GREENWING RESOURCES LTD — Capital/Financing Update 2021

Oct 25, 2021

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ASX Announcement

Commencement of exploration at San Jorge Lithium Project, Argentina

26 October 2021

HIGHLIGHTS

• Exploration commenced at Greenwing’s 100% owned San Jorge Lithium Project in the Lithium Triangle, Argentina

• 35 samples have been sent to Mendoza for testing

• Initial geophysical survey suggests the basin may extend to a depth of up to 300m

• Exploration work designed to establish drill-ready targets

Greenwing Resources Ltd (ASX:GW1) (the ‘Company’), an emerging fully integrated green metals company, is pleased to advise that the exploration program has commenced at San Jorge Lithium Brine Project located in the prolific Lithium Triangle in Argentina.

Since completion of the acquisition of the San Jorge Lithium project announced on 3 September 2021, the Company has moved swiftly to engage a team of highly skilled and experienced contractors to commence exploration work.

Greenwing has taken an initial 35 brine samples from the San Francisco Salar which have been taken on an approximately 1km grid and have subsequently been sent to Mendoza for testing. Additionally, a geophysical survey has been completed with preliminary results suggesting the basin may extend to a depth of up to 300m.

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Figure 1 Preparing a site for sampling at previously unexplored San Francisco Salar

Greenwing Resources Ltd ABN 31 109 933 995

Phone: +61 (0) 7 3063 3233 | 110 Mary Street Brisbane Qld 4000 www.greenwingresources.com

The exploration program is focusing on the previously unexplored San Francisco Salar, consisting of the following work with a view to establish drill ready targets for a comprehensive drill program:

• Geophysics has consisted of a survey with Tromino passive seismic equipment. This equipment is used to map the contact between the salt lake sediments and the underlying metasedimentary or volcanic rocks. Lines were surveyed with a 2 km spacing north to south, with 400 m stations along the lines. Further stations were measured around the margins of the salt lake. This survey provides information on the volume of sediments saturated with brine and provides an initial estimate of the contained brine.

• Brine sampling has consisted of 1 km spaced samples in a grid across the project area. A total of 35 samples were collected with a power auger, which allowed collection of brine inflows of up to 2 m deep. Brine samples were collected in bottles, sealed, labelled and stored for transportation to the laboratory. Duplicates, blanks and standard samples were included in the batch sent to the laboratory.

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Figure 2 Tromino seismic equipment being used adjacent to the salt lake

Greenwing’s San Jorge project, inclusive of the San Francisco Salar, covers a total of 38,800 hectares. Greenwing sees the San Jorge project as being highly prospective and, with 15 granted exploration licenses, the project boasts:

• Elevation, 4,000m above sea level

• 2,800-hectare San Francisco Salar, surrounded by gravel slopes, under which the salar may extend

• Located within the Lithium Triangle which accounts for over half the world’s lithium production

Greenwing Resources Ltd

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Figure 3 Project location and nearby projects

Greenwing Resources has recently completed a corporate overhaul and is looking to concurrently progress its battery mineral projects. The Company plans to be a diversified producer of cathode, anode and advanced battery metal materials via its lithium exploration portfolio (San Jorge and Millie’s Reward) and recommencing production at its Graphmada Graphite Mining Complex. Greenwing Resources also has an advanced materials agreement with Swinburne University focussing on graphene and expandable graphite.

Greenwing Resources Ltd

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Greenwing Resources looks forward to updating the market with these San Jorge exploration results along with the ongoing work program across its diverse battery mineral assets projects, including further progress at both Graphmada and with the Company’s Advanced Materials partnership with Swinburne University.

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

For more information, please contact:

Rick Anthon Peter Wright Chairman Executive Director

Phone: (07) 3063 3233 Email: InvestorRelations@greenwingresources.com www.greenwingresources.com

Greenwing Resources Ltd

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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 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.

Greenwing Resources 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 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 report that relates to Exploration Results has been prepared by Mr Murray Brooker. Murray Brooker is a geologist and hydrogeologist and is a Member of the Australian Institute of Geoscientists. Mr Brooker is an employee of Hydrominex Geoscience Pty Ltd and is independent of Greenwing. Mr Brooker has sufficient relevant experience 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. Mr Brooker consents to the inclusion in this announcement of this information in the form and context in which it appears.

Greenwing Resources Ltd

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JORC Table 1 – Section 1 Sampling Techniques and Data related San Jorge

(Criteria in this section apply to all succeeding sections.)

