GREENWING RESOURCES LTD — Capital/Financing Update 2019

Dec 19, 2019

ASX Announcement 20 December 2019

Bass agrees to terms for sale of Tasmania assets for $360,000 plus bond.

Bass Metals Limited (ASX: BSM ) (the Company ) is pleased to announce that it has agreed to terms with NQ Minerals Plc ( NQM ) and its subsidiaries, for the sale of its Hellyer base metal rights and Mt. Block permit in Tasmania for a total consideration of $360,000 plus return of its $100,000 security bond.

The term sheet between Bass and NQM provides that both parties prepare and complete a Sale and Purchase agreement (the Agreement ) for the following tenements and rights:

• EL48/2003 Mt Block, and

• Surrender of the Sublease Agreement for the CML 103M/1987 Hellyer Mine Lease.

Completion of the Agreement is targeted for no later than mid January 2020.

Bass retains the following tenements in Tasmania:

• CML 68M/1984 Que River Mine Lease (QRML), and

• ML 10W/1980 Access Easement to QRML.

CONSIDERATION

Persuant to the terms of the Agreement -

• Bass will surrender its existing sub-lease over the Hellyer tenements to NQM and will be indemnified of any current and all future liabilities associated with the sub-lease all of the tenements and existing agreements

• Bass shall receive bonds and other refunds in relation to the tenements for approximately $100,000, and

• From the date of signing of the Term Sheet and final completion of the Sale and Purchase agreement, NQM shall pay Bass $15,000 per month for 24 months for a total of $360,000. These funds will be used for ongoing costs incurred and associated with the management of the Company’s Que River assets.

TIM MCMANUS CEO

“The sale of these assets provides a number of tangible benefits to Bass and its shareholders. In the short term, we reduce expenditure significantly and additionally receive a substantial return of cash via bond refund.”

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

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, Exploration Targets and Mineral Resources 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.