FireFly Metals Ltd. — Investor Presentation 2013

Nov 27, 2013

SA Exploration and Mining Conference November 28, 2013

Monax Exploration Update “Targeting the next large copper deposit on the Gawler Craton”

Gary Ferris Managing Director

Monax Mining – Project Overview

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Antofagasta Monax Mining
Focus on copper in S.A. Focus on copper and graphite on the Gawler Craton
Monax | Antofagasta Alliance Monax Monax Monax
project generation JV projects earning in projects projects
Designated Algebuckina Punt Hill (Antofagasta) Reedy Lagoon (FMG) Waddikee
(AMSA 51% | Monax 49%)
Projects
WGC
Millers Creek
Phar Lap
Kangaroo Island
Webling Bay
Potential project
pathway
Musgraves
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Red = copper Black = graphite Blue = nickel/copper

Projects & Investment Highlights

Major Projects (both in partnership with major Chilean copper producer Antofagasta plc)

Punt Hill Copper-Gold Project (100% Monax – Antofagasta earning 51%)

• Farm-in with Antofagasta has expended ~US$3.9 million to date on the project.

Monax | Antofagasta Strategic Alliance

• A “project generation Alliance” fully funded by Antofagasta and recently extended by an extra year

• Currently one Designated Project and two Alliance projects

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Projects & Investment Highlights

Other Projects

Waddikee Project (100% Monax)

• Maiden JORC Inferred Mineral Resource of 6.38 Mt grading 8.8% TGC* with approximately 550,000 tonnes of contained graphite using a 5% TGC cut-off.

• High-grade component of 1.75 Mt grading 12.5% TGC using a 10% TGC cut-off.

• Scope for the definition of further resources along strike and at depth of current deposit and within tenement.

• TGC – total graphitic carbon

Growth Pipeline (Copper focus)

Algebuckina Project (AMSA 51%:MOX 49%)

• IOCG target identified, drilling planned 2014.

Reedy Lagoon Project (Term sheet with FMG)

• IOCG target identified, gravity and drilling planned for 2014

Phar Lap Project

• Two IOCG targets identified

• Drilling planned for 2014

Western Gawler Craton Project

• Extensive landholding in prospective Ni-Cu terrain

• Thompson Ni-Belt and Albany Fraser mineralisation analogy

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Punt Hill Copper‐Gold Project

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Monax’s Flagship Project – Punt Hill

• Located within Olympic Iron-Oxide Copper-Gold Province in South Australia.

• Province hosts major copper deposits at Olympic Dam, Prominent Hill, Carrapateena and Hillside.

• Premier IOCG province in Australia which attracts large multi-national companies (BHP Billiton, Rio Tinto and Antofagasta) and is tightly held.

• Persistence is required to discover major ore deposits on the Gawler Craton.

• Importance of the Olympic IOCG Province highlighted by the three discoveries within last decade.

• Monax signed a significant Farm-In Agreement with a wholly owned subsidiary of Chilean major, Antofagasta plc, on 31 August 2010.

Punt Hill – Farm‐In Agreement

Farm-In Agreement with Antofagasta plc

• Antofagasta spending US$4 million on exploration to earn 51% interest in Punt Hill (Phase 1).

• Antofagasta has an option to fund a further US$5 million on exploration to earn an additional 19% interest in the project (70% total interest) (Phase 2).

• Drilling programs completed in 2011 & 2012.

• Antofagasta has expended ~US$3.9 million on the project to date.

• Monax has identified further targets for drilling.

• Further drilling will trigger Phase 2 of Agreement.

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Who is Antofagasta?

LUKSIC FREE GROUP FLOAT 65% 35% o FTSE 100 since March 2004 o Market capitalisation (31 Oct 2013): US$14.0bn TRANSPORT MINING WATER Operating assets (Chile) FCAB (Chile) Los Pelambres – Esperanza – El Tesoro – Michilla FCA (Bolivia) Aguas de Antofagasta o 700,000 tonnes[(1)] of copper in concentrate and cathodes (Chile) o 280,000 ounces[(1)] of gold in concentrate o 8,000 tonnes[(1)] of molybdenum in concentrate Combined rail and road Approx. 51 million m[3 ][(2)] tonnages of approx. Exploration and evaluation studies in Chile and the United States sold per year 7.7 million tonnes[(2)] per year Earn‐in agreements in Europe, Africa, the Americas and Australia

(2) 2012 full year values

Antofagasta plc

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1
1
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AM Exploration Joint Venture Offices Earn-in (numbers indicate Alliance Designated Projects) Strategic Alliance

Source: A Wilson, Antofagasta

Copper in South Australia

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Source: DMITRE presentation

Punt Hill – Alteration & mineralisation

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large
area of skarn
alteration and
copper
mineralisation
GHDD1 WDDD1 PDDD2
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Prairie Dog Prospect

•PDDD2 99m @ 0.24% Cu 876-975m

Groundhog Prospect

• •GHDD1 126m @ 0.4% Cu 837-963m (including 14m @ 0.7% Cu & 14m @ 1% Cu)

•GHDD2 162m @ 0.34% Cu 888-1050m (including 28m @ 0.7% Cu)

•GHDD3 76m @ 0.22% Cu 826-902m

•GHDD4 122m @ 0.47% Cu, 0.1g/t Au, 6.6g/t Ag, 0.38% Zn 840-962m (including 15m @ 0.96% Cu)

•GHDD6 159m @ 0.47% Cu, 0.12g/t Au, 5.3g/t Ag, 0.48% Zn 846-1005m (including 17m @ 1.1% Cu)

Woodchuck Prospect

•WDDD1 70m @ 0.41% Cu 683-753m (including 28m @ 0.82% Cu, 10g/t Ag)

Whistlepig Prospect

•WPDD1 60m @ 0.13% Cu 788-848m

Note: all intersections reported are downhole lengths, but due to flat lying nature of sediments interpreted to represent true widths

Punt Hill – Current position

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Khamsin
Carrapateena
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New Targets
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• Geophysical/geological review has highlighted additional drilling targets.

