GREENWING RESOURCES LTD — Capital/Financing Update 2024

Feb 7, 2024

ASX RELEASE – ASX:GW1 – 8 February 2024

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Strong Progress at San Jorge with Drilling Expanding Lithium Brine Footprint and Attractive Initial Porosity Values

HIGHLIGHTS

• Greenwing has completed the fourth hole (SJDD04) on the western periphery of the San Jorge Lithium project to a depth of 400 m, with drilling of SJDD05 underway.

• Assay results from 12-288m in SJDD04 average 191 mg/l Lithium and 5,399 mg/l potassium in brine in gravels and volcanic sediments, with a maximum value of 230 mg/l Li at 288 m.

• Holes SJDD01 to SJDD03 have returned initial highly encouraging specific yield porosities of up to 30%. Downhole geophysical logging is continuing with further detailed results due shortly.

• Confirmation that the conductive zone in the previously tabled TEM geophysical profiles indicates the brine body extending both to the west and the north of the salar surface.

CHAIRMAN RICK ANTHON:

“The early results from San Jorge hole SJDD04 are consistent with our interpretation of the brine body at San Jorge potentially extending 3 km or more west of the salar, beneath gravels and volcanic flow units. This is positive news for future resource estimation and we will be targeting follow up drilling in this area. The initial porosity numbers for Holes 1-3 (Figure 1) are also encouraging. The results from drilling also suggest the brine body extends north of where geophysics was completed. Greenwing will now move to drilling holes SJDD05 and 06, before targeting a maiden Mineral Resource Estimate which we are looking to deliver early in the second quarter.”

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 results

Greenwing current drilling programme began in the north of the San Jorge salar, focussing on the salar edge for access reasons. Four holes have now been completed, confirming that 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, Table 1) to has been completed at 402 m depth and has intersected a sequence of gravels and volcanic sediments with sandy matrix below the volcanic lava flows, confirming the presence of extensive gravels west of the salar. Unlike the first three holes SJDD04 did not intersect the consolidated sedimentary bedrock suggesting the southern and western part of the basin may be deeper. 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), although slightly lower on average, at 191 mg/l over the interval from 12 to 288 m. The highest concentration in the hole is 230 mg/l lithium, in the last sample for which results are available to date, at 282-288 m. This compares to the previous drill holes SJDD01 through SJDD03, with relatively homogeneous concentrations of around 200 mg/l Lithium and 4700mg/l Potassium.

SJDD01 to SJDD03 results

Assay results were provided in previous announcements, averaging around 200 mg/l lithium. Laboratory porosity results have now been received for holes SJDD01 (principally volcanic lava, overlying bedrock), SJDD02 and SJDD03, (volcanic ash and tuff units, gravels and sands). Specific yield porosity results for SJDD01 range between 2 and 12% specific yield. For SJDD02 specific yield porosity varies between 1 and 29%, while for SJDD03 specific yield varies between 3 and more than 30%.

Downhole geophysical logging of holes is planned using a borehole magnetic resonance tool, to measure in-situ drainable porosity. This will provide additional information to the laboratory porosity results and additional downhole gamma, resistivity and conductivity tools will provide additional information for characterization of the sediments.

Geological interpretation suggests that the northern part of the salar is a separate sub-basin, partially connected to the southern part of the salar.

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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Basin geological interpretation

Drilling to date has shown the salar consists of a sequence of volcanic ash units, and reworked volcanic material, with minor basalt to andesite flows in the salar sequence, although these are thicker to the west outside the salar (Figure 3). Identification of sandy and gravelly material in SJDD04, representative of alluvial fans, confirms that lava flows west of the salar cover older alluvial fan deposits, which were peripheral to the salar.

The presence of these gravelly sand units west of the salar indicated that similar material may continue for several kilometres west of the salar, beyond the western extent of the TEM survey. This suggests an important volume of brine is present in this part of the project. Similarly it is interpreted that brine continues north of the TEM geophysical survey area, contributing to a larger footprint of brine mineralisation.

