GREENWING RESOURCES LTD — Capital/Financing Update 2019

May 20, 2019

ASX Announcement 21 May 2019

Sales and Exports growth update

Bass Metals Limited (ASX: “BSM”) (the “Company”) is pleased to provide an update on its sales activities at its 100% wholly owned Graphmada Large Flake Graphite Mine, located in Madagascar.

HIGHLIGHTS

• Cash receipts from sales for the June 2019 quarter are likely to be in the range of A$550,000 – A$700,000 (up from A$328,000 for the March 2019 quarter).

• Shipments for the quarter to date (to 17 May 2019) have exceeded 450mt and Bass is on track to achieve shipments in the range of 900mt – 1,000mt for the quarter (up from 734mt in the March 2019 quarter).

• As previously stated Bass is anticipating a much stronger production quarter for June 2019. Improved production conditions will continue to underpin strong and consistent sales growth.

• Directors and management continue to negotiate a number of very favourable supply arrangements in to new and existing markets.

• Bass continues to experience strong demand for its higher priced and superior large flake concentrates.

• Sales receipts have helped us to make significant early investment in the Stage 2 expansion.

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SALES AND EXPORTS GROWTH UPDATE

Bass is pleased to announce that it anticipates that sales receipts for the June 2019 quarter are likely to be in the range of A$550,000 – A$700,000. This is a substantial increase to the results achieved in the previous two quarters (March 2019 quarter - $328,000).

The Company is delighted with the results for the first 7 weeks of the June 2019 quarter and is on track to continue the improvement we have previously provided guidance for.

Additionally, the Company is pleased to report that it continues to receive extensive global interest and demand for its premium product and senior management are actively negotiating with new and potential buyers worldwide.

The Company has also recently hosted a delegation at site with a view to advancing offtake discussions. This is one of several initiatives Bass is progressing not only for Stage 1 concentrates but also for product from the planned Stage 2 expansion of existing production.

MR DAVID ROUND (CFO) HEAD OF MARKETING AND SALES:

“We’re very pleased that Bass continues to grow sales by volume, quality and revenue receipts on a quarter by quarter basis.

Given we only recently completed the Stage 1 redevelopment, it is a testament to the efforts of the team in ensuring this Company is a success.

We are pleasantly surprised at the ongoing level of demand from large global commodity houses for our concentrates and we look forward to updating the market further on our sales growth”.

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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

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• @bassmetals

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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 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 fulltime 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.

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