base metals mineralised
systems in porphyry – Reduced Intrusive Related Gold gold-silver-base metals targets.
(b) Terms and condition of contributed equity
Ordinary Shares
Ordinary shares have the right to receive dividends as declared and, in the event of winding up of the Company, to
participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on
shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
Under ASX Listing Rules, 15,812,496 ordinary shares were subject to escrow restrictions. The Company’s Share
Registry has holding locks in place on the relevant holdings and will not release them until the expiry of the relevant
restriction period or otherwise without ASX approval. The numbers and periods of escrow are as follows:
Number Securities Escrow Period
2,652,084 Ordinary shares 12 months commencing 18 October 2006
13,160,412 Ordinary shares 24 months commencing 10 May 2007
The balance of the issued capital of the Company, being 26,937,504 ordinary shares, is quoted on ASX.
DART MINING NL 2007 ANNUAL REPORT 37
07 NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
14. Contributed Equity (continued)
Partly-paid Shares (9c payable)
For every two ordinary shares issued pre-IPO, shareholders also received one partly-paid share credited as paid to 1
cent, with an unpaid amount of 9 cents per partly-paid share. The Company presently has 8,875,000 unlisted partly-
paid shares on issue, issued on 18 October 2006. The partly-paid shares to 1 cent (9c payable), are subject to a 9 cent
call between 1 July 2009 and 31 December 2009.
Under ASX Listing Rules, 8,743,750 unlisted partly-paid shares were subject to escrow restrictions. The Company’s
Share Registry has holding locks in place on the relevant holdings and will not release them until the expiry of the
relevant restriction period or otherwise without ASX approval. The numbers and periods of escrow are as follows:
Number Securities Escrow Period
2,015,585 Partly Paid Shares 12 months commencing 18 October 2006
6,728,165 Partly Paid Shares 24 months commencing 10 May 2007
The balance of the partly-paid issued capital of the Company, being 131,251 partly-paid shares, is not quoted on ASX.
(c) Share Options
Options Over Ordinary Shares
At the end of the financial year, there were 2,800,000 unissued ordinary shares in respect of which the following unlisted
options were outstanding:
Expiry Date Number Securities Escrow Period Exercise Price
31 December 2010 2,800,000 1
Unlisted Options 24 months commencing 20 cents
10 May 2007
1
includes 1,000,000 options issued on 3 January 2007 in accordance with the CEO designate contract of employment as described below in
Note 19.
Since 30 June 2007 21,375,008 further options have been issued pursuant to a short form prospectus dated 4 July
2007. These options have an exercise price of 20 cents and an expiry date of 31 May 2010. No options have been
exercised up to the date of this report.
15. Accumulated Losses
(a) Accumulated Losses
Consolidated Company
2007 2006 2007 2006
$ $ $ $
Accumulated losses at the beginning of the financial year - - - -
Net loss attributable to members of Dart Mining NL (101,074) - (99,182) -
Accumulated losses at the end of the financial year (101,074) - (99,182) -
(b) Franking Credits
There are no franking credits available for the subsequent financial year.
38 DART MINING NL 2007 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
16. Cash Flow Reconciliation
(a) Reconciliation of loss from ordinary activities
after tax to net cash flows from operations
Consolidated Company
2007 2006 2007 2006
$ $ $ $
Loss from ordinary activities after tax (101,074) - (99,182) -
Non cash flows in operating result
Depreciation of property, plant and equipment 1,109 - 1,109 -
Share option expensed 30,865 - 30,865 -
Operating cash flows not recognised as revenue
Changes in assets and liabilities
Decrease/(Increase) in receivables (49,685) - (49,685) -
Decrease/(Increase) in prepayments (17,051) (17,051)
Increase/(Decrease) in payables 84,260 - 84,260 -
Net cash used in operating activities (51,576) - (49,684) -
(b) Reconciliation of cash
Cash balance comprises:
Cash on hand and at call 4,314,896 - 4,314,896 -
Closing cash balance 4,314,896 - 4,314,896 -
(c) Business Acquired
During the financial year, Dart Mining NL acquired Dart Resources Pty Ltd. The net cash inflow on this acquisition was
$1,134. Refer to note 11 for further details.
(d) Financing Facility
The group has no available finance facilities at balance date.