Geological data is being incorporated into a Leapfrog geological model, to calibrate the geophysical data from the TEM and passive seismic surveys and define the base of the salar. 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	Inprogress
SJ-DD-06	2584835	7015112	4008	360	-90	Planned

Table 1: Drill hole locations

Future Activities

Greenwing is planning to take 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 brines.

Activities for February and March will focus on completing holes SJDD05 and 06, to allow a target completion of the Maiden Mineral Resource Estimate towards the end of Q1 2024. This will be undertaken in parallel with process testing of the brine.

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.

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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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.

HOLE ID	**FROM m **	**TO m **	**SAMPLE TYPE **	**DENSITYg/cc **	**Conductivity uS/cm **	**LI_mg/L **	**B_mg/L **	**Ca_mg/L **	**K_mg/L **	Mg_mg/L
SJ-DD-01	0	24	Airlift	1.103	147500	199	264	1085	4602	6174
SJ-DD-01	27	30	Singlepacker	1.099	147200	198	270	1152	4514	5781
SJ-DD-01	53	57	Airlift	1.108	148500	203	266	641	4723	6651
SJ-DD-01	73	81	Singlepacker	1.1	146300	204	269	869	4680	5291
SJ-DD-01	122	128	Singlepacker	1.104	155200	185	256	817	4753	5442
SJ-DD-01	138	144	Singlepacker	1.107	155300	185	262	780	4742	5733
SJ-DD-01	156	162	Singlepacker	1.111	158100	186	269	756	4803	6195
SJ-DD-01	174	180	Singlepacker	1.116	171000	216	318	1228	5136	6690
SJ-DD-01	192	198	Singlepacker	1.115	179500	229	351	1553	5262	6694
SJ-DD-01	210	216	Packer simple	1.116	175600	214	325	1334	5448	6503
SJ-DD-02	17	21	Singlepacker	1.075	118800	148	143	2157	3610	4188
SJ-DD-02	34.28	39	Singlepacker	1.083	131600	170	144	2280	4226	4397
SJ-DD-02	56	60	Singlepacker	1.086	132800	188	172	2605	3709	4169
SJ-DD-02	74	78	Singlepacker	1.085	134000	197	197	2976	3793	4263
SJ-DD-02	92	96	Singlepacker	1.089	136000	208	233	4040	3729	4401
SJ-DD-02	110	114	Singlepacker	1.098	135300	201	299	1382	4321	5157
SJ-DD-02	147	153	Singlepacker	1.103	140700	210	299	994	4850	5397
SJ-DD-02	166	171	Singlepacker	1.098	139500	206	287	1039	4710	5238
SJ-DD-03	31	36	Singlepacker	1.082	117100	154	288	1104	3452	4507
SJ-DD-03	49	54	Singlepacker	1.082	119000	162	301	1302	3535	4672
SJ-DD-03	65.5	70.5	Singlepacker	1.083	119200	161	301	1297	3510	4639
SJ-DD-03	84	90	Singlepacker	1.098	142300	172	282	832	4321	5010
SJ-DD-03	102	108	Singlepacker	1.112	160900	200	305	838	5197	5599
SJ-DD-03	120	126	Singlepacker	1.115	164000	207	314	861	5373	5760
SJ-DD-04	12	18	Packer simple	1.113	156000	155	227	616	4854	7804
SJ-DD-04	30	36	Packer simple	1.104	142700	179	235	679	5176	4842
SJ-DD-04	48	54	Packer simple	1.116	158200	209	268	670	5978	5563
SJ-DD-04	66	72	Packer Simple	1.114	157500	211	272	682	5963	5623
SJ-DD-04	84	93	Packer Simple	1.113	156200	204	268	650	5843	5476
SJ-DD-04	102	108	Packer Simple	1.108	152900	193	264	631	5596	5382
SJ-DD-04	120	126	Packer Simple	1.113	156100	200	264	640	5794	5457
SJ-DD-04	132	141	Packer simple	1.106	149200	181	247	604	5267	5015
SJ-DD-04	156	162	Packer simple	1.109	143000	180	236	609	5085	5138
SJ-DD-04	174	180	Packer simple	1.113	149700	189	249	635	4988	5755
SJ-DD-04	192	198	Packer simple	1.118	151500	194	243	631	5354	5562
SJ-DD-04	210	216	Packer simple	1.118	151700	193	247	635	5327	5591
SJ-DD-04	246	252	Packer simple	1.109	144800	154	242	663	5094	5225
SJ-DD-04	264	270	Packer simple	1.118	153800	194	245	641	5320	5558
SJ-DD-04	282	288	Packer simple	1.123	168200	230	300	1848	5351	6726

Table 2: Drill hole results to date.

