Some information on this has yet to be confirmed (feel free to poke me if you know better) MyraMidnight (talk).

Loot (or Drops) are what the items are called that "drop" when defeating wilds or mining.

List of Drops (loot)

Keep in mind that some items are not exclusive to mining or drops from wilds

Loot drop list, how to obtain
Item Name	Wilds	Giants	Mining	Crafting	Edible?
Chocolate	Yes	Yes	No	No	Yes
Cherry	Yes	Yes	No	No	Yes
Prickle Pear	Yes	Yes	No	No	Yes
Pentacorn Nut	Yes	Yes	No	No	Yes
Garleese Bulb	Yes	Yes	No	No	Yes
Milk	Yes	Yes	No	No	Yes
Egg	Yes	Yes	No	No	Yes
Vial of Water	Yes	Yes	No	No	No
Flour	Yes	Yes	No	No	No
Necklace	Yes	Yes	No	No	No
Sapphire Shard	Yes	Yes	Yes	No	No
Emerald Shard	Yes	Yes	Yes	No	No
Ruby Shard	Yes	Yes	Yes	No	No
Soul Shard	No	Yes	No	Yes	No
Log	Yes	Yes	?	No	No
Coal	Yes	Yes	?	No	No
Sand	Yes	Yes	No	No	No
Bloodstones	Yes	Yes	No	No	No
Skill Rune	No	Yes	No	Yes	No
Philosopher's Stone	No	Yes	No	No	No
Stone	Yes	Yes	Yes	No	No
Essence, Attack	No	No	Yes	No	No
Essence, Strength	No	No	Yes	No	No
Essence, Defense	No	No	Yes	No	No
Essence, Hitpoints	No	No	Yes	No	No
Onyx Ore	No	No	Yes	No	No
Bronze Ore	No	No	Yes	No	No
Iron Ore	No	No	Yes	No	No
Krafties Fossils	Yes	Yes	Yes	No	No
Scrolls	Yes	Yes	No	No	No
Muffin	Yes	Yes	No	No	Yes
Fish	No	No	No	No	Yes
Worm	Yes	Yes	No	No	No

Limited Loot

Candycane (Dropped on 1st Halloween October 2012)
Birthday Cake (Dropped on Krafties 1st Birthday July 2013)
It will be disabled when the New HUD comes out