GREENWING RESOURCES LTD — Capital/Financing Update 2024

May 7, 2024

ASX RELEASE – ASX:GW1 – 8 May 2024

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Maiden Drilling Program Completed at San Jorge Project

• All 5 holes to date returned circa 200 mg/l Li, with positive porosity values

• Initial Mineral Resource Estimate to be released this month

HIGHLIGHTS

• All assays from SJD005 (hole 5) have been received, returning a maximum of 248 mg/L Li from 253.5-259.5 m within a continuous mineralised interval from a metre below surface to the end of hole at 351m and ending in mineralisation.

• Laboratory porosity analyses average 10% specific yield below 200 m in SJDD05.

• Hole SJDD06, located on the salar 600 m from the Eastern Boundary, reached a depth of 147 m. Assays are pending.

• Passive Seismic Survey completed, with new TEM (Transient Electromagnetics) survey now underway, with a view to materially expanding the brine body footprint with potential to add to the resource.

• Comprehensive follow up program anticipated to commence in late August, targeting the conductive zone identified in the TEM geophysics west of the salar and in the salar itself.

CHAIRMAN RICK ANTHON:

“We are pleased with the progress to date at the San Jorge Project and are now in direct proximity to declaring a maiden mineral resource at the San Francisco Salar during May.

This has been achieved with an initial surface program, followed by the now completed 6 hole program focusing on the easily accessible eastern and western boundaries of the project.

We now have a comprehensive data set and a well-articulated plan to take the project forward, commencing with an anticipated drilling program to commence in late August.”

greenwingresources.com +61 (0) 7 3063 3223

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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Figure 1: Completed exploration drill holes within the project area.

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Greenwing Resources Ltd ( Greenwing or the Company ) (ASX:GW1) is pleased to provide an update on drilling underway at its San Jorge Lithium Project in Argentina.

SJDD05 final results

Greenwings has completed the inaugural six-hole drilling programme (Table 1) at the San Jorge Lithium Project.

SJDD05 (Figure 2, Table 1 and 2) was completed to a depth of 351m on the Western Boundary of the salar. It intersected a similar sequence to SJDD04, with volcanic sediments with sandy matrix and unit of gravels below the surficial volcanic lava flows. The gravels and sediments are friable but are noted to become more compact in the deeper part of the hole, as in most salar basins.

The brine concentration in SJDD05 (Figure 2, Table 2) is similar to hole SJDD04 (Table 2), averaging 215 mg/l from below 30m (and 202 mg/l with all samples), where the upper brine is more dilute. The potassium concentration averages 5535mg/l K (or 5202 mg/l excluding the upper sample. The highest concentration in the hole is 248 mg/l lithium from 253.5 to 259.5 m (as in SJDD04 from 242 to 260 m), with analyses consistent between the two holes and confirming the increase with depth. Results are higher than in the earlier shallower drill holes SJDD01 through SJDD03, with relatively homogeneous concentrations of around 200 mg/l Lithium and 4700mg/l Potassium.

Downhole BMR geophysics has not yet been completed for SJDD05. Laboratory porosity results from below 200 m averaged 10% specific yield through the volcanic sediments below the basalt flow . These will be compared to the BMR data, when received. The lower part of the hole cannot be geophysically logged, as PVC casing could not be installed at the bottom of the hole, due to hole conditions upon the completion of drilling.

SJDD06

The final hole, SJDD06, has now been completed to a depth of 147m. This intersected a volcanic package of five major geological units, which is very similar to holes SJDD02 and 03, with which it is directly correlated. The same geological units are present in holes SJDD04 and 5, although units are much thicker in those holes. The Permian metasediment basement rocks were intersected from 142.5 m depth. The basement is fractured and produced brine in the final packer test of the hole. provided a brine sample.

Hole 6 confirms the interpretation that the volcanic flows from the west of the salar thin markedly across the salar, where there are intersected in the upper part of holes SJDD02, 03 and 06. Brine density and concentration increase downhole.

