FireFly Metals Ltd. — Capital/Financing Update 2013

Nov 10, 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 Monday 11 November, 2013

ASX RELEASE

Antofagasta-Monax Alliance secures highly sought after tenements in tightly-held Musgrave Province in South Australia

HIGHLIGHTS

• Monax Alliance secures tenements within prospective Musgrave Province in northern S.A.

• Monax Alliance targeting copper and copper-nickel associated with mafic Giles Complex and basement gneisses.

 Historical copper occurrences present within one tenement.

Monax Alliance Pty Ltd (“Alliance”), a wholly owned subsidiary of Monax Mining Ltd (ASX:MOX) today announced that its strategic alliance with a wholly-owned subsidiary of major Chilean copper producer Antofagasta plc (“Antofagasta”), has increased its project landholding with the addition of three new Exploration Licence Applications within the tightly-held Musgrave Province, located in South Australia’s Far North (Figure 1).

The three tenements were recently released by the South Australian Government’s Department of Manufacturing, Innovation, Trade, Resources and Energy (DMITRE) under the Exploration Release Area system and cover an area in total of 3396km[2 ] within the eastern part of the Musgrave Province. Alliance will be targeting copper and copper-nickel style mineralisation.

Two of the three tenements were competitive applications and the Alliance was the successful applicant. These tenements will be presented to Antofagasta as a single project opportunity and may become a Designated Project.

“The new Musgrave tenements form to combine a significant project for us, and provides the Alliance with an additional focus together with iron-oxide copper-gold targets within the highly prospective Gawler Craton,” Monax Mining Managing Director, Mr Gary Ferris, said today.

“Tenure in the Musgrave Province is tightly held and when DMITRE released these new tenements, they became a priority target for Alliance,” he said.

“Recent positive results by Musgrave Minerals with the discovery of a nickel-copper gossan within the western Musgrave Province, and anomalous copper drilling results from the Caprica East tenement, which adjoins the Alliance’s Exploration Licence Application 2013/169, show that the Musgraves are a prospective area in the search for Nebo-Babel and Nova Ni-Cu style mineralisation”.

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ELA 2013/169 contains several known copper prospects and historical company mapping and rock chip sampling has reported copper rock chip values up to 2.87% and nickel values up to 0.25% (Figure 2) (Open file Envelope 9261). Table 1 contains all rock chip results for the area from company exploration including samples outside the tenement area (source Open file Envelope 9261).

“The Alliance is excited by the potential of this new project and is quickly seeking approval for the grant of these tenements,” Mr Ferris said.

“No significant exploration has been undertaken on the two western tenements, with only minor exploration reported on the eastern tenement. Only five mineral drill holes have been reported on ELA 2013/169 highlighting the lack of exploration within this part of South Australia” he said.

Mr Ferris said “exploration will comprise soil and/or lag sampling as a first pass, quick and inexpensive exploration technique, followed by electromagnetic surveys over selected areas to target potential sulphide zones”.

Background

The Alliance is a wholly-owned subsidiary of Monax Mining Limited, and was established as the operational vehicle of the strategic alliance between Monax and Antofagasta.

Under the terms of the Alliance, which commenced in November 2011, Antofagasta has committed to providing US$1 million to the Alliance over two years for target-generation within South Australia.

Antofagasta recently advised Monax that it intends to extend the strategic alliance between the two parties for a further year. Under the terms of the additional year, Antofagasta will provide Monax with up to $US400,000 to continue to review potential copper projects within South Australia.

Exploration tenement applications within the Alliance are termed Alliance Projects and are presented to Antofagasta at a Technical Committee Meeting for a decision on whether they progress to the Designated Project (DP) stage.

Properties which are identified as a project of interest become a Designated Project (“DP”). Once a DP has been formed, Antofagasta will have acquired a 51% interest and Monax a 49% interest in the project.

Antofagasta will then have the option to earn an additional 19% of any DP (for a cumulative 70% interest) by spending a further US$4 million within three years. At that stage, Antofagasta will make a cash payment (success fee) to Monax of US$3 million.

Upon vesting its interests at 70% Antofagasta and 30% Monax, both parties have the right to maintain their interest by contributing to exploration or development costs pro rata or dilute in accordance with a standard dilution formula.

If Antofagasta elects not to continue with the project within the Alliance Phase, the project will become a 100%-owned Monax Mining project.

Gary Ferris Managing Director, Monax Mining Ph: (08) 8245 4900 Email: info@monaxmining.com.au

Duncan Gordon Investor Relations Ph: 0404 006 444

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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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Area of Figure 2
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Figure 1. Location of Monax Projects including the new project in the Musgrave Province.

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Figure 2. Google Earth image of ELA 2013/169, showing location of historical copper prospects from DMITRE database and selected anomalous copper and nickel rock chip samples. Full rock chip data shown in Table 1.

