GREENWING RESOURCES LTD — Capital/Financing Update 2016

Aug 30, 2016

ASX ANNOUNCEMENT 31 AUGUST 2016

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SUCCESSFUL COMPLETION OF RETAIL COMPONENT OF RIGHTS ISSUE AND CONDITIONAL PLACEMENT

Bass Metals Limited (ASX: “BSM”) (the “Company”) is pleased to announce the successful completion of the retail component of its 1 for 1 pro-rata nonrenounceable rights issue which closed on 26 August 2016 with strong support from its shareholders.

All shares to be allotted under the rights issue are being issued at $0.012 per New Share with 1 free attaching New Option (which are to be listed, exercisable at $0.025 on or before 31 December 2018) for every 2 New Shares subscribed. The New Shares will rank equally with the Company’s existing ordinary shares on issue.

Under the retail component of the offer, valid applications were received from eligible shareholders totalling $1,843,133. The shortfall of $1,731,160 has been placed by the Joint Lead Managers and Underwriters to the issue, Bizzell Capital Partners Pty Ltd and Patersons Securities Limited in accordance with the underwriting agreement.

The issue of the New Shares and New Options is scheduled to occur on Friday 2 September 2016 with normal trading of the new securities expected to commence on Monday 5 September 2016.

The previously completed accelerated institutional component of the entitlement offer successfully raised a further $1,946,045. In addition, the Joint Lead Managers and Underwriters have exercised their right to place additional New Shares (issued on the same terms as the rights issue) and have firm commitments to raise a further $1,500,000. The additional placement securities are also intended to be issued on Friday, 2 September 2016 and commence normal trading on Monday, 5 September 2016.

The Rights Issue and additional placement have raised a total of $7,020,338. The Company is now in a strong financial position as it undertakes a plant refurbishment program and expansion studies at the Company’s recently acquired producing Graphmada large flake graphite mine in Madagascar.

For more information, please contact:

Tim McManus Chief Executive Officer Phone: (07) 3221 0783 Email: admin@bassmetals.com.au

Please visit us at: www.bassmetals.com.au

BASS METALS LTD. (ASX: BSM) Email: admin@bassmetals.com.au Phone: (07) 3221 0783 Post: PO Box 1048, West Perth WA 6904 Web: www.bassmetals.com.au

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ASX ANNOUNCEMENT 31 AUGUST 2016

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Our Vision

To be a world leading graphite producer that can sustainably trade to market demand.

ABOUT THE GRAPHMADA LARGE FLAKE GRAPHITE MINE

Madagascar has been a recognised producer and exporter of graphite since 1907 and sets the world standard for product quality and flake size. The Graphmada Graphite Mine is situated in eastern Madagascar, approximately 100 km by sealed highway from the export port of Tamatave.

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The Graphmada Mine hosts four known deposits. Recent mining activities have been focused on the Loharano deposit, while the Mahefedok deposit has also undergone trial mining as part of life-of-mine development studies. The Mahela and Ambatofafana deposits are still to be explored to their full potential.

The graphite at Graphmada is hosted in both weathered regolith and underlying graphitic gneiss, with the grade of graphitic carbon increasing with depth. All mining to date has been very shallow and low cost, with the mining horizon from 1.5m below

BASS METALS LTD. (ASX: BSM) Email: admin@bassmetals.com.au Phone: (07) 3221 0783 Post: PO Box 1048, West Perth WA 6904 Web: www.bassmetals.com.au

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ASX ANNOUNCEMENT 31 AUGUST 2016

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surface to a depth of 6-8m. However, the graphite bearing regolith is known to go to depths of more than 30 metres, to the underlying hard-rock mineralisation. Mineralisation at Mahefedok alone is open along a strike of approximately 1.5km and to depth.

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The 140-strong workforce utilises modern facilities and infrastructure, with an on-site doctor, pharmacy, housing, offices, communications and a state-of-the-art analytical laboratory in place.

Also installed on site is a 6,000 product tonne per annum processing plant, with a drying and packaging facility, which the Company plans to improve and refurbish to increase production.

Graphmada sold approximately 1,500 product tonnes in the 2015 calendar year, with a high proportion of the product being large flake graphite at 94% or greater purity. The Graphmada brand is synonymous with quality and is well established in traditional markets.

Bass Metals will add value by leveraging Graphmada’s reputation for quality, improving operational efficiencies, and expanding graphite production through a low-capital and timely expansion into a high growth market.

BASS METALS LTD. (ASX: BSM) Email: admin@bassmetals.com.au Phone: (07) 3221 0783 Post: PO Box 1048, West Perth WA 6904 Web: www.bassmetals.com.au

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ASX ANNOUNCEMENT 31 AUGUST 2016

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DISCLAIMER & CAUTIONARY STATEMENTS

Disclaimer

This document has been prepared by Bass Metals Limited (the “Company”). It should not be considered as an invitation or offer to subscribe for or purchase any securities in the Company or as an inducement to make an invitation or offer with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this document. This document is provided on the basis that neither the Company nor its officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the document and nothing contained in the document is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law.

The document may contain forward-looking information and prospective financial material, which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties, and may differ materially from results ultimately achieved. All references to future production, production targets and resource targets and infrastructure access are subject to the completion of all necessary feasibility studies, permitting, construction, financing arrangements and infrastructure-related agreements. Where such a reference is made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources and Exploration Results, as well as the Competent Persons' statements. All persons should consider seeking appropriate professional advice in reviewing the document and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the document nor any information contained in the document or subsequently communicated to any person in connection with the document is, or should be taken as, constituting the giving of investment advice to any person.

Forward-looking statements

This document may contain certain forward-looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. Actual events or results may differ materially from the events or results expected or implied in any forward-looking statement. The inclusion of such statements should not be regarded as a representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward looking statements will be or are likely to be fulfilled. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this document (subject to securities exchange disclosure requirements). The information in this document does not take into account the objectives, financial situation or particular needs of any person. Nothing contained in this document constitutes investment, legal, tax or other advice.

BASS METALS LTD. (ASX: BSM) Email: admin@bassmetals.com.au Phone: (07) 3221 0783 Post: PO Box 1048, West Perth WA 6904 Web: www.bassmetals.com.au

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