FireFly Metals Ltd. — AGM Information 2016

Nov 15, 2016

Exploration Office Level 3, 100 Pirie Street Adelaide SA 5000 info@monaxmining.com.au

ABN: 96 110 336 733

Tel: +61 8 8232 8320 Fax: +61 8 8232 8811 www.monaxmining.com.au

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ASX ANNOUNCEMENT

For Immediate Release

Wednesday, 16 November 2016

MONAX MINING LIMITED CHAIRMAN’S ADDRESS

Dear Fellow Shareholders

It gives me great pleasure to welcome you all to our twelfth Annual General Meeting.

In the past year, Monax shifted its strategic focus to gold and lithium exploration, revitalising its exploration portfolio through the addition of new projects in the Northern Territory and Queensland. The Company reviewed numerous opportunities with a view to finding suitable projects to take the Company forward and have since settled on Mt Ringwood, Croydon, Litchfield and Percyville more recently, which have become the Company’s major focus.

The survival of any junior exploration company is centered upon its Shareholders and Monax would like to extend a thank you to all those who participated in the recent July 2016 equity-raising. The Company raised approximately $1.5 million, giving Monax the ability to fully fund ongoing exploration activities at these priority projects.

Mt Ringwood Gold Project was the result of a culmination of significant efforts in bringing together a number of tenements held by private interests, into what Monax now views as a significant gold project. The project is located in the Pine Creek area, renowned for hosting shallow, high grade gold mineralisation, with mining in the area having taken place more or less continuously since the ‘gold rush’ during the 1870’s. A maiden drilling program has been completed, following encouraging reconnaissance surface sampling, with Monax expressing a view to undertake an IP survey to further highlight zones of sulphide at the Great Northern.

During the year, Monax was successful in acquiring two tenements in the North Queensland Croydon area, which highlight the Company’s continual focus on historical goldfields. Significant mesothermal gold deposits are located within the Croydon goldfields with historic production of ~60,000 kg Au bullion recorded in the area.

Reconnaissance rock chip sampling by Monax at the Vanderbilt and Lost Chance prospects provided significant results which the Company will follow up during the coming year.

In more recent exploration activity, Monax signed binding term sheets for a NT-based lithium project (Lichfield) and a gold exploration project in Queensland (Percyville). The strong demand for lithium during the past year was highly notable and Monax joined the quest.

Exploration Office Level 3, 100 Pirie Street Adelaide SA 5000 info@monaxmining.com.au

ABN: 96 110 336 733

Tel: +61 8 8232 8320 Fax: +61 8 8232 8811 www.monaxmining.com.au

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Recent sampling at Litchfield, NT, reported encouraging high-grade results, up to 8.03% Li2O from the White Rocks area, and 7.62% Li2O at Tank Hill. Mapping and sampling of the area has highlighted four main pegmatite zones. Further to these results, Monax’ Mining Management Plan for costeaning at White Rocks and auger sampling in the southern part of the project area has been approved, pending the payment of a security bond. The two programs, to be completed in the coming weeks, will assist Monax in outlining areas for drilling.

Initial gold exploration results from the newly acquired Queensland Percyville tenements were highly encouraging, with gold up to 62.5g/t Au and silver up to 620g/t Ag reported. Monax decided to undertake Dipole-Dipole and Gradient Array IP surveys over the area to test the prospective horizons which have a north-easterly strike.

The observed Dipole-Dipole data displays strong resistivity in the centre of the traverse with increased conductivity towards the eastern margin. The complex nature of the chargeability indicates multiple chargeable sources below the traverse. The larger deep chargeable bodies observed in the surveys may reflect a deeper sulphide-rich source, which will be tested in the upcoming drilling program.

Monax currently has one active joint venture project fully funded by its partner Iluka Resources (“Iluka”) for the Phar Lap iron-oxide copper-gold (IOCG) Project on EL 5123. As per the agreement, Iluka can earn an 80% interest in EL 5123 by spending $2 million over 4 years. There are currently views for follow-up exploration.

In the interests of realigning the Company’s corporate strategy, Monax decided to sell its interest in the Western Gawler Craton Project in South Australia to Western Areas Limited.

I take this opportunity to thank my fellow Directors, for their commitment to the Company during this past period, whom have had the courage to allow management to change the strategic focus of Monax’s portfolio, providing stability in these ever-changing market conditions.

Finally, I would like to thank all of our shareholders for your continued support. Your board and management will continue to work hard to capitalise on existing and prospective opportunities in a bid to generate future shareholder value in the upcoming financial year.

Our Managing Director Gary Ferris will now give a presentation on the technical details of our tenement holdings.

Thank you Robert M Kennedy

CHAIRMAN

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr G M Ferris, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Ferris is engaged under a contract to provide services as Managing Director as required, and, has a minimum of five years relevant experience in the style of mineralisation and type of deposit under consideration and qualifies as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” Mr Ferris consents to the inclusion of the information in this report in the form and context in which it appears.