GREENWING RESOURCES LTD — Capital/Financing Update 2018

Aug 7, 2018

ASX ANNOUNCEMENT 8 AUGUST 2018

BASS METALS ACHIEVES SIGNIFICANT MILESTONE WITH NAMEPLATE PRODUCTION AT THE GRAPHMADA LARGE FLAKE GRAPHITE MINE

Bass Metals Limited (ASX: BSM) ( Bass or the Company ) is pleased to announce that the 100% owned, debt free, Graphmada Large Flake Graphite Mine has reached nameplate production. This is a significant milestone in the Company’s progression to becoming a material producer of industrial concentrates.

The Process Plant has reached and sustained 25 tonnes per hour feed rate at an average head grade of 4.5% Total Graphitic Carbon (TGC), an effective run-rate of 500 tonnes per month Process Plant production. The concentrates produced are at materially higher saleable grades than historic production, with a majority of production at or above 94% Fixed Carbon.

The Company reaching this significant milestone now provides the pathway to achieving positive cash flow from operations in 2018. The Company is currently negotiating the sale of this production with several international groups, including its off-take partner, setting the platform both operationally and financially for Bass to progress its growth strategy both at Graphmada with Stage 2 and Millie’s Reward.

Bass Metals Non-Executive Chairman, Mr Rick Anthon:

“We are very pleased to reach this significant milestone for the Company. We look forward to working even harder to realise further value from our operations. Our focus has always been to establish positive cash flow and achieving the desired run-rate gives us a clear path to this goal. I’d like to thank our shareholders, management and the hard working team at Graphmada, who’s efforts in achieving this milestone have been tremendous”.

ASX ANNOUNCEMENT 8 AUGUST 2018

For more information, please contact:

Tim McManus

Peter Wright

Chief Executive Officer Executive Director Phone: (07) 3203 5894 Phone: (07) 3203 5894 Email: admin@bassmetals.com.au Email: admin@bassmetals.com.au

www.bassmetals.com.au

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@bassmetals

ASX ANNOUNCEMENT 8 AUGUST 2018

About Bass Metals Ltd.

Bass Metals Ltd. is a producer of industrial mineral concentrates post the successful Stage 1 commercial ramp up of production at its 100% owned and debt free Graphmada Large Flake Graphite Mine.

The Graphmada Mine is located in eastern Madagascar, a democratic island country in the Indian Ocean, off the coast of Southeast Africa, which is governed under a French legal system with a low Corporate Tax rate of 20% and a low 2% Mining Royalty.

The country has produced benchmark quality graphite for over 100 years due to the high proportion of high purity, large flake, premium quality graphite in soft, easily minable, saprolitic ore. Therefore, deposits, like those at Graphmada, have low operating costs and extremely low capital costs when compared to other African or Western deposits. The well-developed export infrastructure is also a significant aspect that makes working in Madagascar attractive.

The Graphmada Mine has 40-year mining permits and 20-year landholder agreements in place, with four premium quality, large flake, graphite deposits. 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 Europe under an offtake agreement, and on order to customers in India, China and the United States.

Producing premium large flake concentrates at a time of rising prices, Bass as one of only two ASX listed producers, and one of only four publicly listed graphite producers globally, is working to expand production from 6,000 tonnes per annum (tpa) to beyond 20,000 tpa (Stage 2) and in addition, pursue a strategy to develop downstream Expandable Graphite production and technologies (Stage 3) for which our graphite concentrates are highly suitable.

With an established and growing production platform, complimented with the Company’s prudent capital management, strong cash position, zero debt and sustainable cash flow, Bass is on a robust operational and financial platform to pursue and realise the considerable potential of exploring Madagascar and developing the Company’s assets, such as the 100% owned highly prospective Millie’s Reward lithium project which is being fast tracked via an extensive drilling program.

ASX ANNOUNCEMENT 8 AUGUST 2018

DISCLAIMER, STATEMENTS & IMPORTANT INFORMATION

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 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. 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.

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.

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 mineralization 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.