FireFly Metals Ltd. — Capital/Financing Update 2013

May 12, 2013

Exploration Office Warehouse I, 5 Butler Blvd BurbridgeBusinessPark Adelaide Airport SA 5950 Postal Address PO Box 247 Export Park SA 5950

ABN: 96 110 336 733

Tel: +61 8 8375 3900 Fax: +61 8 8375 3999 www.monaxmining.com.au

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For Immediate Release Monday, 13 May 2013

ASX RELEASE

Monax Mining sign agreement with Fortescue Metals for S.A coppergold project

HIGHLIGHTS

• Term sheet signed for Northern Gawler Craton copper-gold project with FMG Resources Pty Ltd, a subsidiary of Fortescue Metals Group.

• Agreement provides Monax with a legally binding exclusive period to undertake technical due diligence on the project from the date of term sheet until three months following access to the tenement and a right to negotiate the terms of a Farm-in and Joint Venture Agreement with Fortescue.

• Prominent gravity target of potential Iron Oxide Copper Gold style identified.

• Parties to negotiate terms for Monax to earn an interest in the project as well as forming a joint venture upon successful technical due diligence.

Monax Mining Ltd (ASX: MOX) (“Monax”) today announced it had signed a term sheet (“Agreement” or “Term Sheet”) with FMG Resources Pty Ltd (“Fortescue”), a subsidiary of Fortescue Metals Group (ASX: FMG) – for a copper-gold project in northern South Australia.

Central to the Term Sheet is technical due diligence being completed on EL 5026 (Figure 1)(“Tenement”).

The Agreement also contains non-binding terms pursuant to which, subject to the outcome of the technical due diligence by Monax (including a detailed ground gravity survey), the parties will negotiate terms for Monax to farm-in to the Tenement and for the parties to form a joint venture.

Monax has reviewed available geophysical data for the Tenement and discovered a prominent gravity feature (Figure 2). Modelling of gravity and magnetic data has shown that the anomaly is not explained by shallow basement or the Gairdner Dykes visible in Figure 2.

A single historical drill hole completed over 1km from the target to a depth of 674m which failed to intersect basement rocks also did not identify the anomaly. Figure 3 summarises the geological model for the Reedy Lagoon 1 gravity feature.

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The target is located within the newly defined Amber Zone of the Woomera Prohibited Area (“WPA”). Access to this prospective target has previously been denied since 1985.

Monax is excited about the prospect of applying modern geophysical techniques and hematite style iron-oxide copper-gold (IOCG) exploration models (which lead to the discovery of both the Prominent Hill and Carrapateena Deposits) to this prospective Tenement.

Monax plans to undertake a detailed ground gravity survey over the feature as soon as possible to assist in defining the target for drill testing.

Summary of Transaction

Under the terms of the Agreement, Monax has an exclusive three month period to undertake technical due diligence on the project from the date it first accesses the Tenement.

Access to the Tenement will be granted subsequent to the finalisation of the Native Title Agreements and a Deed of Access with the Commonwealth of Australia for access to the WPA.

On completion of its due diligence investigations and the gravity survey and subject to satisfactory results, the parties will negotiate legally binding farm in and joint venture agreements, allowing Monax to earn an interest in the project.

Gary Ferris Managing Director, Monax Mining Ph: (08) 8375 3900 mail: 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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Figure 1. Location of Reedy Lagoon project (EL 5026).

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Figure 2. Location of gravity feature on EL 5026. Back ground TMI and gravity contours. Black line represents the line used for modelling with part of the line shown below.

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Figure 3. Geophysical model for Reedy Lagoon 1 gravity feature.

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