FireFly Metals Ltd. — Capital/Financing Update 2014

May 15, 2014

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ASX Announcement

16[th] May 2014

Maximus progressing to US$3m farm-in deal on key Millers Creek project in Woomera area in South Australia

Summary

• Confirmation received Monax Alliance Pty Ltd intends progressing to Farm-in Joint Venture on Millers Creek project in Gawler Craton.

• Maximus retains 100% ownership of project and 4 tenements during Farm-in period.

• Alliance can earn 80% equity in the tenements for US$3 million expenditure on exploration including US$100,000 to Maximus.

• Should Maximus elect not to enter into the JV, Alliance must purchase remaining 20% share of the project for US$4.5 million and retain a 2% Net Smelter royalty

• Alliance has an option to purchase Maximus’ 2% NSR for agreed amount up to a decision to mine

• Progressing with approvals for initial drilling campaign.

Maximus Resources Limited, (ASX: MXR) is pleased to announce it has received confirmation from Monax Alliance Pty Ltd (Alliance), a wholly owned subsidiary of Monax Mining Ltd, established as the vehicle for the Monax Antofagasta Alliance, that it intends progressing the Farm-in Joint Venture Agreement (Farm-in) with Maximus to undertake exploration drilling on the Millers Creek IOCGU Project located in the Gawler Craton region within the Woomera Prohibited Area (WPA) in South Australia.

Under the terms of the Memorandum of Understanding (MoU) with Maximus, signed in November 2013, the Alliance had a 6 month exclusive period to undertake technical due diligence on the project, following which Alliance had the option to enter into a farm-in agreement with Maximus to earn 80% equity in the Millers Creek project by investing US$3 million in exploration over a 3 year period, subject to a minimum commitment of US$500,000 in year 1.

Following successful due diligence on the tenements, which included ground reconnaissance, ground gravity survey and a Heli-mag survey, Alliance identified 6 target zones, and a number of drill targets. Alliance intends undertaking a drilling program within the next quarter once Farm-in Agreement documents are finalised.

The Alliance shall manage all exploration programs conducted during the farm-in period. Maximus receives a further US$100,000 payment in year 1 following signing of a farm-in agreement by the Alliance.

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The Millers Creek Project comprises 4 granted tenements, EL 4463, EL 4854, EL 4898 and EL 4899 that are owned 100% by Maximus and cover a total area of 2,342 sq km. The project area is located approximately 600km northwest of Adelaide, between BHP Billiton’s Olympic Dam operation and Oz Minerals Prominent Hill operation.

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Upon meeting the farm-in requirements, the Alliance will have earned 80% equity in the Joint venture (JV) project. Each party is required to contribute to ongoing JV expenditure once the JV is established or dilute its equity in the project. Should Maximus elect not to enter into the JV with the Alliance, it can elect to sell its 20% share of the project to the Alliance for US$4.5 million and retain a Net Smelter Royalty (NSR) of 2%.

If either party’s equity reduces below 10%, the remaining equity will convert to a 2% NSR, which may be purchased at any time up to a decision to mine for an agreed amount.

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Maximus is pleased that Alliance has elected to proceed to the next phase of the agreement, after receiving encouraging results from its due diligence activities, and enter into a Farm-in Agreement with the Company. Documentation is progressing and the market will be updated once the Farm-in Agreement is signed.

For further information contact Kevin Malaxos on 08 7324 3172 Kmalaxos@maximusresources.com

Duncan Gordon, Adelaide Equity Partners on 08 8232 8800 or 0404 006 444 dgordon@adelaideequity.com.au

Further information relating to Maximus Resources Limited and its diversified exploration projects will be found on Maximus’ website : www.maximusresources.com

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