FireFly Metals Ltd. — Interim / Quarterly Report 2015

Apr 28, 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 29 April 2015

Monax Mining Limited Quarterly Report

For the quarter ended 31 March 2015

HIGHLIGHTS

• Millers Creek Designated Project (Copper-Gold)

• Farm-In Agreement signed with Maximus Resources

• Drilling commenced at Oliffes Dam IOCG target

• Kimberlite Project (Diamonds)

• Monax applied for PACE Grant for drilling

• Phar Lap Project (Copper-Gold)

• Non-binding term sheet signed with Iluka Resources

• Iluka to earn 80% of the project by spending $2 million over four years

• Western Gawler Craton Project (Nickel-Copper)

• Monax negotiating Native Title Agreement with Far West Native Title Group

• High-resolution aeromagnetic survey completed

• Western Areas have commenced interpretation of the new magnetic data to assist with planned drilling program for mid-2015

• Northwest Queensland Project (Copper-Gold)

• First tenement granted in NW Queensland

• Review of historical company exploration shows anomalous copper rock chip samples reported by previous explorers

Quarterly report for the period ending 31 March 2015 ~ 1 ~

Corporate

In the three months to 31 March 2015, Monax Mining Limited (“Monax”) (ASX:MOX) focussed its attention on negotiating a Part 9B Native Title Agreement with the Far West Native Title Group to progress exploration on the Western Gawler Craton (WGC) Project and on negotiating with Iluka Resources (“Iluka”) for a potential farm-in on the Company’s Phar Lap Project.

During the March Quarter, Monax signed a non-binding term sheet with Iluka in respect of a proposed Farm-in and Joint Venture Agreement in relation to the Phar Lap Iron-Oxide CopperGold (IOCG) Project, located on Exploration Licence 5123, which is on the margin of the Mt Woods Inlier in northern South Australia (Figure 1).

Iluka can earn 80% of the project by funding $2 million of exploration over four years and are required to spend $400,000 within the first two years and may withdraw at any time after it has incurred $400,000 of expenditure on the project.

A Farm-In Agreement was signed with Maximus Resources (“Maximus”) during the quarter covering four tenements located in northern South Australia. These four tenements are part of the Millers Creek Designated Project and Monax commenced drilling at the Oliffes Dam target in late March.

During the quarter, Monax increased its landholding on the highly prospective Stuart Shelf with the application for ELA 2015/60 (Figure 1).

During the quarter, Monax’s first tenement (EPM 25671) in northwest Queensland was granted.

As at 31 March 2015, Monax had a cash balance of $1.6 million. During the quarter $136,000 was spent on exploration.

Exploration

South Australian projects

Monax has nine South Australian projects (Figure 1).

1. Punt Hill – copper-gold (Joint Venture with Antofagasta)

2. Millers Creek Designated Project

3. Musgrave Designated Project

4. Phar Lap – copper-gold.

5. Kangaroo Island – silver-lead-zinc

6. Yorke Peninsula – copper-gold (includes Melton Joint Venture with Marmota Energy)

7. Western Gawler Craton – nickel-copper (Farm-In Agreement with Western Areas)

8. Kimberlite Project – diamonds

9. Reedy Lagoon – copper-gold (term sheet signed with FMG Resources Pty Ltd)

Queensland projects

Monax has one Queensland project (Figure 5).

1. NW Queensland – copper-gold

Quarterly report for the period ending 31 March 2015 ~ 2 ~

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Figure 1. Location of Monax’s South Australian projects as of 31 March 2015.

Quarterly report for the period ending 31 March 2015 ~ 3 ~

Millers Creek Designated Project – copper-gold (Monax:Antofagasta earning 80% from Maximus Resources)

During the quarter, Monax signed a Farm-In Agreement with Maximus (ASX:MXR) over four tenements located within the Woomera Prohibited Area (WPA) in northern South Australia. The four Maximus tenements plus one Monax Alliance tenement comprise the Millers Creek Designated Project (“Millers Creek DP”) totalling 2402km[2] (Figure 1).

