FireFly Metals Ltd. — Capital/Financing Update 2015

Jan 20, 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 Wednesday 21 January, 2015

ASX RELEASE

Western Gawler Craton Project Update

HIGHLIGHTS

• High-resolution aeromagnetic survey completed

• New high quality data showing significant increase in resolution from current magnetic data

• New data highlighting areas of interest for magmatic Ni-Cu style mineralisation

• Major drilling program planned for mid-2015

Monax Mining Ltd (ASX:MOX) is pleased to announce that a detailed aeromagnetic survey has been completed on its Western Gawler Craton (“WGC”) Project (see Figure 1), wholly funded by Western Areas Limited (“Western Areas”) (ASX:WSA) under the recently announced Farm-In Agreement (see ASX Release 9 October 2014).

The survey comprised 100m spaced flight lines over the entire project area and was completed in approximately six weeks. The new data provides a high-quality dataset suitable for outlining areas of favourable lithology and structural setting to host massive polymetallic mineralisation.

Figure 2 shows a reduced to pole (RTP[1] ) image with the previously available data shown in the background. Figure 3 provides a comparison between the older data and the newly acquired magnetic data showing the significant increase in detail for the newly acquired data.

Interpretation of the data has commenced and Western Areas are planning a major drilling program to commence in the coming months once the required statutory access approvals are received.

The western Gawler Craton is interpreted to have a geological history analogous to the Thompson Nickel Belt in Canada and the Albany-Fraser Belt in Western Australia. The western Gawler Craton is considered a highly prospective and under-explored part of South Australia and Monax has acquired a strategic landholding within this potential new mineral province.

The Nova-Bollinger Deposit in the Albany-Fraser Belt in Western Australia is located within a prominent magnetic and gravity ridge. Two prominent magnetic and gravity ridges are located within Monax’s WGC Project area, representing prime targets for potential magmatic nickelcopper mineralisation similar to that at Nova-Bollinger.

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The Tropicana gold deposit is located along the margin of the Albany Fraser Belt and exploration will also be focussed on testing the potential for a similar style of mineralisation within the WGC Project area.

“Monax is excited by the new aeromagnetic data and is looking forward to reviewing and interpreting the data with our partner Western Areas,” Monax Mining Managing Director, Mr Gary Ferris, said today.

“The new data is a significant step forward for the project because the prospective basement rocks are obscured by a thin veneer of recent sediments and this data will allow a systematic approach to interpreting the data and planning the upcoming drilling program ” he said.

“We are excited to have such a proactive partner in Western Areas who have completed this major survey within three months of signing the Farm-In agreement” he said.

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.

1 Reduced to pole (RTP) - reduction-to-pole (RTP) transformation is commonly applied to aeromagnetic data to minimize polarity effects.

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

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Figure 2. Newly acquired detailed aeromagnetic data over Western Gawler Craton Project (Image shows Reduced to Pole (RTP) image). Background previously available magnetic data.

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Figure 3. Comparison of older aeromagnetic data and newly collected aeromagnetic data (a= older data; b = new data)

