GREENWING RESOURCES LTD — Capital/Financing Update 2021

Nov 18, 2021

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ASX Announcement

Graphmada Mining Complex - Mineral Resource Update 19 November 2021

Greenwing Resources Ltd (Greenwing or the Company) (ASX:GW1) is pleased to provide an updated Mineral Resource Estimate (MRE) for its wholly owned Graphmada Mining Complex, Madagascar.

HIGHLIGHTS

• An augur program of 180 holes (2,042 meters) at the Ambatofafana Zone has delineated an initial Mineral Resource, extending the known strike of the Graphmada Mineral Resource to the southern end of the mining leases.

• The Ambatofafana Zone augur program increases the total Mineral Resource for Graphmada to 22 Million Tonnes (Mt) at 4.0% Fixed Carbon (FC), an increase of 1.8 Mt at 4.5% FC or 9% of the previous total Mineral Resource (estimated in accordance with the JORC Code (2012)).

• A 3,000-metre diamond drilling program will commence this month with the aim to further increase the Mineral Resource. The program will include additional exploration at Ambatofafana to follow up these strong initial results.

• Graphmada has a history of continuously producing quality concentrates that have been qualified and sold into all major global markets without penalty or rejection.

• The ongoing expansion of the Graphmada Mineral Resource together with the history of production of high-quality concentrates positions Greenwing to rapidly progress the planning and development for up to 40,000 tonnes per annum (tpa) production at the Graphmada Mining Complex that will produce a large flake and clean concentrate ideally suited for sale into the growing green energy and Advanced Materials markets.

TABLE 1: MINERAL RESOURCES FOR THE GRAPHMADA MINING COMPLEX

	Tonnes	TGC	Contained Graphite
Measured	2.9 Mt	4.2%	121 Kt
Indicated	3.3 Mt	4.3%	143 Kt
Inferred	15.8 Mt	4.0%	625 Kt
Total	22.0 Mt	4.0%	890 Kt

Greenwing Resources Ltd ABN 31 109 933 995 Phone: +61 (0) 7 3063 3233 | 110 Mary Street Brisbane Qld 4000 www.greenwingresources.com

TECHNICAL SUMMARY (ASX LR 5.8.1)

The following summary presents a fair and balanced representation of the information contained within JORC Table 1 (sections 1-3) attached:

• The Company holds the Mineral Resources via 100% owned exploitation permit numbers 26670, 25600 and the Loharano renewal. The permit grants the exclusive rights for 40 years to explore and mine graphitic resources.

• The mineralization contains large flake graphite mineralized within both the weathered profile (regolith) and underlying crystalline graphitic gneisses (hard rock), broadly coinciding with regional graphite mineralization trends.

• Diamond and auger drilling have intersected the mineralization, which is distributed broadly within the known mineralization footprint. The mineralization broadly dips to the west at approximately 45° and consists of a broad mineralization profile that continues to depth.

• 22,046 samples from 2,212 auger holes (18,843 meters drilled) and 144 diamond holes (5,693 meters drilled) were prepared, split, and analysed at the in-house Graphmada laboratory, with a representative proportion analysed by an SANAS accredited laboratory in South Africa for Fixed Carbon and Graphitic Carbon respectively, as well as further analysis for Sulphur.

• The estimate was classified as Measured, Indicated, and Inferred on the basis of augering, surface mapping, drill hole sample assay results, drill hole logging, assigned density values based on core sample measurements, flake size distribution studies, and nearby mining and processing operations.

• Grade estimation was completed using the ordinary kriging estimation method and checked using inverse distance weighting to the power of two estimation.

• A nominal 3% cut-off is supported by statistical analysis of the grade population distribution of the total dataset.

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LOCATION AND PERMITTING

The Graphmada Mining Complex is ideally situated near the town of Brickaville on the east coast of Madagascar, 236 km by road east of the capital Antananarivo, at latitude 18.918° south, longitude 48.9924° east.

Madagascar is a democratic island country in the Indian Ocean, off the south-east coast of Africa. Madagascar is governed under a French legal system with a low corporate tax rate of 20% and a low mining royalty of 2%.

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Figure 1: Location of Graphmada Mining Complex

Madagascar has produced benchmark quality graphite for over 100 years due to the high proportion of high-purity, large-flake, premium-quality graphite in soft, easily mineable, saprolitic ore. Deposits like those at Graphmada have low operating costs and extremely low capital costs when compared with other deposits in Africa and the rest of the world. The welldeveloped export infrastructure is another appealing aspect of this jurisdiction.

