FireFly Metals Ltd. — Capital/Financing Update 2009

Nov 10, 2009

==> picture [516 x 54] intentionally omitted <==

==> picture [516 x 54] intentionally omitted <==

11 November 2009

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

Dear Sir/Madam

Letter to Optionholders

Please find attached for release to the market a Letter to Optionholders in relation to participation in an upcoming non-renounceable Rights Issue for Monax Mining Limited (MOX).

The Letter to Optionholders has been sent to all optionholders.

Yours Faithfully

Virginia Suttell Company Secretary

==> picture [516 x 54] intentionally omitted <==

==> picture [516 x 54] intentionally omitted <==

11 November 2009

Dear Optionholder,

Participation in non-renounceable rights issue

The purpose of this letter is to give you notice, as a holder of options over unissued shares ( Options ) in Monax Mining Limited ( Company ), of an upcoming non-renounceable rights issue.

The Company is undertaking a one for three non-renounceable rights issue at an issue price of $0.075 per share to raise approximately $2.7 million ( Offer ). Persons that apply for New Shares will receive one free Attaching Option for every two New Shares they apply for. Each Attaching Option will be exercisable at any time from the date the option is granted until 30 November 2011 at an exercise price of $0.15. The Company has applied to the ASX for the Shares and the Attaching Options under the Rights Issue to be granted official quotation.

Only shareholders of the Company with an address on the Company’s register in Australia or New Zealand at 7:00pm (Adelaide time) on 24 November 2009 ( Record Date ) will be eligible to participate in the Offer.

The directors of the Company reserve their right to issue shortfall under the Offer at their discretion within three months after the close of the Offer.

As an optionholder, you do not have any entitlement to participate in the Offer unless your Options are exercised in time for shares to be allotted to you before the Record Date. To ensure that your shares are allotted and issued before the Record Date, your Exercise of Option Forms and relevant payment must be received by the Company no later than 18 November 2009.

Before making a decision whether to exercise your Options or to participate in the Offer, you should seek independent advice from your professional advisor.

Yours Faithfully

==> picture [130 x 35] intentionally omitted <==

Virginia Suttell Company Secretary

127726