(e) Non-Cash Financing and Investing Activities
During the year Dart Mining NL acquired Dart Resources Pty Ltd, with the purchase consideration in the form of an
issue of shares. Refer to note 11 for further details.
17. Expenditure Commitments
The company has no expenditure commitments at the end of the financial year, except under exploration tenement
licences where the controlled entity is required to rehabilitate each licence area to its original state prior to any
exploration works. Refundable cash bonds of $10,000 for each of the two Victorian tenements, Dart and Buckland,
have been lodged with the Victorian Government. Subsequent to year end, a refundable cash bond of $10,000 in
respect of the Tooma tenement has been lodged with the New South Wales Government.
DART MINING NL 2007 ANNUAL REPORT 39
07 NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
18. Subsequent Events
Since 30 June 2007, 21,375,008 further options have been issued pursuant to a short form prospectus dated 4
July 2007. These options have an exercise price of 20 cents and an expiry date of 31 May 2010 and were issued to
all shareholders in the ratio of one bonus option for every two ordinary fully paid shares held on the record date. No
options have been exercised up to the date of this report.
No other matters or circumstances have arisen since the end of the financial year that have significantly affected or
may have a significant effect on the financial operations of the consolidated entity, the financial performance of those
operations or the financial position of the consolidated entity in the subsequent financial year.
19. Employee Benefits and Superannuation Commitments
Consolidated Company
2007 2006 2007 2006
$ $ $ $
Employee Benefits
The aggregate employee benefit liability is comprised of:
Provisions (current) 728 - 728 -
728 - 728 -
Superannuation
The consolidated entity contributes in accordance with the Government Superannuation Guarantee legislation.
20. Share-based payments
The aggregate share-based payments for the financial year are set out below:
Consolidated Company
2007 2006 2007 2006
$ $ $ $
Details
Share-based payments
• On 18 October 800,000 options granted at fair value of 7.9
cents per option to third parties as a success fee 63,200 - 63,200 -
• On 3 January 1,000,000 options granted at fair value of 7.9
cents per option to J.E. Quayle as share-based payment 30,865 - 30,865 -
• On 14 February 1,000,000 options at 7.9 cents per option to
third party as a success fee 79,000 - 79,000 -
Closing balance 173,065 - 173,065 -
Executive Options
The Chief Executive Officer of Dart Mining NL, John Quayle, was granted options over unissued shares of the Company
under the terms of his employment contracts. The options were issued as part of consideration for services to be
provided, will not be quoted on the ASX, cannot be transferred and are exercisable at any time during the employment
of the executive after a qualifying period and before 31 December 2010 or 3 months after ceasing employment
whichever comes first.
Options held at the beginning of the reporting period were nil
40 DART MINING NL 2007 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
20. Share-based payments (continued)
Information with respect to the number of options granted during the reporting period is as follows:
Grantee Number Grant date Vesting Date Expiry date Exercise Price Fair Value at
Grant Date
John Quayle 1,000,000 3 January 2007 6 December 2007 31 December 2010 20 cents 7.9 cents
John Quayle 1,000,000 3 January 2007 6 December 2007 31 December 2010 20 cents 7.9 cents
Options held at the end of the reporting period
Grantee Number Grant date Vesting Date Expiry date Exercise Price Fair Value at
Grant Date
John Quayle 1,000,000 3 January 2007 6 December 2008 31 December 2010 20 cents 7.9 cents
John Quayle 1,000,000 3 January 2007 6 December 2008 31 December 2010 20 cents 7.9 cents
1
Expiry date before 31 December 2010 or 3 months after ceasing employment whichever comes first
No Executive Options were exercised during the year ended 30 June 2007.
