5 questions asked at 2026 Dart Mining (DTM) virtual EGM

Q1. With our share price falling to 1.1c we only have a market cap of $2.9m today which is well below the latest claimed net assets of $17.7m in the balance sheet released with the February 2026 results. Does the chair agree this suggests the $7m asset sale being approved today was done at significantly below book value and what sort of loss will it lead to in the upcoming full year results?

Answer: The executive chair James Chirnside said there was unlikely to be a write-down because the assets were in the books at not much courtesy of earlier write-downs and expensing.
Q2. We've got accumulated losses of $30.8 million as of February this year. How much of those losses were wracked up on the assets being sold today once shareholders approve resolution 1 and if we had our time again, what would executive chair James Chirnside have done differently?

Answer: The executive chair James Chirnside, who became chair in 2015 and immediately put a stop to spending on Mt Unicorn, said the biggest expense was spending about $12m on the Mt Unicorn molybdenum deposit near Corryong in Victoria which was discovered by on-going Dart director Dean Turnbull in 2008-09. However, Dart suffered from the molybdenum price collapsing by about 90% between 2008 and 2015 to be the worst performing metal in the world at that time. They've now secured a 15 year retention lease around the deposit recognising the significant expenditure. They've also sold Mt Unicorn to Indigo Metals which is about to float with Dart emerging as one of their larger shareholders. The moly price is also back to 2008 levels so he's bullish in the long term.

Q3. Resolution 2a question: "The latest annual report says that we have 2,302 shareholders. Why weren't retail shareholders offered an opportunity to participate in the latest placement on the same terms as the "sophisticated" big end of town investors? Also, why was part of the raise a company managed placement with no lead manager? Were we not able to find a lead manager prepared to put their name to it, was it too small to attract their interest or did we have the skills internally to save money by doing it ourselves?"

Answer: The executive chair James Chirnside said the large retail shareholder based largely arose from all the initial excitement around the Mt Unicorn deposit when lots of people from the Corryong area in north east Victoria bought in. In terms of avoiding the fees he said his capital markets experience helped with the raise and they would have liked to do an SPP - "that's a very good point you make" - and may look at this in the future. He also said 60% of the company is owned by the top 50 and they hadn't done an unmarketable parcel mop-up offer because this would potentially cost more than $100,000.

Q4. Resolution 4 question: "I'm not a fan of paying brokers with equity because they are not generally long term holders and it gives then an incentive to talk up the stock to clients in order to facilitate a more profitable exit. Given that we also paid a 6% cash fee on part of this latest raise, why did we feel the need to offer dilutive options to brokers in addition to that? Will you commit to not do this again?"

Answer: The executive chair James Chirnside said he completely agrees and hates issuing equity to brokers but they have to given the power imbalance and the "nuclear winter" explorers had been through over the past couple of years, meaning this was the current market practice and the cost of raising capital. He also stressed that no broker options had ever been exercised and many had lapsed over the years. Indeed, James reckons he "hates dilution" and has suffered a lot himself over the years.

Q5. Will you disclose the headcount data given that you've flashed them with the proxy during this Zoom EGM?

Answer: The executive chair James Chirnside said he would look at this but in the end they didn't deliver in these poll results.

In addition, here are some videos via Twitter from the last few minutes of the meeting

James Chirnside delivering an optimistic flourish after the resolutions had been dealt with

Julie Williams read out of David Beck's royalty question

James Chirnside talks up Dart's low cost drilling model through owning their own drill rig and its diverse metals mix

Copyright © 2026 The Mayne Report. All rights reserved

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