FireFly Metals Ltd. — Interim / Quarterly Report 2010

Jan 28, 2010

Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park 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

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For immediate release 29 January 2010

Monax Mining Limited Quarterly Report

For the period ending 31 December 2009

HIGHLIGHTS

• Successful Share Purchase Plan, Rights Issue and Placements raised approximately $5.2 million before costs, strongly capitalising the company to continue exploration on current projects and assess new projects.

• Processing of detailed aeromagnetic data defines high priority targets at Melton iron-oxide copper-gold-uranium project. Ground magnetic and gravity surveys have commenced and drilling is planned for mid-late February 2010.

• Initial manganese exploration under Waddikee farmin agreement with OM Manganese commenced. Rock chip samples produced up to 46% manganese and two new manganese horizons were outlined from detailed geological mapping. A detailed auger drilling program is planned to commence in January 2010 with RC drilling planned for May 2010.

• Detailed infill gravity survey at Punt Hill completed, defining two new potential Cu-Au drill targets. The Gopher target has been modelled at a depth between 230-300m below the surface. Access approvals have been commenced with drilling planned for late February-March 2010.

Quarterly report for the period ending December 31 2009

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Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park 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

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Corporate

Capital Raising

Monax has undertaken a Share Purchase Plan, Rights Issue and Placements raising approximately $5.2 million before costs. Both the SPP and Rights Issues were strongly supported by Shareholders and the Company now has sufficient funds to continue exploration at Melton, Waddikee, Punt Hill and Kangaroo Island, as well as assess several new projects.

The Company now has 142,153,664 shares on issue.

Exploration

Monax has four core projects and has a joint venture with Marmota Energy over a uranium project. Monax’s core projects are (Figure 1):

1. Punt Hill – copper, gold

2. Melton – copper, gold, uranium (jv with Marmota Energy)

3. Waddikee – manganese, iron (jv with OM Holdings)

4. Kangaroo Island – zinc, lead, gold

5. Mulyungarie - uranium (jv with Marmota Energy)

Punt Hill Project (Monax 100%)

Punt Hill is located approximately 25km south of Carrapateena where drilling by Teck Cominco reported 900m @ 2.1% Cu and 1.0 g/t Au in hole 50. Previous drilling by Monax at Punt Hill has defined a large mineralised system at the Groundhog Prospect with the best results reported (Figure 2):

• 159m @ 0.47% Cu, 0.12 g/t Au, 5.3 g/t Ag, 0.48% Zn & 0.12% Pb (from 846m); including 17m @ 1.1% Cu, 8.5 g/t Ag & 1.2% Zn from 853m – drill hole GHDD6

• 162m @ 0.34% Cu (from 888m) including 28m @ 0.7% Cu from 897 - drill hole GHDD2

• 122m @ 0.47% Cu, 0.1 g/t Au, 6.6 g/t Ag & 0.38% Zn from 840m including15m @ 0.96% Cu, 0.13 g/t Au, 10.5 g/t Ag & 0.52% Zn from 840m – drill hole GHDD4

• 126m @ 0.4 Cu from 837m including 14m @ 0.7% Cu from 846m and 14m @ 1.0% Cu, 0.25 g/t Au & 4.5 g/t Ag from 940m – drill hole GHDD1

• 76m @ 0.22% Cu from 826m – drill hole GHDD3

Quarterly report for the period ending December 31 2009

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Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park 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

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Figure 1: Location of Monax’s Core Projects

Quarterly report for the period ending December 31 2009

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Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park 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

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Monax has received the results from a recent detailed gravity survey and two prominent gravity anomalies have been identified as the ‘Gopher’ and ‘Otcheck’ Prospects (Figure 3).

The Gopher anomaly is located approximately 15km northwest of the Groundhog Prospect, representing a discrete gravity target compared to the prominent gravity ridge seen within the Groundhog area (Figure 3). The Gopher anomaly is approximately 1.5km in length and drilling at Flickertail to the north has shown the basement rocks are shallower within this part of the Punt Hill tenement.

Geophysical modelling of the Gopher target has reported the depth to be in the range 250-350m below the surface (Figure 4). Based on the modelling, Monax is planning to drill two holes to test the anomaly for Cu-Au.

The Otcheck anomaly is located approximately 6km northwest of the Prairie Dog Prospect within a prominent northwest trending gravity ridge. Hole PDDD2 at the Prairie Dog Prospect reported 152m @ 0.32% zinc from, 856m including a 1m intersection of 7.58% copper and 10 g/t silver at 880m. Modelling of this target has not been completed.

Monax has commenced the approval process to facilitate drilling in Late February - March 2010.

Quarterly report for the period ending December 31 2009

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Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park 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

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Figure 3: Punt Hill gravity data with new prospects outlined in white boxes.

Quarterly report for the period ending December 31 2009

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Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park 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

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Figure 4: Gravity modelling of Gopher target showing modelled target and proposed drill hole. Depth to the core of the target is 350m below the surface.

