GREENWING RESOURCES LTD — Capital/Financing Update 2024

Apr 7, 2024

ASX RELEASE – ASX:GW1 – 8 April 2024

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Drilling Program Update at San Jorge Project

• Grades up to 248 mg/l lithium at depth

• Additional TEM Geophysics to Expand Brine Footprint

HIGHLIGHTS

• Results in hole SJDD04 (hole 4) at the San Jorge Project confirm lithium grade increases with depth, with the highest assay result to date of 248 mg/l Li at 342-360 m. Lithium averages 200 mg/l Li and 5,514 mg/l K from 48 m downhole, with SJDD04 terminating at an overall depth of 402m.

• Downhole geophysical logging in SJDD04 showed average specific yield porosity results of 10% throughout the hole.

• Hole SJDD05 completed at a depth of 351m in similar volcanic material, gravels and sands as SJDD04.

• New TEM geophysics lines are planned north and west of the existing TEM grid to potentially materially expand the brine body footprint. Passive seismic survey underway.

• Drilling of SJDD06 has commenced on the east of the salar.

• Maiden Resource Estimate for the project, anticipated early second quarter.

CHAIRMAN RICK ANTHON:

“Drilling continues to progress well at our San Jorge Project.

We are excited about the potential to expand the footprint of the brine body further to the north and west, beyond the area of the Phase 1 drilling and existing geophysics (Figure 1). The expanded brine footprint would then be used to assist planning Phase 2 drilling.”

“Lithium concentration has increased at depth in all the holes drilled to date, giving us confidence regarding the brine concentration, while porosity results from down hole geophysical logging have been very pleasing, particularly in the thick gravel and volcanic derived unit below the basalts in hole SJDD04.”

“We look forward to delivering our maiden Mineral Resource Estimate, which we are looking to deliver early in the second quarter.”

greenwingresources.com +61 (0) 7 3063 3223

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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Figure 1: Completed and planned exploration drill holes within the project area

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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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.

SAN JORGE MAIDEN DRILLING PROGRAM

SJDD04 final results

Greenwing current drilling programme (Table 1) began in the north of the San Jorge salar, focussing on the salar edge for access reasons. Five holes have now been completed, confirming lithium concentrations increase down hole below the more diluted surface zone where concentrations, confirmed by surface grid sampling, are in the 100 to 200 mg/l range, with elevated potassium concentrations, reaching over 5,000 mg/l.

The fourth hole (SJDD04, Figure 2, Table 1) has been completed at 402 m depth. It intersected a sequence of gravels and volcanic sediments with sandy matrix below the surficial volcanic lava flows, confirming the presence of extensive gravels and fragmental volcanic units with volcanic ash matrix west of the salar. 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 SJDD04 (Figure 2) is similar to holes SJDD01 to SJDD03 (Table 2), averaging 200 mg/l from 48 m, with 5,514 mg/l K . The average is 196 mg/l lithium through the hole, including samples above 48 m. The highest concentration in the hole is now 248 mg/l lithium, from 242 to 260 m. This is higher than in the previous drill holes SJDD01 through SJDD03, with relatively homogeneous concentrations of around 200 mg/l Lithium and 4700mg/l Potassium.

Downhole BMR geophysics for the hole averaging 10% specific yield through the hole, based on laboratory data. The lower part of the hole was not geophysically logged, as the hole was not widened below 277 m depth. Further up the hole in mixed clastic intervals around the basalt flows average 10 to 14% specific yield.

SJDD05

This hole has reached a depth of 351m and has intersected thinner upper basalt units, extending to 110 m, compared with 135 m in SJDD04. In other respects, the hole is very similar to SJDD04, with some intervals of highly friable “flowing” sands within the broader sequence of volcanic derived clastic material and gravels. These friable units, expected to have favourable porosity and permeability characteristics, have resulted in some drilling difficulties, with the hole being terminated before reaching 400 m.

Assay results are pending for the hole, which has just been completed. The hole will be geophysically logged, with physical porosity samples also analysed in the qualified sedimentology laboratory.