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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Figure 2: SJDD04 and SJDD01 to SJDD03 lithology, assays and specific yield porosity samples. Unit 1 is tuffaceous sand at the top of holes; Unit 2 is basaltic/Andesitic volcanic flows; Unit C is polymict clastic volcanic rock;, Unit 4 is polymict and monomic sedimentary breccias, tuffaceous sands and sand; and Unit 5 is the Interpreted Permian bedrock/basement

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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The Company has the right to acquire up to 100% of the San Jorge Lithium Project (Figure 5) entirely at its election on satisfaction of investment and expenditure commitments. The Company’s current interest in the project is 25%, which will increase upon conclusion of this program.

The San Jorge Project (Figure 4) is located near major lithium mining and development companies including Zijin Mining, Allkem, Livent, 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.

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Figure 3: TEM profiles, drillholes and the interpreted extent of the brine body, which extends beyond the western limit of the geophysical survey, showing there is a large volume of brine west of the salar below volcanic rocks and surficial gravels

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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Figure 5: Map of exploration licenses covering the San Francisco Salar and surrounding basin.

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

For further information please contact

Peter Wright

Executive Director E . peter@greenwingresources.com

Melissa Tempra

Media and Investor Relations E . melissa@nwrcommunications.com.au

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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References

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

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

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

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

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

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

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

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

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.

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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Disclaimer

This document has been prepared by Greenwing Resources Ltd (the “Company”). It should not be considered as an invitation or offer to subscribe for or purchase any securities in the Company or as an inducement to make an invitation or offer with respect to those securities. No agreement to subscribe for securities in the Company will be entered into based on this document.

This document is provided on the basis that neither the Company nor its officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives, and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance, or completeness of the material contained in the document and nothing contained in the document is or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law.

Forward-Looking Statements

This announcement contains certain forward-looking statements within the meaning of the securities laws of applicable jurisdictions. Forward-looking statements can generally be identified using forward-looking words such as ‘may,’ ‘should,’ ‘expect,’ ‘anticipate,’ ‘estimate,’ ‘scheduled’ or ‘continue’ or the negative version of them or comparable terminology.

Any forecasts or other forward-looking statements contained in this announcement are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material.

Greenwing Resources 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.

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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, which was 30 m in this hole. • 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 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 thelithologies

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Criteria	JORC Code explanation	Commentary
		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 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. • SpecificYieldis akey parameter when

ASX:GW1 Greenwing Resources Ltd ABN 31 109 933 995

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Criteria	JORC Code explanation	Commentary
		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 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. Once the hole is completed, double packer samples will be taken in an upward progression leaving the hole, as a check on the initial single packer samples. • 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 the 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	• 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, certifiedlaboratory standards and blank

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Criteria	JORC Code explanation	Commentary
	precision have been established.	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) protocols. • Discuss any adjustment to assay data.	• 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. • 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 datais collected at 2cm intervals, providing

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Criteria	JORC Code explanation	Commentary
		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 introduced a sampling bias, this should be assessed and reported if material.	• 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, 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	• 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 companymaintains goodrelationshipswith the

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Criteria	JORC Code explanation	Commentary
	obtaining a licence to operate in the area.	local government and government agencies and communities as partofoperations.
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, and volcanic flows locally, 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 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	• 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 justifiednorundertaken.

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Criteria	JORC Code explanation	Commentary
	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.	• Lithium samples are by nature composites of brine over intervals of metres, due to the fluid nature of brine.
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 initial drill holes at Site and the geophysics, as well as an example geophysical sections.
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 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	• The company will undertake geophysical loggingof diamond drillholes to collectporosity

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Criteria	JORC Code explanation	Commentary
	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.	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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