Combined, the five tenements represent a significant landholding within the Olympic Iron-Oxide Copper-Gold (IOCG) Province.

The Millers Creek area is located between Olympic Dam and Prominent Hill - within the Olympic IOCG Province - and has not been subject to extensive mineral exploration, due to being located within the WPA.

Drilling commenced at the Oliffes Dam target (Figure 2) in late March 2015.

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Figure 2. Background reduced to pole (RTP) magnetic image for Millers Creek DP, further processed with a high pass filter, highlighting shorter wavelength features. 2013 WPA gravity survey data merged with open file gravity data with old pre 1970 data deleted is shown as contours (5gu/0.5 Mgal contours). Red boxes represent areas of interest and additional gravity surveys.

Quarterly report for the period ending 31 March 2015 ~ 4 ~

Kimberlite Project – diamonds (Monax 100%)

Subsequent to the end of the quarter, Monax was advised that it was successful in its application for a Plan for Accelerating Exploration (PACE) Grant to assist with funding for the proposed drilling on EL 5347. Monax received its full application of $70,000 for its Kimberlite Project.

Monax plans to drill two holes to test kimberlite targets on EL 5347 in June/July 2015.

Western Gawler Craton Project – copper-nickel (Monax 100%)

During the quarter, Western Areas completed a high-resolution aeromagnetic survey (see ASX Release 21 January 2015 for details). 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.

(Text below taken from Western Areas Quarterly Report 15 April 2015)

The project area covers a Proterozoic aged, interpreted craton margin, with long lived and complex structural and intrusive history. The area is known to host mafic-ultramafic intrusive rocks, and the area is interpreted to be tectonically related to the Musgrave (Nebo/Babel and Succoth) and Albany-Fraser Orogens (Nova/Bollinger).

The focus during the quarter was the completion of the project scale interpretation of the recently acquired magnetic data, and finalising the statutory and heritage approvals process. A significant milestone was achieved with the completion of the Access Agreement with the Far West Coast native title holders. This agreement allows the next phase of exploration to proceed once the clearance and consultation activities are undertaken. Consultation is also continuing with the Aboriginal Lands Trust and the SA government and is expected to be completed early next quarter.

The interpretation of the magnetic data, combined with a detailed review of the historical core and previous exploration activity, has provided a significant increase in the understanding of the area. The interpretation has revealed numerous features that are indicative of mafic/ultramafic intrusions, many of which are clustered in potential ‘camps’ (Figure 3). These features have been ranked and prioritised based on a number of key criteria and their prospectivity will be evaluated in the upcoming drilling program. Additionally, exploration activities will also be aimed at determining the prospectivity of other domains and gathering further geological, geochronological and geochemical information within the broader project area.

Due to the variable thickness of cover over the project area (~0-100m), RC drilling will be used as a first pass for both testing of the specific targeted features and the broader lithogeochemical and target generation work. It is anticipated drilling activities will commence in the June quarter, and should continue through into the September quarter. This drilling will be partly funded (up to $100,000) by the SA Government as part of the PACE Discovery Drilling 2015 program. Any positive results will be followed up with further RC and Diamond Drilling, and geophysics.

Monax has increased its landholding within this highly prospective area with the application of Exploration Licence Application (ELA) 2014/194 (see Figure 1). This tenement is not included within the Western Areas Farm-In Agreement.

Quarterly report for the period ending 31 March 2015 ~ 5 ~

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Figure 3. Newly acquired detailed aeromagnetic data over Western Gawler Craton Project with inset showing potential mafic intrusives identified during the project scale geophysical interpretation.

Quarterly report for the period ending 31 March 2015 ~ 6 ~

Phar Lap Project – copper-gold (Monax 100%)

During the quarter, Monax signed a non-binding term sheet with Iluka Resources Limited (“Iluka”) in respect of a proposed Farm-in and Joint Venture Agreement for the Phar Lap IronOxide Copper-Gold (IOCG) Project, located on Exploration Licence 5123, which is on the margin of the Mt Woods Inlier in northern South Australia (Figure 1).

