GREENWING RESOURCES LTD — Capital/Financing Update 2017

Sep 21, 2017

ASX ANNOUNCEMENT 22 SEPTEMBER 2017

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Successful completion of Placement and Accelerated Entitlement Offer

Key points:

• Accelerated Entitlement Offer and Placement successfully closed, raising approximately $3.8 million.

• Placement of approximately 273 million new ordinary shares to institutional, professional and sophisticated investors completed to raise approximately $3.0 million.

• Strong support received for the Placement and Accelerated Entitlement Offer which was oversubscribed.

• Retail Entitlement Offer of approximately 154 million shares to raise approximately $1.7 million fully underwritten by Bizzell Capital Partners Pty Ltd and Morgans Corporate Limited.

• Retail Entitlement Offer opens 27 September 2017.

Successful completion of Placement and Accelerated Entitlement Offer

Bass Metals Limited (Company) is pleased to announce that it has successfully completed the first stage of the Company's $6 million Equity Raising announced on 20 September 2017.

The Company has raised:

• approximately $3.0 million from the placement to institutional, professional and sophisticated investors (Placement); and

• approximately $0.8 million from the accelerated institutional component (Accelerated Entitlement Offer) of the accelerated 1 for 6 nonrenounceable entitlement offer of fully paid ordinary shares in the Company (New Shares) (Accelerated Entitlement Offer).

On completion of the Entitlement Offer, the Company may raise a further $0.5 million before costs via a deferred placement, also at an issue price of $0.011 per share.

BASS METALS LTD. (ASX: BSM) Email: admin@bassmetals.com.au Phone: (07) 3203 5894 Post: PO Box 1048, Subiaco WA 6904 Web: www.bassmetals.com.au

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ASX ANNOUNCEMENT 22 SEPTEMBER 2017

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The offer price for the shares under the Placement and the Accelerated Entitlement Offer was $0.011 per share (Offer Price). Approximately 346 million new shares will be issued under the Placement and Accelerated Entitlement Offer. Additionally, for every 4 New Shares subscribed to in the Placement and Accelerated Entitlement Offer, shareholders will receive 1 free attaching listed option with an exercise price of $0.025 exercisable on or before 31 December 2018, tradable on the ASX under the code BSMOB.

Entitlements not taken up under the Accelerated Entitlement Offer were placed through a book-build process that was strongly supported by new and existing investors and closed oversubscribed.

The Company welcomes a number of new institutional investors to its register.

Settlement of the Placement, issue of the Placement shares and issue of New Shares under the Accelerated Entitlement Offer is expected to occur on 28 September 2017.

The Company expects its trading halt to be lifted and recommencement of trading today from market open.

As noted in the Company's earlier announcement, the net proceeds from the Equity Raising will be used to fund Final Payment to Stratmin for the acquisition of the Graphmada Mine, funding the remaining Graphmada Mine refurbishment capital expenditure, exploration of graphite and lithium prospects and for working capital.

Commencement of the Retail Entitlement Offer

The non-accelerated component of the Entitlement Offer will open on Wednesday, 27 September 2017 (Retail Entitlement Offer).

Under the Retail Entitlement Offer, eligible shareholders (Eligible Retail Shareholders) will be invited to subscribe for 1 New Share in the Company for every 6 existing shares held in the Company at 7.00pm (AEST) on Friday, 22 September 2017 (Record Date), at the same Offer Price as the Accelerated Entitlement Offer and the Placement. Additionally, for every 4 New Shares subscribed to in the Retail Entitlement Offer, shareholders will receive 1 free attaching listed option with an exercise price of $0.025 exercisable on or before 31 December 2018, tradable on the ASX under the code BSMOB

The Retail Entitlement Offer will raise approximately $1.7 million and is fully underwritten by the joint lead managers to the Equity Raising, Bizzell Capital Partners Pty Ltd and Morgans Corporate Limited.

BASS METALS LTD. (ASX: BSM) Email: admin@bassmetals.com.au Phone: (07) 3203 5894 Post: PO Box 1048, Subiaco WA 6904 Web: www.bassmetals.com.au

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ASX ANNOUNCEMENT 22 SEPTEMBER 2017

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Entitlements are non-renounceable and will not be tradeable on ASX or otherwise transferable. Shareholders who do not take up their entitlement will not receive any value in respect of those entitlements.

Eligible Retail Shareholders wishing to participate in the Retail Entitlement Offer should carefully read the information booklet, which will be lodged with the ASX today and sent to Eligible Retail Shareholders on or around 27 September 2017 and follow the instructions set out on the personalised entitlement and acceptance form that will accompany the information booklet. The Retail Entitlement Offer closes at 5.00pm (AEST) on 11 October 2017.

Further information in relation to the Equity Raising and the matters set out above, including important notices and key risks, are set out in the Offer Booklet lodged with ASX on 22 September 2017. The Offer Booklet is able to be downloaded from ASX’s website, www.asx.com.au.

For more information, contact:

Tim McManus Chief Executive Officer Phone: (07) 3203 5894 Email: tim@bassmetals.com.au

Peter Wright Director Phone: (07) 3203 5894 Email: peter@bassmetals.com.au

BASS METALS LTD. (ASX: BSM) Email: admin@bassmetals.com.au Phone: (07) 3203 5894 Post: PO Box 1048, Subiaco WA 6904 Web: www.bassmetals.com.au

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ASX ANNOUNCEMENT 22 SEPTEMBER 2017

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Important information

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to in this document have not been and will not be registered under the United States Securities Act of 1933 (the ‘US Securities Act’), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the US Securities Act or an exemption from the registration requirements of the US Securities Act is available.

This document may not be distributed or released in the United States.

This announcement contains certain ‘forward-looking statements’ within the meaning of the securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as ‘may,’ ‘should,’ ‘expect,’ ‘anticipate,’ ‘estimate,’ ‘scheduled’ or ‘continue’ or the negative version of them or comparable terminology. Any forecasts or other forward looking statements contained in this announcement are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these

differences may be material. Bass Metals does not give any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur and you are cautioned not to place undue reliance on forward-looking statements.

BASS METALS LTD. (ASX: BSM) Email: admin@bassmetals.com.au Phone: (07) 3203 5894 Post: PO Box 1048, Subiaco WA 6904 Web: www.bassmetals.com.au

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