FireFly Metals Ltd. — Capital/Financing Update 2013

Nov 6, 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

==> picture [596 x 10] intentionally omitted <==

For Immediate Release Thursday 7 November, 2013

ASX RELEASE

Antofagasta commits to Designated Project in S.A. with strategic alliance partner Monax Mining

HIGHLIGHTS

• Monax Mining secures Designated Project under strategic alliance with wholly-owned subsidiary of major Chilean copper producing partner, Antofagasta plc, via its own wholly-owned subsidiary.

• Millers Creek Designated Project comprises seven tenements providing a strategic landholding within the prospective Olympic iron-oxide copper-gold Province in South Australia.

• Detailed gravity program to commence after regulatory approvals received.

Australian exploration company, Monax Mining Ltd (ASX:MOX), today announced the establishment of a Designated Project (“Millers Creek DP”) with its strategic alliance partner, a wholly-owned subsidiary of major Chilean copper producer Antofagasta plc (“Antofagasta”), via its wholly-owned subsidiary, Monax Alliance Pty Ltd (“Alliance”).

The Millers Creek DP comprises three Alliance tenements together with four ASX-listed Maximus Resources Limited (“Maximus”) tenements located within the Woomera Prohibited Area (WPA) totalling 3165km[2] (Figure 1) in South Australia’s Far North.

The Alliance recently announced the signing of a Memorandum of Understanding (MOU) with Maximus for the Billa Kalina project which now forms part of the Millers Creek DP (see ASX Release 4 November, 2013).

Combined, the seven tenements represent a significant landholding within the Olympic ironoxide copper-gold (IOCG) Province.

The Millers Creek area is located between Olympic Dam and Prominent Hill within the Olympic IOCG Province and has not been subject to extensive mineral exploration, due to being located within the WPA.

The Department for Manufacturing, Innovation, Trade, Resources and Energy (DMITRE) is currently undertaking a 1km x 1km ground gravity survey within the WPA.

Page | 1

==> picture [113 x 34] intentionally omitted <==

The current gravity data coverage is dominantly 7km x 7km data collected in the 1970’s. Assessment of this historical widely-spaced gravity data has provided targets, which will be the focus of initial gravity surveys within the area.

“The new Designated Project is a significant project for us and provides the Alliance with a major exploration focus within a prospective and under-explored part of the Gawler Craton,” Monax Mining Managing Director, Mr Gary Ferris, said today.

“Due to it being a heavily restricted Defence area for many years, exploration access within the WPA has been virtually non-existent,” he said.

“The recent opening of this highly prospective area has provided the Alliance with a major focus to secure tenements for exploration”.

“There is limited available tenure within the Olympic IOCG Province, so the Alliance was eager to secure the three available tenements at Millers Creek, and combine them with the Maximus project area, to have a combined suite of tenements under the DP which has not received significant exploration for IOCG deposits.

“The extension of the strategic alliance for a further year, and the new DP, show that Antofagasta regards South Australia as prospective for the discovery of large copper deposits.”

Mr Ferris said the Alliance has already commenced the land access approvals process and plans to undertake detailed gravity in late 2013 or early 2014 over selected target areas.

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.

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 this 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.

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

Page | 2

==> picture [113 x 34] intentionally omitted <==

==> picture [498 x 660] intentionally omitted <==

Figure 1. Location of Monax Projects including the new Alliance Millers Creek Designated Project.

Page | 3