FireFly Metals Ltd. — Investor Presentation 2009

Nov 29, 2009

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Investor Presentation November 2009 Gary Ferris Managing Director

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Forward Looking Statements

“These materials include forward looking statements. Forward looking statements inherently involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside of the control of, and may be unknown to, the Company. Actual results and developments may vary materially from those expressed in these materials. The types of uncertainties which are relevant to the Company may include, but are not limited to, commodity prices, political uncertainty, changes to the regulatory framework which applies to the business of the Company and general economic conditions. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements.

Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, the Company does not undertake a n y ob li gat i o n to pub li c l y update o r r e vi se a n y o f t h e f o rw a r d l oo kin g state m e n ts o r a n y c h a n ge in e v e n ts, conditions or circumstances on which any such statement is based.”

Competent Person Statement

The information in this re p ort that relates to Ex p loration 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 2004 edition of the “Australasian Code for Re p ortin g of Ex p loration 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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Corporate Snapshot
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ASX Code – MOX Shares on Issue – 105, 534, 506 Unlisted Options – 4,325,000 Market Ca p italisation - ~$8.5 million Current Share Price 8 cents Current cash position _$3.3 million_ Shareholders – 1,757 To 20 – 51.28% p**

Monax Board

Robert Kennedy - Chairman Dr Neville Alley – Non Executive Director Re Nelson – Non Executive Director g Glenn Davis – Non Executive Director Gary Ferris – Managing Director Virginia Suttell – Company Secretary

• Change with Rights Issue

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Rights Issue
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• Monax currently undertaking a 1:3 Rights Issue due to recent oversubscribed SPP

• Price – 7.5 cents (same as recent SPP and Placement)

• Also contains 1 Bonus Option for every 2 new Shares (price 15 cents) – expiry

• date November 2012

• Closing date 14 December 2010

• Funds raised will be used to fund DRILLING in 2010

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Project Summary
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Monax Core Projects

1. Punt Hill – copper, gold

2. 2 . Melton – copper , gold

3. Waddikee – manganese, iron

4. Kangaroo Island – zinc, lead, gold

5. Mulyungarie - uranium

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Highlights
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Copper-Gold Punt Hill

• Exploration by MOX defined large mineralised system

• Detailed gravity infill survey completed – drilling planned for 1st quarter 2010

Melton

• Located along the Pine Point Fault immediately north of Rex Minerals tenement

• Detailed aeromagnetic survey completed – delineated 5 targets – drilling planned late Jan 2010

Manganese/Iron Ore Waddikee

• Initial exploration under farmin with OM Manganese commenced

• • Drilling planned for mid 2010

Gold/Base Metals

Parndana

• Quartz vein hosted gold mineralisation identified in rock chips up to 31.5 g/t Au – Drilling Planned for early 2010

• High-grade lead-zinc shoots defined at Bonaventura Prospect

Uranium

Mulyungarie

• JV with MEU

• Ini t i a l p r o mi s in g d rillin g r esu l ts – Further drilling planned

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Punt Hill Copper-Gold
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Punt Hill Project

• EL 3457 – 887 sq m k

• Located within Olympic Iron-Oxide Copper Gold Province

• Located 25km south of Carrapateena (Hole 50 reported 905m @ 2.1% Cu and 1 g/t Au

• MOX drilled 22 holes at Punt Hill totaling 19 680m on 10 regional targets

• Large zone of mineralisation and alteration defined

• B es t i n ersec t ti on – H o e l GHDD6 159m @ 0.47% Cu, 0.12 g/t Au, 5.3 g/t A g, 0 .4 8% Zn & 0 .12 % P b ( fr o m 8 4 6 m )

including 17m @ 1.1% Cu, 0.27 g/t Au, 8.5 g/t Ag & 1.2% Zn from 853m

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Punt Hill Copper-Gold
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Olympic Iron-Oxide Copper-Gold±Uranium Province