Hole	Easting GK2	Northing GK2	**Elevation m **	Azimutho	Dip o	Hole Depth m
SJ-DD-01	2582618	7017919	4008	360	-90	216
SJ-DD-02	2585527	7018544	4008	360	-90	171
SJ-DD-03	2585548	7017266	4009	360	-90	126
SJ-DD-04	2582784	7015046	4010	360	-90	402
SJ-DD-05	2582960	7014000	4010	360	-90	351
SJ-DD-06	2584835	7015112	4008	360	-90	147

Table 1: Drill hole locations

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HOLEID	**FROM **	TO	**Density g/ml **	**Conductivity uS/cm **	**Li mg/l **	**B mg/l **	**Ca mg/l **	**K mg/l **	Mg mg/l
SJ-DD-01	27	30	1.10	147200	198	270	1152	4514	5781
SJ-DD-01	73	81	1.10	146300	204	269	869	4680	5291
SJ-DD-01	121.5	127.5	1.10	155200	185	256	817	4753	5442
SJ-DD-01	138	144	1.11	155300	185	262	780	4742	5733
SJ-DD-01	156	162	1.11	158100	186	269	756	4803	6195
SJ-DD-01	174	180	1.12	171000	216	318	1228	5136	6690
SJ-DD-01	192	198	1.12	179500	229	351	1553	5262	6694
SJ-DD-01	210	216	1.12	175600	214	325	1334	5448	6503
SJ-DD-02	17	21	1.08	118800	148	143	2157	3610	4188
SJ-DD-02	34.28	39	1.08	131600	170	144	2280	4226	4397
SJ-DD-02	56	60	1.09	132800	188	172	2605	3709	4169
SJ-DD-02	74	78	1.09	134000	197	197	2976	3793	4263
SJ-DD-02	92	96	1.09	136000	208	233	4040	3729	4401
SJ-DD-02	110	114	1.10	135300	201	299	1382	4321	5157
SJ-DD-02	147	153	1.10	140700	210	299	994	4850	5397
SJ-DD-02	166	171	1.10	139500	206	287	1039	4710	5238
SJ-DD-03	31	36	1.08	117100	154	288	1104	3452	4507
SJ-DD-03	49	54	1.08	119000	162	301	1302	3535	4672
SJ-DD-03	65.5	70.5	1.08	119200	161	301	1297	3510	4639
SJ-DD-03	84	90	1.10	142300	172	282	832	4321	5010
SJ-DD-03	102	108	1.11	160900	200	305	838	5197	5599
SJ-DD-03	120	126	1.12	164000	207	314	861	5373	5760
SJ-DD-04	12	18	1.11	156000	155	227	616	4854	7804
SJ-DD-04	30	36	1.10	142700	179	235	679	5176	4842
SJ-DD-04	48	54	1.12	158200	209	268	670	5978	5563
SJ-DD-04	66	72	1.11	157500	211	272	682	5963	5623
SJ-DD-04	84	93	1.11	156200	204	268	650	5843	5476
SJ-DD-04	102	108	1.11	152900	193	264	631	5596	5382
SJ-DD-04	120	126	1.11	156100	200	264	640	5794	5457
SJ-DD-04	132	141	1.11	149200	181	247	604	5267	5015
SJ-DD-04	156	162	1.11	143000	180	236	609	5085	5138
SJ-DD-04	174	180	1.11	149700	189	249	635	4988	5755
SJ-DD-04	192	198	1.12	151500	194	243	631	5354	5562
SJ-DD-04	210	216	1.12	151700	193	247	635	5327	5591
SJ-DD-04	246	252	1.11	144800	154	242	663	5094	5225
SJ-DD-04	264	270	1.12	153800	194	245	641	5320	5558
SJ-DD-04	282	288	1.12	168200	230	300	1848	5351	6726
SJ-DD-04	324	342	1.12	187000	226	320	4491	5604	6020
SJ-DD-04	342	360	1.13	197700	248	351	5278	6148	6651
SJ-DD-05	30	36	1.04	52800	51	94	423	1210	1466
SJ-DD-05	48	54	1.10	150000	174	261	688	4563	4619
SJ-DD-05	66	72	1.11	159500	197	279	726	5106	5120
SJ-DD-05	84	90	1.11	165900	184	279	679	5352	5400
SJ-DD-05	96	108	1.11	160000	175	255	637	5092	5056
SJ-DD-05	132	144	1.11	168800	193	290	704	5306	5613
SJ-DD-05	174	183	1.11	168600	193	292	798	5392	5641
SJ-DD-05	198	205.5	1.12	191700	238	370	1926	5568	7210
SJ-DD-05	217.5	223.5	1.13	199700	242	348	5576	5826	7033
SJ-DD-05	253.5	259.5	1.13	201700	248	355	5852	5877	7015
SJ-DD-05	271.5	277.5	1.13	202100	238	357	5779	5913	6969
SJ-DD-05	286.5	295.5	1.13	199200	246	375	5972	6190	7133
SJ-DD-05	304.5	313.5	1.13	199300	246	380	5781	6237	7129

