FireFly Metals Ltd. — Capital/Financing Update 2009

Nov 9, 2009

Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park Adelaide Airport SA 5950 Postal Address PO Box 247 Export Park SA 5950

ABN: 96 110 336 733

Tel: +61 8 8375 3900 Fax: +61 8 8375 3999 www.monaxmining.com.au

==> picture [595 x 10] intentionally omitted <==

For Immediate Release Tuesday, 10 November 2009

ASX RELEASE

Rights Issue to Raise $2.7 Million

Monax Mining Limited (ASX:MOX) ( Company ) is pleased to announce that it will be undertaking a nonrenounceable rights issue ( Rights Issue ) to raise approximately $2.7 million (before costs) through an offer of up to a maximum of 36,619,835 ordinary fully paid shares ( New Shares ). The Rights Issue is being offered on the basis of one New Share for every three ordinary fully paid shares (1:3) held in the Company on Tuesday, 24 November 2009 ( Record Date ) with one free attaching option for every two New Shares taken up (1:2) ( Attaching Option ). The free Attaching Option will have an exercise price of 15 cents with an expiry date of 30 November 2011.

Shareholders with an address in Australia or New Zealand on the Company’s register at 7:00pm (Adelaide Time) on the Record Date will be eligible to participate in the Rights Issue.

The issue price of the New Shares is 7.5 cents per share which has been set at the same price as the shares offered under the Company’s recent Share Purchase Plan ( SPP ). The heavy oversubscription of the SPP has encouraged the Company to undertake a further capital raising to enable shareholders to purchase shares in the Company at a discounted price providing shareholders with a further opportunity to participate in the Company’s future.

The Directors reserve the right to place any shortfall under the Rights Issue at their absolute discretion within three months after the close of the Rights Issue.

Full details of the Rights Issue will be set out in a Prospectus that will be lodged by the Company with ASIC and ASX on Friday, 13 November 2009. The shares issued under the Rights Issue will rank equally with existing ordinary shares on issue.

The Company is not seeking shareholder approval for the issue of the New Shares or the grant of the Attaching Options.

The funds raised by the Rights Issue, together with Monax’s existing cash reserves will be utilised for:

• Drilling at Punt Hill. The Company has recently completed a gravity survey at Punt Hill and is planning to drill the 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.

• Drilling at Melton. Funds will be required for a proposed aggressive drilling program for the highly prospective copper-gold-uranium Melton Project on northern Yorke Peninsula. Monax has a joint venture with Marmota Energy Ltd on Melton and it is envisaged that MEU will have met its 50% earn in commitment in nearly 2010 and

Page 1

Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park Adelaide Airport SA 5950 Postal Address PO Box 247 Export Park SA 5950

ABN: 96 110 336 733

Tel: +61 8 8375 3900 Fax: +61 8 8375 3999 www.monaxmining.com.au

==> picture [595 x 10] intentionally omitted <==

Monax will need to co-fund exploration on a 50:50 basis.

• Undertake an electromagnetic survey to define further high-grade zinc mineralisation and drilling for gold and base metals on the Kangaroo Island project.

• To provide additional working capital for new projects

Enclosed with this announcement is the Appendix 3B for the Rights Issue.

Gary Ferris Managing Director Monax Mining Limited

For further information please contact:

Gary Ferris Managing Director, Duncan Gordon Monax Mining Limited Investor Relations Ph: (08) 8375 3900 Ph: 0404 006 444 Email: info@monaxmining.com.au

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 employed full time by the Company as Managing Director 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 2004 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.

/

Page 2

Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

Monax Mining Limited

ABN

96 110 336 733

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of+securities issued or to be issued 2 Number of+securities issued or to be issued (if known) or maximum number which may be issued 3 Principal terms of the+securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)	Ordinary Fully Paid Shares and Options
	Up to a maximum of 36,619,835New Shares and up to a maximum of 18,309,918 Options (Final Number to be Advised)
	Ordinary Fully Paid Shares Options to acquire Ordinary Fully Paid Shares at 15 cents at anytime before 30 November 2011.