Third Party Options
On 18 October 2006, as a success fee following completion of the private equity raising and in anticipation of further
work on the IPO, 1,800,000 options were issued as follows:
Grantee Number Grant date Vesting date Expiry date Exercise Price Fair Value at
Grant Date
Investor Resources
Finance Pty Ltd1 400,000 18 October 2006 18 October 2006 31 December 2010 20 cents 7.9 cents
LAH Securities
Pty Ltd2 400,000 18 October 2006 18 October 2006 31 December 2010 20 cents 7.9 cents
Intersuisse
Corporate Ltd 1,000,000 18 October 2006 18 October 2006 31 December 2010 20 cents 7.9 cents
1
a company in which Mr Bain, a director of Dart, has an interest
2
a company in which Mr Udovenya, a director of Dart, has an interest
Options held at the end of the reporting period
Grantee Number Grant date Vesting date Expiry date Exercise Price Fair Value
at Grant Date
Investor Resources
Finance Pty Ltd1 400,000 18 October 2006 18 October 2006 31 December 2010 20 cents 7.9 cents
LAH Securities
Pty Ltd 2 400,000 18 October 2006 18 October 2006 31 December 2010 20 cents 7.9 cents
Intersuisse
Corporate Ltd 1,000,000 18 October 2006 18 October 2006 31 December 2010 20 cents 7.9 cents
1
a company in which Mr Bain, a director of Dart, has an interest
2
a company in which Mr Udovenya, a director of Dart, has an interest
DART MINING NL 2007 ANNUAL REPORT 41
07 NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
20. Share-based payments (continued)
The weighted average fair value of the share options granted during the financial year is 8 cents. Options were priced
using the Black-Scholes model. Where relevant, the expected life used in the model has been based on management’s
best estimate for the effects of exercise restrictions, exercise period and behavioural considerations. Expected volatility
is based on management’s best estimate of volume for a junior gold explorer.
Inputs into the model John Quayle Investor Resources Intersuisse Ltd LAH Securities Pty Ltd
Finance Pty Ltd
Grant date share price 20 cents 20 cents 20 cents 20 cents
Exercise Price 20 cents 20 cents 20 cents 20 cents
Expected Volatility 40% 40% 40% 40%
Option Life 4 years 4 years 4 years 4 years
Risk-free interest rate 5.9% 5.9% 5.9% 5.9%
Weighted Average Remaining Contractual Life
The share options outstanding at the end of the financial year had a weighted contractual life of 1,278 days (2006:Nil)
Equity-settled transactions
On 28 July 2006 the entity issued 12,469,998 shares to directors in order to acquire tenements. Therefore, the fair
value of the shares was 5 cents per share and consequently the fair value of the tenements acquired is $623,500,
which has been recorded in Deferred Exploration and Evaluation Cots.
21. Key Management Personnel Remuneration
(a) Details of Key Management Personnel
Key Management Personnel are recognised as those persons who have the authority and responsibility for planning,
directing and controlling the activities of Dart Mining NL, either directly or indirectly, including any director of Dart Mining NL.
(i) The key management personnel of Dart Mining NL during the year were:
C.J. Bain Chairman (non-executive) appointed on 26 May 2006
B.R. Hochwimmer Executive Director (executive) appointed on 26 May 2006
D.G. Turnbull Executive Director (executive) appointed on 26 May 2006
S.G. Poke Director (non-executive) appointed on 15 June 2006
R.G. Udovenya Director (non-executive) appointed on 15 June 2006
(ii) Executives
J.E. Quayle CEO Designate/Company Secretary appointed 6 December 2006
(b) Compensation of Key Management Personnel
(i) Compensation Policy
The Board of Directors of Dart Mining NL is responsible for determining and reviewing compensation arrangements for
the directors and executives. The Board’s remuneration policy is to ensure that the remuneration package properly
reflects the person’s duties and responsibilities, with the overall objective of ensuring maximum stakeholder benefit
from the retention of a high quality board and executives. Such officers will be given the opportunity to receive their
base emolument in a variety of forms, including cash and fringe benefits such as motor vehicles. It is intended that the
manner of payment chosen will be optimal for the recipient without creating undue cost to the company.
42 DART MINING NL 2007 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
21. Key Management Personnel Remuneration (continued)
To assist in achieving these objectives, the Board links the nature and amount of executive officers’ emoluments to the
company’s financial and operational performance. All directors and executives will have the opportunity to qualify for
executive options under an Executive Share Option Plan which will provide incentives where specified performance
criteria are met. The plan has not yet been formalised by the Board.
Service Contracts are entered into with Executive Directors and Specified Executives. The employment contracts
with the Executive Directors are terminable by either the Company or the Executive by the giving of six month’s notice.
The current employment contract with the Chief Executive Officer (CEO) runs until its termination date of 6 December
2008, unless terminated by the CEO or by the Company either of whom may give four weeks notice. Contracts do not
provide for any additional termination benefits.
