GREENWING RESOURCES LTD — Capital/Financing Update 2018

Apr 3, 2018

ASX ANNOUNCEMENT 4 APRIL 2018

==> picture [135 x 50] intentionally omitted <==

BASS DELIVERS 100% OWNED, DEBT FREE, FULLY RECOMMISSIONED LARGE FLAKE GRAPHITE MINE

HIGHLIGHTS

• Post an extensive refurbishment and significant capital expenditure Bass has delivered on its Stage 1 objective; a 100% owned operational graphite mine, free of debt, with an offtake agreement in place.

• Wet commissioning of the Process Plant was successfully completed yesterday.

• Graphmada now moves into commercial ramp up phase to supply international customers with high value, premium large flake concentrates, with the aim of delivering positive cash flow.

• Strong market conditions, with limited large flake graphite supply and market growth is leading to strong demand for Graphmada’s premium graphite concentrates.

• Planning for the Stage 2 expansion of Graphmada to 20,000 tonnes per annum will now commence immediately together with ongoing assessment of options for the production of Expandable Graphite (Stage 3).

• An extensive drilling programme at the Millie’s Reward lithium project in targeted for the second half of CY2018.

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

1

ASX ANNOUNCEMENT 4 APRIL 2018

==> picture [135 x 50] intentionally omitted <==

Bass Metals Limited (ASX: “BSM”) (the “Company”) is pleased to announce that it has now completed the recommissioning of the newly refurbished Process Plant at the Graphmada Large Flake Graphite Mine, located in eastern Madagascar.

This follows the successful wet commissioning of the Process Plant yesterday completing the final phase of Stage 1. Further testing will now take place to assist in synchronising and optimising the graphite recovery process, prior to the recommencement of graphite production in the coming days.

The completion of Stage 1 delivers the Company’s valued shareholders a 100% owned mine free of debt, with an offtake agreement in place, producing premium large flake graphite concentrates at a time of rising prices.

Bass is now established as one of only two ASX listed producers, and one of only four publicly listed graphite producers globally.

Graphmada is now moving rapidly into the commercial ramp up phase to supply international customers with high value, premium large flake concentrates, with the aim of delivering positive cash flow.

==> picture [416 x 253] intentionally omitted <==

The fully recommissioned Graphmada Large Flake Graphite Mine (Stage 1).

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

2

ASX ANNOUNCEMENT 4 APRIL 2018

==> picture [135 x 50] intentionally omitted <==

Strong market conditions, with limited large flake graphite supply and market growth is leading to strong demand for Graphmada’s premium graphite concentrates. The Company has received significant interest in its planned concentrate sales and is developing many strong relationships, most notably Possehl Erzkontor GmbH & Co. KG based in Europe, who will purchase 3,000 tpa of graphite concentrates for a period of three years from this calendar year.

With Stage 1 complete, the Company will continue with its long-stated strategy of expanding production to 20,000 tpa (Stage 2), while aggressively drilling, in the second half of 2018, the highly prospective Millie’s Reward lithium project, which has encountered surface samples of up to 7.0% Li2O.

Bass Metals CEO, Mr Tim McManus:

“The Company is pleased to deliver the first stage of its long-stated strategy of refurbishing and expanding production at Graphmada, with the aim of establishing positive cash flow for the Company.

I’d like to thank the team for their considerable efforts in achieving the Company’s vision. We are excited to be in a strong position to provide considerable value to our highly valued shareholders, our greatest supporters.

We now look to Stage 2, the expansion to 20,000 tonnes per annum and Stage 3, the production of Expandable Graphite, for which our graphite concentrates are highly suitable.”

Bass Metals Chairman, Mr Rick Anthon:

“The successful recommissioning of Graphmada is a significant milestone for the Company, with the team at Graphmada having done an exceptional job, led by Tim and Wilhelm. The commissioning at Graphmada secures Bass a robust financial footing to progress to Stage’s 2 and 3 at Graphmada. In parallel Bass will also continue to appraise its exceptional exploration portfolio with an immediate focus on the Millie’s Reward Lithium project.

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

3

ASX ANNOUNCEMENT 4 APRIL 2018

==> picture [135 x 50] intentionally omitted <==

Like Tim, I’d like to thank all stakeholders for their contributions and support to date. With a particular thanks to our Malagasy staff, local community and government agencies. The Malagasy are a resourceful, hardworking and industrious people, whom we greatly enjoy our partnership with and we look forward to this continuing.”

==> picture [322 x 340] intentionally omitted <==

General Manager Wilhelm Reitz recommissioning Graphmada Graphite Mine.

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

==> picture [15 x 15] intentionally omitted <==

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

4

ASX ANNOUNCEMENT 4 APRIL 2018

==> picture [135 x 50] intentionally omitted <==

ABOUT THE GRAPHMADA LARGE FLAKE GRAPHITE MINE

Bass Metals Ltd. is one of a few publicly listed large flake graphite producers in the world, operating the 100% owned, debt free Graphmada large flake graphite mine, 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, containing four premium quality, large flake, graphite

==> picture [240 x 189] intentionally omitted <==

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 produces and sells a range of graphite concentrates into multiple market segments, to customers in Europe and the United States. The Company is aiming to expand production at Graphmada from 6,000 tonnes per annum to 20,000 tonnes per annum by 2020 (Stage 2) and subsequently install an Expandable Graphite Plant (Stage 3) to provide further value to its loyal shareholders.

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 Mine, which has a sealed road for product transport

and grid power installed. In addition to the potential access of this infrastructure, Millie’s Reward has extensive water supplies, accommodation and an available local workforce.

==> picture [199 x 150] intentionally omitted <==

High purity Spodumene crystals discovered at Millie’s Reward

The Project area has been subjected to no 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.

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

5

ASX ANNOUNCEMENT 4 APRIL 2018

==> picture [135 x 50] intentionally omitted <==

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

6