FireFly Metals Ltd. — Capital/Financing Update 2014

Apr 27, 2014

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 [595 x 10] intentionally omitted <==

For Immediate Release Monday 28 April, 2014

ASX RELEASE

Antofagasta Earns 51% Interest in Punt Hill Copper-Gold Project

HIGHLIGHTS

• Antofagasta has earned a 51% interest in the Punt Hill Project.

• Antofagasta and Monax to form a 51:49 Joint Venture.

• Antofagasta can earn a further 19% equity in the project (70% in total) by expending an additional US$5 million over four years.

• Planned exploration includes detailed gravity and drilling programs.

Monax Mining Limited (“Monax”) (ASX:MOX) today announced that a wholly-owned subsidiary of major Chilean copper producer Antofagasta plc (“Antofagasta”) has earned an initial 51% interest in the Punt Hill Iron-Oxide Copper-Gold (IOCG) Project, after sole funding US$4 million on exploration.

Antofagasta has now provided further funding to reach the US$4 million limit thereby triggering its 51% equity in the project. The Chilean copper major can earn a further 19% equity in the Project (70% in total) by expending an additional US$5 million over four years.

A forward exploration program of ground gravity and drilling has been approved by the Monax | Antofagasta Technical Committee.

The Punt Hill Project is located within the highly prospective Olympic IOCG Province in South Australia which contains the Olympic Dam, Prominent Hill, Carrapateena and Hillside deposits (Figure 1), along with OZ Minerals’ Khamsin discovery.

Forward Exploration Program

Monax has a meeting booked with the Native Title Claimant Group in mid-May to present the next phase of exploration planned at Punt Hill. Initial exploration will involve gravity surveying at both the Groundhog prospect and the new Bosworth prospect in the far north of the project area, followed by drilling in the second half of 2014.

The Groundhog prospect (Figure 2) was discovered by Monax in 2006. Highly encouraging zones of Cu-Au-Ag-Zn-Pb-REE mineralisation have been encountered within a package of skarn-altered sedimentary rocks. This alteration and mineralisation system is slightly different to the known hematite breccias at deposits such as Carrapateena and Khamsin, however the geochemical signature and age of the system suggests an intimate link to the IOCG deposit family.

Page | 1

==> picture [107 x 28] intentionally omitted <==

Significant zones of mineralisation encountered in drilling at Groundhog include:

• GHDD1: 126m @ 0.4%Cu, 0.09g/t Au, 4.8g/t Ag, 0.24% Zn (837-963m), Including 14m @ 1% Cu, 0.23g/t Au (940-954m),

• GHDD2: 152m @ 0.35%Cu, 0.07g/t Au, 4.7g/t Ag, 0.37% Zn (898-1050m),

• GHDD4: 122m @ 0.47% Cu, 0.09g/t Au, 6.5g/t Ag, 0.38% Zn (840-962m),

• GHDD6: 152m @ 0.47% Cu, 0.15g/t Au, 5.4g/t Ag, 0.48% Zn (847-999m),

  • Including 17m @ 1.1% Cu, 0.24g/t Au (853-870m); and

7m @ 1.85% Cu, 0.46g/t Au (991-998m).

(This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Note: all lengths are downhole lengths; true width unknown).

Detailed infill gravity is planned at Groundhog to aid in the interpretation of the structural setting and screen for any subtle anomalies that may represent high grade mineralisation and/or a granite-hosted hematite breccia in the area.

Over the past 18 months, the Department of Manufacturing, Innovation, Trade, Resources and Energy (DMITRE), in conjunction with Monax, has been undertaking a comprehensive mineral system study at Punt Hill, with particular emphasis on the Groundhog drill holes. New detailed geochemical, petrophysical and hyperspectral (HyLogger) data has been used to vector to zones of possible higher-grade mineralisation.

Preliminary results of this research will be presented at the annual SAREIC Conference (“Unlocking South Australia’s Mineral Wealth” Technical Forum, Thursday 8[th] May, 2014). This research, together with detailed logging and mineralogical studies, is showing that potential mineralisation is located further to the north and northwest of the current Groundhog drill holes.

Monax will also undertake detailed gravity surveying within the northern part of the project area over the new Bosworth prospect (Figure 2). This area has not been explored previously and the recent discovery of the Khamsin prospect by Oz Minerals has highlighted this area as worthy of detailed exploration. The Bosworth area is located within a prominent NW trending lineament which also hosts OZ Minerals’ Carrapateena deposit and Khamsin prospect (Figure 2).

The Monax | Antofagasta Technical Committee has approved drill holes at the Groundhog and Bottle Hill prospects. The Groundhog hole will be located to the NW of the current drill holes to test the mineralisation vector derived from work described above. The final location of this hole is to be selected once the results of the detailed gravity survey have been processed, modelled and interpreted.

The planned drill hole at Bottle Hill is designed to follow up on previous drill hole BHDD01 completed in 2011. Two subsequent independent geophysical models of the Bottle Hill target, constrained using the BHDD01 drill hole downhole data, indicate that the gravity anomaly was not adequately tested.

BHDD01 intersected strongly deformed chlorite-hematite altered Donington Suite Granite. This granite is the host rock to the nearby Carrapateena deposit and Khamsin prospect. Deformation observed within BHDD01 is interpreted to show the influence of NW and NE structures, which are understood to be key ingredients in the formation of IOCG systems within the Gawler Craton.

Page | 2

==> picture [107 x 28] intentionally omitted <==

A decision on the prospectivity of Bosworth area will be made after completion, processing and modelling of the gravity survey data.

Monax Mining Managing Director Gary Ferris said, “The Company is delighted to inform shareholders of the continued exploration efforts at the Company’s flagship Punt Hill Project”.

“The ongoing support from project partner, Antofagasta, which has now earned 51% equity in the project and committed to funding more exploration, is a clear demonstration of the prospectivity of this project”.

Gary Ferris Managing Director Monax Mining Ph: (08) 8245 4900 Email: info@monaxmining.com.au

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 2012 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 | 3

==> picture [107 x 28] intentionally omitted <==

==> picture [431 x 224] intentionally omitted <==

==> picture [431 x 223] intentionally omitted <==

==> picture [431 x 224] intentionally omitted <==

Figure 1. Location of Monax Punt Hill IOCG Project.

Page | 4

==> picture [107 x 28] intentionally omitted <==

==> picture [375 x 572] intentionally omitted <==

Figure 2. Prospect locations on Bouguer Gravity (UC1kR).

Page | 5