GREENWING RESOURCES LTD — Capital/Financing Update 2017

May 23, 2017

ASX ANNOUNCEMENT 24 MAY 2017

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TESTS CONFIRM INDUSTRY LEADING EXPANDABILITY FOR GRAPHMADA GRAPHITE CONCENTRATES

HIGHLIGHTS

• Independent test work on a bulk sample taken across a range of 2016 production sales stock demonstrates industry leading expandability results.

• Expandability tests across all flake sizes delivered excellent results, with the maximum expansion volume of 510 cm3/g achieved with extremely large flakes > 400 microns. These results exceed typical concentrates currently available.

• Expandable graphite receives a price premium and is in significant demand due to regulatory pressures forcing higher adoption as fire retardants and there being only a few suppliers in the world today.

• Results support Bass’ strategy to build an international industrial minerals business from sales of 6000tpa of concentrates in 2017/18, expanding to 20,000tpa in 2019.

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Expandable Large Flake Graphite Price Ranges
(Source: Benchmark Intelligence Minerals)
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Figure 1: Current prices for large to jumbo expandable graphite concentrates.

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 24 MAY 2017

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Bass Metals Limited (ASX: “BSM”) (the “Company”) is pleased to announce the results from an independent evaluation of its natural flake graphite for expandable graphite applications.

A world-renowned independent German laboratory tested a bulk sample taken across a range of 2016 production sales stock from Bass’ flagship asset, the operating Graphmada large flake graphite mine. The bulk sample was obtained from sales stock produced pre-refurbishment and optimization. The testing also demonstrated the Graphmada concentrates exhibited the highest known flake size distribution of 71.3% large to super jumbo flake size from an operating mine.

Refurbishment works, now underway at Graphmada expect to see an increased production profile in 2017 of a 6000tpa run-rate (Stage 1). Following the successful recommissioning of Stage 1, Bass will move towards Stage 2 production of 20,000 tpa. With several fixed costs absorbed in Stage 1, the 20,000tpa production run-rate will be delivered at a lower capital intensity than Stage 1 and achieve significant economies of scale savings, establishing Bass as a mid-tier producer of industrial mineral concentrates.

Size Fraction (micron)	800oC (cm3/g)	1000oC (cm3/g)
> 400	500	510
300 – 500	420	430
180 – 300	380	390
106 – 180	270	310
75 – 106	-	200
< 75	-	85

Table 1: Test results by size distribution.

EXPANDABLE GRAPHITE MARKET AND PRICING

Expandable graphite is a compound of graphite that expands or exfoliates when heated. This material is manufactured by treating flake graphite with various reagents that migrate between the layers in the graphite. When the graphite is heated it rapidly expands to several hundred times its original size (the expansion ratio). The expansion ratio is the volume of expandable graphite produced per gram of graphite product at a specified temperature (cm3/g). In general, coarser flake graphite typically has higher expansion ratios than smaller flakes.

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 24 MAY 2017

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Some of the unique properties of expandable graphite include high heat resistance, corrosion resistance, softness, compression resilience and radiation resistance. One of the principal applications of expandable graphite is as a flame retardant. As a result of the heat of a fire the graphite expands and creates an intumescent layer on the surface of the material. This retards the spread of fire and minimizes one of the most harmful effects of combustion, the creation of toxic gases and fumes.

Currently the expandable graphite market sees the largest price growth of any graphite products due to regulatory pressures forcing higher adoption verses brominated alternatives in fire retardants and the fact that there is very limited supply, due to there being only a few suppliers in the world today. Prices up to US$4,500 are achievable for super jumbo natural flake at high purities. Bass has the potential to rapidly move into expandable graphite and realize higher margins with an already producing asset and these excellent test results.

BASS METALS CEO, MR TIM MCMANUS:

“These results further entrench Bass’ benchmark status as a leading supplier of graphite concentrates from its 100% wholly owned Graphmada Mine in Madagascar. Combined with our large proportion of large to jumbo flake concentrates these test results add to our market leading position in foundries, crucibles and refractories.

Bass is now awaiting results of its concentrates suitability to the lithium-ion anode market. While we see the anode market as purely upside, given the higher pricing we currently receive in the crucibles and refractories market, and now potentially the expandable graphite market, we remain very aware of the potential for the anode market to rapidly increase with demand for high quality concentrates. With Bass already in production, should the results prove positive, we will be the only graphite company on the ASX capable of entering all market segments. This not only significantly reduces risk to our shareholders, it also means we can optimize our returns on their behalf. ”

For more information, please contact:

Tim McManus Peter Wright Chief Executive Officer Director Phone: (07) 3203 5894 Phone: (07) 3203 5894 Email: admin@bassmetals.com.au 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) 3203 5894 Post: PO Box 1048, Subiaco WA 6904 Web: www.bassmetals.com.au

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ASX ANNOUNCEMENT 8 MAY 2017

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ABOUT THE GRAPHMADA JUMBO FLAKE GRAPHITE MINE

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Bass Metals Ltd. is one of only three publicly listed graphite producers in the world. The company 100% owns and operates the Graphmada large flake graphite mine, Bass’ flagship project, located in eastern Madagascar. Madagascar has been a recognized producer and exporter of premium graphite since 1907 and sets the world standard for product quality and flake size.

The Graphmada mine has 40-year mining

permits in place, containing four premium quality, large flake, graphite deposits hosted in weathered graphitic gneiss, a soft, easily minable rock that incurs low mining costs. With all associated mining infrastructure and logistics in place, the mine currently produces and sells a range of graphite concentrates into multiple market segments, to customers in India, the United States and Europe.

Generating revenue through ongoing lowest quartile cost production, the mine is currently being optimised by an experienced management team to 6000 tonnes per annum with improved final graphite concentrate grades, in order to grow cash margins.

Graphmada also has significant potential for low capital intensity expansion. Bass plans to invest capital to expand production to greater than 20,000 tonnes per annum of graphite concentrate sales by 2019.

The Company has also made the strategic decision, in parallel with the optimisation at Graphmada, to actively explore and develop deposits in the immediate proximity to the mine, with a view to materially expanding existing resource inventories.

The Loharano deposit has provided the bulk of the feed to the Graphmada processing plant and has total JORC compliant Indicated and Inferred resources of 5.7Mt @ 4.1% Grade with a 2% cut-off[1] . This mineralization is known to go to depth with increasing grade, and is open in all directions. With the Company having a strong community engagement program and being well down the path in achieving its optimisation plans and growing its resource inventory, the team at Bass is confident of its plans for expansion and its future value creation for shareholders.

1 These estimates were prepared and first disclosed by Stratmin Global Resource PLC under the JORC Code 2004. The estimates have not been updated to JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Reference is made to the Company's announcement of 2 September 2015, which provides further detail regarding this information.

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 8 MAY 2017

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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.

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.

COMPETENT PERSON STATEMENT

The information in this document that relates to Exploration Results is based on information compiled by Tim McManus, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy and a full-time employee of the Company.

Tim McManus has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Tim McManus consents to the inclusion of the information in this document in the form and context in which it appears.

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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