Table 2: Drill hole results to date.

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Figure 2: SJDD05 lithology and laboratory assays (right column in mg/L) – see below for lithology codes

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AT – Tobaceous sands – Gravels with clayey silt matrix BSM – Monomict sedimentary breccias – Sand, silty sand and clayer units BSP – Polymict sedimentary breccias - VR – Basalt volcanic rock BST – Polymict breccia, with aligned clasts - BB &BP – Permian bedrock

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Additional geophysics being undertaken

The existing geophysics suggests the brine body extends beyond the original 10 lines of TEM (Transient Electromagnetics) measured in 2022. The Company plans to add additional stations to the north, northwest and west of the existing geophysical lines to define the thickness and extent of the brine body – refer to Figure 3. This has the potential to add significant additional brine volume, beyond that to be quantified in the upcoming maiden resource estimate.

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Figure 3: Completed and proposed additional TEM locations within the project area.

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The new TEM electrical geophysics began late in April and is anticipated to be finished in late May or early June. A passive seismic geophysical survey was completed during April and data has been interpreted, to identify the contact of the basement rock (Permian Metasediments) beneath the westward and northern extension of the volcanic sediments. This shows this unit typically extends to a depth of around 400 m depth, extending west and north of the salar.

The presence of the volcanic sediments and gravelly sand units in holes SJDD04 and SJDD05, on the western margin of the salar, plus the passive seismic and TEM geophysics results, suggests this unit probably continue for several kilometres west of the salar, beyond the western extent of the existing TEM survey. Geological and geophysical data has been incorporated into a Leapfrog geological model, to calibrate the geophysical data from the TEM and passive seismic surveys. This will be used to deliver the Maiden Resource Estimate for the project.

SAN JORGE PROJECT BACKGROUND

Located in Catamarca Province, Argentina, within the Lithium Triangle (Figure 4) the San Jorge Project has a strong surface signature, with multiple brine samples confirming elevated lithium across the salar, with concentrations up to 285 mg/L lithium at surface.

The 2022 TEM survey mapped the extent of the brine body, on and off the salar, providing information on the likely changes in lithologies hosting brine. The survey successfully defined the brine body extending beneath lava flows and gravels west of the salar, extending up to 2.4km west of the salar surface. Off the salar the survey has defined extension of the brine body to depths up to 500m deep. The conductivity responses are 1 ohm m or less, which is considered very positive for discovery of brine, confirmed by drilling of SJDD04 and 5, with potentially economic characteristics for lithium production.

PROJECT LOCATION AND EXPLORATION LICENSES

The San Jorge Project (Figure 4) is located in Catamarca province near major lithium mining and development companies including Zijin Mining, Arcadium Lithium (Allkem and Livent merged entity), Ganfeng, Rio Tinto, Lake Resources and Galan Lithium.

Catamarca Province is one of three provinces in the north of Argentina that host globally significant resources of lithium, within brine beneath Salars.

Extraction of lithium from brine has a lower overall carbon-footprint than from hard rock operations and is a key source of lithium for the electrical revolution, with electrification of transportation and development of large-scale battery storage to accompany renewable energy generation.

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The San Jorge Project consists of 15 granted exploration licenses. Greenwing is the sole owner of all mining tenure on the San Francisco salar as well as 36,000 hectares of surrounding ground. This provides maximum flexibility for project and infrastructure development.