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JORC Code, 2012 Edition – Table 1 report template Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling		Nature and quality of sampling (eg cut channels, random chips, or		Not Applicable for magnetic survey.
techniques		specific specialised industry standard measurement tools appropriate
		to the minerals under investigation, such as down hole gamma
		sondes, or handheld XRF instruments, etc). These examples should
		not be taken as limiting the broad meaning of sampling.
		Include reference to measures taken to ensure sample representivity
		and the appropriate calibration of any measurement tools or systems
		used.
		Aspects of the determination of mineralisation that are Material to the
		Public Report.
		In cases where ‘industry standard’ work has been done this would be
		relatively simple (eg ‘reverse circulation drilling was used to obtain 1
		m samples from which 3 kg was pulverised to produce a 30 g charge
		for fire assay’). In other cases more explanation may be required,
		such as where there is coarse gold that has inherent sampling
		problems. Unusual commodities or mineralisation types (eg
		submarine nodules) may warrant disclosure of detailed information.
Drilling		Drill type (eg core, reverse circulation, open-hole hammer, rotary air		Not Applicable for magnetic survey.
techniques		blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
		or standard tube, depth of diamond tails, face-sampling bit or other
		_type, whether core is oriented and ifso, by what method, etc). _
Drill sample		Method of recording and assessing core and chip sample recoveries		Not Applicable for magnetic survey.
recovery		and results assessed.
		Measures taken to maximise sample recovery and ensure
		representative nature of the samples.
		Whether a relationship exists between sample recovery and grade
		and whether sample bias may have occurred due to preferential
		loss/gainof fine/coarse material.
Logging		Whether core and chip samples have been geologically and		Not Applicable for magnetic survey.
		geotechnically logged to a level of detail to support appropriate
		Mineral Resource estimation, mining studies and metallurgical
		studies.
		Whether logging is qualitative or quantitative in nature. Core (or
		costean, channel, etc) photography.
		_The total length and percentage of the relevant intersections logged. _
Sub-sampling		If core, whether cut or sawn and whether quarter, half or all core		Not Applicable for magnetic survey.
techniques and		taken.
sample		If non-core, whether riffled, tube sampled, rotary split, etc and

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
preparation		whether sampled wet or dry.
		For all sample types, the nature, quality and appropriateness of the
		sample preparation technique.
		Quality control procedures adopted for all sub-sampling stages to
		maximise representivity of samples.
		Measures taken to ensure that the sampling is representative of the in
		situ material collected, including for instance results for field
		duplicate/second-half sampling.
		Whether sample sizes are appropriate to the grain size of the material
		_being sampled. _
Quality of		The nature, quality and appropriateness of the assaying and		Not Applicable for magnetic survey.
assay data and		laboratory procedures used and whether the technique is considered
laboratory		partial or total.
tests		For geophysical tools, spectrometers, handheld XRF instruments, etc,
		the parameters used in determining the analysis including instrument
		make and model, reading times, calibrations factors applied and their
		derivation, etc.
		Nature of quality control procedures adopted (eg standards, blanks,
		duplicates, external laboratory checks) and whether acceptable levels
		_of accuracy (ie lack of bias) and precision have been established. _
Verification of		The verification of significant intersections by either independent or		Not Applicable for magnetic survey.
sampling and		alternative company personnel.
assaying		The use of twinned holes.
		Documentation of primary data, data entry procedures, data
		verification, data storage (physical and electronic) protocols.
		_Discuss any adjustment to assay data. _
Location of		Accuracy and quality of surveys used to locate drill holes (collar and		The aeromagnetic survey was undertaken by MAGSPEC Airborne
data points		down-hole surveys), trenches, mine workings and other locations		Surveys Pty Ltd using a Cessna fixed wing aircraft. Flight lines were
		used in Mineral Resource estimation.		100m apart with 40m survey height. Lines were oriented 120o– 320o.
		Specification of the grid system used.		Data was collected using WGS84 UTM grid system.
		Quality and adequacy of topographic control.		Topographic control was achieved using a integrated Novatel
				OEM616 GPS Receiver together with a radar altimeter which
				provides data on the aircraft height above the terrain.
Data spacing		Data spacing for reporting of Exploration Results.
and		Whether the data spacing and distribution is sufficient to establish the		Not applicable – data not used for resource estimation.
distribution		degree of geological and grade continuity appropriate for the Mineral
		Resource and Ore Reserve estimation procedure(s) and		Not Applicable for magnetic survey.
		classifications applied.
		_Whether sample compositing has been applied. _
Orientation of		Whether the orientation of sampling achieves unbiased sampling of		Lines were oriented 120o– 320owhich is considered optimal for the
data in relation		possible structures and the extent to which this is known, considering		area.
togeological		the deposit type.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
structure		If the relationship between the drilling orientation and the orientation
		of key mineralised structures is considered to have introduced a
		sampling bias, this should be assessed and reported if material.
Sample		The measures taken to ensure sample security.		Not Applicable for magnetic survey.
security
Audits or		The results of any audits or reviews of sampling techniques and data.		Not Applicable for magnetic survey.
reviews