• Extends for 700km along eastern margin of the Gawler Craton

• Hosts 3 significant deposits

– Olympic Dam 8,330 Mt @ 0.88% Cu, 0.028% U3O8, 0.31g/t Au & 1.5g/t Ag

• Prominent Hill – 152 Mt @ 1.18% Cu, 0.48g/t Au, 2.92g/t Ag

Carrapateena – no resource yet , reported intersection 905m at 2.1 % Cu and 1.0 g/t Au

• New discoveries at Hillside (Rex Minerals) and Cairn Hill (IMX Resources) may also be part of the IOCG family of deposits

IOCG ± U deposits are commonly associated with long-lived tectonic z o n es, r esu l t in g in hi g hl y e n do w ed min e r a li sed p r o vin ces ( Ex a m p l es include the Peruvian and Chile deposits of South America and the Great Bear Magmatic Zone in Canada)

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Punt Hill Copper-Gold
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Significant Intersections – Punt Hill Project

Prospect Drillhole Depth Interval Copper Gold Silver Zinc REE Whistle Pig WPDD1 788-848m 60m 0.13% 0.03 g/t Woodchuck WDDD1 648-666m 18m 0.42% 683-753m 70m 0.41% including 28m 0.82% 10g/t Groundhog GHDD1 788-805m 17m 0.41% 837-963m 126m 0.40% 0.24% including 14m 0.70% and 14m 1.00% 0.25 g/t 4.5 g/t GHDD2 888-1050m 162m 0.34% including 28m 0.70% GHDD3 826-902m 76m 0.22% 2.2 g/t including 22m 0.28% GHDD4 840-962m 122m 0.47% 0.1 g/t 6.6 g/t 0.38% i l di 48 0 69% 0 11 /t 8 75 /t 0 48% nc u ng m . . g . g . and 15m 0.96% 0.13 g/t 10.5 g/t 0.52% GHDD6 846-1005m 159m 0.47% 0.12 g/t 5.3 g/t 0.48% including 17m 1.1% 8.5 g/t 1.2% Prairie Dog PDDD1 754-782m 29m 0.12% 811 821 11 0 22% - m m . 888-900m 13m 0.55% 985-997m 13m 0.33% PDDD2 856-1014m 152m 0.32% 876-975m 99m 0.24% Including 1m 7 58% 0 03 g/t 144 g/t . .

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Punt Hill Copper-Gold
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Examples of copper sulphide mineralisation in the Groundhog hole (GHDD1)

Best intersection GHDD1 – 126m @ 0.4% Cu from 837m including 14m @ 0.7% Cu from 846m 14m @ 1.1% Cu, 0.25 g/t Au & 4.5 g/t Ag from 940m

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Punt Hill – Copper-Gold
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Groundhog Prospect

• 7 holes drilled to date

GHDD1 - 126m @ 0.4% Cu Includin g 14m @ 0.7% Cu & 14m @ 1% Cu

GHDD2 – 162m @ 0.34%Cu Including 28m @ 0.7 Cu

• Residual gravity anomaly with strong NW with lesser SE structural control

• Late IOCG style alteration and mineralisation

GHDD 6- 159m@ 0.47% Cu Including 17m @ 1.1% Cu

• Early oxidised gold skarn style alteration

• Replacement style mineralisation but potential high grade structurally controlled zones

GHDD3 – 76m @ 0.22% Cu

• Sedimentary, volcanic and granite host

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GHDD4 – 122m @ 0 . 47% Cu including
48m @ 0.69% Cu &
15m @ 0.96% Cu
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Groundhog gravity anomaly with boundary of Carrapateena hematite envelope for comparison

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Punt Hill – Copper-Gold
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IOCG Exploration

• P rom nen i t Hill di scovery oo t k 20

• years of exploration

• Companies include • Kennecott (1977)

• •Aquitaine (1980)

• •Stockdale (1982)

• •Metals Exploration (1987) • Burmine

• •Normandy Exploration (1993) •Minotaur JV

• Discovered in Nov 2001

• IOCG exploration requires PERSISTENCE PATIENCE & EXTENSIVE DRILLING

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Punt Hill – Copper-Gold
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Current Exploration Program

