GREENWING RESOURCES LTD — Capital/Financing Update 2019

Sep 3, 2019

ASX Announcement 4 September 2019

Bass accelerates production at Graphmada

Bass Metals Limited (ASX:BSM) ( Bass or the Company ) is pleased to provide the following production update to 31 August from its 100% owned Graphmada Graphite Mine.

HIGHLIGHTS

• 745 wet tonnes (wt) produced to the end of August, with 301wt produced in July (inclusive of 5 day schedule maintenance shutdown) and 444wt produced in August.

• Dry tonne (dt) production of 587dt to 31 August, with a strong month anticipated for September following accelerated wet tonne production in August.

• A new daily record achieved of 29 wet tonnes at 61% large flake and 92.3% Fixed Carbon (FC) during the month of August – a record result for the combination of tonnes, large flake and FC produced in a 24-hour period.

• Increase in large flake production to 42% for the September quarter to date, exceeding the 32% large flake production achieved for the June quarter.

• Mining on track for a record quarter, with 36,821 ore tonnes mined and 124,596 tonnes of total material movement at a reduced strip ratio of 2:1 for the September quarter to date.

GRAPHITE PRODUCTION UPDATE

Graphmada is on track to achieve record mining metrics in the September quarter.

36,821 ore tonnes have been mined and 124,596 tonnes of total material movement to date, at a significantly reduced strip ratio of 2:1, down from an already low ratio of 5:1 for the June quarter. The improved strip ratio will lower operating costs.

Processing at Graphmada is also exceeding expectations, with 24,745 tonnes processed for the quarter to date and 745 wet tonnes produced.

On August 29 a new daily record was achieved of 29 wet tonnes at 61% large flake at 92.3% FC. This is the highest combination achieved for tonnes, large flake and FC produced over a 24-hour period.

The July production figure of 301 wet tonnes was expected as a scheduled maintenance shutdown of 5 days was implemented at the start of the quarter.

The team at Bass continues to optimize wet tonnes produced at 94% FC while increasing the volume of large flake produced. While 94% FC is recognized as the industry benchmark for premium graphite concentrates, the balancing of production for flake size is also a critical element to maximizing revenue.

Concentrates at >180 microns (large flake) demand significantly higher prices than finer flake graphite concentrates (<180 microns). Consistently producing significant volumes of large flake concentrates at 94% FC in an environmentally sensitive manner is Bass’ ultimate goal with its current processing facilities.

In the June quarter, an average of 33% of production from Graphmada was >180 microns, with periods over 45% achieved. In the current September quarter, large flake production has increased materially to 42%, equating to a 10% increase in large flake production, with periods over 60% achieved.

TIM MCMANUS CEO:

“As substantial shareholders, management and the team at Bass continue to work extremely hard to build on what was an outstanding June quarter and deliver further improvement in the September quarter, as results to date suggest.

On a number of fronts, the Company is growing its capabilities and technical expertise. The intellectual property gained from optimizing operations, along with its aim to materially increase its Mineral Resources will be applied to expanding the Graphmada Mining Complex for large scale mining and downstream integration, delivering significant value for Bass’ shareholders in the process."

For more information, please contact:

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

Peter Wright Executive Director Phone: (07) 3203 5894 Email: admin@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.