FireFly Metals Ltd. — Regulatory Filings 2016

Dec 20, 2016

Exploration Office Level 3, 100 Pirie Street ADELAIDE SA 5000

ABN: 96 110 336 733

Tel: +61 8 8232 8320 Fax: +61 8 8232 8811 www.monaxmining.com.au

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21 December 2016

Significant Sampling Results at Litchfield Lithium Project

HIGHLIGHTS

• 6 areas report high-grade soil samples >100 ppm lithium

• Best results include high-grade lithium up to 420 ppm and 1% tin

• Soil sampling assists outlining of prospective lithium pegmatites – maiden drill program planned in early 2017

Monax Mining Limited ( Monax or the Company ) is pleased to announce results from the first phase of soil sampling at the Litchfield Lithium Project located within the Bynoe Lithium Province where spodumene mineralisation has recently been reported by neighbouring companies (see Figure 1). Sampling results indicate anomalous lithium (>50 ppm Li) across the project area and highlight 6 priority targets which will be subject to drill testing in early 2017 following the wet season (see Figure 2).

Soil Sampling Results

The Tank Hill trend contains several areas of outcropping/subcropping pegmatite, which were targeted during the recent soil sampling program (see Plate 1). The trend is up to 4km in length and comprises two parallel pegmatite zones at the southern part (see Figure 3). Lithium in this area reached a maximum of 230 ppm with samples also reporting elevated tantalum (Ta) up to 66.5 ppm and rubidium (Rb) up to a maximum of 703 ppm.

Three samples were collected along a low outcropping pegmatite south of the Tank Hill trend which contained several shallow prospector pits (Tin workings). One sample returned lithium up to 420 ppm and 1% tin with the remaining two samples reported lithium >50 ppm and anomalous tin. Further to this, two areas along the eastern margin of the tenement also reported anomalous lithium in the soils (see Figure 3).

Regional Prospectivity

Soil sampling has been used extensively within the Bynoe Lithium Province to outline prospective drill targets. Neighbouring companies working with the field have reported spodumene mineralisation via deeper drill testing, but a lack of spodumene at surface most likely due to deep weathering. Specifically, Liontown Resources (ASX:LTR) reported anomalous lithium in soils over the Sandras Prospect (see LTR ASX Release 14 April 2016) whereby subsequent drilling reported 42m @ 1.0% Li2O and 24m @ 1.1% Li2O including spodumene mineralisation (see LTR ASX Release 26 July 2016).

Forward Program

The sampling program assists Monax in outlining prospective pegmatite zones from non-prospective zones. Targets will be further refined and expanded with additional soil sampling in the new year prior to drill testing in 2017 following the wet season.

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Plate 1: Outcropping pegmatite within southern part of Tank Hill trend.

For further information, please contact:

Gary Ferris Duncan Gordon Managing Director Investor Relations Monax Mining Limited Adelaide Equity Partners Limited P: 0423 259 488 P: 0404 006 444 E: info@monaxmining.com.au E: dgordon@adelaideequity.com.au

The information in this report 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 engaged under a contract to provide services as Managing Director as required 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.

Forward Looking Statements

“The information in this report 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.”

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Figure 1: Litchfield Project and initial sampling locations

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Figure 2 : General view of soil sampling results (background – Bing Imagery). Pink area = Excluded area.

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Figure 3: Detailed view of Tank Hill trend and surrounding area (background – Bing imagery) (see Figure 2 for legend). Pink area = Excluded area.

