GREENWING RESOURCES LTD — Capital/Financing Update 2020

Sep 14, 2020

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ASX Announcement 15 September 2020

EXPLORATION UPDATE

Bass Metals Limited (ASX:BSM) ( Bass or the Company ) is pleased to provide an update on its 2020 exploration program at its wholly owned Graphmada Mining Complex, located in eastern Madagascar.

KEY POINTS

• Bass, post the initial stages of its exploration program, identified large flake graphite mineralization of at least 4.5km in strike length, between the Mahela and Loharano large flake graphite deposits.

• Bass is seeking to expand its resource at Graphmada and establish a globally significant resource already proven to produce, without penalty or rejection, clean graphite concentrates saleable into traditional and emerging advanced carbon materials markets.

• Bass has to date completed 56 holes of a planned 543 drill hole program (~10% of the program), the results of which were reported to the ASX in accordance with the JORC Code (2012) on 16 July 2020[1] , announcing the Mangabe discovery.

• The Company continues to drill and expects further results to be received in the coming weeks.

• Bass has utilized results so far to update its geological model for Graphmada, which now interprets the deposits of Mahela, Mangabe and Loharano are in fact part of an extensive large flake graphite mineralization system, with a wide and shallow morphology.

• The Company aims to provide an updated 2020 Mineral Resource Statement, to be reported in accordance with the JORC Code (2012), interpreting the mineralization as a single deposit that takes into account this morphology.

1 ASX Announcement “Exploration Update - Large Flake Graphite Discovery” released 16 July 2020.

EXPLORATION UPDATE

Graphmada’s Mineral Resource is >90% large flake graphite insitu and has a proven commercial record of producing, without penalty or rejection, clean graphite concentrates. Graphmada’s concentrates have been sold into all key global markets, including emerging advanced carbon materials markets, such as expandable graphite applications for use in fire retardant technologies.

After establishing production and sales, Bass now intends to fully appraise the potential of this commercially proven resource and establish it as a globally significant large flake graphite resource with the aim of undertaking large-scale mining and processing.

Bass has long been of the view that significant additional graphite mineralization exists in the broader Graphmada area, beyond the already substantial regolith hosted large flake graphite Mineral Resource[2] of 14.3 Mt @ at 4% Total Graphitic Carbon (TGC), estimated in accordance with the JORC Code.

Table 1: The total Mineral Resources for Graphmada Mining Complex[3][4] .

Total	Tonnes	TGC	Contained Graphite
Measured	0.4 Mt	4.1%	16 Kt
Indicated	4.0 Mt	4.3%	172 Kt
Inferred	9.9 Mt	3.9%	386 Kt
Total	14.3 Mt	4.0%	574 Kt

In 2019, the Company, with an extensive data set of historical exploration, incorporating auger and diamond drilling results, outcropping mineralization, field mapping, rock chip sample results, along with mine operational data and product sales performance, announced a brownfields Exploration Target estimate of between 86-144 million tonnes of large flake graphite mineralization, in accordance with the JORC Code (2012)[5] .

Important Note: An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as

2 ASX Announcement “Bass increases Mahefedok North graphite resource by 54%” released 25 November 2019 and ASX Announcement “Bass delivers outstanding increase in Mineral Resources” released 4 December 2019.

3 Reported in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves

(‘the JORC Code 2012’) See ASX Announcement ‘Bass delivers outstanding increase in Mineral Resources’ released on the 4/12/19. 3 The Loharano Mineral Resource that forms part of the Company’s Mineral Resources herein was reported in accordance with the 2004 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code 2004) at a >2% cut-off and first disclosed by Stratmin Global Resource PLC under the JORC Code 2004. Bass Metals notes that the estimates have not been updated to JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Reference should be made to the Company's announcement of 2/09/15, for further detail.

5 ASX Announcement “Significant Exploration Program to commence at Graphmada” released 3 June 2019.

a range of tonnes and a range of grade, relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. The potential quantity and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to estimate an additional Mineral Resource and it is uncertain if further exploration will result in the estimation of an additional Mineral Resource.

Bass subsequently initiated exploration activities between the known deposits of Mahela and Loharano to test if the orientation of these deposits was indeed a larger trend of mineralization extending the 4.5km between the deposits. This led to the Mangabe discovery, reported to the ASX in accordance with the JORC Code (2012) on 16 July 2020[6] .

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6 ASX Announcement “Exploration Update - Large Flake Graphite Discovery” released 16 July 2020.

Subsequently, Bass has utilized these results, along with other historical results, to update its geological model for Graphmada, with the new geological model interpreting that the deposits of Mahela, Mangabe and Loharano are in fact part of an extensive large flake graphite mineralization system. The system is extensive, both laterally and in width, with a shallow, regolith-hosted morphology.

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As such, the Company plans to provide an updated Mineral Resource Statement for Graphmada, reported in accordance with the JORC Code (2012), treating the mineralization as a single deposit that takes into account this wide and shallow morphology.

In addition, Bass is pursuing its feasibility studies utilizing this new geological model and has commenced a review of its mining technique in light of the morphology of the system.

Exploration and development activities continue, remaining in close proximity to existing infrastructure, as part of the Company’s strategy to expand its operations to large-scale mining and processing.

TIM MCMANUS CEO

“The team at Bass is of the view that there is significant value for shareholders in the expansion of the Graphmada Mineral Resource given it has been commercially proven to produce clean graphite concentrates that have been sold into all major markets, as well as emerging markets.

We’ll continue to explore and develop this asset to pursue our long-stated strategy of expanding Graphmada for large-scale mining and processing and in parallel the downstream development of advanced carbon products.”

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.

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.