FireFly Metals Ltd. — Capital/Financing Update 2013

Feb 10, 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

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

For Immediate Release Monday, 11 February, 2013

ASX RELEASE

Ground EM survey enhances graphite targets

HIGHLIGHTS

• Ground electromagnetic (“EM”) survey completed over four prospects on Monax’s Waddikee Graphite Project on South Australia’s Eyre Peninsula.

• High-quality data defines strong conductor at Wilclo South and Francis prospects.

• 70 hole Reverse Circulation (RC) drilling program to commence in coming week.

Monax Mining Limited (ASX:MOX) (“Monax” or “the Company”) today announced a 70-hole drill program would start later this week at its 100% owned Waddikee Graphite Project on South Australia’s Eyre Peninsula on four target areas identified during a recent ground electromagnetic (EM) survey.

The Waddikee Graphite Project (EL 4662) is located approximately 100 kilometres south-west of Whyalla, within an area that is becoming the premier graphite province in South Australia (Figure 1).

Monax recently completed ground EM surveys over the Wilclo South, Francis, Argent and Lacroma prospects. The detailed EM surveys were undertaken to define the conductive targets and allow for accurate positioning of drill holes.

The ground EM survey provided confirmed the location and intensity of regional airborne EM (“AEM) conductors (see Figure 2), using both moving loop and slingram techniques to provide detailed data to define the location and dip of the conductive units.

The data for the Wilclo South prospect has been modelled (Figure 3) and shows a continuous conductive zone over a strike length of 2km, which remains open at both ends.

Drilling at Wilclo South by Monax last year corresponds strongly with the modelled conductive units, providing confidence that the newly acquired EM data will greatly assist in locating drill holes.

The EM survey showed that the conductive unit is slightly displaced between some lines showing evidence of minor structural movement along the graphitic horizon.

The 70-hole RC drilling program, due to commence later this week, will start in an area of outcropping graphite which assayed 22.9% total graphitic carbon (see ASX Release 12 September, 2012 for sample details).

The ground EM survey also defined strong conductive anomalies at the Francis and Argent prospects. Field plots show good correlation with regional AEM data, providing greater resolution on the location and dip of these conductive features. Data for these two areas is still being processed and these prospects will drill tested after Wilclo South.

The majority of the drilling program will be undertaken at the Wilclo South prospect with the objective of providing sufficient drill hole information for Monax to produce an inferred resource by mid-2013.

Gary Ferris Managing Director Monax Mining Ph: (08) 8375 3900 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.

==> picture [350 x 393] intentionally omitted <==

Figure 1. Location of the Waddikee project, central Eyre Peninsula, highlighting other graphite and iron projects within the region.

==> picture [454 x 349] intentionally omitted <==

Figure 2. Waddikee Graphite Project. Location of 2012 mapping sites. Background 100-150m depth AEM data (red = zones of high conductivity).

==> picture [521 x 258] intentionally omitted <==

Figure 3. Wilclo South 3D EM model. Coloured plates indicate location of conductive zone which remains open along strike. Model shows 2012 Monax drill holes (WG031 and WG032) which intersected high grade graphite mineralisation.