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FIELD NUMBER	Easting	Northing	SAMPLE#	UNIT	Au	Ag	Mo	Se	As	Co	Cr	Cu	Ni	V		Zn	Th	U	Pb		Y
bfs980426-97	346625	7013269	MB-15	PA	1	0.05	9	0.5	13	24	130	175	52		32	250	3.4	11		8	26
bfs980501-266	318950	7009130	MB-50	PAw	13	0.2	1	0.25	0.5	47	30	1250	83		155	185	1.35	1.8		10	14
PIRSA data	311977	7002042	6842	PAw	0	0	0	0	0	0	50	-10	100		260	160	4	2		50	40
PIRSA data	311977	7002042	6843	PAw	0	0	0	0	0	0	50	-10	70		220	130	6	2		60	40
PIRSA data	311542	7001956	6844	PAw	0	0	0	0	0	0	50	300	60		230	200	4	2		-50	40
PIRSAdata	319617	7009110	7101	PAw	0	0	0	0	0	0	40	-10	110		270	130	8	4		-50	40
bfs980425-92	341468	7023905	MB-13	Pbd	7.5	0.1	1.8	0.25	0.5	19	33	320	20		280	65	1.9	0.38		6	16
bfs980427-113	312265	7035895	MB-16	Pbd	3	1.8	1.2	0.25	0.5	25	120	600	55		130	240	0.7	0.15		550	10
bfs980428-140	316150	7035250	MB-25	Pbd	4.5	0.2	1.4	0.25	0.5	18	130	230	45		99	80	1.75	0.19		10	12
bfs980430-213	322789	7036800	MB21	Pbd	6	0.1	1.4	0.25	0.5	18	99	320	37		100	46	2	0.18		4	11
AJP980421-14	343530	7022135	AJP980421-14	Pbd	7	0.05	2.1	0.25	0.5	3	145	12	73		145	31	1.05	0.3		1.5	21
AJP980503-15	322760	7018085	AJP980503-15	Pbd	340	0.2	6	11	1	25	120	5350	46		170	110	3.9	21.5		6	15
AJP980503-15	322760	7018085	AJP980503-15	Pbd	200	0.05	2.4	4.5	0.5	25	170	10100	44		230	140	2.8	37		8	29
bfs980429-201	323516	7036224	MB-35	Pbg	3	0.05	2.3	0.25	0.5	0.5	72	140	5		76	11	2.8	0.47		1.5	21
bfs980501-229	294510	7024325	MB24	Pbg	72	1.3	2.1	1	0.5	6	29	10900	23		190	71	0.65	12		125	13
AJP980428-22	314095	7040995	AJP980428-22	Pbg	1	0.05	0.5	0.25	0.5	45	900	2	800		110	34	0.53	0.1		1.5	3
AJP980429-6	314580	7038445	AJP980429-6	Pbg	1	0.05	0.7	0.25	0.5	19	84	37	99		46	36	1.8	0.05		6	5
bfs980427-116	314529	7035491	MB-19	PB	1.5	0.05	1.2	0.25	2	43	110	44	75		280	185	0.51	0.1		4	14
AJP980503-10	321555	7019350	AJP980503-10	PB	1	0.05	6.5	0.25	0.5	7	135	17	50		11	115	0.66	7		8	8
AJP980503-19	322460	7017670	AJP980503-19	PB	82	0.2	2.4	1.5	1	42	700	1250	260		68	135	23.5	8		6	11
AJP980503-19	322460	7017670	AJP980503-19	PB	360	10	4.9	24.5	0.5	31	700	33000	280		57	130	0.68	38.5		1.5	4
bfs980429-162	315175	7036722	MB-27	PBe	1	0.05	2	0.25	0.5	14	115	43	32		62	49	8	0.32		6	19
bfs980429-184	320400	7035950	MB-32	PBe	0.5	0.05	2.4	0.25	0.5	4	77	11	6		18	24	0.61	0.4		4	11
AJP980423-9	345610	7025550	AJP980423-9	PBe	2.5	0.2	1.3	0.25	0.5	50	17	460	44		135	460	6	15		4	71
AJP980428-2	311545	7037965	AJP980428-2	PBe	1	0.05	1.4	0.25	0.5	34	73	60	45		260	96	0.53	0.23		6	14
bfs980427-114	314251	7035627	MB-17	PBe/Pum	0.5	0.2	0.5	0.25	0.5	43	300	38	150		13	37	0.22	0.19		71	3
bfs980427-114	314251	7035627	MB-17	PBe/Pum	0.25	0.05	1.8	0.25	0.5	27	450	10	200		5	28	0.55	0.16		30	3
bfs980428-130	311785	7036455	MB-22	PBe/Pum	0.5	0.05	0.5	0.25	3	69	410	44	1300		23	115	0.76	0.19		12	3
bfs980428-132	312027	7036640	MB-23	PBea	1	0.05	0.7	0.25	0.5	16	1500	0.5	140		64	44	0.53	0.18		4	6