Site	Line	Easting	Northing	Sample	Ba	Be	Cs	Li	**Li2O **	Nb	Rb	Sn	Ta
6	1	692354	8508003	28980	120	2	6	20	43	10	73	5	1.5
7	1	692400	8508000	28990	140	2	6	<10		10	63	5	1
8	1	692455	8507998	29000	190	<1	6	<10		10	68.5	5	1
9	1	692499	8508001	29010	240	2	11	<10		10	87.5	5	<0.5
10	1	692551	8508000	29020	220	2	8	<10		10	92	5	1
11	1	692606	8507997	29040	170	<1	6	<10		10	73.5	5	<0.5
12	1	692653	8507999	29050	350	2	8	<10		10	145	5	1.5
13	2	692348	8507749	29060	110	<1	3	<10		2.5	43.5	5	<0.5
14	2	692404	8507749	29070	120	<1	5	<10		10	51	5	1
15	2	692456	8507754	29090	170	2	8	<10		10	71	5	1
16	2	692506	8507750	29100	180	<1	5	<10		10	73.5	5	1
17	2	692650	8507749	29110	220	2	10	20	43	10	122	5	3.5
18	2	692702	8507746	29120	210	2	7	20	43	25	105	5	5
19	2	692748	8507751	29130	460	3	9	20	43	25	157	20	3
20	2	692801	8507750	29160	140	<1	3	<10		10	58	5	1
21	2	692794	8507498	29190	210	<1	11	<10		10	98.5	5	1.5
22	3	692754	8507500	29210	400	2	11	20	43	15	167	5	3
23	3	692703	8507499	29230	300	3	32	80	172	20	209	40	4.5
24	3	692651	8507501	29240	160	3	32	60	129	25	165	40	10
25	3	692597	8507497	29270	220	2	17	30	64.5	10	111	20	3
26	4	692851	8507248	29300	160	<1	8	20	43	10	68	5	1
27	4	692803	8507248	29310	160	<1	7	20	43	10	70	5	2
28	4	692752	8507250	29320	170	<1	6	20	43	10	73	5	1
29	4	692702	8507249	29330	160	2	7	20	43	10	71.5	5	1
30	4	692651	8507254	29340	130	<1	4	<10		2.5	53.5	5	<0.5
31	4	692602	8507255	29350	120	<1	3	<10		2.5	43	5	<0.5
32	4	692549	8507248	29410	50	<1	<1	<10		2.5	19	5	<0.5
33	4	692500	8507248	29420	60	<1	3	<10		2.5	25.5	5	1
34	4	692449	8507253	29430	80	<1	4	<10		10	37.5	5	<0.5
35	4	692402	8507249	29440	50	<1	3	<10		2.5	32	5	1
36	4	692351	8507253	29450	70	<1	3	<10		2.5	49	5	<0.5
37	3	692399	8507502	29460	170	<1	4	<10		10	92.5	5	1.5
38	3	692450	8507500	29470	100	<1	3	<10		10	48	5	1
39	3	692499	8507498	29530	40	<1	2	<10		2.5	21.5	5	3
40	3	692547	8507498	29520	60	<1	4	<10		10	35	5	5.5
41	7	692000	8504996	29540	220	2	7	20	43	10	90	5	5
42	7	691956	8504996	29560	300	2	9	20	43	10	132	5	2
43	7	691902	8504999	29570	310	2	10	30	64.5	10	136	5	1.5
44	7	691853	8504997	29580	670	4	17	<10		20	210	5	2
45	7	691807	8504999	29590	640	5	18	60	129	25	250	20	3
46	7 ext	691751	8505002	29630	320	2	12	<10		10	119	5	3
47	5	691602	8506348	29650	230	2	15	30	64.5	10	134	20	3
48	5	691648	8506350	29670	280	2	8	30	64.5	10	112	5	2
49	5	691699	8506347	29690	340	2	7	30	64.5	10	122	5	1