Graphmada has 40-year mining permits and 20-year landholder agreements in place, with five known premium-quality, large-flake, graphite deposits. With all associated mining infrastructure and logistics in place, the mine produced and sold a range of graphite concentrates into multiple market segments to customers in Europe under an off-take agreement and on order to customers in India, China and the United States.

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PERMITTING

The Graphmada Mining Complex holds two granted mining permits (PE 25600 and PE 26670) and one permit pending renewal. The location of the permits is shown below.

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Figure 2: Graphmada Mining Complex.

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PREVIOUS EXPLORATION AND MINING

Systematic exploration activities have been conducted since 2013 and results obtained confirm that the area contains shallow, regolith-hosted large flake graphite mineralisation that is extensive in its morpohology, both laterally and by width.

These exploration activities include rock chip and outcrop sampling, augering, diamond drilling, topographic and geophysical surveys, geological and structural modelling, statistical and elemental analysis and flake size characterisation, along with reconciled production over an extended period of time.

GEOLOGY

Graphmada is predominantly underlain by the Andasibe Formation; a Neoproterozoic unit of the Manampotsy Complex, consisting of biotite gneiss (± hornblende) with quartzite, calcsilicate and graphitic (± sillimanite) units. The Manampotsy Complex is intruded by rocks from the Imorona-Itsindro Suite, summarised as Brickaville-type migmatitic ortho-gneiss with hornblende-garnet (± biotite) and gabbros. The Manampotsy Complex is overlain by younger Mesozoic sediments and Cenozoic alluvium, (GAFAG-BGR, 2008).

Graphitic rich units are intercalated within the Andasibe Formation and follow the characteristic N-NNE to S-SSW trending structural grain within the host units, and dip 40° to 50° to the W-NW. The graphite bearing gneiss’ and migmatites have been completely weathered and are susceptible to regolith formation due to the characteristic tropical climatic conditions in the region.

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Figure 3: Large Flake Graphite at surface (Stage 1 mining).

Graphite is relatively inert and weathering of the graphitic gneisses units often forms autochthonous concentrations of graphite within these residual regolith-hosted accumulations. Within the Project area, graphite is hosted within both the bedrock gneisses and also the weathered regolith and are termed “hard rock” and “regolith-hosted” natural flake graphite occurrences respectively.

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CLASSIFICATION AND JORC CODE 2012 CLAUSE 49

The Company in adhering to the principals of JORC Code (2012) of transparency and materiality has updated the reporting of its Mineral Resources to provide additional information the Competent Person sees as relevant to investors for the purpose of making a reasoned and balanced judgement in the context of Natural Flake Graphite being an industrial mineral produced to customer specifications.

Specifically, Clause 49 of the JORC Code 2012 requires that: “ For minerals that are defined by a specification, the Mineral Resource or Ore Reserve estimation must be reported in terms of the mineral or minerals on which the project is to be based and must include the specification of those minerals. ”

Flake Size Distribution

The percentage of large flake concentrates produced is the main performance measure for any graphite producer. Large flake concentrates (>180 microns) demand a higher market price due to their scarcity of supply and unique properties.

Large flake graphite can only be produced from natural graphite ores and cannot be synthesized. Once large flakes are destroyed, they cannot be restored. Hence, the specialist nature of economically extracting large flake graphite and producing saleable concentrates from unique deposits of natural flake graphite.

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Figure 4: The Company’s Tamatave Logistics Centre (2019)

Large flake graphite resources that contain a high percentage of large flake insitu are becoming increasingly scarce and are considered as strategic assets within the Critical Minerals discussion. Being able to consistently supply large flake concentrates at a reasonable cost increases the strategic value of any operating asset and provides Greenwing, as one of only a handful of globally listed specialist large flake producers, with a unique value proposition.

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This view is supported by the average prices received during 2019 production (Table 2), sold by the Company into Europe, Indian, China and the USA markets.

Table 2: The price per tonne increases as flake size increases:

	Flake Size	FOB Price*	% Increase in Price
Large Flake	>500 microns (+35 mesh)	~US$1,738	20%
	500-300 microns (+50 mesh)	~US$1,448	76%
	300-180 microns (+80 mesh)	~US$820	45%
Fine Flake	180-150 microns (+100 mesh)	~US$565	55%
	150-75 microns (-100 mesh)	~US$363	37%
	<75 microns (-200 mesh)	~US$264

• Company Sourced - average price received for 2019 production at Graphmada.

Carbon Content

Carbon may be present in rocks in various forms including organic carbon, carbonates, or graphitic carbon. Carbon in rocks may be reported as total carbon (organic carbon + carbon in carbonate minerals + carbon as graphite) or as total graphitic carbon (total carbon – (organic + carbonate carbon). Therefore, when Total Graphitic Carbon (TGC) is to be reported, organic carbon and carbon in carbonate minerals such as calcite should be removed before analysing for TGC.