According to the term sheet, Iluka will prepare a Farm-in and Exploration Joint Venture Agreement for negotiation that provides:

• Iluka can earn 80% of the project by funding $2 million of exploration over four years; and

• Iluka will spend $400,000 within the first two years and may withdraw at any time after it has incurred $400,000 of expenditure on the project.

Iluka are currently preparing a draft Farm-In Agreement.

NW Queensland Project – copper-gold (Monax 100%)

During the quarter, EPM 25671 was granted. The tenement is located approximately 20km southeast of Cloncurry (Figure 4).

A review of historical company reports shows anomalous rock chip samples located on the tenement (see Figure 5).

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Figure 4. Location of Monax tenements in NW Queensland. Black dots represent copper mineral occurrences from the Qld Dept data set.

Quarterly report for the period ending 31 March 2015

~ 7 ~

Monax is currently awaiting the grant of the two remaining tenements and then will commence exploration on the project.

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Figure 5. Historical rock chip samples for EPM 25671.

For further information please contact:

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

‘The information in the Quarterly 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 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.’

Quarterly report for the period ending 31 March 2015 ~ 8 ~

Tenement Holdings as of 31 March 2015

During the quarter, Monax applied for a tenement on the Stuart Shelf (ELA 2015/60). Monax relinquished ELA 2014/177 during the quarter. Below is a table of Monax Mining Limited’s and Monax Alliance Pty Ltd’s current tenement holdings as of 31 March, 2015.

Monax Mining Limited

Tenement	No.	Status	Monax Interest	Details	Tenure holder
Punt Hill	EL 4642	Granted	100%*	JV with Antofagasta	Monax Mining
Yeltacowie	EL 4548	Granted	100%*	JV with Antofagasta	Monax Mining
Whittata	EL 4994	Granted	100%*	JV with Antofagasta	Monax Mining
Melton	EL 5122	Granted	25% of all minerals	JV with Marmota Energy	Marmosa P/L**
North Melton	EL 5209	Granted	25% of all minerals	JV with Marmota Energy	Marmota Energy
Webling Bay	EL 5128	Granted	100%		Monax Mining
Parndana	EL 4581	Granted	100%		Monax Mining
Parndana	EL 5353	Granted	100%		Monax Mining
Phar Lap	EL 5123	Granted	100%		Monax Mining
Nullarbor	EL 5077	Granted	100%	Farm-In with Western Areas	Monax Mining
North Yalata	EL 5199	Granted	100%	Farm-In with Western Areas	Monax Mining
East Yalata	EL 5200	Granted	100%	Farm-In with Western Areas	Monax Mining
Shoulder Hill	ELA 2014/194	Application	100%		Monax Mining
Warriner Creek	ELA 2014/233	Application	100%		Monax Mining
Twin Hill	ELA 2014/236	Application	100%		Monax Mining
Boorthanna	ELA 2014/237	Application	100%		Monax Mining
W Hill	ELA 2015/60	Application	100%		Monax Mining
Llewellyn Creek	EPM 25671	Granted	100%		Monax Mining
Malbon	EPM 25743	Application	100%		Monax Mining
Charley Creek	EPM 25750	Application	100%		Monax Mining

* 51% interest in the Punt Hill tenements currently being transferred to Antofagasta.

** Marmosa Pty Ltd (a wholly-owned subsidiary of Marmota).

Monax Alliance Pty Ltd

Monax Alliance	Pty Ltd
Tenement	No.	Status	Monax Interest	Details	Tenure holder
Douglas Creek	EL 5094	Granted	Monax 49%; Antofagasta 51%	JV with Antofagasta	Monax Alliance P/L
Dermody Bore	EL 5316	Granted	100%	Part of Millers Creek DesignatedProject	Monax Alliance P/L
Margaret Dam	EL 5347	Granted	100%		Monax Alliance P/L
Kulitjara	ELA 2013/168	Application	100%		Monax Alliance P/L
Anmuryinna	ELA 2013/169	Application	100%		Monax Alliance P/L
Poole Hill	ELA 2013/170	Application	100%		Monax Alliance P/L
Amata	ELA 2014/43	Application	100%	Part of Musgrave DesignatedProject	Monax Alliance P/L
Hidden Swamp	EL 5558	Granted	100%		Monax Alliance P/L

