GREENWING RESOURCES LTD — Capital/Financing Update 2020

Nov 16, 2020

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ASX Announcement 17 November 2020

Bass’ concentrates achieve outstanding results for application in critical mineral technologies

Bass Metals Limited (ASX:BSM) (“ Bass” or the “ Company” ) is pleased to announce its continued progression towards downstream manufacturing of advanced materials and specialty carbon products.

Bass has recently concluded a series of advanced tests with prospective alliance partner Urbix Resources (Urbix), a leading US technology firm in the critical minerals and battery materials space that specializes in advanced energy storage cell designs and materials.

Bass’ commercially proven, large flake graphite concentrates, sourced from the Company’s wholly owned Graphmada Mining Complex, delivered outstanding purification results exceeding 99.9% for the >180-micron flake class and 99.7% for the >300-micron flake class[1] .

By purifying large flake concentrates, the resultant product provides a premium feedstock for advanced materials manufacture. Purified material of >180 and >300 microns is predominantly used in the manufacture of expandable graphite, which has applications in next-generation fire retardants and can sell for up to US$4,500 per tonne. These specialist feedstock materials are also key to a number of advanced technology applications, such as 2D material manufacturing that utilizes nano-graphite and graphene technologies.

Urbix’s innovative proprietary method for the environmentally conscious purification of natural flake graphite is the only purification technology to receive US Department of Energy funding for the development of Nuclear Grade Feedstock for Next-Gen IV Reactors. The process utilizes 1/20th of the energy as the standard high temperature purification methods and does not use HF Acid.

1 ASTM-C561 Standard was used to calculate Moisture, Volatiles, Ash, LOI Carbon and Fixed Carbon content.

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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Figure 1: Urbix Resources Production Facility

Bass and Urbix are continuing discussions to establish a critical minerals supply chain for the US energy market, and other technology applications, with test work continuing as Urbix begins to scale up production from their newly commissioned facility located in Arizona, USA.

Next Steps

Bass is positioning itself to be a participant in the emerging advanced materials and critical mineral technology sectors, having proven it can produce and sell premium concentrates to specification from its operations in Madagascar.

With a well-developed customer base for its premium concentrates, the Company can confirm its concentrates have already been used in the manufacture of specialty carbon products including expandable graphite, nanographite, and maturing graphene technologies.

In parallel with its pursuit of advanced downstream manufacturing, the Company is seeking to expand its mineral resources, conducting an ongoing and significant drilling program of the predominantly large flake mineralization at Graphmada.

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Figure 2: Bass Metals’ Production Facility

TIM MCMANUS CEO

“These outstanding results reinforce the high quality of the concentrates produced from our operations in Madagascar and their uniqueness in application in critical mineral-based technologies, such as sustainable battery anode manufacture.

Critical minerals in Madagascar have high prospectivity and are materially underexplored. This lends itself to the unique strategic advantages of Bass, primarily leveraging its producer status and well-developed sustainability programs to broaden its project portfolio to meet critical mineral demand outside of China.

We look forward to continuing our work with Urbix to develop a critical minerals supply chain into the United States, and Australia, to underpin the technological and strategic development of both companies.”

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For more information, please contact:

Tim McManus

Chief Executive Officer

Peter Wright 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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