Assaying for graphitic carbon quantifies the amount of graphite contained within a deposit, but does not indicate the amount, size distribution or purity of graphite that may be recoverable.

Therefore, the Company undertakes testing at its wholly owned, on-site laboratory, which typically includes comminution and flotation tests to produce graphite concentrates (products). The Company also undertakes this work for further product performance tests and evaluation by potential customers. This work is usually reported as either Fixed Carbon % (FC%) or Loss on Ignition % (LOI%).

To achieve a high carbon content for graphite concentrates, without the use of capital intensive, environmentally harmful methods such as the use of Hydrofluoric Acid or Caustic Roasting, the graphite ore must be processed through a grind and float circuit, the concentrate then needs to be dried, screened into its different size fractions and packaged.

The grinding in this process helps increase the carbon content of the concentrate produced by removing impurities from the surface of the graphite flake. However, over-grinding can reduce the size of flakes due to the breakage of the flake. Once a graphite flake is broken it is reduced in value by price received but also in its value in use, as large flakes are highly sort after for their unique properties when compared to fine flake.

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Greenwing’s competitive advantage is in processing graphite to maintain large flake sizes without the use of environmentally destructive acids and roasting, while gently ameliorating impurities to increase carbon content. This processing skill and knowledge is a key asset for the Company.

In 2020, graphite concentrates were priced, on average, by a 5% increase per 1% upgrade in carbon content. This is substantially less that the percentage increases seen for increasing flake size (refer Table 1), making flake size the dominant determinant of value. This means that the amount of large flake insitu is the single most important parameter in assessing a Mineral Resource and its value in terms of “reasonable prospects for eventual economic extraction” as required by the JORC Code (2012).

Thus, the higher percentage of large flake graphite insitu, the higher percentage of large flake processing operations begin with. This leads to a higher percentage of large flake concentrates produced and therefore higher revenue received. This understanding of value provides the foundations of the Company’s view of the Graphmada asset being a strategically valuable asset. The amount of large flake graphite insitu at Graphmada is >90%, an excellent starting point for the processing and concentration of graphite concentrates.

Test work and historical production has provided the Competent Person with a basis to determine the likely percentage of ‘Recoverable Large Flake’ from the processing of the Mineral Resource.

In 2016, Independent Metallurgical Operations completed maiden test work and demonstrated of a regionally representative sample tested, that concentrates could be produced with overall grades >94% Fixed Carbon, with approximately 60% of the flakes larger than 150 microns. Recoveries ranged from approximately 75-92%[1] .

Subsequently, regionally representative results were confirmed by Dorfner ANZAPLAN[2] of Germany after further analysis. The particle size distribution was concluded to be coarse, with approximately 70% of the concentrate sample larger than 180 microns (Large Flake). The main chemical impurities were Si, Al and Fe, which is consistent with benign quartz and clay, which were confirmed by XRD analysis. ANZAPLAN concluded that the concentrate benchmarked favourably for wide use in various carbon applications and market segments.

In addition, flake size distribution samples were taken from the remaining diamond drill core and assessed. Results demonstrated an average flake size distribution like results achieved since the commencement of operations at Graphmada, where concentrates have been produced and sold for more than 7 years.

nd sold for more than 7 years.	nd sold for more than 7 years.	nd sold for more than 7 years.
Large Flake (61%)			Fine Flake (39%)
>500 microns	>300 microns	>180 microns	>100 microns	<100 microns
20%	12%	29%	10%	29%

Table 3: Average flake size distribution results.

1 ASX Announcement 15/11/2016 “Bass achieves excellent concentrate optimisation results.”

2 ASX Announcement 23/05/2017 “Tests confirm Graphite Concentrates as Industry Benchmark

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The Competent Person therefore estimates that a conservative 61% of large flake graphite can be recovered utilizing current processing and concentrating operations at Graphmada and has used this as the basis for stating the amount of large flake that is recoverable from the Mineral Resource.

ESTIMATION METHODOLOGY

The Mineral Resource Estimate (MRE) is based upon 22,046 samples from 2,212 auger holes (18,843 meters drilled) and 144 diamond holes (5,693 meters drilled) were prepared, split and analysed at the in-house Graphmada laboratory, with a representative proportion analysed by an SANAS accredited laboratory in South Africa for Fixed Carbon and Graphitic Carbon respectively, as well as further analysis for Sulphur.

The mineralization wireframes were modelled using a nominal lower cut-off grade of 3%.

