FireFly Metals Ltd. — Capital/Financing Update 2009

Nov 15, 2009

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16 November 2009

The Manager Company Announcements Office Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

Letter to Shareholders

Please find attached for release to the market a Letter to Shareholders in relation to an upcoming non-renounceable rights issue for Monax Mining Limited (‘MOX’).

The letter has been sent to all MOX Shareholders.

Yours Faithfully

Virginia Suttell Company Secretary

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16 November 2009

Dear Shareholder,

On 10 November 2009, the Directors of Monax Mining Limited (‘Monax’ or ‘Company’) announced a pro rata one for three non- renounceable rights issue (‘Rights Issue’). Persons who apply for shares under the Rights Issue will also receive one free attaching option for every two new shares for which they apply. The Rights Issue seeks to raise $2.7 million (before costs) through the issue of up to 36,619,835 new fully paid ordinary shares in Monax.

Use of Funds

The net proceeds from the Rights Issue will be used as working capital to finance the exploration and development of permits in the Company’s existing portfolio as well as look for new opportunities in acquiring proven or producing assets to which the Company can add value through technical enhancements.

The Company has recently completed a gravity survey at Punt Hill and is planning to drill two holes targeting newly defined targets. The gravity survey delineated two new targets within areas of interpreted shallower basement rocks. The Company has commenced the approvals process with a view to drilling early in 2010.

Funds will be required for a proposed aggressive drilling program for the highly prospective Melton Project on northern Yorke Peninsula. Monax has a joint venture with Marmota Energy Ltd (‘Marmota’) on Melton and it is envisaged that Marmota will have met their 50% earn in commitment in early 2010 and Monax will need to co-fund exploration on a 50:50 basis.

Monax is also planning an electro-magnetic survey at the Bonaventura prospect, Kangaroo Island to assist in defining further high-grade zinc mineralisation for a planned drilling program.

The Company is in the process of considering a suite of new projects.

Details of the Rights Issue

Monax shareholders with registered addresses in Australia or New Zealand at 7.00pm (Adelaide time) on Tuesday, 24 November 2009 (‘Record Date’) will be eligible to participate in the Rights Issue (‘Eligible Shareholders’). All other overseas registered shareholders will not be eligible to participate.

Each Eligible Shareholder will be entitled to subscribe for one new ordinary share in the capital of the Company for every three existing ordinary shares registered in their name on the Record Date. Every two shares allotted under the Rights Issue will have one free attaching option to subscribe for one share at an exercise price of 15 cents per share and expiring on 30 November 2011. Whilst the Rights Issue is not underwritten, the Directors reserve the right to place any shortfall within three months after the close of the offer.

The new ordinary shares will be issued at a cost of 7.5 cents per share. The Company has applied to the ASX for the Shares and Attaching Options under the Rights Issue to be granted official quotation.

Full details of the Rights Issue are set out in the Prospectus dated 13 November 2009, which was lodged with the Australian Securities and Investment Commission and the ASX on Friday, 13 November 2009. The Prospectus together with an Entitlement and Acceptance Form will be mailed to all Eligible Shareholders on Friday, 27 November 2009. A copy of this Prospectus is available on the ASX website.

Key Dates which shareholders should note are as follows:

18 November 2009 Securities Quoted on an ex-basis 24 November 2009 Record Date to determine entitlements to New Shares Despatch of Prospectus and Acceptance Forms and Offer 27 November 2009 Opens 11 December 2009 Last Day for acceptance and payment in full 14 December 2009 New Shares quoted on deferred settlement basis 16 December 2009 Notification of under acceptances Allotment and dispatch by the Company of holding 21 December 2009 statements for New Shares

These dates are indicative only and, subject to the Corporations Act 2001 and the ASX Listing Rules, may be varied as the directors of Monax decide.

Applications for new ordinary shares under the Rights Issue may only be made by completing the Entitlement and Acceptance Form which accompanies the Prospectus. Eligible Shareholders should read the Prospectus carefully. For further information on the Monax Rights Issue, you should contact your professional advisor.

Yours Faithfully

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RM Kennedy Chairman