Melton Project (Marmota Energy Limited earning 50% interest in all minerals)

The Melton Project is located on the northern Yorke Peninsula and contains a 15km section of the highly prospective Pine Point Fault Zone (PPFZ). Drilling by Rex Minerals within the PPFZ south of the Melton Project has reported significant intersections of copper and gold mineralisation hosted within discrete magnetic anomalies.

Reprocessing of the recently acquired high-resolution aeromagnetic data over the Melton Project has been completed. The reprocessed data has highlighted the strong magnetic signatures of all three anomalies, as well as delineating the prominent north-south trending structural grain together with northeast-southwest and northwest-southeast trending cross-structures (Figure 5).

Drilling at the Hillside discovery by Rex has highlighted the correlation between magnetite and copper mineralisation. Detailed ground magnetic and gravity surveys commenced in December and will be completed by end of January. The combination of these detailed datasets will provide drilling targets for a planned drilling program due to commence in mid-late February 2010.

Exploration is being undertaken by Marmota Energy (ASX:MEU) and under the terms of the joint venture, Marmota are required to spend $400,000 to earn a 50% interest for all minerals. Monax envisages that Marmota will have met their minimum expenditure requirement at the completion of 1-2 drill holes (1[st] quarter 2010) requiring Monax to contribute 50% to ongoing exploration expenditure. Monax will maintain equity in this highly prospective project.

Quarterly report for the period ending December 31 2009

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Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park 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

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Figure 5: New high-resolution aeromagnetic data over the Melton Project showing three of the five high-priority magnetic anomalies

Waddikee Project (Monax 100%; OM Manganese earning 60% interest in manganese and iron; Marmota Energy Limited earning 70% interest in uranium)

Initial exploration as part of the farmin agreement with OM (Manganese) (OMM) commenced in late 2009 and comprised detailed geological mapping, ground magnetic surveying, coupled with an orientation geochemical sampling program at the Jamieson Tank prospect (Figure 6).

Quarterly report for the period ending December 31 2009

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Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park 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

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This detailed exploration further delineated the extent of manganese mineralisation, and will continue into the first quarter of 2010, leading to a targeted drilling program, scheduled for May 2010.

Detailed geological mapping at Jamieson Tank revealed five separate manganese horizons, including two new horizons not previously recognised. The manganese appears to have a strong stratigraphic relationship with ironstone and chert, which is demonstrated in the high resolution ground magnetic data. This information gives Monax further confidence that the manganese horizons continue along strike under cover, extending the zone of interest at the Jamieson Tank prospect.

An orientation geochemical sampling program was undertaken to investigate the best sampling media for detecting manganese mineralisation under cover. Results revealed that bulk soil samples reported the best correlation to rock chip sampling in areas of known manganese mineralisation, and will be an important tool in exploration for manganese under sand cover. Rock chip samples returned values up to 46% Mn with low deleterious elements.

Monax has digitised a large historical calcrete and soil sample geochemical data set, comprising 3,800 samples which covers the majority of the tenement. These samples were collected for gold exploration. A number of other elements were analysed, including manganese, which was anomalous at the Pollinga prospect, as well as revealing significant anomalism in the northeast of the tenement, and west of the Bunora Siding iron prospect. These exciting new anomalies will be followed up during regional exploration.

A comprehensive auger soil sampling program has commenced at Jamieson Tank to investigate the continuity of manganese mineralisation under shallow sand cover along 6.5km of prospective strike. The auger program will comprise over a thousand samples, playing a key role in the design of a targeted RC drilling program.

Selected auger traverses will be undertaken over the identified regional prospects to evaluate these areas for new manganese mineralisation, and a targeted RC drilling program at Jamieson Tank is scheduled for May 2010 based on results from the current exploration program.

Quarterly report for the period ending December 31 2009

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Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park 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

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Figure 6: Detailed map at Jamieson Tank showing identified manganese horizons (blue), with anomalous Mn rock chip assays, and new ground magnetic data (background - aeromagnetic data). Blue dots - 2008 RC drilling. Red dots - orientation geochemical sampling.

Kangaroo Island Project (Monax 100%)

Continued examination of previous drilling results for base metals has led to a greater understanding of the setting and potential location of high-grade zones of mineralisation at the Bonaventura Prospect. Monax is planning an induced polarisation survey over the Bonaventura area to test the predicted location of further high-grade sulphide lenses and if successful, will undertake a drilling program in the second quarter 2010.

Quarterly report for the period ending December 31 2009

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Exploration Office Warehouse I, 5 Butler Blvd Burbridge Business Park 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

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Monax is planning further soil sampling for gold across the Kohinoor, Mt Brown (Rainbow End Mine), Cygnet Mine and the Bonaventura prospects. Sampling will commence in March 2010 and drilling is planned for mid 2010.

