GREENWING RESOURCES LTD — Capital/Financing Update 2020

Dec 3, 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 4000

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ASX Announcement 4 December 2020

FURTHER EFFICIENCIES INDENTIFIED FOR EXPANSON OF GRAPHITE PRODUCTION

Bass Metals Limited (ASX:BSM) (the Company or Bass ) is pleased to provide shareholders with an update regarding the Company’s progress with ongoing feasibility studies into the expansion and downstream development of its 100% owned operations, located in eastern Madagascar.

HIGHLIGHTS

• Bass receives outstanding test results from alternative screening process to Stage 1.

• Utilizing hard data from Stage 1 production Bass continues to refine Stage 2 studies.

• Screening improvements and future availability of hydro-electric power represent significant improvements to the governing parameters of the expansion of the Graphmada Mining Complex.

• Bass has begun the search for strategic investment for its Stage 2 expansion for large scale mining and processing operations.

FEASIBILITY STUDIES

Bass has achieved several core objectives to date, including;

• Continuous growth in Mineral Resources and exploration potential.

• The construction and project development experience of Stage 1.

• Establishment of production and logistics to market, with material metallurgical and processing intellectual capital gained from the Stage 1 production of high value, large flake graphite concentrates.

• Establishment of sales channels into all key markets, over 18 months of Stage 1 production, without penalty or rejection.

With the benefit of actual production data from achieving its core objectives, Bass is well placed to deliver feasibility studies based on hard data and experience as opposed to studies based at bench-scale or pilot production level.

A key component of the Company’s feasibility studies is the ability to screen and split Graphmada’s high value concentrates into saleable volumes, maximizing the value of product sold and shipped, as well as providing specifically sized feedstocks for downstream processing technologies that will be incorporated within the expansion of operations.

Recent testing in Germany, by RHEWUM GmbH, at their world-renowned technical center, confirmed that Graphmada’s commercially proven graphite concentrates can be screened and packaged at substantially higher throughput volumes than previously achieved, while realizing significant efficiencies and cost savings.

Results demonstrated all products, from fine flake to large flake concentrates were produced within specification at high throughput with no material flake size degradation.

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Figure 1: An example of the type of screening unit proposed.

This is an important development for Bass as the results confirm graphite concentrates produced from large scale mining and processing can be screened and packaged at rates up to 20,000 tonnes per annum utilizing a single

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RHEWUM screening unit. As part of its studies Bass is planning for the installation of two units.

The Company is also continuing discussions in its strategic collaboration with advanced technology partners to install purification and other downstream value addition processes.

In addition, as per ASX announcement 26[th] November 2020, Bass has an emerging low-cost solution for sustainable power with the announcement that Graphmada will be in direct proximity to hydro-electric grid power with the potential to materially reduce Stage 2 operating costs.

As work continues on finalizing the various components of the Company’s feasibility studies, Bass will continue to update its highly valued shareholders of its progress in this regard.

TIM MCMANUS CEO

“We continue to make pleasing meaningful progress on the studies for expanded production at Graphmada. Bass is well placed to progress these studies with the benefit of significant production and sales experience along with the experience of constructing and commissioning.

Bass is pleased with the potential material efficiency gains of hydro-electric grid power and more efficent screening. In parallel with progressing studies, Bass has also recommenced the process of obtaining strategic investment in the Company.”

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

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

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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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