FireFly Metals Ltd. — Investor Presentation 2011

Sep 13, 2011

Monax Mining Limited Exploration Update 14 September, 2011

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 any obligation to publicly update or revise any of the forward looking statements or any change in events, conditions or circumstances on which any such statement is based.”

Competent Person Statement

The information in this presentation 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 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.

		Corporate Snapshot Profile Head Office: Unit I, 5 Butler Blvd, Burbridge Business Park, SA 5950 Vision: To become successful a mining company via significant mineral discoveries and partnerships with major exploration, resources development and investment and mining companies. Strategy: To make a world class discovery at its flagship Punt Hill copper-gold project in South Australia and identify and secure high quality asset positions that are either stand alone company makers and/or will be attractive to majors. Cash at bank: $3.7 million (As at 30 June 2011) Share Details Total shares on Issue 148,753,668 Market Capitialisation $8.2 million Current Share price at 12/09/11 5.5 cents	Directors/Executives Bob Kennedy Non-Executive Chairman Gary Ferris Managing Director Reg Nelson Non-Executive Director Glenn Davis Non-Executive Director Neville Alley Non-Executive Director Virginia Suttell Company Secretary Largest Shareholders Alexandria Resources 3.33% Havilah Resources 3.32% David & Cheryl Kerr 2.95% Triple Eight Gold Pty Ltd 2.72% Mr Neville Alley & Mrs Bronwen Ireland 2.04% Top Twenty 35.25%
		Profile
		Head Office: Unit I, 5 Butler Blvd, Burbridge Business Park, SA 5950
		Vision: To become successful a mining company via significant mineral discoveries and partnerships with major exploration, resources development and investment and mining companies.
		Strategy: To make a world class discovery at its flagship Punt Hill copper-gold project in South Australia and identify and secure high quality asset positions that are either stand alone company makers and/or will be attractive to majors.
		Cash at bank: $3.7 million (As at 30 June 2011)

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Monax Current Projects

1. Punt Hill – copper, gold

2. Waddikee – manganese,

iron

3. Yorke Peninsula – copper, gold

4. Cape York – bauxite

5. Percyvale - gold

Flagship Project

• Located within the renowned Olympic Iron-Oxide CopperGold Province

• Province hosts major copper deposits and mines at Olympic Dam and Prominent Hill and significant new discoveries at Carrapateena and Hillside

• OZ Minerals recently purchased Carrapateena for $250 million

• Large zone of mineralisation and alteration defined

• Best intersection – Hole GHDD6

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, 0.27 g/t Au, 8.5 g/t Ag & 1.2% Zn from 853m

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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%	-
		including	48m	0.69%	0.11 g/t	8.75 g/t	0.48%	-
		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%	-	-	-	-
		811-821m	11m	0.22%	-	-	-	-
		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	-	-

Whistlepig Drill Core

Best intersection Hole WPDD1 – 60m @ 0.13% Cu & 0.03 g/t Au from 788m

Bornite in hematite-albite altered volcanics

Bornite in hematite-albite-chlorite altered volcanics

Bornite in amphibole-chloritehematite altered volcanics

Woodchuck Drill Core

Best intersection Hole WDDD1 – 70m @ 0.41% Cu from 683m including 28m @ 0.82% Cu & 10g/t Ag from 683m

Bornite in hematite altered volcanics

Chalcopyrite in chlorite-hematitecarbonate alteration

Bornite and minor chalcopyrite in hematite-amphibole-chlorite alteration

Chalcopyrite in chlorite-hematite alteration

Groundhog Drill Core

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

Groundhog Drill Core Hole GHDD6

Chalcopyrite within highly altered sediments (869870m – 1m @ 3.8% Cu, 0.93 g/t Au, 12.8 g/t Ag & 3.3% Zn)

Chalcopyrite with minor fluorite within highly brecciated sediments (983-984m 1m @ 2.4% Cu, 0.4 g/t Au, 6.2 g/t Ag, 0.8% Zn & 0.5% Pb)

Best intersection -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, 0.27 g/t Au, 8.5 g/t Ag & 1.2% Zn from 853m

JV with major Chilean mining company Antofagasta Minerals

• Antofagasta spending US$4 million on exploration to earn 51% interest in Punt Hill

• Antofagasta to spend a further US$5 million on exploration/scoping study to earn a 70% interest in the project

Antofagasta Projects

• Minimum expenditure of US$1.5 million over first 2 years

• In August 2011Monax undertook a successful heritage clearance with representatives from the Kokatha Uwankara, the traditional owners of the Punt Hill project

• Cleared six sites for drilling

• Preferred drilling contractor secured with drilling planned to commence in October 2011

• Signed 9B Agreement currently being registered by PIRSA

• Monax plans to drill four holes (3200m)

• Drilling expected to take 50 days

• Final results expected late 2011 or early 2012

• All exploration funded as part of the farmin

• agreement with Antofagasta

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• Cape York is world-leading bauxite province with miners including Rio Tinto and Chinalco

• New deposits being outlined by Cape Alumina (Pisolite Hills and Bauxite Hills)

• Exploration Agreements signed with Wik Way communities

• Reconnaissance surface sampling has confirmed presence of bauxite and assisted in planning upcoming drilling program

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Cape York Bauxite Project, Queensland

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• Successful meetings in Pompuraaw and Coen with Traditional Owners

• Reconnaissance drilling program to commence in October 2011

• Surface sampling showed Al2O3 ranged from 33.7% to 44.5%

• Drilling will provide better samples to undertake full analysis including washing and screening of selected samples

• Drilling expected to take four weeks to complete with results due in late 2011 or early 2012

Cape York Bauxite Project, Queensland

Drilling program is designed to measure thickness of bauxite and provide samples for full analysis including screening and washing

