FireFly Metals Ltd. — AGM Information 2007

Nov 7, 2007

MONAX MINING LIMITED CHAIRMAN’S ADDRESS

Fellow Shareholders

I am delighted to welcome you to our third Annual General Meeting as a listed company. Much has been achieved since listing just over two years ago on 25[th] September 2005 by our dynamic management team ably led by Michael Schwarz our Managing Director.

Monax has undertaken a very active phase of on ground exploration over this period and as a result has made a very exciting discovery on the Punt Hill tenement. As set out in the Annual Report a 20 hole diamond drilling program targeted a number of Prominent Hill and Carrapateena style copper-gold targets. The highly successful drill program has identified at least four very large alteration and mineralisation systems to date. The latest significant results from GHDD4 of 122m of mineralisation reinforce the earlier findings of GHDD1 which intersected 126m of mineralization. Further detailed geophysical work is being undertaken to target economic mineralisation within these systems.

The discoveries have resulted in a number of approaches from major mining companies to be a part of the Punt Hill project. The company is currently taking these approaches under consideration and hopes to be in a position to determine the future direction of Punt Hill by the first quarter next calendar year.

In addition to Punt Hill we have several other projects

The copper-zinc, nickel and uranium potential of our Mt Hope, Brimpton Lake and Moorland tenements on the Eyre Peninsula are currently being tested with highly encouraging results.

The Bonaventura prospect on Kangaroo Island has had the primary controls on zinc mineralization identified and we plan to assess the prospect’s economic potential.

To date we have successfully focused our resources on these highly prospective tenements whilst maintaining our other tenements. Today shareholders are being asked to consider and if thought fit vote in favour of resolution 5 to approve the entry into the agreements summarized in the document attached to the notice of meeting. A vote in favour will assure the exploration of those tenements where we have had insufficient funds to explore. Particularly, we will participate in a joint venture on the highly prospective Ambrosia tenement where we will retain a 50% direct interest. The company also retains a 25.7% indirect interest through its shareholding in Mamota Energy Ltd (“Marmota”) giving it approximately 62.5% of the tenement. Joint ventures in respect of uranium on the other tenements set out in the Marmota Prospectus result in a direct interest for the company of 30% and similarly through our indirect interest we have

approximately 48%of the tenements. We believe we would be unlikely to obtain such terms with any other joint venturer.

I am delighted to report that the Marmota offer has closed oversubscribed and that Monax shareholders have been allocated all shares applied for under the priority offer. Approval of resolution 5 will give our company broader exposure to what we hope will be highly successful exploration of the Joint Venture Tenements.

Again I thank shareholders for their ongoing support particularly for their support for the successful raise of an additional $4.2million through a combined placement and oversubscribed rights issue.

I take this opportunity to thank management and all staff for their enthusiasm and for their professional approach to the discovery of minerals for the benefit of the shareholders. In particular, I’d like to mention the contribution that has been made by Dr Neville Alley in his guiding role as an executive director, a role he has recently relinquished. Neville took a fledgling company and guided it to where we can now confidently say that we are a successful exploration company. His guidance to our managing director and our staff has been much appreciated by them and the Board.

I also record my thanks to all those who have in any way contributed to our success particularly my fellow directors.

Thank you Ladies and Gentlemen.