(ii) Compensation of Key Management Personnel
The aggregate compensation made to key management personnel of the company and the Group is set out below:
Consolidated Company
2007 2006 2007 2006
$ $ $ $
Short-term employee benefits 368,389 - 368,389 -
Post-employment benefits - - - -
Share-based payment 30,865 - 30,865 -
399,254 - 399,254 -
The compensation of each member of the key management personnel of the Group is set out below:
Short Term Post Employment Share Based Payment Total
Salary & Fees Superannuation Options
$ $ $
Directors
C.J. Bain 2007 6,986 - - 6,986
2006 - - - -
B.R.Hochwimmer1 2007 149,250 - - 149,250
2006 - - - -
D.G.Turnbull2 2007 149,250 - - 149,250
2006 - - - -
S.G.Poke 2007 4,890 - - 4,890
2006 - - - -
R.G.Udovenya 2007 4,890 - - 4,890
2006 - - - -
Other key management personnel
J E Quayle3 2007 53,123 - 30,865 83,988
2006 - - - -
368,389 - 30,865 399,254
1
Under the terms of his contract the Executive Director’s salary was paid to B Hochwimmer and Associates Pty Ltd, a company which is
controlled by Bernhard Hochwimmer.
2
Under the terms of his contract the Executive Director’s salary was paid to North East Geological Contractors Pty Ltd, a company which is
controlled by Dean Turnbull.
3
Under the terms of his contract the Chief Executive Officer’s consulting fees were paid to J E Quayle ABN 84 414 709 215.
DART MINING NL 2007 ANNUAL REPORT 43
07 NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
21. Key Management Personnel Remuneration (continued)
(c) Remuneration Options: Granted and vested during the year
As disclosed in Note 21(e), 1,000,000 options were issued during the year but no options were vested during the year.
(d) Share issued on exercise of remuneration options
No shares were issued on the exercise of remuneration options during the year.
(e) Option holdings of Directors and other key management personnel
Unlisted options held by associates of Directors and by an Executive. Details of options are contained in Note 22.
Balance Granted as Options Net Change Balance Vested and
1 July 2006 remuneration Exercised Other 30 June 2007 exercisable at
(Lapsed) 30 June 2007
Directors
C.J. Bain - - - 400,000*1 400,000 -
R.G. Udovenya - - - 400,000*1 400,000 -
Other key management personnel
J.E. Quayle - 1,000,000 - - 1,000,000 -
Total - 1,000,000 - 800,000 1,800,000 -
*1
options in which Messer’s Bain & Udovenya hold an indirect interest
(f) Shareholdings of Key Management Personnel
Ordinary Shares held in Balance Granted as Purchased Net Change Balance
Dart Mining NL 1 July 2006 remuneration in IPO or Other 30 June 2007
subsequently
on-market
No. No. No. No. No.
Directors
C.J. Bain 1 - 150,000 606,665*1 756,666
B.R. Hochwimmer 1 - - 4,499,999*1 4,500,000
D.G. Turnbull 1 - - 4,499,999*1 4,500,000
S.G. Poke - - 252,500 3,500,000*1 3,752,500
R.G. Udovenya - - - 200,000*1 200,000
Other key management personnel
J.E. Quayle - - 20,000 130,000*1 150,000
Total 3 - 422,500 13,436,663 13,859,166
*1
these are ordinary shares issued pre-IPO
All equity transactions with directors and other key management personnel other than those arising from the exercise
of remuneration options have been entered into under terms and conditions no more favourable than those the entity
would have adopted if dealing at arm’s length.
44 DART MINING NL 2007 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
22. Auditors’ Remuneration
Consolidated Company
2007 2006 2007 2006
$ $ $ $
Amounts received or due and receivable by Deloitte Touche
Tomatsu for:
• Provision of services for IPO Prospectus 14,369 - 14,369 -
• audit or review of the financial statements of the entity and any
other entity in the economic entity 20,000 - 20,000 -
23. Related Party Disclosures
(a) The Directors during the financial year were:
Current Directors
Christopher John Bain (appointed 26 May 2006)
Bernhardt Rupert Hochwimmer (appointed 26 May 2006)
Dean George Turnbull (appointed 26 May 2006)
Stephen Gary Poke (appointed 15 June 2006)
Richard Glenn Udovenya (appointed 15 June 2006)
(b) Information on remuneration and retirement benefits of Directors is disclosed in Note 21.
(c) Directors’ shareholding
At year end, the current Directors held directly and indirectly, 14,029,166 ordinary shares (2006: 3), 6,853,332 partly-
paid shares (2006: nil) and 800,000 options (2006: nil) in the Company.