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Figure 4: Location of the San Jorge project relative to other significant lithium projects in Argentina

This announcement is approved for release by the Board of Greenwing Resources Ltd

For further information please contact

Peter Wright

Melissa Tempra

Executive Director Media and Investor Relations

E . peter@greenwingresources.com

E . melissa@nwrcommunications.com.au

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References

8 April 2024.Greenwing Announcement. Drilling Program Update at San Jorge Project: Grades up to 248 mg/l lithium at depth, Additional TEM Geophysics to Expand Brine Footprint

13 March 2024. Presentation to Brisbane Mining Conference,

8 February 2024. Greenwing Announcement. Drilling Program Update - Strong Progress at San Jorge with Drilling Expanding Lithium Brine Footprint and Attractive Initial Porosity Values.

15 January 2024. Greenwing Announcement. Drilling at San Jorge Project Confirms Lithium Brine.

18 December 2023. Greenwing Announcement. Greenwing progresses lithium brine drilling at San Jorge Project following site visit.

27 November 2023. Greenwing Announcement. Reissued Maiden Drilling Targeting Periphery of Salar At San Jorge Project In Argentina Returns 200mg/L Lithium In Initial Results

16 November 2023. Lake Resources: Noosa Mining Conference presentation, resource, p14 resource table of Measured Indicated and Inferred Resources

26 September 2022. Greenwing Announcement. Strategic Transaction with Nio Inc

16 August 2023. Greenwing Announcement. Drilling Progress Report San Jorge Lithium Project, Argentina – Brine Intersected From 30m.

5 August 2022. Greenwing Announcement. San Jorge Lithium Project Update: Geophysics Significantly Expands Brine Body Area

29 June 2023. Greenwing Announcement. Drilling Commences at San Jorge Lithium Project, Argentina

31 May 2023. Greenwing Announcement. Update On Maiden Drilling Program at San Jorge Lithium Project, Argentina

4 May 2023. Greenwing Announcement. Commencement of Maiden Drilling Program at The San Jorge Lithium Project

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About Greenwing Resources

Greenwing Resources Limited ( ASX:GW1 ) is an Australian-based critical minerals exploration and development company committed to sourcing metals and minerals required for a cleaner future. With lithium and graphite projects across Madagascar and Argentina, Greenwing plans to supply electrification markets, while researching and developing advanced materials and products.

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 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 particular needs of any person. Nothing contained in this document constitutes investment, legal, tax, or other advice.

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.

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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 techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling 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.	• The pre-collars from surface were drilled using the Tricone drilling method, and chips were logged as collected, to 30 m below surface. • The pre-collar was then cemented in, and HQ Core drilled. • Core recovery from the HQ was carefully measured by comparing the measured core to the core runs and then a total recovery per section determined. • HQ Drill core sampling was undertaken to obtain representative samples of the stratigraphy and sediments that host brine, for porosity testing and evaluation of specific yield, the brine that could be extracted. • Brine samples are being collected from single packer sampling equipment as the hole is deepened. Brine samples are used for lithium analysis, with the lithium dissolved in the brine hosted in pores within core samples. • Porosity samples are collected in Lexan polycarbonate tubes during the drilling, with cores between porosity samples (taken every 12 m) collected in triple tubes and stores in core boxes. • Conductivity and Density measurements are taken with a field portable High Range Hanna multi parameter meter and floating densiometers. • Testing of the chemical composition (including Lithium, Potassium, Magnesium concentrations and those of other ions) of brines are undertaken at a local laboratory in Argentina. • Transient Electromagnetic (TEM) geophysics was previously undertaken on the surface of the salar and surrounding area. The Transient Electromagnetic method (TEM) used a 200 x 200 m loop that is moved between stations located 400 m apart on east west lines. The lines are separated by 1000 m in the north-south direction. • TEM has proven to be a highly applicable technique in and around salars, as the method avoids the surface conductivity issues associated with resistivity methods, such as Vertical Electrical Soundings or resistivity profiling. • The TEM method has a lesser penetration on the salar surface but sees through resistive surface sediments and volcanics to define the extension of brine beneath these units. • Highly conductive zones of <1 ohm m are located beneath the salar surface, continuing to the west under volcanic flow units, surrounded by a zone of 1-2 ohm m resistivity. • Surveylineswere oriented perpendicular tothe