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral		Type, reference name/number, location and ownership including		The survey was undertaken on Exploration Licences 5077, 5199 and
tenement and		agreements or material issues with third parties such as joint		5200 which are owned 100% by Monax Mining Limited. These 3
land tenure		ventures, partnerships, overriding royalties, native title interests,		tenements are part of a farm-in agreement with Western Areas
status		historical sites, wilderness or national park and environmental		Limited. The tenements are partly located in Aboriginal Lands Trust
		settings.		(ALT), Yellabinna Regional Reserve and freehold land. The area
		The security of the tenure held at the time of reporting along with any		outside of the ALT area is part of the Far West Native Title
		known impediments to obtaining a licence to operate in the area.		determination.
				There are no known impediments to obtain a licence to operate in the
				area. Monax and Western Areas have commenced negotiations with
				the Aboriginal Lands Trust and the Far West Native Title Group.
Exploration		Acknowledgment and appraisal of exploration by other parties.		Several companies have explored for coal, mineral sands and nickel
done by other				in the area. Monax has reviewed this exploration data and no
parties				systematic approach in the search for Ni-Cu has been undertaken.
Geology		Deposit type, geological setting and style of mineralisation.		Intrusive Ni-Cu style mineralisation.
Drill hole		A summary of all information material to the understanding of the		Not Applicable for magnetic survey.
Information		exploration results including a tabulation of the following information
		for all Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level – elevation above sea level in
		metres) of the drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
		If the exclusion of this information is justified on the basis that the
		information is not Material and this exclusion does not detract from
		the understanding of the report, the Competent Person should clearly
		_explain why this is the case. _
Data		In reporting Exploration Results, weighting averaging techniques,		Not Applicable for magnetic survey.

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
aggregation		maximum and/or minimum grade truncations (eg cutting of high
methods		grades) and cut-off grades are usually Material and should be stated.
		Where aggregate intercepts incorporate short lengths of high grade
		results and longer lengths of low grade results, the procedure used
		for such aggregation should be stated and some typical examples of
		such aggregations should be shown in detail.
		The assumptions used for any reporting of metal equivalent values
		_should be clearly stated. _
Relationship		These relationships are particularly important in the reporting of		Not Applicable for magnetic survey.
between		Exploration Results.	.
mineralisation		If the geometry of the mineralisation with respect to the drill hole
widths and		angle is known, its nature should be reported.
intercept		If it is not known and only the down hole lengths are reported, there
lengths		should be a clear statement to this effect (eg ‘down hole length, true
		_width not known’). _
Diagrams		Appropriate maps and sections (with scales) and tabulations of		Map showing location of survey area included in this report.
		intercepts should be included for any significant discovery being
		reported These should include, but not be limited to a plan view of
		_drill hole collar locations and appropriate sectional views. _
Balanced		Where comprehensive reporting of all Exploration Results is not		Not Applicable for magnetic survey.
reporting		practicable, representative reporting of both low and high grades
		and/or widths should be practiced to avoid misleading reporting of
		_Exploration Results. _
Other		Other exploration data, if meaningful and material, should be reported		Data from previous exploration has been previously released.
substantive		including (but not limited to): geological observations; geophysical
exploration		survey results; geochemical survey results; bulk samples – size and
data		method of treatment; metallurgical test results; bulk density,
		groundwater, geotechnical and rock characteristics; potential
		_deleterious or contaminating substances. _
Further work		The nature and scale of planned further work (eg tests for lateral		Monax and Western Areas Limited will review newly acquired
		extensions or depth extensions or large-scale step-out drilling).		magnetic data to assist in determining the next phase of exploration.
		Diagrams clearly highlighting the areas of possible extensions,
		including the main geological interpretations and future drilling areas,
		_provided this information is not commercially sensitive. _

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