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FIELD NUMBER	Easting	Northing	SAMPLE#	UNIT	Au	Ag	Mo	Se	As	Co	Cr	Cu	Ni	V		Zn	Th	U	Pb		Y
bfs980429-173	318440	7036360	MB-30	PBea	3	0.05	0.4	0.25	0.5	20	30	140	38		73	34	0.55	0.31		1.5	6
AJP980425-6	348665	7022830	AJP980425-6	PBea	2	0.05	2	<0,5	0.5	13	59	95	9		99	72	5	1.05		8	11
AJP980428-23	314140	7041045	AJP980428-23	PBea	0.25	0.05	0.1	0.25	0.5	27	2050	0.5	260		42	18	0.38	0.07		1.5	2
AJP980428-1	311170	7037715	AJP980428-1	PBec	0.5	0.05	2.9	0.25	0.5	5	61	6	5		15	34	0.6	0.36		6	26
AJP980425-24	348560	7019725	AJP980425-24	PBem	1	0.05	2.3	0.25	0.5	0.5	105	59	4		7	40	13.5	1.35		34	8
bfs980424-59	346746	7019346	MB-08	PBeq	1.5	0.05	4.7	0.25	0.5	19	95	185	36		130	57	1.95	0.21		6	12
bfs980504-360	332705	7023116	MB-58	PBeq	1	0.05	3.2	0.25	0.5	250	9200	11	7500		175	145	0.34	8		1.5	2
bfs980428-125	311467	7037306	MB-20	PBw	0.5	0.05	1.8	0.25	0.5	7	91	3	24		33	36	23.5	0.23		6	21
AJP980429-5	314510	7038605	AJP980429-5	PBwe	1	0.05	1.9	0.25	4	11	62	250	13		51	61	115	0.53		22	10
AJP980423-22	345340	7025110	AJP980423-22	PBwe	2.5	0.05	3.3	0.25	1	1	96	145	5		28	16	7	1.7		12	24
AJP980501-2	295830	7023895	AJP980501-2	PBwl	1	0.05	1.7	0.25	0.5	1	74	17	3		7	39	31.5	1.15		12	11
AJP980503-7	313320	7020220	AJP980503-7	PBwl	1.5	0.05	2.9	0.25	0.5	2	120	4	6		7	32	5	0.72		8	6
bfs980425-92	341468	7023905	MB-12	PBwm	2	0.05	4.5	0.25	0.5	3	175	34	8		13	45	11	13		14	11
bfs980422-10	341025	7023350	MB-01	PBwm	2.5	0.05	1.6	0.25	1	17	73	2	32		105	61	10.5	6		10	9
AJP980425-1	349435	7023135	AJP980425-1	PBwm	1.5	0.05	4	0.25	0.5	1	165	7	5		39	14	2.7	0.78		1.5	11
bfs980429-205	321634	7035945	MB-36	peg	420	13.5	1	0.25	5	6	43	28700	14		52	56	160	14		18	190
AJP980422-6	343835	7023285	AJP980422-6	PKg	2	0.05	9.5	0.25	125	1	74	5	19		9	12	15	4.9		14	34
bfs98042424	343595	7018323	MB-07	PKge	2.5	0.05	3.5	0.25	0.5	1	135	8	4		4	25	23.5	3.8		22	20
AJP980501-7	295500	7021865	AJP980501-7B	PKgt	1.5	0.05	1.8	0.25	2	5	51	28	4		50	71	42	1.25		12	46
AJP980501-7	295500	7021865	AJP980501-7A	PKgt	1.5	0.05	1.4	0.25	2	4	55	4	5		25	49	43.5	1.35		14	16
bfs980504-317	321258	7024968	MB-53	Pum	2	0.05	0.5	0.25	0.5	74	440	29	2500		9	37	0.44	0.31		1.5	2
AJP980422-15	351990	7024860	AJP980422-15	q	2.5	0.05	1.9	1	10	7	47	21	6		280	52	10	11.5		10	9
bfs980423-18	339760	7018613	MB-04	q	1	0.05	5	0.25	0.5	0.5	240	6	7		14	7	1.5	0.92		4	6
AJP980427-7	310870	7038630	AJP980427-7	q	1.5	0.05	6.5	0.25	1	6	200	5	7		86	9	4.2	0.52		4	12
AJP980428-14	312880	7039840	AJP980428-14	q	1	0.05	3	0.25	0.5	0.5	135	3	8		170	12	0.85	0.52		4	24
AJP980428-19	313590	7039970	AJP980428-19	q	0.5	0.05	1.5	0.25	0.5	0.5	110	2	4		25	4	7.5	0.23		1.5	8
AJP980503-28	323795	7018370	AJP980503-28	q	100	0.05	2.1	1.5	0.5	3	83	12500	7		15	19	3.4	31.5		22	15

Table 1. Full historical rock chip results for area which includes ELA 2013/169 (taken from Open file Envelope 9261 – includes samples collected outside of tenement area). All geochemical results are reported in ppm with the exception of Au which is in ppb. Sample coordinates are AMG Zone 53 AGD 84. All analyses undertaken at Amdel using IC2E with the exception of Au, Ag, Mo, Se, Th & U which were assayed using IC10M method.

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