The mineralization wireframes were modelled by first completing a global estimate of the deposit due to the wide and shallow morphology of the mineralization. The estimate assisted in defining grade envelop boundaries which were then interpreted in section with string polygons based upon geological and production knowledge of the deposit, drill hole logs and drill sample analysis results.

A detailed topographic surface was updated with more accurate information obtained from Drone and DGPS surveys.

Weathering boundary surfaces, based on the drill logging, were used to define the regolith and hard rock zones.

Sensitivity analysis of the cut-off grade demonstrates that reducing the cut-off grade from 3% to 0.5% TGC potentially yields a large increase in tonnes with a moderate decrease in head grade to 34 Mt @ 3.5% TGC. This indicates there is significant potential in further assessment of the cut-off grade within ongoing feasibility studies and any potential positive economic impacts from implementing ore sorting methodologies that maximize resource recovery.

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Figure 5: Cross-section of mineralization.

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A block model was constructed using Surpac software with a parent cell size of 10 m (E) by 25 m (N) by 3 m (RL). Drill hole sample assay results were subjected to detailed statistical and spatial (variography) analysis.

Composited sample grades for TGC were interpolated into the block model using Ordinary Kriging (OK) with an inverse distance weighting to the power two (IDW) check estimate completed for validation purposes.

Density values were assigned to the block model based on analysis of measurements taken in the various weathering state domains.

The model was validated visually, graphically, and statistically, and reported from all classified estimated blocks within the interpreted mineralization domains under the guidelines of the JORC Code (2012).

The results of the MRE are presented in Table 1 above, and Table 5 below.

MINERAL RESOURCE COMPARISON

Table 4: March 2021 Mineral Resources for Graphmada[3] (figures subject to rounding).

	Tonnes (Mt)	TGC%	Contained Graphite (kt)
Measured	2.9	4.2	121
Indicated	3.3	4.3	143
Inferred	14.0	3.9	550
Total	20.2	4.0	815

Table 5: November 2021 Mineral Resources for Graphmada (figures subject to rounding).

	Tonnes (Mt)	TGC%	Contained Graphite (kt)
Measured	2.9	4.2	121
Indicated	3.3	4.3	143
Inferred	15.8	4.0	625
Total	22.0	4.0	890

3 Reported in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code 2012’) at a >3% cut-off and first released to the ASX 16 March 2021 "Increase in Graphite Mineral Resource”.

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NEXT STEPS

The Company is pleased to report that it has signed an agreement to commence a 3,000metre diamond drilling program at Graphmada this month. The program will focus on two key areas of interest: the Mahela and Ambatofafana zones.

At the Mahela Zone, the primary aim is to provide an upgrade in confidence of the Mineral Resource, converting Inferred to Indicated and Measured. Secondary is the addition of tonnes to the overall Mineral Resource, with recent augering extending the zone to the east and in width to approximately 450m.

At the Ambatofafana Zone, the primary aim is to estimate additional Mineral Resource tonnes for Graphmada. As a maiden diamond drilling program significant geological knowledge will also be gained.

Approximately 1,800 metres will be drilled at Mahela and 1,200 metres at Ambatofafana.

For more information, please contact:

Rick Anthon Craig Lennon Chairman CEO

This announcement has been approved by the Company’s Board of Directors for release.

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Disclaimer

This document has been prepared by Greenwing Resources Ltd (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 based on 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 using 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.

Greenwing Resources Ltd 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 occur and you are cautioned not to place undue reliance on forward-looking statements. The information in this document does not consider the objectives, financial situation, or 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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JORC CODE, 2012 EDITION – TABLE 1

Discussion and results within this appendix relate to the Graphmada Mineral Resource.

