FireFly Metals Ltd. — Capital/Financing Update 2013

Sep 15, 2013

Exploration Office Unit 2, 81 Harrison Rd 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, 16 September 2013

ASX RELEASE

MONAX MINING TO RAISE UP TO $1.5M

VIA NON-RENOUNCEABLE RIGHTS ISSUE

Monax Mining Ltd (ASX: MOX) ( MOX or Company ) is pleased to announce a pro-rata nonrenounceable rights issue to raise approximately A$1.5 million (before costs)( Rights Issue or Offer ) to further advance its Waddikee Graphite Project and for working capital purposes.

The Company intends to apply the funds raised by the Rights Issue towards:

• Beneficiation and metallurgy studies of the Wilclo South deposit;

• Additional graphite resource definition drilling at nearby Francis prospect;

• Testing of the graphite product;

• Marketing initiatives of the graphite product;

• Seeking graphite off-take partners; and

• General working capital.

On 26 August 2013, Monax announced a maiden JORC Inferred Mineral Resource for the Wilclo South graphite deposit, which forms part of the Company’s 100%-owned Waddikee Graphite Project on South Australia’s Eyre Peninsula. The Wilclo South deposit comprises a total combined Inferred Resource of 6.4 million tonnes grading 8.8% total graphitic carbon ( TGC ) for 550,000 tonnes of contained graphite using a 5% cut-off. The resource includes a high grade component of 1.75 Mt grading 12.5% TGC using a 10% cut-off.

The recent results from Wilco South confirm the deposit is comparable to other graphite deposits on Eyre Peninsula and the Company is keen to conduct beneficiation and metallurgy studies and testing of the product so it may be able to commence its marketing initiatives.

The Rights Issue is being offered on the basis of one (1) new MOX ordinary share for every three (3) ordinary shares held at an issue price of $0.03 per share ( New Shares ). The Rights Issue price reflects a 15% discount to the most recent 30-day closing volume weighted average price of the Company’s shares.

Shareholders with an address in Australia or New Zealand on the Company’s register on 1 October 2013 will be eligible to participate in the Rights Issue ( Eligible Shareholders ).The New Shares will rank equally with all existing fully paid ordinary shares in the Company.

The Directors reserve the right to place the remaining shortfall at their discretion within three months after the close of the Offer. Eligible Shareholders’ entitlements pursuant to this Rights Issue are non-renounceable and accordingly, they may:

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• take up their rights in full or in part;

• do nothing, in which case their rights will lapse; or

• take up their rights in full and apply for additional New Shares.

Full details of the Rights Issue will be set out in the Prospectus which will be lodged by the Company with ASIC and ASX on 23 September 2013.

Existing option holders will need to exercise their options and be a registered holder of shares at the close of business on 1 October 2013 if they wish to participate in the Rights Issue.

The Company has decided that it is unreasonable to make the Offer to shareholders who have a registered address in a country outside of Australia or New Zealand, having regard to the number of shareholders in such places, the number and value of the New Shares they would be offered and the substantial costs of complying with the legal and regulatory requirements in those jurisdictions.

The proposed timetable for the Rights Issue is as follows:

Event	Date
Prospectus lodged with ASIC and ASX	23 September 2013
Notice sent to shareholders	24 September 2013
‘Ex’ Date	25 September 2013
Record Date	1 October 2013
Dispatch of Prospectus and Entitlement & AcceptanceForms to Shareholders,RightsIssue opens	8 October 2013
ClosingDate	22 October 2013
Sharesquoted on a deferred settlement basis	23 October 2013
NotifyASX of under subscriptions	25 October 2013
Allotment and dispatch date for holdingstatements	30 October 2013
New Shares commence tradingon ASX	31 October 2013

The above dates are indicative only. Subject to the ASX Listing Rules, the Directors reserve the right to withdraw the Offer at any time, close the Rights Issue early or extend the Closing Date for the Offer at their discretion. Should the Offer be closed early or extended, there will be a consequential effect on the anticipated date of issue for the New Shares.

For further information, please contact:

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.

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Information in this report that relates to Mineral Resources was compiled by Ms Sharron Sylvester, who is a Member of the Australian Institute of Geoscientists (RPGeo 10125). Ms Sylvester is a full-time employee of AMC Consultants Pty Ltd and has sufficient experience relevant to the styles of mineralisation and to the activities which are being reported to qualify as a Competent Person as defined by the JORC Code, 2012 and consents to the release of the information compiled in this report in the form and context in which it appears.

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