Mulyungarie Project (100% Monax interest in all minerals excluding uranium; Marmota Energy 70% interest in uranium)

Joint venture partner Marmota Energy announced previously encouraging drilling results from its maiden drilling program at Mulyungarie. Mulyungarie is located within the Frome Basin 18km southeast of the Honeymoon Uranium Mine. A total of 24 holes were completed with significant gamma anomalism observed in six holes. The best intersection was within hole MURM0124 which recorded two distinct gamma peaks of 1122 counts per second (256 eU3O8 ppm) and 761 counts per second (173 eU3O8 ppm).

No fieldwork at Mulyungarie was undertaken during the quarter.

For further information please contact:

Gary Ferris, Managing Director, Monax Mining Ph: (08) 8375 3900 Email: info@monaxmining.com.au

‘The information in the Annual Report that relates to Exploration Results, Mineral Resources, Ore Reserves or targets 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.’

Quarterly report for the period ending December 31 2009

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Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

	Name of entity
	Monax Mining Limited
	ABN 96 110 336 733 Consolidated statement of cash flows
			31 December 2009
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) ) R & D Rebate GST Other Net Operating Cash Flows			Current quarter $A’000	Year to date (6.months) $A’000
			- (215) - - (226) - 8 - - - (16) -	- (390) - - (403) - 23 - - 305 (37) -
			(449)	(502)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Payments relating to the sale of subsidiary Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)			- - (1) - - - (3) - -	- - (1) - - - (3) - -
			(4)	(4)
			(453)	(506)

• See chapter 19 for defined terms.

Appendix 5B Page 1

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(453)	(506)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Payments relating to issue of shares / options Net financing cash flows	3,528 - - - - (94)	4,318 - - - - (107)
	3,434	4,211
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	2,981 1,781 -	3,705 1,057 -
	4,762	4,762

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		164
		3
1.25	Explanation necessaryfor an understandingof the transactions
	The amount at 1.23 above represents non executive directors’ fees and executive director’s salary (including SGC superannuation) and legal fees paid to a legal firm in which a director is a partner. The amount at 1.24 above represents costs to be recovered in relation to shared facilities from a related entity.

Non-cash financing and investing activities

2.1	Details of financing and investing transactions which have had a material effect on consolidated
	assets and liabilities but did not involve cash flows

2.2

Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest

Marmota Energy Limited pursuant to the Farm-In and Joint Venture Agreements for EL 3358, EL 3355, EL 3356, EL 3359, EL 3458, EL 3561, EL 3684, EL 3685, EL 3357, EL 3775, EL 3911and EL 4000 has incurred on an accruals basis $143,424 in the quarter ending 31 December 2009. OM Manganese Pty Ltd pursuant to the Farm-in Agreement for EL 3357 has incurred on an accruals basis$35,789in thequarter ending31 December 2009.

• See chapter 19 for defined terms.

Appendix 5B Page 2

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

Financing facilities available Add notes as necessary for an understanding of the position.
3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	Nil	Nil
	Nil	Nil

Note:

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development	$A’000
	350
	-
Total	350

Reconciliation of cash

Reconciliation of cash	Reconciliation of cash
Reconciliation of cash at the end of the quarter (as		Current quarter	Previous quarter
shown in the consolidated statement of cash flows) to		$A’000	$A’000
the related items in the accounts is as follows.
5.1	Cash on hand and at bank	1,844	1,163
5.2	Deposits at call	2,915	615
5.3	Bank overdraft
		-	-
5.4	Other (provide details) – IPO Trust Account	3	3
	Total: cash at end of quarter(item 1.22)	4,762	1,781

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased.	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	EPM 18403 EPM 18404	Acquired Acquired	0% 0%	100% 100%

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

• See chapter 19 for defined terms.

Appendix 5B Page 3

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Appendix 5B Mining exploration entity quarterly report

	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital,buy-backs	142,153,664	142,153,664
	60,973,275	60,973,275	$0.075	$0.075
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	2,500,000 750,000 450,000 365,000 260,000 3,000,000 18,309,658	Nil Nil Nil Nil Nil Nil 18,309,658	Exercise Price $0.40 $0.26 $0.666 $0.246 $0.0517 $0.10 $0.15	Expiry Date 30/06/2010 12/04/2011 14/02/2012 18/07/2013 23/12/2013 31/07/2012 30/11/2011
	3,000,000 18,309,658	Nil 18,309,658	Exercise Price $0.10 $0.15	Expiry Date 31/07/2012 30/11/2012
7.11 Debentures (totals only)
7.12 Unsecured notes (totals only)

• See chapter 19 for defined terms.

Appendix 5B Page 4

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Appendix 5B Mining exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does ~~/does not*~~ (delete one) give a true and fair view of the matters disclosed.

Print name: Virginia Suttell.................................. Date: ....29/01/2010........................ ~~(Director~~ /Company Secretary)

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.

Appendix 5B Page 5

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