• Technical Committee has approved three sites for drilling. Funding approval required from Antofagasta Business Development Committee.

• Monax has received the date of granite within hole HODD3 – Hiltaba age (alteration) – same age date as mineralisation at Olympic Dam.

• Monax awaiting funding approval for next round of drilling.

Image: Bouguer Gravity residual

Punt Hill – Bottle Hill Target

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Looking
Bottle Hill: 3D Gravity inversion iso-surfaces North East
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BHDD01

• DTB: 546.9m

• Foliated granite, pegmatite & dolerite

• Remodeling suggests anomaly inadequately tested

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Looking
Bottle Hill: 3D Gravity inversion iso-surfaces East
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Khamsin
Looking
Khamsin: 3D Gravity inversion iso-surfaces East
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Punt Hill – Research Projects

DMITRE GSSA - PACE

• ‘ Mineral System Analysis’ (e.g. Emmie Bluff)

• HyLogger | Geochemistry | Alteration | Inversion Modeling

• Drill hole petrophyics & HyLogger mineralogy integrated to define mineral signatures

Adelaide University & DET*CRC

• Mineral chemistry research project

• Hydrothermal system evolution & lateral zonation at Groundhog SASC2 (Diana-Sophie Nikolakopoulis)

• 3D predictive geophysical inversion mineral models

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Al Ca Fe Yb
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3D predictive basement alteration mineralogy model: K-Feld(purple), sericite(red),
chlorite(dark green), pyroxene(light green), geothite(yellow), hematite(brown)
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Monax|Antofagasta Strategic Alliance

Monax | Antofagasta Strategic Alliance

• In August 2011, Monax signed a Strategic Alliance with a wholly owned subsidiary of Antofagasta plc, for copper project generation within South Australia.

• Antofagasta committed US$1 million over two years.

• Antofagasta has approved 3rd year of funding (@$US 400,000).

• • Antofagasta to fund “Designated Projects” – US$4 million over three years to earn 70% interest in project.

• One Designated Project – Millers Creek

• • Two current Alliance Project areas 1. Musgrave Province – three new Applications.

• 1. Kangaroo Island – tenement recently granted.

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Monax|Antofagasta Strategic Alliance

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Alliance Phase Designated Project Phase Joint Venture Phase
Funded 100% by Antofagasta Funded 100% by AMSA Monax retains right to fund 30%
Project generation & evaluation US$4 million over three years of expenditure or dilute
MOX
30%
AMSAAMSA MOXMOX
Alliance AMSA70%51% MOX49%30% AMSA
51% 49%
70%
Projects
Monax If AMSA withdraws
interest, opportunity
Example scenarios
Alliance reverts to MOX 100%
20 24
80% project equity
56 (i.e. Millers Creek DP)
3 [rd] Party 21
30
Projects 49 70% project equity
Monax
30
Antofagasta (AMSA) 70 100% project equity
Third Party
MOX 30% and receives success fee of $US3M
Monax Free Carried
upon $US4M expenditure by AMSA
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Gawler Craton State of Play – IOCG Province

BHP Billiton

• Still largest landholder within Olympic IOCG Province. Very quiet on the exploration front.

Oz Minerals

• Put the brakes on Carrapateena development. Currently exploring Khamsin with positive results.

• Withdrew from JV with ASX-listed IMX Resources.

Tasman/Rio Tinto

• Tasman currently drilling final two holes of initial phase.

Xstrata-Glencore/Gunson JV

• Withdrew from JV with Argo Exploration.

• Very quiet on exploration front?

FMG

• Recent entrants to the area.

• Granted tenements – ??exploration activity.

Antofagasta/Monax

• Active at two projects (Punt Hill & Millers Creek).

• Still assessing projects within Olympic IOCG Province.

Monax BHP Oz Minerals FMG Tasman/Rio Glencore (Xstrata)/Gunson

PACE WPA Gravity Survey

• DMITRE gravity survey within Woomera Prohibited Area (WPA).

• Covers area the subject of recent deal with ASX-listed Maximus Resources.

• Monax well positioned to take advantage of this new data within a prospective and underexplored part of the Gawler Craton.

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Monax tenements (includes Monax
Alliance tenements and 3 [rd] party
tenements i.e. Maximus & FMG)
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Summary

• Monax supported by major Chilean copper producer Antofagasta plc for Punt Hill, Strategic Alliance and future Designated Projects.

• Monax has continued exploration at its flagship Punt Hill project.

• Antofagasta has extended Strategic Alliance funding for additional 12 months.

• 2014 represents a defining year for Monax with new Designated Project(s) and potentially further drilling at Punt Hill.

• Targeting the next large copper deposit on the Gawler Craton.

Disclaimer

Forward Looking Statements

“The following presentation includes 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 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.

Information in this presentation that relates to Mineral Resources was compiled by Ms Sharron Sylvester, who is a Member of the Australian Institute of Geoscientists (RPGeo 10125). Ms Sylvester is a full-time employee of AMC Consultants Pty Ltd and has sufficient experience relevant to the styles of mineralisation and to the activities which are being reported to qualify as a Competent Person as defined by the JORC Code, 2012 and consents to the release of the information compiled in this report in the form and context in which it appears.

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Thank You

Gary Ferris Managing Director P (08) 8245 4900

M 0423 259 488

E: gferris@monaxmining.com.au