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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SJDD06

The final Phase 1 drill site is located on the east of the salar (Figure 1), with access provided by a raised road built to the site. Equipment has been mobilised to this site and drilling has commenced, with the maiden resource estimate to be estimated subsequently.

Additional geophysics

As presented in the previous company announcement (Figure 3 of announcement of 8 February, 2024) the existing geophysics suggests the brine body extends beyond the original 10 lines of TEM 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. This has the potential to add significant additional brine volume.

In addition to the TEM electrical geophysics passive seismic geophysics is currently underway, to define the major geological boundaries in the sequence of volcanic material, with upper lava flows and deeper gravels and reworked volcanic material.

The presence of the gravelly sand units in holes SJDD04 and SJDD05, on the western margin of the salar, suggests similar material may continue for several kilometres west of the salar, beyond the western extent of the 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 then be used to deliver the Maiden Resource Estimate for the project.

Hole	Easting GK2	Northing GK2	Elevation	Azimuth	Dip	Hole Depth
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	Commencing

Table 1: Drill hole locations

Brine process test work

Greenwing took a number of bulk samples of brine to send to process providers for lithium extraction testing, to evaluate the performance of different processes. This will allow the company to assess the most appropriate process route for the San Jorge brine, in terms of extraction efficiency, but also in terms energy efficiency and overall operating costs.

The first brine sample sent has been received and the Direct Lithium Extraction (DLE) process company is beginning testing to evaluate the efficiency of extraction and to provide Greenwing with operating parameters from this process.

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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SAN JORGE PROJECT BACKGROUND

Located in Catamarca Province, Argentina, within the Lithium Triangle (Figure 3) 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 TEM survey previously carried out 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 with potentially economic characteristics for lithium production.

The Company has the right to acquire up to 100% of the San Jorge Lithium Project, entirely at its election on satisfaction of investment and expenditure commitments. The Company’s current interest in the project is 45%, which will increase upon conclusion of this program.

The San Jorge Project (Figure 3) is located 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.

PROJECT LOCATION AND EXPLORATION LICENSES

The 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.

The San Jorge salar covers 2,800 hectares and consists of 15 granted exploration licenses. Greenwing is the sole owner of all mining tenure on the salar as well as 36,000 hectares of surrounding ground. This provides maximum flexibility for project and infrastructure development.

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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

Figure 2: SJDD04 lithology, BMR specific yield porosity (blue line trace), and laboratory specific yield samples (at 330 mbars)

