GREENWING RESOURCES LTD — Capital/Financing Update 2018

May 15, 2018

ASX ANNOUNCEMENT 16 MAY 2018

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BASS METALS PROGRESSES SUCCESSFUL COMMERCIAL RAMP UP OF PRODUCTION AT THE GRAPHMADA GRAPHITE MINE

HIGHLIGHTS

• Successful commencement of ramp up of high value graphite concentrate production.

• First month of production e delivers a significant improvement in operational performance on historic production with Initial Fixed Carbon (FC) Concentrate Grades exceeding 94% (FC)

Bass Metals Limited (ASX: “BSM”) (the “Company”) is pleased to provide this operational update as it continues its successful commercial ramp up of production at the Graphmada Large Flake Graphite Mine, located in eastern Madagascar.

OPERATIONS

The Stage 1 refurbishment of operations at Graphmada is now fully operational, with commercial ramp up well advanced. The completion of Stage 1 established Bass as one of only two ASX listed producers of graphite, and one of only four publically listed graphite producers globally.

Production of premium graphite concentrates has now been successfully achieved, with large flake graphite concentrates produced consistently above 94% Fixed Carbon with Recoveries above 75%. The Company is on track to reach name plate production of 500 tonnes of premium large flake graphite concentrate production per month.

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 16 MAY 2018

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Figure 1: Production at Graphmada Large Flake Graphite Mine.

With the 100% owned mine free of any debt in excess of $6m in cash and receivables and in immediate proximity to positive cash flow from its flagship asset Bass is ideally placed to execute its broader growth objectives and deliver additional value to shareholders.

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Figure 2: Wet concentrates produced from Graphmada’s refurbished Process Plant.

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 16 MAY 2018

EXPLORATION

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MAHELA DEPOSIT

Exploration activities at the Mahela Graphite Deposit, located in direct proximity to the Graphmada Mine, has confirmed that the area contains large flake graphite mineralisation within the weathered profile.

Auguring continues at Mahela with samples being prepared at the Graphmada Laboratory. Samples will be analysed, secondary in priority to the samples from the recently recommissioned Graphmada Process Plant, where the ramp up in production is the absolute priority of the Company.

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Figure 3: Auguring at the Mahela Deposit.

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 16 MAY 2018

MILLIES’ REWARD DEPOSIT

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Phase 1 (Field Assessment & Prospect Generation) of the initia; exploration programme at Millies reward is now well advanced and progressing to plan.

The Phase 1 program focuses on exploration utilising geological sampling & mapping and geophysical & geochemical surveys. The combination of this data will allow interpretation and modelling of the prospectivity of the area in order to define high priority drill prospects.

To date Phase 1 has identified 8 high priority prospects which are undergoing field prospecting and mapping; rock-chip sampling; soil geochemical sampling; and pitting and trenching. These 8 prospects, plus potential new prospects will be ranked and prioritised for drilling in the second half of 2018.

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Figure 4: Rock-chip sample from Millie’s Reward.

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 16 MAY 2018

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HEALTH, SAFETY AND ENVIRONMENT

The Company is pleased to report that Graphmada continues to operate with no Lost Time Injuries and no significant injuries reported since Bass assumed operational management in August 2016.

The Graphmada team has also commenced environmental rehabilitation of historic mining areas, working towards international standards for environmental management.

BASS METALS CEO, MR TIM MCMANUS:

“As a team, from Board to Plant Operator, we are focused on reaching our key corporate objective of positive cash flow from the sale of high value graphite concentrates from Graphmada.

Achieving high Fixed Carbon concentrate grades with improving recoveries lays the foundation to rapidly achieving our production target of 500 saleable concentrate tonnes per month.

We also continue to develop our plans for a Stage 2 expansion to 20,000 tonnes per annum and the Stage 3 downstream production of expandable graphite products, with particularly emphasis on supplying the rapidly growing fire retardants market, were concentrates alone can command over US$4,000 per tonne.”

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

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

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Follow us on Twitter @bassmetals

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 15 MAY 2018

ABOUT THE GRAPHMADA LARGE FLAKE GRAPHITE MINE

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Bass Metals Ltd. is one of a few publicly listed large flake 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 for over 100 years and sets the world standard for product quality and flake size. The Graphmada mine has 40-year mining permits in place, 20-year

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

ABOUT THE MILLIE’S REWARD PROJECT

Millie’s Reward is a highly prospective conventional spodumene hosted Li2O deposit located in Madagascar. A majority of the visible pegmatitic dykes and sills within the permits are over 10 metres in thickness, with swells in areas of up to 40 metres in thickness, while being up to several hundred metres in length.

Adjacent to the project area is the Holcim

Talc Mine, which has a sealed road for product transport and grid power installed. In addition to the potential access of this

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High purity Spodumene crystals discovered at Millie’s Reward

infrastructure, Millie’s Reward has extensive water supplies, accommodation and an available local workforce.

The Project area has been subjected to very little modern geological assessment, as all the activity performed in the past occurred at an artisanal mining scale, operated by the local miners working for gemstones. The Company is currently conducting field activities with the view to drilling in the near term.

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 15 MAY 2018

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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 forwardlooking 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.

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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