Section 1 Sampling Techniques and Data

Criteria	Commentary
Sampling techniques	22,046 samples were prepared, split, and analysed at the in-house Graphmada laboratory, with a representative proportion analysed by an SANAS accredited laboratory in South Africa for Fixed Carbon and Graphitic Carbon respectively, as well as further analysis for Sulphur. The samples were oven dried, crushed to -2mm, split twice through a 50/50 riffle splitter to obtain a representative sub- sample, weighing between 100-150g and then pulverized that 85% pass -75µm. The pulp samples were sent to the Greenwing in-house laboratory for preliminary Fixed Carbon (FC) analysis and selected batches to a SANAS accredited laboratory (SGS) in South Africa for Graphitic Carbon (GC), Total Carbon (TC) and Sulphur (S) analysis. Whole core samples were removed for bulk density testing before splitting and sampling. Upon completion of bulk density measurements, the whole core samples were placed back. Samples were collected within lithological sub-divisions only and not across geologicalboundaries.
Drilling techniques	2,212 auger holes (18,843 meters drilled) and 144 diamond holes (5,693 meters drilled) were used to obtain data points. All diamond drilling was undertaken with an EP200 man portable drilling rig. The nominal core diameter was 56.2 mm (NTW). Coring was completed with appropriate diamond impregnated tungsten carbide drilling bits. Diamond drill holes were inclined at -60 °, direction 108 °. The core was not orientated as the material recovered was predominantly soft regolith material not conduciveto orientation.
Drill sample recovery	For diamond drilling, at the completion of each drill run the steel splits containing the core were pumped out of the retrieved core tube. Core was then carefully transferred from the core barrel into plastic sleeves, which were transferred to core trays for recovery measurements and calculations recorded by both the driller and the Company geologist. Drilling, orientated perpendicular to the orebody, was conducted with specific drilling mud additives to aid drill hole wall integrity, along with slow drilling rates to maximize sample recovery and ensure representative nature of the samples. An overall core recovery of >90% was achieved for all sampled cores. There is no known relationship that exists between sample recovery and grade currently. Inconsequential sample bias would have occurred due to preferential loss/gain of fine/coarse material.
Logging	Drill core and auger samples were geologically logged, and the recording of relevant data was captured on Greenwing logging templates. All data was codified to a set company codes system as per sampling and logging procedures, which are in place. This offers sufficient detail for the purposes of geological interpretation, further studies, and resource estimation where continuity of the orebody needs to be proved and understood. All logging included lithological features, estimates of graphite percentages and flake sizes, which is quantitative and is recorded on the logging sheets. All drill core and augering intervals were photographed prior to geological logging and after sampling and images were digitally catalogued. Photographs have been taken as a qualitative check on logging when the need arises. All drill core intersections (100%) were logged by experienced, competent geoscientists are reliable and reproducible semi-quantitative estimates of the abundance of minerals present in samples when referenced to past drilling assay data and current mining operations undertakenbythe Companyin the same style of mineralisation.
Sub-sampling techniques and sample preparation	For diamond drilling, the core was manually hand split and where appropriate sawn to produce half core (50:50) samples. All equipment was cleaned according to best practise procedures prior to cutting and sampling. Appropriate and documented techniques were used to collect samples in 1- metre intervals. Samples were taken along the depth intervals and lithological sub-division mark-ups to gather representative samples. For auger drilling, samples were collected and included composite samples of the graphite bearing host rocks. Visual estimation of graphite percentages and flake sizes have been used to define mineralisation prior to return of assays. The samples were solar/oven dried, crushed to -2mm, split twice through a 50/50 riffle splitter to obtain a representative sub-sample, weighing between 100-150g and then pulverized that 85% pass -75µm. The pulp samples were sent to the Greenwing in-house laboratory for preliminary Fixed Carbon (FC) analysis and to a SANAS accredited laboratory (SGS) in South Africa for Graphitic Carbon (GC), Total Carbon (TC) and Sulphur (S) analysis. Certified graphite standards (GC-09 and GC-11) and silica blanks (AMIS0484, AMIS0439 and AMIS0052) and duplicates (a second sample of the same interval) were inserted with the dispatch of the samples to the SANAS accredited laboratory (SGS) in South Africa. The insertion rate of standards/blanks were 1 in 20, and duplicates were 2 in 100. The SANAS Laboratory will insert check samples (blanks, standards and duplicates)tomaintainQAQC standards.