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Criteria	JORC Code explanation	Commentary
		elongationof the salar.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• The pre-collars from surface were drilled using the Tricone drilling method; chips were logged as collected, to the pre-collar depth. • The pre-collar was then cemented in (isolated) and HQ Core drilled. • Core recovery from the HQ was carefully measured by comparing the measured core to the core runs and then a total recovery per section determined. • HQ Drill core sampling was undertaken to obtain representative samples of the stratigraphy and sediments that host brine. • Drilling has been conducted using a diamond drilling rig, with HQ drilling equipment. The hole is drilled with the assistance of drilling mud. The drilling produced cores with variable core recovery, associated with unconsolidated material, in particularly sandy intervals. Recovery of these more friable sediments is more difficult with diamond drilling, as this material can be washed from the core barrel during drilling. • Brackish water to dilute brine, obtained from the salar surface near the drill hole, has been used as drilling fluid for lubrication during drilling, for mixing ofadditives andmuds.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• Diamond drill core was recovered in 1.5m length intervals in the drilling triple (split) tubes, and Lexan polycarbonate tubes used in place of the triple tubes, to obtain samples for the laboratory. Appropriate additives were used for hole stability to maximize core recovery. The core recovered from each run was measured and compared to the length of each run to calculate the recovery. Chip samples, for any intervals drilled with rotary drilling, are collected for each metre drilled and stored in segmented plastic boxes for rotary drill holes. • Brine samples were collected at discrete depths during the drilling using a single packer at a nominal 6 m interval (to isolate intervals of the sediments and obtain samples from airlifting brine from the sediment interval isolated between the packers) open to the base of the hole. The separation of packer samples shows some variability, due to conditions during drilling. • Additives and muds are used to maintain hole stability and minimize sample washing away from the triple tube. • As the brine (mineralisation) samples are taken from inflows of the brine into the hole (and not from the drill core – which has variable recovery) they are largely independent of the quality (recovery) of the core samples. However, the permeability of the lithologies where samples are taken is related to the rate and potentially lithium grade of brine inflows. Core recovery from the HQ was carefully measured by comparingthemeasured coretothe coreruns

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Criteria	JORC Code explanation	Commentary
		and then a total recovery per section determined. • No relationship exists between core recovery and lithium concentration, as the lithium is present in brine, sampled independently of the core samples. Brine is extracted using packer sampling and the sediment material is not the target for lithiumextraction.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Volcanic derived sand, gravel, volcanic tuffs and intervals of lava flows were recovered in triple tube diamond core drilling, and examined for geologic logging by a geologist, with photographs taken for reference. • Diamond holes are logged by a geologist who also supervised taking of samples for laboratory porosity analysis (with samples drilled and collected in Lexan polycarbonate tubes) as well as additional physical property testing. • Logging is both qualitative and quantitative in nature. The relative proportions of different lithologies which have a direct bearing on the overall porosity, contained and potentially extractable brine are noted, as are more qualitative characteristics such as the volcano- sedimentary facies and their relationships. • The core is logged by a geologist. The senior geologist supervises the taking of samples for laboratory analysis. • Logging is both qualitative and quantitative in nature. The relative proportions of different lithologies which have a direct bearing on the overall porosity, contained and potentially extractable brine are noted, as are more qualitative characteristics such as the sedimentary facies. Cores are photographed. • Downhole geophysical logging will be undertaken by Zelandez, a Salta (Argentina) based specialist Borehole Geophysical Logging company, with several logging probes, including, Calliper, Conductivity, Resistivity, Borehole Nuclear Magnetic Resonance (NMR or BMR), Spectral Gamma. • The BMR probe provides information of Total Porosity, Specific Retention and Specific Yield. The total porosity of a rock formation represents the total pore space. Although Total Porosity has two principal components, Specific Retention and Specific Yield: (a) Specific Retention (Sr), represents the portion of the Total Porosity that is retained by clay and capillary bound sections of a sediment. (b) Specific Yield (Sy) is the amount of water/brine that is available within the sediment for groundwater pumping. • Specific Yield is a key parameter when calculating a Lithium Brine Resource. • Physical samples of the core are also sent for porosity laboratory analysis for measurements of specific yield and total porosity. This sampling is undertakenas a checkon theBMRgeophysical

