FireFly Metals Ltd. — Capital/Financing Update 2010

Jul 18, 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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For Immediate Release Monday, 19 July, 2010

ASX RELEASE

Exploration Strategy Update

HIGHLIGHTS

• New and exciting strategic direction for the Company mapped out with a clear focus on copper-gold at Punt Hill and bauxite on Cape York for remainder of 2010

• New Exploration Licence Application within Olympic Iron-oxide copper gold belt adjoining Punt Hill

• Monax in discussions for joint venture over Punt Hill project

• Monax expects first five bauxite tenements to be granted in next 4-6 weeks

Monax Mining Limited (ASX:MOX) is pleased to announce its exploration plans for the remainder of 2010. Monax is currently in the process of restructuring its exploration portfolio by relinquishing non-core tenements to focus on copper-gold at Punt Hill and bauxite on Cape York.

Monax will focus on the Punt Hill and Cape York projects for the remainder of 2010. The Waddikee and Melton projects are located on cropping land which has limited access until after harvesting in December 2010. Results from recently completed drilling programs at the Waddikee and Melton projects will be assessed over the next few months for future drilling planned for early 2011.

Punt Hill Copper-Gold Project (100% Monax)

Monax has increased its tenement position in the highly prospective Olympic Iron-Oxide CopperGold belt (IOCG) with the new tenement application located immediately northwest of the Company’s Punt Hill tenement. ELA 44/10 (Yeltacowie) covers 381 km[2] and is located approximately 15 km west of Carrapateena (Figure 1). The tenement area contains only two drill holes which intersected basement rocks between 368m and 375m depth. Both holes intersected felsic volcanics which are interpreted to represent the Mesoproterozoic Gawler Range Volcanics, an important component of the mineralisation model for IOCG deposits in the region.

The regional gravity data covering both Punt Hill and Yeltacowie (Figure 1), shows prominent gravity features in the southern part of ELA 44/19, which have not been drill tested. The two drill holes within ELA 44/10 are not centred on these gravity anomalies.

ELA 44/10 is in the grant process and should be completed within 6-8 weeks. Monax is planning to undertake detailed gravity on the new tenement and drilling for both tenements in late 2010. Previous infill gravity on Punt Hill has outlined targets at Gopher and Otcheck which will be part of the planned drilling program.

The Gopher target is located approximately 12km northwest of the main Groundhog gravity ridge and represents a discrete gravity target. Modelling of the gravity data shows the source is located between 250 — 450m below the surface.

The Otcheck target is located in a similar northwest trending gravity ridge to the Groundhog and Prairie Dog prospects. Previous drilling by Monax at Groundhog reported significant mineralisation, including 159m @ 0.47% Cu, 0.12 g/t Au, 5.3 g/t Ag, 0.48% Zn & 0.12% Pb (from 846m); including 17m @ 1.1% Cu, 8.5 g/t Ag & 1.2% Zn from 853m (GHDD6).

Monax has received expressions of interest with respect to Joint Venture arrangements at the Punt Hill project that have the potential to significantly enhance future exploration initiatives in the area. At this stage, these proposals are incomplete in nature and the Company will continue to keep investors informed as they are progressed.

Cape York Bauxite Project

Monax is awaiting the grant of the five tenements under the Delminco Option Agreement and EPM 17835 (Callabonna Option Agreement). The tenements are undergoing the final grant process and it is expected they will be granted by the end of August. Monax is planning an aggressive sampling program when the tenements are granted.

Bauxite occurs throughout the Cape York Peninsula within bauxitic lateritic weathering profiles preserved as topographic highs between major drainage divides. Exploration for bauxite has shown that these topographic highs are also characterised by anomalous radiometric responses greatly assisting in exploration for potential bauxite resources.

Monax has signed exploration agreements with the Native Title holders for the area covering the five Delminco tenements. Monax expects the five Delminco tenements to be granted during August with sampling due to commence shortly after. The style of mineralisation Monax is seeking is similar to Cape Alumina’s Pisolite Hills project which contains 132 million tonnes of in situ bauxite yielding 87.3 Mt at an average grade of 53.1% Al2O3.

Gary Ferris Managing Director Monax Mining Limited

For further information please contact:

Gary Ferris Managing Director, Duncan Gordon 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

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Figure 1: Location of Punt Hill project on gravity image showing newly developed targets on EL 3457 and potential gravity targets on ELA 44/10 (yellow dots represent Monax drill holes).

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Figure 2: Location of Monax tenements on Cape York Peninsula (Callabonna Uranium and Delminco tenements are under Option Agreements)