• Infill gravity program completed

• • Two prominent gravity anomalies identified – Gopher and Otcheck

• • Gravity data being processed to define depth to basement and provide drill hole locations

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New “Gopher” Target
Gopher 6511000mN
Modeling of new gravity
data suggest basement
between 300-400m depth
Currently organising
Aboriginal Heritage
clearance
Aim to commence drilling in
ρ = 2.80 g/cc February 2010
Background
ρ = 2.40 g/cc
UBC INVERSION
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MODELVISION
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Melton – Copper-Gold
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Melton – Yorke Peninsula

• Monax recently signed a JV with Marmota Energy for EL 4000 & EL 3911

• Located along the northern extension of the Pine Point Fault

• Exploration by Rex Minerals south of Melton has reported thick intersections of copper and gold

• Significant intersections at Hillside Prospect include:

• • 259m @ 1.7% Cu & 0.4 g/t Au (HDD018 from 205m)

• • 200m @ 1.0% Cu & 0.2 g/t Au (HDD033 from 140m)

• Recent drilling shown copper mineralisation at shallower depths – potential for open cut operation

• Anomalous uranium reported in several holes

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Melton – Copper-Gold
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Melton – Yorke Peninsula

• High - resolution aeromagnetic survey completed – 5 targets outlined

• Initial processing has provided much clearer resolution of the anomalies

• Ground magnetic and gravity survey planned for late 2009 after grain harvest

• Exploration by Rex has shown correlation between magnetite and copper mineralisation

• Monax has ~15km strike length of this highly prospective structure within Melton tenements

• Significant project for 2010

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Melton – Copper-Gold
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Rex Minerals Hillside Anomaly Source: ASX Release

North White Cliffs Anomaly

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Melton – Copper-Gold
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Rex Minerals Hillside Anomaly Source: ASX Release

Western Anomaly

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Waddikee -Manganese & Iron Ore
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Waddikee
• Eyre Peninsula becoming
SA’s Iron Ore province
Wilcherry Hill 60Mt @ 31% Fe
• Monax’s Waddikee Project 110 Mt Inferred Mineral Resource @19% Fe Hercules Magnetite 157 Mt @ 23% Fe
contains significant iron and 2.8 – 5.7 billion tonnes exploration Target
manganese rich rocks
• Rock chip sampling has
produced assays of up to
60% iron, 54.1% manganese
and 1.13% vanadium 10.5 Mt Indicated Resource &
0.5 Mt Inferred Resource of massive hematite
pentoxide
• First pass drilling program
(2955m) intersected highly Hematite 92Mt @ 59.5% Fe
encouraging manganese Magnetite 243 Mt @ 39.9% DTR
mineralisation (up to 34%
Mn) at the Jamieson Tank
and Pollinga Prospects
• Beneficiation test work Total magnetite Inferred Resource 55Mt
@ 20.6% DTR concentrate
demonstrated upgrading to
42.4% Mn product with 88%
recovery
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Waddikee -Manganese & Iron Ore
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Significant Mn Intersections Significant Fe Intersections

Drillhole	Interval	(m)	Mn %
JTRC018	1		21.8
JTRC020	2		22.2
JTRC022	2		20 1 .
JTRC026	2		20.9
JTRC030	1		25.3
JTRC032	4		22.3
JTRC033	3		22.2
JTRC034	2		24.2
JTRC036	2		34.0
JTRC036	5		19.9
JTRC038	1		23.5
JTRC041	1		20.8
JTRC042	1		33.5
PRC003	12		13.7

Drillhole	**Interval (m) **	Fe %
JTRC005	22	25.1
JTRC008	10	25.0
JTRC012	12	33.8
JTRC013	17	31.6
JTRC014	24	28.4
JTRC021	16	29.1
JTRC041	17	33.3
JTRC042	20	33.8
JTRC043	16	34.6
JTRC044	12	34 8 .
PRC0001	44	34.6