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Criteria	JORC Code explanation	Commentary
		logging, with a comparison of variance and averages undertaken.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all cores taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality, and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• Brine samples were collected by using an inflatable packer to purge the hole of all fluid, to minimise the possibility of contamination by drilling fluid. The packer allowed sampling of isolated sections of the hole every 18 m (subject to hole conditions), allowing the packer interval to re-fill with groundwater following purging. • Samples were then taken from the relevant section, with three well volumes of brine purged where this was possible. • Field duplicate samples are collected in the field. Single packer samples are taken during the progression of drilling. • Brine sample (0.5 litre) sizes are considered appropriate to be representative of the formation brine. • Cores are geologically logged and ~20cm intervals from the base of Lexan tubes are collected every ~12 m. These samples are cut from the bottom of the Lexan tubes and sealed with caps to prevent moisture loss, before sending to the LCV laboratory in Argentina for testing. • Cores are representative of the interval in which they are taken. Porosity can vary significantly in clastic Salt Lake sequences and for this reason downholeBMR loggingis undertaken.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations 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.	• Samples are transported to an established porosity testing sedimentology company. The laboratory has experience testing core samples from different salt lakes for porosity. Results will be compared to BMR geophysical logs of holes, as a check on the primary laboratory results. • Brine samples were sent to the Alex Stewart International Laboratory in Mendoza, Argentina, where detailed chemistry was processed. The laboratory is ISO 9001 and ISO 14001 certified and specialises in the chemical analysis of brines and inorganic salts, with considerable experience in this field. • The quality control and analytical procedures used at the Alex Stewart laboratory are of high quality. • QA/QC samples include field duplicates, certified laboratory standards and blank samples.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic)	• Field duplicates, standards and blanks are used to monitor potential contamination of samples and the repeatability of analyses. • Duplicate and blank samples were sent to the Alex Stewart Laboratory in Mendoza, Argentina, as blind duplicates, and standards, for analysis in this secondary laboratory. • Samples were accompanied by chain of custody documentation.

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Criteria	JORC Code explanation	Commentary
	protocols. • Discuss any adjustment to assay data.	• Assay results were imported directly from laboratory spreadsheet files to the Project database. • Field duplicates, standards and blanks are used to monitor potential contamination of samples and the repeatability of analyses. Accuracy, the closeness of measurements to the “true” or accepted value, has been monitored by the insertion of certified standards, and by check analysis at a second (umpire) commercial laboratory. • Duplicate samples in the analysis chain were submitted to Alex Stewart (Jujuy) laboratories as unique samples (blind duplicates). • Stable blank samples (distilled water) were used to evaluate potential sample contamination and were inserted in the sample batches to measure any potential cross contamination. • Samples were analysed for conductivity using a hand-held Hanna pH/EC multiprobe on site, to collect field parameters. • Regular calibration of the field equipment using standards and buffersis being undertaken.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• The stations were located with a hand-held GPS. The Project location is in zone 2 of the Argentine Gauss Kruger coordinate system with the Argentine POSGAR 94 datum. • Handheld GPS in this area is typically accurate to within approximately 5 m laterally. • Topographic control is based on information from publicly available SRTM topography, which is considered sufficient for the level of explorationconducted.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Drill holes have a spacing of approximately 1 to 2 km in this initial program. • Geophysical lines had a 1 km spacing north to south, with stations spaced every 400 m along the east-west lines. • Station spacing is considered sufficient for initial characterisation of the salar. • Brine samples were generally collected over 18 m intervals from single packers, with samples collected at variable intervals vertically, due to varying hole conditions. • Compositing will be applied to porosity data obtained from the BMR geophysical tool, as data is collected at 2 cm intervals, providing extensive data, particularly compared to the available assay data.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have	• The salar deposits that host lithium-bearing brines consist of sub-horizontal beds and lenses of sediments, volcanic ash, and sand and clay, with gravel and basalt lava flows, depending on the location within the salar. • Drilling is conducted in vertical holes, perpendicular to the stratigraphy.