• Yorke Peninsula Located within Olympic Iron-Oxide Copper-Gold Province

• Monax has three separate areas on the highly prospective Yorke Peninsula

• Melton – Joint Venture with Marmota Energy (ASX:MEU)

• Webling Bay (100% Monax)

• Coonarie (Monax has 100% right to all minerals except uranium; 30% rights to uranium)

Melton

Joint Venture Project (50:50 with Marmota Energy – MEU operators)

• Located along Pine Point Fault Zone approximately 40km north of Rex Minerals Hillside deposit on Yorke Peninsula

• Extensive geophysical surveys outlined several promising magnetic targets

• Second drilling program completed May 2011

Melton Drilling Results

Hole	mFrom	mTo	Interval	Cu %	Ag ppm
MIRDD01	451	472	21	0.11	1.02
MIRDD04	432	436	4	0.15	1
MIRDD04	463	467	4	0.13	0.9
MIRDD04	487	490	3	0.26	3.56
MIRDD05	438	439	1	0.21	0.4
MIRDD06	373	376	3	0.25
MIRDD06	468	471	3	0.57	1.3
MIRDD06	476	478	2	0.4	0.9
MIRDD07	423	425	2	0.2	0.85
MIRDD08	467	470	3	1.31	39.03
Including	467	468	1	2.25	112.1

Samples are 1m samples. Copper and silver were determined by four acid digest followed by ICP-AES. All samples are downhole lengths.

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Webling Bay – New Tenement on Yorke Peninsula (EL 3922)

• Previous drilling on tenement reported highly encouraging results including:

• 5.3m @ 1.66% Cu (KD11 97102.3m)

• 2.3m @ 1.06% Cu (KD11 108.30110.6m)

• 3.5m @ 1.8% Cu (KD16 169.5173m)

• • 10m @ 0.37% Cu (KD04 224234m)

• Drilling on adjoining tenement reported good intersections of copper (Glenrae, Netherleigh Park & Alford East – Argonaut Resources)

• Monax planning soil/calcrete program followed by aircore drilling in late 2011 (after current cropping season)

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• Farm-in agreement with OM (Manganese) Limited (OMM), a wholly owned subsidiary of OM Holdings Ltd (ASX:OMH)

• OMM to spend $2 million to earn 60% interest in manganese and iron

• Drilling program completed in April 2011 provided best results to date from new area – Hodgins prospect

• Best manganese results include: • 10m @ 29.2% Mn

• • 20m @ 23.8% Mn

• • 11m @ 20.8% Mn

• • 14m @ 16.8% Mn

• Best iron results for the project include: • 34m @ 35.6% Fe

• 11m @ 46.6% Fe

• • 12m @ 33.6% Fe

• • 4m @ 43.1% Fe

Exploration Focus – 2011/2012

• Gradient array IP survey over Jamieson Tank and Polinga prospects to assist future drilling

2000m of RC drilling planned for Jamieson Tank (1500m) and Polinga (500m) based on IP results

Follow-up drilling based on IP results at Hodgins prospect (15 RC holes planned)

Initial review of aeromagnetic data has shown magnetic anomaly at Francis prospect – Plan to drill 5 deep RC holes to test magnetite potential at Francis prospect

Diamond drilling at Jamieson Tank to provide samples for beneficiation now planned for early 2012

•

Exploration to commence in late November 2011

Iron (Magnetite) Potential

TMI data shows three major magnetic features at Francis, Polinga and Jamieson Tank

These areas are very prominent on modeling of the aeromagnetic data

Note: This figure represents a geophysical model. The potential quantity and grade of an exploration target is conceptual in nature since there has been insufficient work completed to define the prospects as anything beyond exploration targets. It is uncertain if further exploration will result in the determination of a Mineral Resource.

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• In July 2011, Monax completed 17 holes totalling 760m on the Percyvale gold project located in northern QLD

• Best results include:

Union Lease (5 holes) UN01 – 1m @ 4.12 g/t Au (24-25m) UN04 – 1m @ 8.94 g/t Au (29-30m) UN05 – 1m @ 1.54 g/t Au (19-20m) Percy West Lease (2 holes) PW01 – 5m @ 1.6 g/t Au (26-31m) PW02 – 1m @ 1.27 g/t Au (24-25) Homeward Bound Lease (3 holes) HB01 – 1m @ 3.63 g/t Au (11-12m)

Punt Hill Copper - Gold (SA)

• Drilling to commence in October 2011

Cape York – Bauxite (QLD)

• Drilling to commence in October 2011

Waddikee – Manganese, Iron (SA)

• IP survey at Jamieson Tank and Polinga to commence late 2011

• Follow-up RC drilling based on results of IP survey – early 2012

• Diamond drilling at Jamieson Tank to provide manganese samples for beneficiation testing planned for December (post harvest) – early 2012

• Monax has identified a high priority target for magnetite at the Francis prospect, 5 RC holes to be drilled to test this feature – early 2012

Webling Bay Copper-Gold (SA)

• Soil/calcrete sampling to commence Nov/Dec 2011

Melton Copper-Gold (QLD)

• Assess drilling results

Percyvale Gold (QLD)

• Assess drilling results

Punt Hill Drill core

• Monax on the verge of commencing two major drilling programs at Punt Hill copper-gold project (SA) and Pretender Creek bauxite (QLD)

• Exploration planned for Waddikee manganese and iron project and Webling Bay copper-gold tenement in late 2011 after the current cropping season

• Significant news flow expected for remainder of 2011 and into 2012

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Bauxite samples from Cape York project

Thank You Contact: Gary Ferris gferris@monaxmining.com.au www.monaxmining.com.au