A GOLD EXPLORATION AND PRODUCTION COMPANY by rwi74592

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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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