FireFly Metals Ltd. — Capital/Financing Update 2010

Jan 11, 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 Tuesday, 12 January 2010

ASX RELEASE

Monax Completes Shortfall Placement

Monax Mining Limited ( Monax ) is pleased to announce that it has placed the full amount of the shortfall arising from the company’s November 2009 Rights Issue. The Company has placed approximately 19.8 million shares and 9.9 million options to private and institutional investors to raise approximately $1.5 million before costs.

Monax is particularly pleased to welcome Acorn Capital, a leading Australian institutional microcap fund manager, as a substantial shareholder (circa 6.6%) in the company.

“The placement of the shortfall will leave Monax with over $5 million in the bank and puts us in the box seat for what will be a very active and exciting 2010,” Managing Director, Gary Ferris, said.

Monax intends to apply the funds raised to the following key projects:

• Melton – the copper-gold-uranium project, located directly North along the Pine Point Fault Belt from Rex Minerals’ Hillside Project, will require funding on a 50:50 basis once Marmota Energy (ASX:MEU) has met its minimum expenditure requirement (expected in early 2010). Preliminary aeromagnetic data have defined up to five high priority drill targets and ground based exploration including ground magnetic and gravity surveys commenced in December 2009.

• Punt Hill –Monax has recently completed a gravity survey at its Punt Hill copper-gold-uranium project and is planning to drill newly defined targets in early 2010 (subject to approvals). The gravity survey delineated two new targets within areas of interpreted shallower basement rocks.

• Kangaroo Island – Exploration by Monax on its Kangaroo Island gold and base metals project has highlighted the need for further geophysical surveys and drilling to move this project forward. Evaluation of the drilling by Monax at the Bonaventura lead-zinc prospect has delineated the existing zone of mineralisation and Monax is planning an electromagnetic survey to target potential extensions of these high-grade zones. Monax will also be undertaking a drilling program focusing on the gold mineralisation mapped at the Kohinoor Mine.

Monax is also in the process of considering a suite of new projects elsewhere in Australia.

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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Gary Ferris Managing Director Monax Mining Limited

For further information please contact:

Gary Ferris Managing Director, Monax Mining Ph: (08) 8375 3900 Email: info@monaxmining.com.au

Duncan Gordon Investor Relations Ph: 0404 006 444

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.