Directors acquired the following shares and options during the year:
• Mr C.J. Bain has a beneficial interest in 250,000 shares acquired on 28 July 2006 at 5 cents, 756,666 shares
acquired on 18 October 2006 at 7.5 cents, sold 130,000 shares on 3 January 2007 at 7.5 cents to the CEO
designate, subscribed for 100,000 shares at 20 cents in the IPO, and purchased 50,000 shares on market on 10
May 2007. He also acquired a beneficial interest in 503,332 partly-paid shares (9 cents payable) on 18 October
2006 and indirectly holds 400,000 options granted on 18 October 2006.
• Mr B.R. Hochwimmer was allotted 4,499,999 shares on 28 July 2006. He also acquired 2,250,000 partly-paid
shares (9 cents payable) on 18 October 2006.
• Mr D.G. Turnbull was allotted 4,499,999 shares on 28 July 2006. He also acquired 2,250,000 partly-paid shares (9
cents payable) on 18 October 2006.
• Mr S.G. Poke was allotted 3,500,000 shares on 28 July 2006 and subscribed for a further 252,500 shares at
20 cents under the prospectus dated 14 March 2007. He also acquired 1,750,000 partly-paid shares (9 cents
payable) on 18 October 2006.
• Mr R.G. Udovenya acquired 200,000 shares on 18 October 2006 at 7.5 cents, and a further 100,000 partly-paid
shares (9 cents payable) on 18 October. He also holds indirectly 400,000 options granted on 18 October 2006.
(d) Other related party transactions:
There were no related party transactions other than those described in Note 23(f).
(e) Ultimate Parent:
Dart Mining NL is the ultimate Australian parent company.
DART MINING NL 2007 ANNUAL REPORT 45
07 NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007
23. Related Party Disclosures (continued)
(f) Other transactions and balances with Key Management Personnel:
Legal services at normal commercial rates totalling $89,968 (2006: $nil) were provided by ResourcesLaw International,
of which Richard Udovenya is a partner, prior to the listing of the Company on 10 May 2007. At year end an amount of
$89,968 remained outstanding (2006: $nil).
Non-legal advisory services at normal commercial rates totalling $41,250 (2006: $nil) were provided by LAH Securities
Pty Ltd, of which Richard Udovenya is a director, prior to the listing of the Company on 10 May 2007. At year end an
amount of $41,250 remained outstanding (2006: $nil).
Corporate advisory services at normal commercial rates totalling $11,582 (2006: $nil) were provided by Investor
Resources Services Ltd of which Chris Bain is a director, prior to the listing of the Company on 10 May 2007. At year
end no amount remained outstanding (2006: $nil).
Corporate advisory services at normal commercial rates totalling $109,500 (2006: $nil) were provided by Investor
Resources Finance Ltd of which Chris Bain is a director, prior to the listing of the Company on 10 May 2007. At year
end no amount remained outstanding (2006: $nil).
24. Financial Instruments
(a) Interest Rate Risk Management
The Group is currently unexposed to interest rate risk as it holds no amounts of borrowed funds. The consolidated
entity’s exposure to interest rate risk and the weighted average interest rate for each class of financial assets and
financial liabilities is set out in the following table:
Consolidated
Fixed interest maturing in:
Weighted Floating 1 year or 1 year or Non-interest
average interest rate less more bearing Total
Note interest rate $ $ $ $ $
2007
Financial assets
Cash and deposits 16(b) 5.8% 1,794,896 2,520,000 - - 4,314,896
Receivables 5 N/A - - - 173,496 173,496
1,794,896 2,520,000 - 173,496 4,488,392
Financial liabilities
Payables 13 N/A - - - 390,840 390,840
Net financial assets/(liabilities) 1,794,896 2,520,000 - (217,344) 4,097,552
2006
Financial assets
Cash and deposits 16(b) N/A - - - 3 3
Receivables 6 N/A - - - - -
- - - 3 3
Financial liabilities
Payables 13 N/A - - - - -
Net financial assets/(liabilities) - - - 3 3
N/A – not applicable for non-interest bearing financial instruments.
46 DART MINING NL 2007 ANNUAL REPORT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2007 07
24. Financial Instruments (continued)
(b) Net Fair Values
All financial assets and liabilities have been recognised at the balance date at lower of cost and realisable value which
approximates their net fair value.