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Quality of assay data and laboratory tests	Samples were analysed at the Greenwing in-house laboratory for a evaluation of the carbon grade. The Muffle Furnace method was used to determine Loss on Ignition (LoI), Volatile Matter (VM) and Fixed Carbon (FC). LoI Test: a crucible is placed on an electronic balance, primarily zeroed and the weight recorded. 1 gram +- 0.01 of the sample are added, the weight of crucible + sample are recorded. The crucible is placed in the Muffle Furnace at 950°C +-25°C for 8 hours continuously. After the crucible is removed and cooled, the ash + crucible is then weighed and recorded. The LoI % is calculated as follows: LOI % = (1 - Weight of ash Weigh of original sample ) × 100 VM Test: a crucible is placed on an electronic balance, primarily zeroed and the weight recorded. 2 grams +- 0.01 of the sample are added, the weight of crucible + sample are recorded. The crucible is placed in the Muffle Furnace at 950°C +- 25°C for 7 minutes. After the crucible is removed and cooled, the ash + crucible is then weighed and recorded. The VM % is calculated as follows: V M % = (1 - Weight of ash Weigh of original sample ) × 100 The FC % of the sample is calculated as follows: FC % = (LOI % - VM %) Analysis by the SANAS Accredited Laboratory (SGS) in South Africa may include sub-sample preparation included sorting and pulverizing such that 80% of the sample is -75 micron or less in size. A split of the sub-sample will be analysed using a LECO Analyser to determine Total Carbon (TC), Sulphur (S) and Graphitic Carbon (GC) contents (these are considered both partial and total digestion analyses). For TC and S, a stream of oxygen passes through a prepared sample (2g), it is heated in a furnace to approximately 1350°C and the sulphur dioxide and carbon dioxide released from the sample are measured with infrared detection. For GC, a 0.2g sample is leached with dilute hydrochloric acid to remove inorganic carbon. After filtering, washing, and drying, the remaining sample residue is roasted at 425°C to remove organic carbon. The roasted residue is analysed for Carbon - High temperature LECO furnace with infra-red detection. Internal Laboratory check samples (blanks, standards, and duplicates) are also analysed as per normal laboratory practice. The reject pulp samples in Madagascar were re-sampled and another 100g pulp sample each were dispatch to SGS for analysis. The in-house and laboratory standards, blanks and duplicate results were reviewed. Performance of the laboratory across all assay batches werewithinacceptabletolerancelevels.
Verification of sampling and assaying	All work was completed by Greenwing personnel. Significant mineralization intersections were verified by an external consultant and by internal peer review. No twinned holes were drilled. All data was collected initially on paper log sheets by Greenwing personnel. This data was hand entered into spreadsheets and validated by an external consultant. All paper log sheets were scanned, and electronic spreadsheets stored together with the photographs of the geological features logged. The master collar, geotechnical, density, lithology and assay database with all photographs are backed-up and stored on an external hard drive. No adjustmentsweremadetothe data.
Location of data points	DGPS’s were used to locate collar locations, and final location coordinates were completed with estimated positional errors between 15 and 30 centimetres. TheWGS84UTM Zone 39S projectionsystem is used atGraphmada.
Data spacing and distribution	Diamond collars were spaced along a 50m x 40m grid, with drill hole inclination and strike aligned perpendicular to the orebody orientation, infilling previous augering on a 20m x 20m spacing, and in some instances 10m x 5m for grade control purposes. The data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriatefor theMineral Resource estimationprocedure(s) and classifications applied.
Orientation of data in relation to geological structure	Diamond drilling was approx. orientated perpendicular to the estimated dip and strike of the mineralization to limit bias. Drill holes were inclined at -60 °, direction 108 °. Subsequent samples are deemed to be unbiased in terms of known structures and the deposit type.
Sample security	Samples were stored in a secure storage area at the Greenwing sample storage facility. Samples bags were sealed as soon as sampling was completed and stored securely until dispatch to the preparation laboratoryin Antananarivo and after tothelaboratory (SGS)inSouth Africavia courier.
Audits or reviews	The sampling techniques and data were reviewed by an external consultant and internally peer reviewed. It is considered by the Company that industry best practice methods have been implemented by the Companyat all stages of exploration.

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Section 2 Reporting of Exploration Results

Criteria listed in the preceding section also applies to this section.

Criteria	Commentary
Mineral tenement and land tenure status	The Company holds the Mineral Resources via exploitation permit number 26670, 25600 and the Loharano renewal, which are 100% owned. The permit grants the exclusive rights for 40 years to explore andmine graphiticresources.
Exploration done by other parties	No other systematic exploration activities were completed within this permit area until 2014 when previous project owners commenced preliminary outcrop sampling and trenching over the area. Bass built on this work by completing augering, diamond drilling, surface mapping, drill hole sample assay results, drill hole logging, assigned density values based on core sample measurements, flake size distributionstudies, and18months of mining and processing operations.
Geology	At Graphmada, the mineralization system is extensive, both laterally and in width, with a shallow, regolith-hosted morphology and hosted within the bedrock gneiss and are termed ‘Regolith-Hosted’ and ‘Hard Rock’ Natural Flake Graphite occurrences respectively. The crystalline ‘Hard Rock’ mineralization occurs in graphitic gneisses within Neoproterozoic metasedimentary type rocks and include accessory minerals of biotite (± sillimanite / kyanite, ± garnet). Due to the tropical climate and because graphite is comparatively inert, weathering of the ‘Hard Rock’ graphitic gneiss units further concentrates the graphite to form residual Regolith-Hosted’ accumulations within the weathered profile. Regolith refers to weathered material that occurs above unweathered bedrock. Two primary subdivisions are the pedolith (PED) and the saprolith (SAP). Secondary subdivisions of the pedolith, from the surface downwards, include soil (SL), ferruginous zone (FZ), and the mottled zone (MZ). Secondary subdivisions of the saprolith, include saprolite (SP) and saprock (SR). Graphmada contains 5 known zones of flake graphite mineralization: Loharano, Mahefedok, Mahala, Mangabe and Ambatofafana. The mineralization strikes approx. northwest - southeast and is open endedintothenorthand south.
Drill hole Information	No exploration results are being reported.
Data aggregation methods	Samples has been reported as in-situ Total Graphitic Carbon (TGC) grades. No Metal Equivalents have been stated.
Relationship between mineralisation widths and intercept lengths	The mineralization system is extensive, both laterally and in width, with a shallow, regolith-hosted morphology and hosted within the bedrock gneiss. The mineral resource estimate is a global estimate and has no direct relationship with drill intercept lengths.
Diagrams	This information has been accurately represented in the announcement and contains all relevant information requiredfor thereader to understandthenature of the graphiticmineralization.
Balanced reporting	The Company believes visual inspections of a fully complete drilling program by experienced, competent geoscientists are reliable and reproducible semi-quantitative estimates of the abundance of minerals present in samples when referenced to past drilling assay data and mining operations undertakenbythe Companyin the same style of mineralisation.
Other substantive explorationdata	Previous exploration by the Company has demonstrated widespread mineralization at Graphmada. PleasereferenceASX releases.
Further work	Furtheraugerdrillingis underway at theMangabe andAmbatofafanaZones.

