FireFly Metals Ltd. — Capital/Financing Update 2013

Dec 19, 2013

Exploration Office Unit 2 81 Harrison Road Dudley Park SA 5008

ABN: 96 110 336 733

Tel: +61 8 8245 4900 Fax: +61 8 8245 4999 www.monaxmining.com.au

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For Immediate Release Friday, 20 December, 2013

ASX RELEASE

Antofagasta commits to next stage of Punt Hill copper-gold project

HIGHLIGHTS

• Chilean copper major, Antofagasta, elects to proceed to Phase 2 of its Punt Hill Farm-In Option Agreement, with Antofagasta approving funding for further drilling.

• Next phase of exploration scheduled to commence in first quarter 2014.

Monax Mining Limited (ASX: MOX) (“Monax”) today announced that a wholly-owned subsidiary of major Chilean copper producer Antofagasta plc (“Antofagasta”) - has opted to proceed to the next stage of a Farm-In Option Agreement (“Agreement”) at its flagship Punt Hill Copper-Gold project in South Australia.

Under the agreement, Antofagasta can earn a 51% interest (Phase 1) in the Punt Hill project, located within the Olympic Iron-Oxide copper-gold (IOCG) Province in South Australia (Figure 1), by expending US$4 million over four years.

Antofagasta has currently expended $US3.9 million and has approved the next phase of exploration including further drilling, which when started, will trigger Phase 2 of the Agreement.

Under the original terms of the Agreement, Antofagasta can earn an additional 19% equity in the project (for a total of 70%) by expending a further US$5 million on exploration and development of the project tenements over two years. If a development decision is made, Antofagasta will pay Monax a success fee of US$10 million.

Monax and Antofagasta have renegotiated the terms for Phase 2 to increase the time frame from two to four years.

Further, under the initial Agreement, Antofagasta was to provide a scoping study at the end of Phase 2. This requirement has been removed as part of the renegotiated terms.

All other conditions - including required expenditure and the potential success fee - remain the same.

Monax and Antofagasta will finalise the next exploration program at the Technical Committee Meeting, planned for February 2014.

Monax Mining Limited

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“The Punt Hill project remains Monax’s flagship project and the support of Antofagasta provides confidence in the exploration work undertaken by Monax and the planned drilling for 2014,” Monax Mining Managing Director, Mr Gary Ferris, said today.

“The recent success of Oz Minerals at the nearby Khamsin deposit has shown that perseverance is required to make discoveries on the Gawler Craton,” he said.

Monax is planning to undertake a detailed ground gravity survey over two areas and three potential drill targets have been outlined for testing in the first half of 2014.

For further information please contact:

Gary Ferris Managing Director Monax Mining Ph: (08) 8245 4900 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 2012 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.

Monax Mining Limited

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Figure 1. Geological setting and location of Punt Hill project.

Monax Mining Limited

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