50	5	691753	8506345	29700	270	2	9	20	43	10	91	5	1
51	5	691800	8506345	29710	380	2	10	30	64.5	10	117	5	1
53	5	691849	8506349	29730	300	2	9	30	64.5	10	107	20	2
54	5	691896	8506350	29760	540	5	23	80	172	20	171	30	4
55	5	691948	8506348	29780	320	2	7	30	64.5	10	102	5	2
56	5	692000	8506350	29800	250	2	6	20	43	10	82.5	5	1.5
57	5	692050	8506348	29810	430	7	44	110	236.5	15	202	30	4
58		691797	8506005	29820	300	11	50	170	365.5	90	307	140	39
59		691822	8505988	29870	280	52	224	1110	2386.5	110	714	820	104
62	7 ext	691698	8505004	30040	250	3	15	30	64.5	10	201	30	7.5
63	7 ext	691651	8505003	30060	260	2	13	30	64.5	10	164	5	1.5
64	7 ext	691595	8505008	30070	310	2	11	20	43	10	143	5	1
65	8	692101	8504498	30090	320	2	11	20	43	10	121	20	2
66	8	692051	8504497	30100	400	2	10	20	43	10	162	5	1.5
67	8	691902	8504500	30110	280	3	23	70	150.5	15	164	30	4
68	8	691857	8504501	30140	360	5	19	70	150.5	15	215	20	5
70	8	691753	8504500	30170	300	2	12	30	64.5	10	149	5	1.5
71	8	691801	8504499	30180	260	2	15	60	129	10	161	5	2
73		692605	8503325	30250	510	13	47	160	344	50	335	70	14.5
74	9	692344	8503303	30270	660	5	22	30	64.5	25	363	20	3
75	9	692394	8503304	30280	500	5	15	30	64.5	20	303	20	2.5
77	9a	692500	8503253	30300	370	2	7	20	43	10	185	5	2
78	9a	692550	8503254	30310	330	3	6	10	21.5	10	172	5	1.5
79	9a	692607	8503249	30330	350	2	10	30	64.5	10	128	5	2.5
80	9a	692595	8503323	30370	280	5	16	60	129	20	135	20	9
81	9a	692619	8503333	30380	310	15	48	200	430	50	381	80	17.5
82		692483	8502683	30390	350	3	11	30	64.5	10	180	20	3
83		692524	8502684	30410	210	85	60	70	150.5	70	600	260	28
84		692543	8502626	30420	310	88	54	<10		75	610	670	36.5
85		692174	8498568	30430	510	47	176	420	903	115	571	10200	203
86		692167	8498549	30460	160	25	49	90	193.5	25	349	1050	25.5
87		692177	8498522	30480	250	10	101	190	408.5	35	383	680	28
88	14	696102	8506852	30490	180	4	18	80	172	20	151	40	13
89	14	696150	8506856	30510	170	5	47	180	387	50	413	80	38.5
90	14	696200	8506853	30520	170	3	19	70	150.5	20	164	30	15
91	13	696202	8506952	30530	110	2	15	70	150.5	10	110	10	6.5
92	13	696154	8506950	30540	170	3	22	100	215	30	153	70	27
93	13	696107	8506949	30550	240	2	26	140	301	15	150	40	9
94	13	696053	8506950	30560	230	2	19	70	150.5	10	119	20	3.5
95	13	696002	8506952	30570	170	2	12	30	64.5	10	84.5	5	2.5
96	14	696000	8506852	30580	120	2	10	30	64.5	10	74.5	20	7.5
97	14	696047	8506852	30600	110	2	9	20	43	15	74	20	11.5
98	17	692454	8503903	30610	340	2	17	20	43	10	104	5	3
99	17	692432	8503904	30620	380	3	26	10	21.5	15	124	20	14
100	17	692401	8503903	30640	270	2	16	20	43	10	109	5	3
101	17	692351	8503904	30650	360	2	9	10	21.5	10	142	5	1

