The Directors of Dart Mining NL announced the entry into an Earn-in Agreement with Sociedad Química y Minera de Chile S.A. (via its wholly owned subsidiary SQM Australia Pty Ltd) (SQM) for its Dorchap Lithium Project. SQM has a 50/50 joint venture with Wesfarmers, the Mt Holland Lithium project in Western Australia. Dart Mining has granted SQM the right, but not the obligation, to sole fund exploration expenditure totaling AUD 12 million over the next 6 years.

In that regard, SQM has the right, but not the obligation, to earn an initial 30% interest in the Project (ELs 5315, 006277, 006300 and 006486) by sole funding a minimum of AUD 3 million for the next 3 years on exploration mining and treatment activities. SQM may then elect to sole fund expenditure of a further AUD 9 million in aggregate over a further 3-year period, to earn a further 40% interest in the Project. The earn in periods and SQM's earn in rights are subject to conditions: Dart Mining's Dorchap Lithium Project, in Victoria, has identified five types of lithium-bearing minerals, namely, spodumene, petalite, lepidolite, amblygonite, and cookeite.

Spodumene, petalite and lepidolite (particularly spodumene) are the main sources of hard-rock lithium ores. Cookeite is a secondary lithium-silicate mineral formed through the alteration of other lithium-bearing minerals. The execution of the Earn In Agreement (Agreement) between Dart Mining and SQM validates Dart Mining's view of the prospectivity for its Dorchap Lithium Project.

The agreed expenditure is intended to be at a level which should enable better definition around that prospectivity. The key terms of the Agreement are: SQM has been granted the right, amongst other things, to explore, mine and treat lithium (and related) minerals within the Project (comprising Victorian exploration tenements EL5315, EL006277, EL006300 and EL006486). SQM also has the right, but not the obligation, to sole fund exploration expenditure totaling AUD 12 million over the next 6 years.

During the first earn in period of 3 years, Dart Mining has granted SQM the right, but not the obligation, to earn an initial 30% interest in the Project by sole funding exploration expenditure of AUD 3 million. SQM may elect to sole fund expenditure of a further AUD 9 million over two further periods totaling 3 years to earn a further 40% interest in the Project: If SQM elects to continue with the Agreement, a second earn in period until the fifth anniversary of the Commencement Date in which SQM may elect to spend AUD 3,500,000, to earn a further 21% interest in the Project If SQM elects to continue with the Agreement, a third earn in period until the sixth anniversary of the Commencement Date in which SQM may elect to spend AUD 5,500,000, to earn a further 19% interest in the Project EL5315 is currently subject to renewal by the Minister: if the renewal is granted, SQM will pay the Company the sum of $300,000. If the renewal is not granted and SQM elects to continue to sole fund, then all funding amounts described above will be reduced by approximately 15% to reflect the area lost with EL5315.

If EL5315 has not been renewed by the time SQM has spent AUD 1 million, then it may elect to suspend funding exploration activities until the renewal is granted, and the initial 3-year earn in period is extended accordingly Dart Mining is appointed as the Manager for the earn in period to conduct exploration and development work on the Project SQM may at any time after it has earned an initial 30% interest in the Project elect to enter into a Joint Venture Agreement (JVA) with Dart Mining, on terms to be agreed and in accordance with principles set out in the Agreement. If a JVA is entered into SQM will cease earning a further interest and each party will be liable to fund their expenditure commitments in proportion to their then percentage interests in the Project The parties have agreed that Dart Mining retains all rights and obligations in relation to minerals within the tenements comprising the Project, except for lithium and related metals The parties agree to establish a Technical Advisory Committee to make decisions to progress of the Project with SQM as the funding party having a casting vote SQM and Dart has been granted a right of first refusal in the event that the other party wishes to sell its interest in the Project.