Quarterly report for the period ending 31 March 2015 ~ 9 ~

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	•	Review of historical company exploration reports does not include
techniques		specific specialised industry standard measurement tools appropriate		any commentary on how the samples were collected. Samples were
		to the minerals under investigation, such as down hole gamma		collected as part of a regional mapping program. Rock chip samples
		sondes, or handheld XRF instruments, etc). These examples should		were collected and submitted for laboratory analyses.
		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 – rock chip samples only, no drilling results presented.
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 if so, by what method, etc).
Drill sample	•	Method of recording and assessing core and chip sample recoveries	•	Not Applicable – rock chip samples only, no drilling results presented.
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/gain of fine/coarse material.
Logging	•	Whether core and chip samples have been geologically and	•	Not Applicable – rock chip samples only, no drilling results presented.
		geotechnically logged to a level of detail to support appropriate
		Mineral Resource estimation, mining studies and metallurgical

Quarterly report for the period ending 31 March 2015 ~ 10 ~

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		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 – rock chip samples only, no drilling results presented.
techniques and		taken.
sample preparation	•	If non-core, whether riffled, tube sampled, rotary split, etc and 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	•	Field samples were submitted to Australian Laboratory Services for
assay data and		laboratory procedures used and whether the technique is considered		analysis. Samples were crushed and pulverised to produce a minus
laboratory		partial or total.		350 mesh sample for analyses. Pulps were then digested using a
tests	•	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument		HF/HNO3/HC104digest. Copper was assayed using inductively coupled plasma method (code IC 580).
		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 – rock chip samples only, no drilling results presented.
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.

Quarterly report for the period ending 31 March 2015 ~ 11 ~

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Location of	•	Accuracy and quality of surveys used to locate drill holes (collar and	•	Not Applicable – rock chip samples only, no drilling results presented.
data points		down-hole surveys), trenches, mine workings and other locations
		used in Mineral Resource estimation.
	•	Specification of the grid system used.	•	All sample and geological information was plotted in the field onto overlays on various aerial photography and later transferred to the
	•	Quality and adequacy of topographic control.		relevant scale topographic base maps.
Data spacing	•	Data spacing for reporting of Exploration Results.	•	Not Applicable – rock chip samples only, no drilling results presented.
and distribution	•	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and	•	Not applicable – data not used for resource estimation.
		classifications applied.
	•	Whether sample compositing has been applied.	•	No sample compositing was reported.
Orientation of	•	Whether the orientation of sampling achieves unbiased sampling of	•	Samples were collected as part of a regional geological mapping
data in relation		possible structures and the extent to which this is known, considering		program.
to geological		the deposit type.
structure	•	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a	•	Not Applicable – rock chip samples only, no drilling results presented.
		sampling bias, this should be assessed and reported if material.
Sample	•	The measures taken to ensure sample security.	•	Unknown.
security
Audits or	•	The results of any audits or reviews of sampling techniques and data.	•	Unknown – not reported.
reviews

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • The results report relate to rock chip samples collected and assayed by previous exploration companies on Exploration Permit Minerals (EPM) 25671 which is owned 100% by Monax Mining Limited. The tenement is located on Freehold Land. • The tenement is free of any known impediments.
Exploration done by other	• Acknowledgment and appraisal of exploration by other parties. • Exploration results are predominantly from work undertaken by Utah

Quarterly report for the period ending 31 March 2015 ~ 12 ~

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
parties Developments and reported in reports CR 13158 and CR 14707.
Geology • Deposit type, geological setting and style of mineralisation. • Shear hosted Cu-Au and IOCG style mineralisation
Drill hole Information • A summary of all information material to the understanding of the 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. • Not Applicable – rock chip samples only, no drilling results presented. .
Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high 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. • No weighting or averaging of the data is reported. • Not applicable – no aggregate intercepts reported. • No metal equivalent values reported.
Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • Not Applicable – rock chip samples only, no drilling results presented. .
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to aplan view of • Map showing sample locations included in Quarterly Report.