Criteria		JORC Code explanation		Commentary
Sampling	•	Nature and quality of sampling (eg cut	•	Holes were drilled using a power auger
techniques		channels, random chips, or specific		and using a shovel on the surface of the
		specialised industry standard		lake bed. The sediment type was
		measurement tools appropriate to the		described, and a water sample taken
		minerals under investigation, such as		from the water flowing into the pit.
		down hole gamma sondes, or handheld	•	Sediment samples were described by
		XRF instruments, etc). These examples		experienced geoscientists, and the
		should not be taken as limiting the broad		results compared with results from
		meaning of sampling.		nearby holes.
	•	Include reference to measures taken to	•	Sediment samples were not collected
		ensure sample representivity and the		for assay. Sediments were used to
		appropriate calibration of any		describe the lithology. Samples for brine
		measurement tools or systems used.		analysis were taken from the water
	•	Aspects of the determination of		inflow to the pits. The water inflow is
		mineralisation that are Material to the		considered to be representative of the
		Public Report.		area surrounding each pit, with
	•	In cases where ‘industry standard’ work		changes in the concentration of
		has been done this would be relatively		dissolved cations and anions generally
		simple (eg ‘reverse circulation drilling		varying gradually across a salt lake.
		was used to obtain 1 m samples from
		which 3 kg was pulverised to produce a
		30 g charge for fire assay’). In other cases
		more explanation may be required, such
		as where there is coarse gold that has
		inherent sampling problems. Unusual
		commodities or mineralisation types (eg
		submarine nodules) may warrant
		disclosure of detailed information.
Drilling	•	Drill type (eg core, reverse circulation,	•	Sampling was conducted using a shovel
techniques		open-hole hammer, rotary air blast,		and an auger post hole digger that
		auger, Bangka, sonic, etc) and details		allowed excavating of holes to 2 m
		(eg core diameter, triple or standard		deep, with the sediments described
		tube, depth of diamond tails, face-		and water samples collected from
		sampling bit or other type, whether core		inflow to the hole.
		is oriented and if so, by what method,
		etc).
Drill sample	•	Method of recording and assessing core	•	Sediment samples from the pits were
recovery		and chip sample recoveries and results		described by experienced geoscientists
		assessed.		and the observations compared with
	•	Measures taken to maximise sample		results from nearby holes.
		recovery and ensure representative	•	Sample recovery was effectively 100%,
		nature of the samples.		given the shallow nature of the holes.
	•	Whether a relationship exists between		Sediment samples were not analysed
		sample recovery and grade and		chemically and descriptions were a
		whether sample bias may have occurred		qualitative evaluation of the lithologies
		due to preferential loss/gain of		encountered in the hole. There is no
		fine/coarse material.		relationship between sediment
				recovery and ion concentration in the
				water in this case.

Greenwing Resources Ltd

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Criteria		JORC Code explanation		Commentary
Logging	•	Whether core and chip samples have	•	Sediment samples were described by
		been geologically and geotechnically		experienced geoscientists, and the
		logged to a level of detail to support		observations compared with results
		appropriate Mineral Resource		from nearby holes and the surrounding
		estimation, mining studies and		area.
		metallurgical studies.	•	Sediment logging is of a qualitative
	•	Whether logging is qualitative or		nature.
		quantitative in nature. Core (or costean,
		channel, etc) photography.
	•	The total length and percentage of the
		relevant intersections logged.
Sub-sampling	•	If core, whether cut or sawn and whether	•	Sediment samples were only used to
techniques		quarter, half or all core taken.		identify the lithology and were not used
and sample	•	If non-core, whether riffled, tube		for chemical analysis, and were only
preparation		sampled, rotary split, etc and whether		sub-sampled to collect representative
		sampled wet or dry.		reference samples.
	•	For all sample types, the nature, quality	•	Samples of water inflow into the pits
		and appropriateness of the sample		were sampled in triplicate, with primary
		preparation technique.		and duplicate samples submitted for
	•	Quality control procedures adopted for		chemical analysis.
		all sub-sampling stages to maximise	•	Duplicate samples and blank samples
		representivity of samples.		were included for quality control
	•	Measures taken to ensure that the		purposes.
		sampling is representative of the in situ	•	Samples are considered to be
		material collected, including for instance		representative of the area surrounding
		results for field duplicate/second-half		each sample site, due to the generally
		sampling.		flat and relatively homogeneous
	•	Whether sample sizes are appropriate to		surface geology.
		the grain size of the material being	•	1 litre samples are considered
		sampled.		appropriate for the total number of
				analyses required.
Quality of	•	The nature, quality and appropriateness	•	The water samples from pits were sent
assay data		of the assaying and laboratory		for analysis at the Alex Stuart Assayers
and		procedures used and whether the		laboratory in Mendoza, Argentina. The
laboratory		technique is considered partial or total.		laboratory has extensive experience
tests	•	For geophysical tools, spectrometers,		analysing brine samples.
		handheld XRF instruments, etc, the	•	Quality control/Assurance samples
		parameters used in determining the		(duplicates and blanks) were submitted
		analysis including instrument make and		with the primary samples to the
		model, reading times, calibrations		laboratory.
		factors applied and their derivation, etc.
	•	Nature of quality control procedures
		adopted (eg standards, blanks,
		duplicates, external laboratory checks)
		and whether acceptable levels of
		accuracy (i.e. lack of bias) and precision
		have been established.
Verification of	•	The verification of significant intersections	•	Water analyses are currently awaited.
sampling and		by either independent or alternative	•	Laboratory data (from spreadsheets) is
assaying		company personnel.		loaded directly into the project
	•	The use of twinned holes.		database.
	•	Documentation of primary data, data
		entry procedures, data verification, data
		storage (physical and electronic)
		protocols.
	•	Discuss any adjustment to assay data.