102	17	692301	8503905	30690	360	3	7	10	21.5	10	191	5	1
103	17	692196	8503898	30700	290	2	13	10	21.5	10	150	5	1.5
104	17	692146	8503901	30710	280	37	68	110	236.5	35	534	140	17
105	17	692129	8503940	30720	200	24	77	140	301	20	536	110	10.5
106	17	692099	8503902	30760	520	5	16	70	150.5	15	249	20	3
107	16	692442	8504081	30770	430	5	15	60	129	25	179	20	10
108	16	692402	8504078	30810	130	44	40	130	279.5	75	448	170	66.5
109	16	692390	8504091	30820	270	13	38	110	236.5	40	278	100	26
110	16	692349	8504077	30830	360	4	10	10	21.5	10	109	5	7.5
111	16	692252	8504080	30840	160	2	4	<10		2.5	72	5	1
112	16	692099	8504075	30850	340	8	18	<10		15	222	40	1.5
113	16	692089	8504079	30860	250	67	84	230	494.5	50	703	290	32
114	16	692065	8504088	30870	280	5	22	70	150.5	10	211	40	3.5
115	18	693026	8512333	30890	320	3	10	30	64.5	10	182	5	2
116	18	693042	8512300	30910	220	2	8	70	150.5	10	141	5	3.5
117	18	693048	8512348	30930	260	2	6	10	21.5	10	130	5	1
118	18	693104	8512351	30960	320	3	10	10	21.5	10	155	5	1
119	18	693151	8512352	30970	230	2	9	30	64.5	10	142	5	1
120	18	693256	8512350	30990	250	5	26	<10		25	312	50	5.5
121	18	693293	8512357	31520	260	<1	7	30	64.5	10	109	5	1
122	21	693200	8506152	31540	80	<1	2	<10		2.5	29	5	<0.5
123	21	693152	8506152	31590	160	<1	4	10	21.5	10	78.5	5	<0.5
124	21	693099	8506158	31600	130	<1	3	10	21.5	10	67.5	5	<0.5
125	21	693054	8506155	31610	140	2	4	<10		10	85	5	<0.5
126	21	692904	8506155	31620	320	2	6	10	21.5	10	132	5	<0.5
127	21	692856	8506157	31630	200	<1	5	<10		2.5	84	5	<0.5
128	21	692800	8506149	31640	160	<1	3	10	21.5	10	76.5	5	<0.5
129	21	692753	8506151	31650	350	<1	7	10	21.5	10	125	5	<0.5
130	21	692705	8506151	31660	300	2	6	10	21.5	20	135	5	1
132	21	692651	8506154	31680	150	<1	6	10	21.5	10	92	5	1
133	21	692623	8506154	31690	130	2	4	<10		10	80.5	5	1
134	21	692601	8506153	31710	190	<1	4	10	21.5	10	93.5	5	1
135	21	692551	8506152	31720	220	2	6	10	21.5	10	116	5	4.5
136	20	693251	8506695	31730	120	<1	8	10	21.5	10	81.5	5	1.5
137	20	693209	8506687	31750	150	2	14	<10		10	105	5	2
138	20	693156	8506686	31760	150	2	8	30	64.5	10	88.5	5	1.5
139	20	693105	8506687	31780	130	<1	6	10	21.5	10	64	5	1
140	20	693058	8506690	31790	120	<1	7	10	21.5	10	71.5	5	2.5
141	20	693006	8506686	31800	110	<1	5	10	21.5	10	62.5	5	1
142	20	692958	8506688	31810	90	<1	2	<10		2.5	33.5	5	<0.5
143	23	695750	8505444	31850	70	<1	3	<10		2.5	35.5	5	1
144	23	695702	8505441	31860	60	<1	3	<10		2.5	38	5	1
145	23	695656	8505441	31890	130	2	9	30	64.5	10	104	5	2.5
146	23	695608	8505439	31910	150	2	13	30	64.5	10	90	5	2
147	23	695551	8505440	31920	130	2	16	<10		10	95.5	20	5
148	23	695506	8505442	31930	130	<1	12	30	64.5	10	84.5	20	3.5