Section 3 Estimation and Reporting of Mineral Resources

Criteria	Commentary
Database Integrity	Data provided for use in the Mineral Resource estimate (MRE) is stored in an electronic database by Greenwing. Supporting data in the form of pdf format laboratory certificates, pdf format geological logging sheets and survey reports have also been provided. Bass has conducted random checks of the assay data against the pdf laboratory certificates and has found no import errors. Random comparisons of the geological data against the provided logging sheets also showed no errors. Validation of the data import included checks for overlapping intervals, missing survey data, missing assay data, missing lithological data, and missing collars. No significant issues were found in this process.
Site Visits	The Competent Person has frequently visited the project site and is familiar with the extents of the surface expression of the modelled mineralization.

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Geological Interpretation	The geology and mineral distribution of the system appears to be reasonably consistent, nominally north-south striking, westward dipping, graphite mineralized lenses, separated by apparent structural breaks as shown by the diagrams in the body of this announcement. The mineralization has been intersected by diamond and auger drilling. Drill hole intercept logging and sample analysis results have formed the basis for the mineralization domain interpretation. Assumptions have been made on the depth and strike extent of the mineralization based on the available drill hole and geophysical data. The extents of the modelled zones are constrained by the available data. Alternative interpretations are unlikely to have a significant influence on the global MRE. An overburden layer of roughly one metre thickness of soil has been modelled based on drill logging and is depleted from the model. The base of the pedolith, base of saprolite, and top of fresh rock weathering boundary surfaces have been modelled based on the drill logging. The mineralization lens interpretation is based on a nominal 0.5% TGC lower cut-off grade. The graphite mineralization at this grade cut-off has been recognized by on site geological staff, with their visual grade range estimates of graphite content well correlating with analysis results but incorporating a wholistic view of mineralisation (global estimation). Continuity of geology and grade can be identified and traced between drill holes by visual, geological, and geochemical characteristics. Additional data is required to model the effect of any potential structural or other influences more accurately on the down dip and strike extents of the defined mineralized geological units. Confidence in the grade and geological continuity is reflected in the Mineral Resource classification.
Dimensions	There are 5 known mineralization zones at Graphmada. Loharano has a mineralization footprint of approximately 0.4 sq.km, Mahela 0.3 sq.km, Mangabe 1.8 sq.km, Mahefedok 0.8 sq.km and Ambatofafana 3.4 sq.km for a combined mineralization footprint of 6.7 sq.km.
Estimation and modelling techniques	The mineralization wireframes were modelled by first completing a global estimate of the deposit due to the broad nature of mineralization. The global estimate assisted in defining grade envelop boundaries which were then interpretation in section with string polygons based upon geological knowledge of the deposit, drill hole logs and drill sample analysis results. A detailed topographic surface was updated with more accurate information obtained from Drone and DGPS surveys. Weathering boundary surfaces, based on the drill logging, were used to define the regolith and bedrock zones. A block model was constructed using Surpac software with a parent cell size of 10 m (E) by 25 m (N) by 3 m (RL). Drill hole sample assay results were subjected to detailed statistical and spatial (variography) analysis. Composited sample grades for TGC were interpolated into the block model using Ordinary Kriging (OK) with an inverse distance weighting to the power two (IDW) check estimate completed for validation purposes. Density values were assigned to the block model based on analysis of measurements taken in the various weathering state domains. The model was validated visually, graphically, and statistically, and reported from all classified estimated blocks within the interpreted mineralization domains under the guidelines of the JORC Code (2012). Drill hole samples were selected from within each lens and grouped appropriately for data analysis. Statistical analysis was completed for each lens or lens grouping to determine if any outlier grades required top-cutting. An inverse distance weighting to the power of two (IDW) grade estimate was completed concurrently with the OK estimate in several estimations with varying parameters. Block model results were compared against each other, and the drill hole results to ensure an estimate that best honours the drill sample data is reported. No mining assumptions have been made in respect of the MRE, other than confirming the confidence in classification, having current mining and processing operations in the area. The mining pit volume is depleted from the model. No other elements have been estimated. In the grade estimate, soft boundaries have been employed in a global estimation manner. Validation checks included statistical comparison between drill sample grades, the OK estimate and the IDW estimate for each mineralization lens or lens grouping. Visual validation of grade trends along the drill sections was completed and trend plots comparing the drill sample grades and model grades for northings, eastings and elevation were completed. These checks show a reasonable correlation between estimated block grades for each estimation method and with the drill sample grades.
Moisture	Tonnages have been estimated on a dry, in-situ basis, due to the analysis being completed on dry samples. Density measurements have been completed by means of the caliper method with samples measured and weighed both wet and after drying. Based on a comparison of the mean wet versus dry density, the fully weathered materials contain roughly 15 weight percent moisture, with the transitional material containing roughly 10 and the fresh rock roughly less than 5 weight percent moisture.

