GREENWING RESOURCES LTD — Capital/Financing Update 2019

Dec 19, 2019

ASX Announcement 20 December 2019

Bass achieves quarterly records, exceeding 1,000mt of graphite concentrates shipped and A$700,000 revenue received to date with 500mt of sales still to be receipted for current quarter.

Bass Metals Limited (ASX: “BSM”) (“Bass” or the “Company”) is pleased to provide the following sales update from its 100% owned Graphmada Mine Complex located in eastern Madagascar.

To date, for the quarter Bass has shipped over 1,000mt, a new quarterly record for the Company. In addition, Bass has approximately 500mt to be shipped by the end of the quarter.

The Company has achieved record quarterly sales revenue to date, with over A$700,000 received. In addition, Bass received VAT refunds totaling $A65,000 in November, and forecasts further tax rebates of approximately $270,000 to be received in January 2020.

With Bass completing its first and substantial shipment of graphite concentrates into China during the month of November, the Company has achieved a key milestone in selling its concentrates into all key markets. Importantly, Bass has yet to have a single tonne rejected or penalized for quality since production was recommissioned.

TIM MCMANUS CEO:

“As a consistent and reliable supplier of quality graphite concentrates, Bass has now firmly established its product in the marketplace, across markets and market segments.

The Company intends to work with its current customer base and end users with a view to establishing meaningful offtake agreements inline with its strategic plans for large scale mining and processing operations, a material objective for the Company.

For more information, please contact:

Tim McManus David Round Chief Executive Officer CFO/Head of Sales 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.