Greenwing Resources Ltd

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Criteria		JORC Code explanation		Commentary
Location of	•	Accuracy and quality of surveys used to	•	The pits were located with a hand-held
data points		locate drill holes (collar and down-hole		GPS. The Project location is in zone 2 of
		surveys), trenches, mine workings and		the Argentine Gauss Kruger coordinate
		other locations used in Mineral Resource		system with the Argentine POSGAR 94
		estimation.		datum.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic
		control.
Data spacing	•	Data spacing for reporting of Exploration	•	Lithological data was collected from
and		Results.		the pit samples..
distribution	•	Whether the data spacing and	•	Pit water samples were located on a 1
		distribution is sufficient to establish the		km grid.
		degree of geological and grade	•	Seismic geophysical data was located
		continuity appropriate for the Mineral		on lines separated by 2000 m north to
		Resource and Ore Reserve estimation		south, with stations separated 400 m
		procedure(s) and classifications applied.		along lines.
	•	Whether sample compositing has been	•	Sample and station spacing is
		applied.		considered sufficient for initial
				characterisationof the salt lake.
Orientation of	•	Whether the orientation of sampling	•	The salar deposits that host lithium-
data in		achieves unbiased sampling of possible		bearing brines consist of sub-horizontal
relation to		structures and the extent to which this is		beds and lenses of volcanic ash, silt,
geological		known, considering the deposit type.		and possibly halite, clay and gravel,
structure	•	If the relationship between the drilling		depending on the location within the
		orientation and the orientation of key		salar. Pits were vertical.
		mineralised structures is considered to
		have introduced a sampling bias, this
		should be assessed and reported if
		material.
Sample	•	The measures taken to ensure sample	•	Brine samples were moved from the
security		security.		sample sites to secure storage at the
				hotel accommodation on a daily basis.
				All brine sample bottles are marked with
				a unique label.
			•	Samples were transported from the
				camp to the laboratory for chemical
				analysis in sealed rigid plastic bottles
				withsamplenumbers clearlyidentified.
Audits or	•	The results of any audits or reviews of	•	No audits or reviews have been
reviews		sampling techniques and data.		conducted at this point in time.

Greenwing Resources Ltd

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Section 2 - Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria		JORC Code explanation	JORC Code explanation			Commentary
Mineral	•	Type, reference name/number, location			•	The Greenwing properties consist of 15
tenement and		and ownership including agreements or				properties for a total of 38,000 hectares,
land tenure		material issues with	third parties such as			of which 2,800 are covering the salt lake
status		joint ventures, partnerships, overriding				area. The properties are located in the
		royalties, native title interests, historical				province of Catamarca in northern
		sites, wilderness or	national park and			Argentina at an elevation of
		environmental settings.				approximately 4,000 masl. Greenwing
	•	The security of the tenure held at the time				has options to acquire 100% of the
		of reporting along with any known				properties.
		impediments to obtaining a licence to			•	The tenements/properties are believed
		operate in the area.				to be in good standing, with payments
						made to relevant government
						departments. The company maintains
						good relationships with the local
						government and government agencies
						and communities as partofoperations.
Exploration	•	Acknowledgment	and appraisal	of	•	The properties were subject to brief and
done by other		exploration by other	parties.			inconclusive sampling previously, with
parties						only 5 samples taken along the eastern
						edge of the salar by the vender. Results
						are not concluded representative, due
						to the locations on the edge of the
						salar.
Geology	•	Deposit type, geological setting and			•	The project is a salt lake deposit,
		style of mineralisation.				located in a closed basin in the Andean
						mountain range in Northern Argentina.
					•	The sediments within the salar consist of
						volcanic ash, silt and possibly at deeper
						levels sand, gravel halite and or clay,
						which have accumulated in the salar
						from terrestrial sedimentation from the
						sides of the basin. Brine hosting dissolved
						lithium is present in pore spaces.
					•	The sediments are interpreted to be
						essentially flat lying with unconfined
						aquifer conditions close to surface and
						semi-confined to confined conditions at
						depth.
					•	Geology was recorded during
						excavation of thepits.