Beneficiation test results

		Beneficiation test results
Sample		Assays Mn % Fe % SiO2 % S % P % Al2O3 %	Recovery MnO %
JTRC036 (8m to 13m)	Assay Head	20.3 7.7 44.3 0.052 0.027 6.01	80.96
	HLS Upgrade	42.5 8.2 5.0 0.049 0.031 6.51
JTRC034 (14m to 21m)	Assay Head	18.7 14.2 33.8 0.068 0.126 7.38	88.20
	HLS Upgrade	34.7 16.0 5.5 0.052 0.155 5.86

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Waddikee -Manganese & Iron Ore
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Joint Venture – OM Manganese (OMM)

• OMM can earn a 60% interest in all ferrous minerals ( man g anese and iron ) b y funding exploration expenditure to the value of $2 million

• During the farmin period, Monax will manage exploration

• First stage of exploration completed – currently assessing results

• Waddikee Project – well placed to become next significant project within the re g ion

Manganese rich sample (43.8% Mn) – Jamieson Tank Prospect

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Manganese rich sample (41.2% Mn) – Jamieson Tank Prospect

Kangaroo Island - Gold & Base Metals

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Kangaroo Island - Gold & Base Metals
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Base Metals – Bonaventura Prospect

• Previous drilling has reported high-grade intersections ranging in thickness from 2-30m downhole with maximum values of 26.9% Zn, 9.4% Pb and 8.3 g/t Ag

• Best drill hole intersections are:

• 5m @ 26.9% Zn & 1% Pb (Havilah)

• 5m @ 5.8% Zn (PIRSA)

• 10m @ 3 . 22% Zn & 1 . 62% Pb (Monax)

• Monax completed an 8 diamond hole drilling program in 2008

• Planned electromagnetic (EM) survey to define high-grade zones and assist with future drilling

• Further drilling planned to test 3D model and EM survey results

Discover 3D model of Zinc (red) and Lead (green) high-grade shoots

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Uranium – MEU Joint Ventures
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Mulyungarie Project

• Monax has 30% interest in uranium on EL 3910

• Located within the Frome Basin which hosts the current uranium mines at Beverly and Honeymoon

• A noma ous gamma rea l di ngs n i 18 d r ill h o es l

• Six holes return equivalent grade values of 100ppm eU3O8* and greater

• The best intersection was in hole MURM0124 showin g two distinct p eaks from the downhole gamma tool, indicating equivalent grades of 256 ppm eU3O8 (1122 counts per second) and 173 ppm eU3O8 (761 counts per second.)

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2010 Exploration Program
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Project	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr
Punt Hill (copper-gold)	Data analysis Aboriginal clearance survey Drilling	Drilling	Data analysis	? drilling
Waddikee (manganese & iron) (MOX undertaking exploration)	Further ground sampling Data analysis	Drilling Continued mapping & sampling	Drilling Continued mapping & sampling	Data analysis
Melton (copper-gold)	Drilling	Drilling	Data analysis	? Drilling
Kangaroo Island (base metals & gold)	EM survey Soil sampling	Drilling	Data analysis	Data analysis
MOX – Free carried

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Summary
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• Monax owns ~25% of Marmota, valued at $4.9 million (@14 cents/share) – strong cash position

• –

• MOX has $3.3 million cash to fund exploration for 2010 Rights Issue to potentially increase this to ~$5.8 million

• 2 high-priority targets identified at Punt Hill. Drilling planned for 1st quarter 2010

• Farmin signed with manganese producer OM Manganese for Waddikee project – first stage of exploration completed – drilling planned for early-mid 2010

• Drilling planned for late January on highly prospective Melton copper-gold project

• Drilling planned for early-mid 2010 on Kohinoor Gold and Bonaventura Zinc-Lead prospects to follow-up on promising results

• Marmota – further drilling planned for Mulyungarie Project (MOX has 30% interest in uranium)

• Monax currently assessing new projects

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