• See chapter 19 for defined terms. [DTT]127892

24/10/2005 Appendix 3B Page 1

Appendix 3B New issue announcement

4 Do the[+] securities rank equally in Shares – Yes all respects from the date of allotment with an existing[+] class Options – No of quoted[+] securities? Shares Issued upon exercise of options will rank equally with existing shares. If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

5 Issue price or consideration Shares at $0.075 Options ‐ Nil 6 Purpose of the issue Pursuant to a 1 for 3 pro‐rata non‐ (If issued as consideration for the renounceable rights issue with a free acquisition of assets, clearly attaching option for every two shares identify those assets) subscribed for to fund ongoing exploration. Refer ASX announcement 10 November 2009. 7 Dates of entering +securities To be Advised into uncertificated holdings or despatch of certificates

Number +Class 8 Number and +class of all 142,154,341 Ordinary Shares +securities quoted on ASX ( including the securities in 18,309,918 15 cent Options expiring 30 clause 2 if applicable) November 2011 Number +Class

• See chapter 19 for defined terms.

Appendix 3B Page 2

1/1/2003

Appendix 3B New issue announcement

9 Number and +class of all +securities not quoted on ASX (including the securities in clause 2 if applicable) 10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)	2,500,000 750,000 450,000 365,000 260,000	$0.40 Options expiring 30 June 2010 $0.26 Options expiring 12 April 2011 $0.666 Options expiring 14 February 2012 $0.246 Options expiring 17 July 2013 $0.0517 Options expiring 23 December 2013
	N/A

Part 2 - Bonus issue or pro rata issue N/A

11 Is security holder approval required? 12 Is the issue renounceable or non‐ renounceable? 13 Ratio in which the+securities will be offered 14 +Class of+securities to which the offer relates 15 +Record date to determine entitlements 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements? 17 Policy for deciding entitlements in relation to fractions 18 Names of countries in which the entity has+security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7.	No
	Non‐renounceable
	1 for 3 with a free option for every two shares issued
	24November 2009
	N/A
	Rounded up to the next whole number of shares
	Only shareholders with registered addresses in Australia and New Zealand are eligible to participate.

• See chapter 19 for defined terms. [DTT]127892

24/10/2005 Appendix 3B Page 3

Appendix 3B New issue announcement

19 Closing date for receipt of acceptances or renunciations 20 Names of any underwriters 21 Amount of any underwriting fee or commission 22 Names of any brokers to the issue 23 Fee or commission payable to the broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of+security holders 25 If the issue is contingent on +security holders’ approval, the date of the meeting 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders 28 Date rights trading will begin (if applicable) 29 Date rights trading will end (if applicable) 30 How do+security holders sell their entitlements_in full_through a broker? 31 How do+security holders sell part of their entitlements through a broker and accept for	11 December 2009
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	27 November 2009
	11 November 2009
	N/A
	N/A
	N/A
	N/A

• See chapter 19 for defined terms.

Appendix 3B Page 4

1/1/2003

Appendix 3B New issue announcement

the balance?

32 How do +security holders N/A dispose of their entitlements (except by sale through a broker)?

• 33 +Despatch date

21 December 2009

Part 3 - Quotation of securities N/A

You need only complete this section if you are applying for quotation of securities

34 Type of securities ( tick one )

• (a) Securities described in Part 1

• (b) All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35 If the[+] securities are[+] equity securities, the names of the 20 largest holders of the additional[+] securities, and the number and percentage of additional[+] securities held by those holders 36 If the[+] securities are[+] equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories 1 ‐ 1,000 1,001 ‐ 5,000 5,001 ‐ 10,000 10,001 ‐ 100,000 100,001 and over 37 A copy of any trust deed for the additional[+] securities

Entities that have ticked box 34(b)

• See chapter 19 for defined terms. [DTT]127892

24/10/2005 Appendix 3B Page 5

Appendix 3B New issue announcement

38 Number of securities for which +quotation is sought 39 Class of +securities for which quotation is sought 40 Do the[+] securities rank equally in all respects from the date of allotment with an existing[+] class of quoted[+] securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 41 Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security) Number +Class 42 Number and +class of all +securities quoted on ASX ( including the securities in clause 38)

• See chapter 19 for defined terms.

Appendix 3B Page 6

1/1/2003

Appendix 3B New issue announcement

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those[+] securities should not be granted +quotation.

• An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no‐one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here: ....Virginia Suttell............................... ( ~~Director/~~ Company secretary)

Date: 10/11/2009........

== == == == ==

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 7