(c) Liquidity Risk Management
The responsibility for liquidity risk management rests with the board of directors. The Group manages liquidity risk by
maintaining adequate reserves, banking facilities, and through the continuous monitoring of budgeted and actual cash
flows.
(d) Credit Risk Management
The maximum exposure to credit risk, excluding the value of any collateral or other security at balance date, to
recognised financial assets is the carrying amount of those assets, net of any provisions for doubtful debts, as disclosed
in the statement of financial position and notes to the financial statements.
The economic entity does not have any material credit risk exposure to any single debtor or group of debtors under
financial instruments entered into by the economic entity.
25. Contingent Liabilities and Contingent Assets
No contingent liabilities or contingent assets existed at the reporting date except under tenement licences in Victoria
and NSW where the controlled entity is required to rehabilitate each licence area to its original state prior to any
exploration works.
DART MINING NL 2007 ANNUAL REPORT 47
07 DIRECTORS’ DECLARATION
In accordance with a resolution of the Directors of Dart Mining NL, we state that:
1. In the opinion of the Directors:
a. the financial statements and notes of the company and of the consolidated entity are in accordance with the
Corporations Act 2001, including:
i. giving a true and fair view of the company’s and consolidated entity’s financial position as at
30 June 2007 and of their performance for the year ended on that date; and
ii. complying with Accounting Standards and the Corporations Regulations 2001.
b. there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable.
2. This declaration has been made after receiving the declarations required to be made to the Directors in accordance
with section 295A of the Corporations Act 2001 for the financial year ended 30 June 2007.
On behalf of the Board
C J BAIN D G TURNBULL
Director Director
Melbourne
27 September 2007
48 DART MINING NL 2007 ANNUAL REPORT
DART MINING NL 2007 ANNUAL REPORT 49
50 DART MINING NL 2007 ANNUAL REPORT
ASX ADDITIONAL INFORMATION 07
Additional information required by the Australian Securities Exchange Ltd Listing Rules and not disclosed elsewhere in this
report is as follows. The information is current as at 31 August 2007.
TWENTY LARGEST SHAREHOLDERS
Name of Holder Percentage of No. of Ordinary Shares Escrowed
Issued Capital Shares Held – not quoted
on ASX
1 North East Geological Contractors Pty Ltd 10.53% 4,500,000 4,500,000
2 Tesaneer Pty Ltd 8.19% 3,500,000 3,500,000
3 B Hochwimmer and Associates Pty Ltd
<ATF Hochwimmer Superannuation Fund> 7.89% 3,375,000 3,375,000
4 ANZ Nominees Ltd <Cash Income A/C> 7.02% 3,000,000
5 Eagle Eye Metals Limited 2.34% 1,000,000
6 Archer Trading NZ LTD 1.75% 750,000
7 Saracen Mineral Holdings Limited 1.75% 747,500 412,500
8 B Hochwimmer and Associates Pty Ltd 1.32% 562,500 562,500
9 BR and LR Hochwimmer 1.32% 562,500 562,500
10 Philip Securities Pty Ltd <D A/C> 1.26% 540,000
11 Beronia Investments Pty Ltd <the Duke Account> 1.17% 500,000
12 Mr. Robert David Boyd & Mrs. Sonia Anne Stafford
<RD Boyd Superfund A/C> 1.17% 500,000
13 Dahele Pty Ltd 1.17% 500,000
14 Security & Equity Resources Ltd 1.17% 500,000
15 Mr. John Andrew Elliott 1.05% 450,000
16 Inhowse Pty Ltd 0.92% 393,000
17 Minadco Pty Ltd <Super Fund A/C> 0.83% 356,666 222,916
18 Mr. Kevin Wayne Gray 0.64% 275,000
19 Mr. Stephen Gary Poke + Mrs Denise Margaret Poke
<Tesaneer Super Fund A/C> 0.59% 252,500
20 Bruce Birnie Pty Ltd 0.58% 250,000
SHARES ON ISSUE AT 30 JUNE 2007 42,750,000 ordinary fully paid
8,750,000 partly-paid shares (9c payable)
SUBSTANTIAL SHAREHOLDERS
Substantial shareholders as advised to the Company are set out below:
Name No. of Ordinary Percentage of Partly-paid Shares
Shares Issued Capital (9c payable)
B.R. Hochwimmer 4,500,000 10.53% 2,250,000
D.G. Turnbull 4,500,000 10.53% 2,250,000
S.G. Poke 3,752,500 8.78% 1,750,000
DART MINING NL 2007 ANNUAL REPORT 51
07 ASX ADDITIONAL INFORMATION
DISTRIBUTION OF MEMBER HOLDINGS
Ordinary Shares
Size of Holding No. of Holders No. of Shares
1 – 1,000 1 14
1,001 – 5,000 64 234,636
5,001 – 10,000 194 1,886,865
10,001 – 100,000 285 11,143,169
100,001 and over 59 29,485,316
Total Holders 603 42,750,000
The number of security investors holding less than a marketable parcel of 3,334 securities (15 cents on 31/08/07) is 31 and
they hold a combined total of 76,222 securities.
