FireFly Metals Ltd. — Capital/Financing Update 2009

Aug 31, 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, 1 September 2009

ASX RELEASE

SHARE PURCHASE PLAN

HIGHLIGHTS

• Drilling program planned for Monax’s Kangaroo Island gold project to follow-up on recent high-grade rock chip sampling results (up to 28 g/t reported)

• Infill gravity planned for potential drilling targets northwest of Groundhog Prospect, Punt Hill

• Exploration has commenced at Melton Project which is located along the Pine Point Fault zone which hosts significant copper, gold and uranium mineralisation at Hillside.

• Share Purchase Plan at $0.075 to fund current work program

INTRODUCTION

Monax Mining Limited (“Monax” or “the Company”) is pleased to announce details of a Share Purchase Plan (“SPP”), the proceeds of which will be used to fund aggressive exploration programs at the Company’s gold and base metal project on Kangaroo Island and continue exploration on the Company’s flagship copper-gold-uranium project at Punt Hill.

Under the terms of the SPP, shareholders with an address on the Company’s register in Australia or New Zealand at the close of business on 18 September 2009 (“Eligible Shareholders”) will have the opportunity to purchase $15,000, $5,000 or $2,000 worth of fully paid ordinary shares (“SPP Shares”) in Monax at a price of $0.075 per share without any brokerage costs.

SPP DETAILS

Eligible Shareholders will be offered SPP Shares for subscription at a price of $0.075 per share which represents a discount of approximately 16% from the volume weighted average closing market price traded on the ASX over the five business days on which the stock traded prior to today’s announcement and a discount of 25% from the closing price on 31 August 2009, the last trading day prior to this announcement.

The offer is non-renounceable and will open on 23 September 2009. Applications will close on 2 October 2009, however, the Directors reserve the right to close the SPP early. Applications will be accepted and allocated at the discretion of the Directors. Participation in the SPP is optional. The Directors of Monax intend to subscribe for shares under the SPP in respect of their own shareholding.

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 <==

The Company intends applying to ASX for waivers of Listing Rules 7.1 and 10.11 that will, subject to conditions, allow the Company to issue the SPP Shares without shareholder approval. The maximum number of shares that will be issued under the SPP is 21,194,117.

USE OF PROCEEDS

Proceeds from the raising will be primarily used for a planned drilling program at the Kohinoor Gold Mine, Kangaroo Island and to undertake infill gravity on potential drilling targets northwest of the Groundhog Prospect at Punt Hill.

Under the new farmin announced recently with manganese producer OM Holdings for the Waddikee project, all exploration in that area will be undertaken by Monax on a fee for service arrangement and additional capital is required to undertake the next phase of exploration.

Monax is currently assessing new opportunities and is undertaking a review of all current projects with the aim of streamlining future exploration expenditure.

CONCLUSION

The Board of Directors of Monax is excited by the growth prospects for the Company over the next phase of its development, in particular the new Melton copper-gold-uranium project, the recent joint venture with OM Holdings for manganese and planned gold drilling on Kangaroo Island, and encourage all shareholders to participate in the SPP.

==> picture [79 x 49] intentionally omitted <==

Gary Ferris Managing Director Monax Mining Limited

For further information please contact:

Gary Ferris Duncan Gordon Managing Director, Monax Mining 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