FireFly Metals Ltd. — Capital/Financing Update 2012

Apr 11, 2012

Exploration Office Ware h ouse I, 5 Bu t ler Blvd Bur b ridge Busi n ess Park Adel a ide Airport SA 5950 Postal Address PO Box 247 E xport Park SA 5950

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Tel: +61 8 8 3 75 3900 Fax: +61 8 8 3 75 3999 www. m onaxminin g .com.au

ABN: 96 110 336 733

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For Imme d iate Relea s e Thursday, 12 April, 2 0 12

ASX RELEASE Antofagasta plc to inject up to US$2.5 million into Punt Hill project

HIGHLIGHTS

• Chilean mining company, Antofagasta plc, approves US$2.5 million budget for 2012 exploration program at the Punt Hill IOCG project, located in northern South Australia.

• Proposed budget takes total expenditure in the project to US$4 million over the first two years.

Monax Mining Limit e d (ASX: M OX) (‘Monax’ or ‘Co m pany’) is pleased to announce that majo r internatio n al mining company, Chile-bas e d Antofag a sta plc (‘Antofagast a ’), will s p end up t o US$2.5 m i llion on ex p loration th i s year at t h e Compan y ’s Punt Hi l l Iron Oxid e Copper G old (IOCG ) project in northern S o uth Austr a lia. Antof a gasta has spent approximately US$1.5 million on th e project to d ate.

This lates t endorsement by Ant o fagasta w i ll potential l y involve t h e investm e nt of a to t al of US$ 4 million of e xploration funds in t h e project p ursuant to the farm-i n agreement between Monax an d Antofagas t a signed i n 2010.

“Monax is extremely pleased with Antofagasta’s con t inued sup p ort for Monax and o u r Punt Hil l project,” M onax Man a ging Direc t or, Mr Gar y Ferris, said today.

“Its decisi o n to appr o ve the 2012 explora t ion budge t for Punt H ill reinfor c es our belief that th e project re m ains highl y prospecti v e for Olym p ic Dam st y le iron-oxi d e copper- g old mineralisation”.

“The plan n ed 2012 e x ploration p rogram for Punt Hill includes a MIMDAS* survey, whic h is planne d to comme n ce in the n ext four to e ight week s ,” he said.

“Based on the result s of the MI M DAS surv e y, we are planning b e tween six a nd eight d rill holes t o be completed in the second half of 2012”.

Under its f arm-in agr e ement wit h Monax, A ntofagasta Minerals A delaide, P t y Ltd, a w h olly owne d subsidiary of Antofag a sta plc, is required to spend an initial US$1.5 million o v er two ye a rs before a decision i s made to c o ntinue or w ithdraw fr o m the proj e ct.

Furthermore, Antofa g asta can e arn a 51% interest in the Punt H ill project by investing a total o f US$4 milli o n over four years, un d er the ter m s of the a g reement.

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Antofagas t a can ear n a further 19% equit y in the pro j ect by expending a f u rther US$ 5 million o n exploratio n and dev e lopment o f the proj e ct tenem e nts. If a developm e nt decisio n is made , Antofagas t a will pay M onax a success fee o f US$10 million.

• MIMDAS is a broad- b and, high r e solution m u lti-channel a cquisition s ystem whic h is designed to acquir e networked multi-chann e l electrical a nd electro m agnetic ge o physical da t a. MIMDA S is capable of acquirin g induced p olarisation (IP), mag n etotellurics (MT), el e ctromagnetic (EM) a nd contro l led sourc e audiomagn e totellurics (CSAMT) da t a, and can provide sig n ificant impr o vement in r e solution ov e r traditiona l geophysical surveys.

Gary Ferri s Managing Director, Duncan Gordon Monax Mi n ing Investo r Relations Ph: (08) 8 3 75 3900 Ph: 0404 006 444 Email: inf o @monaxmining.com. a u

The information in this report tha t relates to Explo r ation Results, Mi n eral Resources or Ore Reserves is based on infor m ation compiled b y Mr G M Ferris , who is a Memb e r of the Australa s ian Institute of M ining and Metall u rgy. Mr Ferris is employed full time by the Compa n y as Managing D irector and, has a minimum of five years relevant e x perience in the s tyle of mineralis a tion and type of deposit under co n sideration and qualifies as a Co m petent Person a s defined in the 2 0 04 edition of the “Australasian Co d e for Reporting o f Exploration Re s ults, Mineral Resources and Ore R eserves” Mr Fer r is consents to th e inclusion of the i nformation in this report in the for m and context in which it appears.

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