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HoleID	From	To	Sample Type	**Density g/cc **	**Conductivity uS/cm **	**Li mg/L **	**B mg/L **	**Ca mg/L **	**K mg/L **	Mg mg/L
SJ-DD-01	27	30	Singlepacker	1.10	147200	198	270	1152	4514	5781
SJ-DD-01	73	81	Singlepacker	1.10	146300	204	269	869	4680	5291
SJ-DD-01	122	128	Singlepacker	1.10	155200	185	256	817	4753	5442
SJ-DD-01	138	144	Singlepacker	1.11	155300	185	262	780	4742	5733
SJ-DD-01	156	162	Singlepacker	1.11	158100	186	269	756	4803	6195
SJ-DD-01	174	180	Singlepacker	1.12	171000	216	318	1228	5136	6690
SJ-DD-01	192	198	Singlepacker	1.12	179500	229	351	1553	5262	6694
SJ-DD-01	210	216	Singlepacker	1.12	175600	214	325	1334	5448	6503
SJ-DD-02	17	21	Singlepacker	1.08	118800	148	143	2157	3610	4188
SJ-DD-02	34	39	Singlepacker	1.08	131600	170	144	2280	4226	4397
SJ-DD-02	56	60	Singlepacker	1.09	132800	188	172	2605	3709	4169
SJ-DD-02	74	78	Singlepacker	1.09	134000	197	197	2976	3793	4263
SJ-DD-02	92	96	Singlepacker	1.09	136000	208	233	4040	3729	4401
SJ-DD-02	110	114	Singlepacker	1.10	135300	201	299	1382	4321	5157
SJ-DD-02	147	153	Singlepacker	1.10	140700	210	299	994	4850	5397
SJ-DD-02	166	171	Singlepacker	1.10	139500	206	287	1039	4710	5238
SJ-DD-03	31	36	Singlepacker	1.08	117100	154	288	1104	3452	4507
SJ-DD-03	49	54	Singlepacker	1.08	119000	162	301	1302	3535	4672
SJ-DD-03	65.5	70.5	Singlepacker	1.08	119200	161	301	1297	3510	4639
SJ-DD-03	84	90	Singlepacker	1.10	142300	172	282	832	4321	5010
SJ-DD-03	102	108	Singlepacker	1.11	160900	200	305	838	5197	5599
SJ-DD-03	120	126	Singlepacker	1.12	164000	207	314	861	5373	5760
SJ-DD-04	12	18	Singlepacker	1.11	156000	155	227	616	4854	7804
SJ-DD-04	30	36	Singlepacker	1.10	142700	179	235	679	5176	4842
SJ-DD-04	48	54	Singlepacker	1.12	158200	209	268	670	5978	5563
SJ-DD-04	66	72	Singlepacker	1.11	157500	211	272	682	5963	5623
SJ-DD-04	84	93	Singlepacker	1.11	156200	204	268	650	5843	5476
SJ-DD-04	102	108	Singlepacker	1.11	152900	193	264	631	5596	5382
SJ-DD-04	120	126	Singlepacker	1.11	156100	200	264	640	5794	5457
SJ-DD-04	132	141	Singlepacker	1.11	149200	181	247	604	5267	5015
SJ-DD-04	156	162	Singlepacker	1.11	143000	180	236	609	5085	5138
SJ-DD-04	174	180	Singlepacker	1.11	149700	189	249	635	4988	5755
SJ-DD-04	192	198	Singlepacker	1.12	151500	194	243	631	5354	5562
SJ-DD-04	210	216	Singlepacker	1.12	151700	193	247	635	5327	5591
SJ-DD-04	246	252	Singlepacker	1.11	144800	154	242	663	5094	5225
SJ-DD-04	264	270	Singlepacker	1.12	153800	194	245	641	5320	5558
SJ-DD-04	282	288	Singlepacker	1.12	168200	230	300	1848	5351	6726
SJ-DD-04	324	342	Singlepacker	1.12	187000	226	320	4491	5604	6020
SJ-DD-04	342	360	Singlepacker	1.13	197700	248	351	5278	6148	6651

Table 2: Drill hole results to date.

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

For further information please contact

Peter Wright

Melissa Tempra

Executive Director

E . peter@greenwingresources.com

Media and Investor Relations

E . melissa@nwrcommunications.com.au

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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References

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

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.

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.

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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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.

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.

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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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 azone of 1-2ohm m resistivity

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Criteria	JORC Code explanation	Commentary
		• Survey lines were oriented perpendicular to the 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 aretaken isrelatedtotherate

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Criteria	JORC Code explanation	Commentary
		and potentially lithium grade of brine inflows. 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. • 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 aLithium BrineResource.

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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Criteria	JORC Code explanation	Commentary
		• Physical samples of the core are also sent for porosity laboratory analysis for measurements of specific yield and total porosity. This sampling is undertaken as a check on the BMR geophysical 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 downhole BMR logging is 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.	• Field duplicates, standards and blanks are used to monitor potential contamination of samples and the repeatability of analyses. • Duplicate and blanksampleswere sent tothe

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Criteria	JORC Code explanation	Commentary
	• The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	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. • 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 buffers is 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	• Whether the orientation of sampling achieves unbiased sampling of possible structures	• The salar deposits that host lithium-bearing brines consist of sub-horizontal beds and lenses ofsediments,volcanic ash, and sand and clay,

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Criteria	JORC Code explanation	Commentary
geological structure	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 introduced a sampling bias, this should be assessed and reported if material.	with gravel and basalt lava flows, depending on the location within the salar. • Drilling is conducted in vertical holes, perpendicular to the stratigraphy.
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 partofoperations.

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Criteria	JORC Code explanation	Commentary
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 has not been collected across the salar.
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	• 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
	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 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 ofpossible extensions,	• The company will undertake 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 toprovide information on the extent of

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Criteria	JORC Code explanation	Commentary
	including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	brine and potential thickness of the brine body.

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