Greenwing Resources Ltd

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Criteria		JORC Code explanation		Commentary
Drill hole	•	A summary of all information material to	•	The pits were excavated across the San
Information		the understanding of the exploration		Francisco salt lake,		centred around
		results including a tabulation of the		approximately, 7016000N/2585000E				and
		following information for all Material drill		approximately 4,000		m	elevation, in
		holes:		Zone 2 of the Argentine			Gauss Kruger
		o easting and northing of the drill hole		grid system using the Posgar 94 datum.
		collar	•	The pits are vertical.
		o elevation or RL (Reduced Level –	•	Lithological data	was collected from
		elevation above sea level in metres)		the sediments intersected excavating
		of the drill hole collar		pits.
		o dip and azimuth of the hole
		o down hole length and interception
		depth
		o hole length.
	•	If the exclusion of this information is
		justified on the basis that the information
		is not Material and this exclusion does not
		detract from the understanding of the
		report, the Competent Person should
		clearly explain why this is the case.
Data	•	In reporting Exploration Results, weighting	•	Sample results are awaited. No results
aggregation		averaging techniques, maximum and/or		have been aggregated.
methods		minimum grade truncations (eg cutting
		of high grades) and cut-off grades are
		usually Material and should be stated.
	•	Where aggregate intercepts incorporate
		short lengths of high grade results and
		longer lengths of low grade results, the
		procedure used for such aggregation
		should be stated and some typical
		examples of such aggregations should
		be shown in detail.
	•	The assumptions used for any reporting of
		metal equivalent values should be
		clearly stated.
Relationship	•	These relationships are particularly	•	The sediments	hosting brine			are
between		important in the reporting of Exploration		interpreted to		be	essentially
mineralisation		Results.		perpendicular to	the	shallow pits.		The
widths and	•	If the geometry of the mineralisation with		entire thickness	of	sediments		has
intercept		respect to the drill hole angle is known, its		potential to host lithium brine, with the
lengths		nature should be reported.		water table within approximately 0.3
	•	If it is not known and only the down hole		metre of surface.
		lengths are reported, there should be a
		clear statement to this effect (eg ‘down
		hole length, true width not known’).
Diagrams	•	Appropriate maps and sections (with	•	A diagram is provided in the				text
		scales) and tabulations of intercepts		showing the location		of the properties
		should be included for any significant		and the drill holes.
		discovery being reported These should
		include, but not be limited to a plan view
		of drill hole collar locations and
		appropriate sectional views.
Balanced	•	Where comprehensive reporting of all	•	Data regarding the		pit	sampling	has
reporting		Exploration Results is not practicable,		been provided in the		release. No results
		representative reporting of both low and		have yet been received.
		high grades and/or widths should be
		practiced to avoid misleading reporting
		of Exploration Results.

Greenwing Resources Ltd

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Criteria		JORC Code explanation		Commentary
Other	•	Other exploration data, if meaningful	•	The company will conduct drilling to
substantive		and material, should be reported		obtain geological information, brine
exploration		including (but not limited to): geological		samples, and hydraulic parameters for
data		observations; geophysical survey results;		the installation of production wells, if
		geochemical survey results; bulk samples		results suggest the salt lake has potential
		– size and method of treatment;		to host a lithium brine deposit.
		metallurgical test results; bulk density,
		groundwater, geotechnical and rock
		characteristics; potential deleterious or
		contaminating substances.
Further work	•	The nature and scale of planned further	•	The company will undertake drilling and
		work (eg tests for lateral extensions or		possibly additional geophysics, if results
		depth extensions or large-scale step-out		justify additional work.
		drilling).
	•	Diagrams clearly highlighting the areas
		of possible extensions, including the main
		geological interpretations and future
		drilling areas, provided this information is
		not commercially sensitive.

Greenwing Resources Ltd

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