AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF DART MINING NL I declare that, to the best of my knowledge and belief, during the year ended 30 June 2022 there have been: (i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and (ii) no contraventions of any applicable code of professional conduct in relation to the audit. MORROWS AUDIT PTY LTD I.L. JENKINS Director Melbourne: INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF DART MINING NL
Report on the Financial Report
Opinion
We have audited the financial report of Dart Mining NL, (the Company and its subsidiaries (the Group)), which comprises the
consolidated statement of financial position as at 30 June 2022, the consolidated statement of profit or loss and other
comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the
year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the directors’
declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its financial performance for the year
ended on that date;
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(iii) complying with International Financial Reporting Standards as disclosed in Note 2.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the
Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of
the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that
are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance
with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 1(n) in the financial report which indicates that the ability of the Company to continue as a going
concern is dependent on its ability to control its overhead costs and exploration expenditures and to general funds from activities.
The events and conditions, including the loss for the period, indicate the existence of a material uncertainty that may cast
significant doubt about the Company’s ability to continue as a going concern and therefore the Company may be unable to realise
its assets and discharge its liabilities in the normal course of business at amounts stated in the financial report.
Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF DART MINING NL
Key Audit Matters (continued)
Key audit matter
How our audit addressed the key audit matter
1) Carrying value of Deferred Exploration and
Evaluation Expenditure
Refer to Note 14 ($15,295,761)
Deferred Exploration and Evaluation expenditure
of $15,295,761 relate to costs incurred in
relation to the various tenements less
impairment.
For the financial year ended 30 June 2022, the
Directors have performed an assessment for
impairment and have determined that no further
write off or impairment is required.
The auditor’s procedures included:
Evaluated the Group’s accounting policy to recognise
capitalised exploration costs using the prescribed
accounting policy disclosure;
Obtaining a copy of the Director’s assessment of the
$15,295,761 carrying value of total deferred exploration
and evaluation expenditure with a review of the assertions
made in the assessment undertaken.
Discussing with Directors the existence of any potential
impairment indicators, including if:
i.
ii.
iii.
iv.
v.
vi.
the period for which the entity has the right to
explore in the specific area has expired during
the period or will expire in the near future, and
is not expected to be renewed;
substantive expenditure on further exploration
for and evaluation of mineral resources in the
specific area is neither budgeted nor planned;
exploration for and evaluation of mineral
resources in the specific area have not led to the
discovery of commercially viable quantities of
mineral resources and the entity has decided to
discontinue such activities in the specific area;
significant changes with an adverse effect on the
entity have taken place during the period, or will
the
take place
the near
technological, market, economic or
legal
environment in which the entity operates or in
the market to which an asset is dedicated;
the carrying amount of the net assets of the
entity is more than its market capitalisation; and
evidence is available of obsolescence or physical
damage of an asset.
future,
in
in
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF DART MINING NL
Other Information
The directors are responsible for the other information. The other information comprises the information included in the Group’s
annual report for the year ended 30 June 2022 but does not include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in
accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors
determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material
misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors
either intend to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The Directors are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibility for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is
a high level of assurance but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis
of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards
Board website at: https://www.auasb.gov.au/auditors_responsibilities/ar1.pdf. This description forms part of our auditor’s report.
INDEPENDENT AUDITOR’S REPORTTO THE MEMBERS OF DART MINING NLReport on the Remuneration ReportOpinion on the RemunerationReportWe have audited the Remuneration Report included in included in the directors’ report for the year ended 30 June 2022.In our opinion, the Remuneration Report of DART Mining NL, for the year ended 30 June 2022, complies with section 300A of theCorporations Act 2001.ResponsibilitiesThe directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordancewith section 300A of the Corporations Act 2001. Ourresponsibility is to express an opinion on the Remuneration Report, based onour audit conducted in accordance with Australian Auditing Standards. MORROWS AUDIT PTY LTD I.L. JENKINS Director Melbourne: ASX Additional Information
Auditor’s Report
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 19 August 2022.
Twenty largest shareholders
Rank
Name of holder
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
17
18
19
20
CITICORP NOMINEES PTY LIMITED
KNIGHT61 INVESTMENTS PTY LTD
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