Bonus Options
Size of Holding No. of Holders No. of Options
1 – 1,000 6 5,169
1,001 – 5,000 249 1,075,646
5,001 – 10,000 83 677,682
10,001 – 100,000 199 6,061,260
100,001 and over 40 16,355,251
Total Holders 574 24,175,008
The number of security investors holding less than a marketable parcel of 8,065 securities (6.2 cents on 31/08/07) is 302
and they hold a combined total of 1,404,147 securities.
Partly-Paid Shares
Size of Holding No. of Holders No. of Partly-Paid
Shares
1 – 1,000 - -
1,001 – 5,000 - -
5,001 – 10,000 - -
10,001 – 100,000 10 800,000
100,001 and over 13 8,075,000
Total Holders 23 8,875,000
52 DART MINING NL 2007 ANNUAL REPORT
ASX ADDITIONAL INFORMATION 07
VOTING RIGHTS
All shares carry one vote per share without restriction.
OPTIONS ON ISSUE
As at 31 August 2007, a total of 24,175,008 options, of which 21,375,008 are listed on the Australian Securities Exchange,
remain outstanding as follows:
• 21,375,008 listed options exercisable on or before 31 May 2010 at an exercise price of 20 cents each.
• 800,000 unlisted options exercisable on or before 31 December 2010, subject to ASX escrow until 9 May 2009, at an
exercise price of 20 cents each;
• 1,000,000 unlisted options exercisable on or before 31 December 2010, subject to ASX escrow until 9 May 2009, at an
exercise price of 20 cents each;
In addition, 1,000,000 unlisted executive options exercisable at 20 cents have been issued to the executive John Quayle.
These executive options vest in two tranches of 500,000 on 6 December 2007 and 6 December 2008, but are subject to
ASX escrow until 9 May 2009, are not transferable and are exercisable at any time during the employment of the executive
and for 3 months after the executive ceases employment, or 31 December 2010, whichever is the earlier, after which time
they lapse.
TENEMENT SCHEDULE
Tenement Number Licensed Holder Name & Region of Subject of Licence Area km2 Current Beneficial Interest
EL4724 Dart Mining NL Buckland, north-east Victoria including 352 100%
Fairleys prospect
EL4726 Dart Mining NL Dart, north-east Victoria including 1220 100%
Mountain View and Mt Elliot prospects
EL6172 Dart Resources Tooma, New South Wales 120 100%1
Pty Ltd
Notes
(1) Dart Resources Pty Limited owns 100% of these licences. Dart Resources is a 100% owned subsidiary of Dart Mining NL.
(2) On 30 October 2007, EL 4724 & 4726 will be subject to a statutory reduction to no more than 40% of the original size held
TENEMENT APPLICATIONS in progress
Tenement Application Number Applicant Name & Region of Subject of Licence Area km2 Current Beneficial Interest
ELA5058 Dart Mining NL Cudgewa, north-east Victoria abutting 558 100%
art EL
ELA5059 Dart Mining NL Koetong, north-east Victoria 524 100%
DART MINING NL 2007 ANNUAL REPORT 53
Dart Mining NL
Level 3, 15 Queen Street
Melbourne VIC 3000
Telephone: +613 9621 1322
Facsimile: +613 9621 1544
Email: info@dartmining.com.au
Website: www.dartmining.com.au
Dart Mining NL
Level 3, 15 Queen Street
Melbourne VIC 3000
Telephone: +613 9621 1322
Facsimile: +613 9621 1544
Email: info@dartmining.com.au
Website: www.dartmining.com.au
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