GREENWING RESOURCES LTD — Capital/Financing Update 2020

Apr 26, 2020

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ASX Announcement 27 April 2020

Bass signs MOU with Swinburne University to advance carbon materials research and product development.

Bass Metals Limited (ASX Code: BSM) ( Bass or the Company ) is pleased to announce the signing of a Memorandum of Understanding ( MOU ) with Swinburne University of Technology ( Swinburne ) pursuant to which Bass and Swinburne will work to form a long-term collaborative partnership in areas of mutual benefit.

The combination of the unique qualities of a weathered resource and clean large flake concentrates leave Bass well placed to participate in the development of advanced graphite applications.

Swinburne is committed to innovative education, strong industry engagement and social inclusion. The university continues to focus on emerging technologies, industry engagement and flexible learning options.

Swinburne is at the forefront of Industry 4.0 through advanced digitalization capabilities including industrial automation, Internet of Things, big data and artificial intelligence, smart sensors, autonomous systems, and new-generation processes and materials.

Swinburne and Bass will seek to explore opportunities for collaborative research activities, including relevant funding opportunities. The specific areas of interest that will form the initial stages of discussion and likely collaborative activities include but are not limited to:

• Industry 4.0 (I4.0) capabilities and collaboration within the Advanced Manufacturing I4.0 Hub (factory of the future) and the I4.0 readiness assessment program

• Collaboration with the Graphene Certification Lab looking at the supply chain and certification needs

• Use of advanced materials to research and develop sustainability initiatives and to help establish and strengthen downstream product manufacturing

• Advanced manufacturing of composites and accessing the expertise of Swinburne's Industry 4.0 Testlab, which will demonstrate a pilot-scale cyberphysical production system

• Use of multidisciplinary knowledge (such as materials science; engineering; data analytics; simulation) to look at diversified critical mineral and carbon materials to meet different growth sector's needs on a global scale (composite materials, graphene-oxide based supercapacitors, and alternate energy storage).

TIM MCMANUS CEO

"Bass is one of a few publicly listed companies globally that has consistently produced large flake graphite for use in high-end applications, due to the inherent quality of our soft rock resource.

Graphite mining has historically been mined from soft rock deposits such as Bass’ from Madagascar and Brazil, two jurisdictions that have consistently produced clean, large flake concentrates.

Bass now needs scale and reliability of production to become a globally relevant producer of high value large flake graphite concentrates.

The Company is pursuing this strategy through aggressive exploration for additional resources and the completion of an independently verified Definitive Feasibility Study.

Key to Bass' broader strategy has been the pursuit of partnerships and alliances to develop our downstream product manufacturing potential. Production of large flake concentrates at scale, with no deleterious elements will leave the Company well placed to progress this strategy.

Products such as expandable graphite, graphene and specialty carbons are high growth markets requiring premium graphite concentrates. Bass has proven ability to produce suitable feed stock for these value-added products.

As such, Bass is very pleased to have completed this agreement with Swinburne which we see as important step in developing further intellectual property and integrated product development."

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.