Quarterly report for the period ending 31 March 2015 ~ 13 ~

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		drill hole collar locations and appropriate sectional views.
Balanced	•	Where comprehensive reporting of all Exploration Results is not	•	All rock chip results have been reported.
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 earlier 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 is planning to undertake a program of field verification of the
		extensions or depth extensions or large-scale step-out drilling).		previous rock chip sampling and geological mapping and further
	•	Diagrams clearly highlighting the areas of possible extensions,		surface sampling.
		including the main geological interpretations and future drilling areas,
		provided this information is not commercially sensitive.

Quarterly report for the period ending 31 March 2015 ~ 14 ~

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, 01/06/10.

Name of entity

	Monax Mining Limited
	ABN 96 110 336 733 Consolidated statement of cash flows
			31 March 2015
Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & 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) Cash call contributions under JV agreements Administration income from JV agreements Other Net Operating Cash Flows		Current quarter $A’000		Year to date (9 months) $A’000
		- (136) - - (165) - 8 - - 566 1 53		- (1,885) - - (532) - 37 - - 1,550 110 69
		327		(651)
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) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)		- - - - - - (42) - -		- - - 290 - - (42) - -
		(42)		248
		285		(403)

• See chapter 19 for defined terms.

Appendix 5B Page 1

30/9/2001

Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	285	(403)
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) Costs from issue of shares, options etc. Net financing cash flows	- - - - - -	899 - - - - (108)
	-	791
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 ofquarter	285 1,341 -	388 1,238 -
	1,626	1,626

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
		152
		-
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), legal fees paid to a legal firm in which a director is a partner, and service fee payments to an associated 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 reporting entity has an interest

• See chapter 19 for defined terms.

Appendix 5B Page 2

30/9/2001

Appendix 5B Mining exploration entity quarterly report

Antofagasta Minerals S.A. pursuant to the Farm-In Option Agreement – Punt Hill Project for EL 4642 and EL 4548 has incurred on an accruals basis $14,862 in the quarter ending 31 March 2015.

Monax Alliance Pty Ltd on behalf of Monax Mining Limited and Antofagasta Minerals Adelaide Pty Ltd has incurred on an accruals basis approximately $162,624 for the Millers Creek Designated Project (EL 4463, EL 5259, EL 5347, EL 5316, EL 4899, EL 4898, EL 4854).

Western Areas Ltd pursuant to the Farm – In Option Agreement for EL 5077, EL 5199 and EL 5200 has incurred $136k in the quarter ending 31 March 2015.

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
	-	-
	-	-

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	400
	-
	-
	175
Total	575

Reconciliation of cash

Total Reconciliation of cash	Total Reconciliation of cash				575
Reconciliation of cash at the end of the quarter (as		Current quarter		Previous quarter
shown	in the consolidated statement of cash	$A’000		$A’000
flows)	to the related items in the accounts is as
follows.
5.1	Cash on hand and at bank		1,609		1,324
5.2	Deposits at call		15		15
5.3	Bank overdraft		-		-
5.4	Other (provide details)		2		2
	Total: cash at end of quarter(item 1.22)		1,626		1,341

• See chapter 19 for defined terms.

Appendix 5B Page 3

30/9/2001

Appendix 5B Mining exploration entity quarterly report

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
	ELA 2015/00060	Application	0%	100%

• See chapter 19 for defined terms.

Appendix 5B Page 4

30/9/2001

Appendix 5B Mining exploration entity quarterly report

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.

	Total number	Number quoted	Issue price per security (see note3) (cents)	Amount paid up per security (see note3) (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	214,073,315	214,073,315
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	21,406,397 225,000 325,000	21,406,397 Nil Nil	Exercise Price $0.042 $0.051 $0.053	Expiry Date 29/07/2015 28/07/2016 23/07/2017
	425,000	Nil	$0.0917	05/03/20015
7.11 Debentures (totals only)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

7.12 Unsecured notes (totals only)

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.

Sign here: ..................... Date: .28/4/2015....... ( ~~Director~~ /Company secretary)

Print name: Virginia Suttell

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 6

30/9/2001