FireFly Metals Ltd. — Capital/Financing Update 2010

Nov 16, 2010

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

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Media Release

Wednesday 17 November, 2010

CHILEAN-MONAX COPPER JV EYES MID-2011 FOR ITS

FIRST DRILL START ON PUNT HILL PROJECT IN S.A.

A maiden drilling program under a new Chilean-backed joint venture on a key South Australian iron oxide copper gold project is to be initiated as early as April next year.

The program was outlined by Monax Mining Limited at the Company’s annual general meeting in Adelaide today.

Chairman Mr Bob Kennedy told shareholders that exploration success at the project – Punt Hill – will potentially deliver Monax a US$10 million success fee with its Chilean partner, Antofagasta Minerals S.A.

That fee will be payable when Antofagasta – one of the world’s Top 10 copper producers - makes a development decision to mine on Punt Hill, just 25 kilometres south of Teck and RMG Services’ Carrapateena copper gold discovery.

Mr Kennedy said Punt Hill remained the Company’s flagship project and Monax had been given an indication by Antofagasta that the overseas partner was prepared to approve accelerated expenditure on Punt Hill based on positive drill results.

The Punt Hill program is just one part of a stepped up exploration program for 2011 detailed by Monax today for its South Australian assets and its bauxite and gold plans in north Queensland.

“The agreement with Antofagasta is a significant achievement as Monax has already spent $5 million drilling 22 holes (19,680m) on ten regional targets to mature this project,” Mr Kennedy said.

“We had undertaken sufficient work to successfully attract an international partner with guarantees to spend no less than US$1.5 million on Punt Hill within the next two years and up to US$4 million within four years to earn a 51% stake,” he said.

“What this ensures is that there will be ongoing well funded exploration activity taking place at Punt Hill with the potential to intensify that over even shorter timeframes.”

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

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“Antofagasta has major copper projects overseas and brings to Monax and Punt Hill considerable copper experience and knowhow on what we regard as very prospective tenements.”

Monax has just launched a six week long large gravity survey over Punt Hill targeting 8,000 new gravity stations.

On SA’s Eyre Peninsula, Monax’s Managing Director, Mr Gary Ferris, told shareholders that OM (Manganese) Limited, a wholly owned subsidiary of the ASX-listed diversified minerals and manganese producer, OM Holdings Limited (ASX: OMH) and the Company’s joint venture partner on the Waddikee tenement, had now committed to spend a further $440,000 over 20102011 on Reverse Circulation drilling, ground magnetic and diamond drilling.

“OM spent $476,000 on Waddikee in the past 12 months as its first year contribution to a 60% earn-in in all ferrous minerals (manganese and iron ore) with sufficiently encouraging results to commit to the second year,” Mr Ferris said.

“This is a positive signal for this project’s further assessment.”

OM has to fund expenditure of $2 million over four years to earn its 60% interest.

On SA’s Yorke Peninsula , Mr Ferris also announced that drilling would recommence early in 2011, after the summer cropping season was finished, on the Melton copper gold project near Rex Minerals Ltd’s Hillside project, under what is now a 50:50 joint venture with Marmota Energy Ltd (MEU.

“We have just completed the first year of the Melton JV under which Marmota spent $400,000. The latest assays confirm encouraging results and the presence of copper mineralisation,” Mr Ferris said.

“Monax has committed to funding 50% of the 2011 drill program.”

In Queensland , first exploration will commence in the New Year at the completion of the current wet season, on the Pretender Creek bauxite tenements on Cape York, with this work funded by a successful capital raising of $590,000 via a placement.

“We see bauxite very much as a growth commodity and our reconnaissance program since acquisition has shown bauxite at surface across most of our tenements,” Mr Ferris said.

“The initial shallow RC drilling program is most likely to commence in April or May next year.”

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

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Mr Ferris said Monax is awaiting a Queensland Government decision on two competitive tenement applications over the Percyvale gold project west of Cairns, before committing to exploration expenditure on this project.

“We see Percyvale as a long-term project as this is a large intrusion related gold system very similar to the 4.1 million ounce Kidston mine in central Queensland which at the time of its closure in 2001 was Australia’s largest open-cut gold mine.”

MEDIA CONTACT:

Gary Ferris Duncan Gordon Kevin Skinner Monax Mining Investor Relations Field Public Relations (08) 8375 3900 0404 006 444 (08) 8234 9555 0414 822 631

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.