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Criteria	JORC Code explanation	Commentary
	introduced a sampling bias, this should be assessed and reported if material.
Sample security	• The measures taken to ensure sample security.	• Data was recorded and processed by trusted employees and contractors and overseen by management, ensuring the data was not manipulated or altered. • Samples are transported from the drill sites to secure storage at the camp daily. • Samples were transported to the Alex Stewart laboratories for chemical analysis in sealed rigid plastic bottles with sample numbers clearly identified. Samples were transported by a trusted member of the team to Catamarca, where they were then sent by couriers to the laboratories.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• An audit of the database has been conducted by the CP and another Senior Consultant at different times during the Project. The CP has been onsite periodically during the sampling program. The review included drilling practice, geological logging, sampling methodologies for brine quality analysis and, physical property testing from drill core, QA/QC control measures and data management. The practices being undertaken were ascertained to be appropriate, with constant review of the database by independent personnel recommended.

Section 2 - Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Greenwing properties consist of 15 properties for a total of 38,000 hectares, of which 2,800 are covering the salar area. The properties are in the province of Catamarca in northern Argentina at an elevation of approximately 4,000 masl. Greenwing has options to acquire 100% of the properties. • The tenements/properties are believed 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 part of operations.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• The properties were subject to brief and inconclusive brine sampling previously, with only 5 brine samples taken along the eastern edge of the salar by the vendor. The sampling completed in October 2021 confirmed comparable results along the eastern side of the salar, with higher results in the centre of the salar. A comprehensive grid of surface brine samples hasnotbeencollected acrossthe salar.

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Criteria	JORC Code explanation	Commentary
Geology	• Deposit type, geological setting and style of mineralisation.	• The project is a salar deposit, located in a closed basin in the Andean Mountain range in Northern Argentina. • The sediments within the salar consist of volcanic ash, silt, sand, gravel, and volcanic flows locally, 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 previous excavationofshallowpitsforbrine sampling.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar 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.	• All holes are drilled vertically through the unconsolidated clastic sediments and volcanic units. • The coordinates of the drill holes in Zone 2 of the local Argentine Gauss Kruger coordinate system are: at an elevation of approximately 4000 m.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or 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.	• Individual TEM soundings were recorded at each site and later this information was interpolated into sections, based on data from individual stations. • No cutting of lithium concentrations was justified nor undertaken. • Lithium samples are by nature composites of brine over intervals of metres, due to the fluid nature of brine.

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Criteria	JORC Code explanation	Commentary
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	• The sediments hosting brine are interpreted to be essentially flat lying. The entire thickness of sediments has potential to host lithium brine, with the water table within approximately 0.3 metre of surface on the salar. • Mineralisation is interpreted to be horizontally lying and drilling is perpendicular to this, so intersections are considered true thicknesses Brine is likely to extend to the base of the basin and has been confirmed by drilling to extend into fractures in the underlying older bedrock/basement units of fractured sandstones. • Mineralisation is continuous betweendrill holes.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• A diagram is provided in the text showing the location of the properties, and the drill holes at Site and the geophysics.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.	• Data regarding previous geophysics and the initial drilling in SJDD01 through SJDD04 is presented in this release. Further information was provided in previous releases and new information will be provided as it becomes available.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• The company is conducting diamond drilling to obtain geological information, brine samples, and hydraulic parameters for the potential future installation of production wells. • The TEM electrical geophysical survey and passive seismic survey results for the project were previously disclosed and have been used to guide drilling.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step- out 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.	• The company is undertaking geophysical logging of diamond drillholes to collect porosity data and compare information with the surficial geophysical programs(passive seismic and TEM surveys) that were completed and used to provide information on the extent of brine and potential thickness of the brine body.

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