FireFly Metals Ltd. — Capital/Financing Update 2015

Jul 5, 2015

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

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For Immediate Release Monday July 6 2015

ASX RELEASE

Drilling Commenced - Western Gawler Craton Project

HIGHLIGHTS

• Drilling program commenced on Monax’s Western Gawler Craton Project

• Major drilling program partly funded by PACE Grant

Monax Mining Ltd (“Monax”) (ASX:MOX) is pleased to announce that Farm-In partner, Western Areas Ltd (“Western Areas”) (ASX:WSA) have commenced a major drilling program on the Western Gawler Craton Project (Figure 1).

Western Areas recently completed an Aboriginal heritage survey over the Western Gawler Craton project and plan to drill up to 85 holes in total on Monax’s tenements, with the drilling program expected to take approximately two months to complete.

Interpretation of the aeromagnetic data by Western Areas revealed numerous features that may represent mafic/ultramafic intrusions, many of which are clustered in potential ‘camps’ (Figure 2). These features, which have been ranked and prioritised, will be evaluated in the upcoming drilling program.

The drilling program is also aimed at providing geological information to assist with further data interpretation.

This drilling is partly funded (up to $100,000) by the SA Government as part of the Plan for Accelerating Exploration (PACE) Discovery Drilling 2015 program. Any positive results will be followed up with further RC and diamond drilling, and geophysics.

“Monax is excited about the drilling program on its Western Gawler Craton project area” Monax Mining Managing Director, Gary Ferris, said today.

“The western Gawler Craton is vastly under-explored and the area is interpreted to share a similar geological history to the Albany-Fraser Belt in Western Australia, which hosts the NovaBollinger nickel-copper deposit. Monax believes the western Gawler Craton is highly prospective and the planned drilling program will provide important geological information which will assist in understanding the geological history and potential of this area,” he said.

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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.

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Figure 1. Location of Monax’s projects including Western Gawler Craton Project.

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Figure 2. Western Gawler JV Project magnetic imagery (Colour RTP) highlighting two of the potential clusters “camps” of interpreted mafic-ultramafic intrusions (source: Western Areas)

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