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Cut-off parameters	Statistical analysis of the raw un-domained sample analysis results showed a reasonable mineralization population cut-off grade interpretation of 3%. Based on analysis of the visual grade estimate logging by on site geologists, and visual analysis of the drill core photography, the statistically based mineralization threshold appears to be more sensible and practical from a potential future mining perspective, as mineralization is generally recognizable around and above this level. Reasonable strike and sectional continuity were found when defining the mineralization lenses at a 3% threshold. Test modelling at the 3% cut-off showed the grade estimates better honouring the drill data and geological interpretation of ide and shallow mineralization, and this was then selected as the most appropriate mineralization cut-off grade to complete the MRE.
Mining factors or assumptions	It has been assumed that these deposits will be amenable to the dredge mining method which is economic to exploit to the depths currently modelled. No assumptions regarding minimum mining widths and dilution have been made.
Metallurgical factors or assumptions	Flotation tests were carried out on samples. These tests confirmed that a range of concentrates with overall grades between approximately 83-96% Total Carbon, with approximately 50-60% of the flakes larger than 180 µm could be produced depending on process parameters. Recoveries ranged from approximately 75-92%. The flake size distribution and purity are considered by the Competent Person (industrial minerals) to be favourable for product marketability. Bass has mined and sold product produced from the region. The concentrates are sold into traditional and specialty carbon markets throughout Europe, China, India, and USA.
Environmental factors or assumptions	No assumptions regarding waste and process residue disposal options have been made. It is assumed that such disposal will not present a significant hurdle to exploitation of the deposit and that any disposal and potential environmental impacts would be correctly managed as required under the regulatory permittingconditions and asper current operational methods.
Bulk Density	In situ dry bulk density values have been applied to the modelled mineralization based on the mean measured values for each of the weathering zones. Density measurements have been completed by means of the calliper method for each of the modelled weathering state domains and from within the mineralized material and surrounding waste. The mean density measurements, all in t/m3, for mineralization were: 1.8 in the saprolite, 2.0 in the saprock and 2.4 in the bedrock graphitic gneiss. It is assumed that use of the mean measured density for each of the different weathering zones is an appropriate method of representing the expected dry bulk density for the deposit.
Classification	Classification of the MRE was carried out considering the level of geological understanding of the deposit, quality of samples, density data and drill hole spacing and current mining operations. The MRE has been classified in accordance with the JORC Code, 2012 Edition using a qualitative approach. All factors that have been considered have been adequately communicated in Section 1 and Section 3 of this Table. Overall, the mineralization trends are reasonably consistent over numerous drill sections. The MRE appropriately reflects the view of the Competent Person.
Audits or reviews	Internal audits were completed by experience geoscientists, which verified the technical inputs, methodology, parameters, and results of the estimate. No external audits have been undertaken.
Discussion of relative accuracy / confidence	The relative accuracy of the MRE is reflected in the reporting of the Mineral Resource as per the guidelines of the 2012 JORC Code. The Mineral Resource statement relates to global estimates of in situ tonnes andgrade.

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