GREENWING RESOURCES LTD — Capital/Financing Update 2020

Dec 23, 2020

BASS METALS LTD. (ASX: BSM) ABN: 31 109 933 995 Phone: +61 (0) 7 3063 3233 WEBSITE: WWW.BASSMETALS.COM.AU POST: PO BOX 15048 BRISBANE QLD 4001

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ASX Announcement 24 December 2020

BASS RECEIVES NOTEHOLDER APPROVAL TO AMEND CONVERTIBLE NOTE TERMS

As announced on 22 December 2020, Bass Metals Ltd (‘Bass’ or ‘the Company’) sought approval from holders of the Company’s issued Convertible Notes (‘Noteholders’) to amend the Terms of Issue of the Convertible Notes (‘Proposed Amendments’) by way of a special resolution of Noteholders (‘the Special Resolution’).

Bass is pleased to announce it has received the requisite approval of more than 75% of Noteholders to the Proposed Amendments.

The Company and the Note Trustee will now enter into a Deed of Amendment to the Convertible Redeemable Note Trust Deed to give effect to the Proposed Amendments, subject to obtaining any other regulatory or shareholder approvals which may be required. If a shareholder meeting is required for the purposes of the ASX listing rules or any other purpose, it is anticipated that it will be convened in February 2021.

The Proposed Amendments include the following:

• Maturity Date: extended by approximately 2 years to 30 June 2023.

• Interest Rate: to be reduced from 15% per annum to 12% per annum from 31 March 2021.

• Interest Payments: amended to be paid at Bass’ election in ordinary shares issued at a 30 day VWAP of trading in the Company’s ordinary shares, rather than Convertible Notes at face value.

• Conversion Terms: amended to be convertible into 1.6 ordinary shares per Convertible Note converted (an effective conversion price of $0.005) at any time at the Noteholder’s election.

The Company will provide a further update to shareholders in respect of the progress of the Proposed Amendments in due course.

PETER WRIGHT - EXECUTIVE DIRECTOR BASS METALS LTD

“We are pleased to have received the requisite noteholder approval and overwhelming support for the proposed amendments to the existing terms of the convertible notes.

The impact of COVID 19 left Bass with little choice but to maintain the Madagascar based production operations of the Company on care and maintenance. Bass has however, as previously announced, continued to drill the Mahela–Loharano extension that has delivered impressive results to date. The Company has also continued with studies for the expansion of production capacity identifying several areas of material improvement for Stage 2 including an option to access grid power. Bass has also recommenced the process of seeking strategic investment for the Graphmada project, as well as commenced discussions in relation to offtake agreements with current customers for future production.

Bass is now in a position where it can continue its progression without the need to refinance this liability in the short-term. The Company has a production facility that has an unblemished sales record and has produced concentrates to specification in all concentrate classifications. With construction, commissioning, production and sales experience Bass is well placed to deliver a compelling study for significantly expanded production.”

This announcement has been approved by the Company’s Disclosure Committee for release.

For more information, please contact:

Tim McManus Peter Wright Chief Executive Officer Executive Director

Phone: (07) 3063 3233 Email: InvestorRelations@bassmetals.com.au www.bassmetals.com.au

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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, 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.

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