149	23	695457	8505440	31940	130	2	17	<10		10	94.5	5	31
150		692203	8511249	296601	160	3	10	30	64.5	10	98.5	20	7.5
151		692250	8511249	296602	150	8	11	10	21.5	30	116	50	21
152		692273	8511250	296603	220	10	21	100	215	25	214	70	13.5
153		692299	8511254	296604	330	9	14	30	64.5	20	146	60	12
154		692345	8511245	296605	320	6	11	60	129	15	148	20	4.5
155		692366	8511248	296606	260	23	26	70	150.5	40	345	410	21.5
156		692390	8511248	296607	310	7	22	100	215	20	214	100	8.5
157		692449	8511248	296608	280	3	10	40	86	15	141	20	8
158		692498	8511248	296609	170	2	8	10	21.5	10	83.5	5	2.5
159		692552	8511246	296610	150	2	5	10	21.5	10	73.5	5	1.5
160		692336	8511328	296611	180	50	23	60	129	35	320	50	20
161		692278	8511422	296612	230	17	17	60	129	30	214	50	10.5
162	25	691555	8504667	296613	330	2	13	20	43	10	172	5	2
163	25	691509	8504669	296614	230	2	10	20	43	10	150	5	1
164	25	691406	8504667	296615	300	4	30	30	64.5	25	359	40	4
165	25	691356	8504673	296616	240	3	18	20	43	25	340	30	4
166	25	691304	8504674	296617	170	2	8	10	21.5	10	141	5	2
167	24	691298	8504884	296618	220	2	14	20	43	20	273	5	3
168	24	691353	8504879	296619	230	2	16	20	43	25	319	20	3
169	24	691399	8504880	296620	200	2	14	20	43	20	246	5	3
170	24	691445	8504877	296621	220	2	10	20	43	10	137	5	1
171	24	691553	8504884	296622	390	2	10	20	43	10	172	5	1
172	29	695553	8504982	296623	210	2	5	10	21.5	10	94.5	5	1
173	29	695603	8504982	296624	240	2	5	20	43	10	94.5	5	<0.5
174	29	695654	8504982	296625	290	2	8	10	21.5	10	117	5	1
175	29	695801	8504983	296626	240	2	6	10	21.5	10	133	5	1
176	29	695745	8504987	296627	430	3	10	30	64.5	10	220	5	1.5
177	29	695703	8504982	296628	550	3	7	20	43	10	193	5	1.5
178	27	691652	8500999	296629	180	2	6	20	43	10	80	5	<0.5
179	27	691699	8501006	296630	220	2	7	10	21.5	10	116	5	1
180	27	691747	8501002	296631	240	2	6	10	21.5	10	125	5	1
181	27	691795	8501000	296632	270	2	6	10	21.5	10	142	5	1
182	27	691814	8501000	296633	160	2	6	30	64.5	10	88.5	5	1
183	27	691847	8501001	296634	390	2	9	20	43	10	179	5	1
185		691032	8499314	296636	210	5	12	30	64.5	10	204	5	2.5
186		691010	8499322	296637	140	182	51	200	430	85	593	230	67
187		690997	8499330	296638	130	148	86	190	408.5	110	947	370	97.5
188		690981	8499331	296639	260	13	24	80	172	25	277	60	11.5

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		Soil samples were collected from surface within Exploration Licences
techniques			specific specialised industry standard measurement tools appropriate		30521, 29731 and 28462. Samples were collected using hand tools
			to the minerals under investigation, such as down hole gamma		(pick and shovel) and were sieved on site to <1.6mm. Samples were
			sondes, or handheld XRF instruments, etc). These examples should		mostly collected along pre-designated traverses at 50m intervals.
			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		The samples are not considered as being highly representative.
			used.		There has been insufficient exploration to define a Mineral Resource
			Aspects of the determination of mineralisation that are Material to the		and it is uncertain if further exploration will result in the determination
			Public Report.		of a Mineral Resource.
			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 – no drilling results reported.
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 ifso, by what method, etc). _
Drill	sample		Method of recording and assessing core and chip sample recoveries		Not Applicable – no drilling results reported.
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/gainof fine/coarse material.
Logging			Whether core and chip samples have been geologically and		Not Applicable – no drilling results reported.
			geotechnically logged to a level of detail to support appropriate
			Mineral Resource estimation, mining studies and metallurgical
			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		Samples collected in the field were sieved to <1.6mm. Samples were
techniques and			taken.		dried at the laboratory and sieved to <250 micron.
sample			If non-core, whether riffled, tube sampled, rotary split, etc and		The sample size is considered appropriate for reconnaissance

Criteria	Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
preparation				whether sampled wet or dry.		sampling for lithium.
				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		Soil samples were assayed in a commercial laboratory using
assay data		and		laboratory procedures used and whether the technique is considered		standard methods for lithium. Lithium was determined by peroxide
laboratory				partial or total.		fusion with final analysis by inductively coupled atomic emission
tests				For geophysical tools, spectrometers, handheld XRF instruments, etc,		spectroscopy (ICP-AES).
				the parameters used in determining the analysis including instrument		Laboratory QA/QC samples were assayed by the laboratory with all
				make and model, reading times, calibrations factors applied and their		results within expected error range. Samples were assayed at
				derivation, etc.		Bureau Veritas laboratory in Adelaide.
				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 – no drilling results reported.
sampling		and		alternative company personnel.		Lithium results reported have not been adjusted – original results
assaying				The use of twinned holes.		reported for Li only. Included in the report is a table showing original
				Documentation of primary data, data entry procedures, data		Li value and adjusted value, these were converted to Li2O using
				verification, data storage (physical and electronic) protocols.		standard industry formula (Li x 2.153).
				Discuss any adjustment to assay data.	
Location		of		Accuracy and quality of surveys used to locate drill holes (collar and		Soil sample locations were collected using a hand held GPS (+/- 5m
data	points			down-hole surveys), trenches, mine workings and other locations		accuracy).
				used in Mineral Resource estimation.		MGA94 (Zone 52)
				Specification of the grid system used.
				Quality and adequacy of topographic control.
Data	spacing			Data spacing for reporting of Exploration Results.		The data is not appropriate for use in estimating a Mineral Resource
and				Whether the data spacing and distribution is sufficient to establish the		and is not intended for such use. There has been insufficient
distribution				degree of geological and grade continuity appropriate for the Mineral		exploration to define a Mineral Resource and it is uncertain if further
				Resource and Ore Reserve estimation procedure(s) and		exploration will result in the determination of a Mineral Resource.
				classifications applied.
				Whether sample compositing has been applied.		No sample compositing was undertaken.
Orientation		of		Whether the orientation of sampling achieves unbiased sampling of		The samples were collected at selected sites and it is unknown if this
data	in relation			possible structures and the extent to which this is known, considering		results is biased or unbiased.
to	geological			the deposit type.
				_Ifthe relationship between the drilling orientation and the orientation _

Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
structure			of key mineralised structures is considered to have introduced a
			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.		No audits or reviews have been completed.
reviews

Section 2 Reporting of Exploration Results

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

Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral			Type, reference name/number, location and ownership including		The areas sampled are located on Exploration Licences 30521,
tenement	and		agreements or material issues with third parties such as joint		29731 and 28462 held by May Drilling Pty Ltd.
land	tenure		ventures, partnerships, overriding royalties, native title interests,
status			historical sites, wilderness or national park and environmental
			settings.
			The security of the tenure held at the time of reporting along with any		The tenements are free of any known impediments.
			_known impediments to obtaining a licence to operate inthe area. _
Exploration			Acknowledgment and appraisal of exploration by other parties.		A review of historical company exploration found no exploration
done by	other				focussed on lithium.
parties
Geology			Deposit type, geological setting and style of mineralisation.		Pegmatite hosted lithium
Drill	hole		A summary of all information material to the understanding of the		Not Applicable – no drilling results reported.
Information			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. _
Data			In reporting Exploration Results, weighting averaging techniques,
aggregation methods			maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.		Not Applicable – no drilling results reported.
			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 indetail.

Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
			The assumptions used for any reporting of metal equivalent values
			should be clearly stated.
Relationship			These relationships are particularly important in the reporting of		Not Applicable – no drilling results reported.
between			Exploration Results.
mineralisation			If the geometry of the mineralisation with respect to the drill hole
widths	and		angle is known, its nature should be reported.
intercept			If it is not known and only the down hole lengths are reported, there
lengths			should be a clear statement to this effect (eg ‘down hole length, true
			_width not known’). _
Diagrams			Appropriate maps and sections (with scales) and tabulations of		Map showing tenement location is included in Release and results
			intercepts should be included for any significant discovery being		have been previously released
			reported These should include, but not be limited to a plan view of
			_drill hole collar locations and appropriate sectional views. _
Balanced			Where comprehensive reporting of all Exploration Results is not		All results for samples listed in Release
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		Other data not considered material
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 reviewing the results and will plan a drilling program and
			extensions or depth extensions or large-scale step-out drilling).		further soil sampling for 2017.
			Diagrams clearly highlighting the areas of possible extensions,
			including the main geological interpretations and future drilling areas,
			_provided this information is not commercially sensitive. _