GREENWING RESOURCES LTD — Interim / Quarterly Report 2021

Jul 29, 2021

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QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 30 JUNE 2021

30 July 2021

Greenwing Resources Ltd (formerly Bass Metals Ltd) (the Company or Greenwing) (ASX:GW1) has broadened its strategy to position itself as a diversified producer and developer of critical mineral concentrates to capitalize on the compelling market fundamentals for graphite, lithium and advanced materials.

Greenwing is progressing a three tiered and complimentary strategy in the sectors of:

Graphite : Continuing to develop the Graphmada Mining Complex to large scale production inclusive of growing its Mineral Resource and capitalizing on significant progress made to date, which includes an unblemished sales record across all concentrate classes of Graphite.

Advanced Materials : Developing specialty carbon and advanced material products from Greenwing’ high quality natural flake concentrates.

Lithium : Capitalizing on the Company’s extensive lithium experience to build and develop a portfolio of lithium assets.

Greenwing has made substantial progress over the quarter in putting the foundations of this strategy in place, positioning Greenwing for significant progress over the coming quarters.

HIGHLIGHTS

• Greenwing continues its exploration and development activities at the Graphmada Mining Complex (Graphmada), announcing during the quarter further encouraging results of up to 11.5m @ 9.6% Fixed Carbon (FC).

• Greenwing completed due diligence and has progressed with its acquisition of the San Jorge Lithium Brine Project located in Catamarca, Argentina, and within the worldrenowned Lithium Triangle which accounts for over half of the world’s annual lithium production.

• Greenwing signed a Master Research and Development Agreement with Swinburne University to develop advanced materials using both Expandable Graphite and Graphene from Greenwing’s premium concentrates.

Greenwing Resources Ltd ABN 31 109 933 995 Phone: +61 (0) 7 3063 3233 | Level 21, 110 Mary Street Brisbane Qld 4000 www.greenwingresources.com

Graphite Exploration and Development

Graphmada Mining Complex, Madagascar

The Company continues to drill low cost, shallow auger holes within a broader 4.5km nearmine mineralization trend, announcing during the quarter encouraging results that further delineated this trend as a significant near-mine discovery[1,2] . Key intercepts included:

• 11.5m @ 7.2% FC (incl. 3.5m @ 11.4% FC)

• 11.5m @ 7.7% FC (incl. 3.5m @ 10.7% FC)

• 11.5m @ 4.6% FC (incl. 4.5m @ 8.0% FC)

• 11.5m @ 5.0% FC (incl. 7.5m @ 7.3% FC)

• 11.5m @ 9.6% FC (incl. 4.5m @ 14.8% FC)

• 11.5m @ 5.9% FC (incl. 4.0m @ 9.8% FC)

• 10.5m @ 5.6% FC (incl. 8.0m @ 6.8% FC)

• 11.5m @ 4.4% FC (incl. 3.0m @ 7.0% FC)

During the previous quarter the Company announced an updated Mineral Resources Statement for Graphmada, quadrupling the original Mineral Resource of 5.7 Mt at Graphmada to over 20 Mt based on four low cost, shallow drill programs.

Table 1: 2021 Mineral Resources for Graphmada[3] (figures subject to rounding).

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

This latest Mineral Resource delivers Greenwing additional tonnes to an ore body already commercially proven to produce on-specification concentrates across all concentrate classes. Greenwing remains committed to its aim of establishing a large Mineral Resource at Graphmada to facilitate progress of large-scale mining and processing studies currently being undertaken. Greenwing continues to be encouraged by both current prices for Graphite Concentrates and the long-term forecasts for Graphite Concentrate pricing.

1 ASX announcement released 5 May 2021: Exploration Update.

2 ASX announcement released 7 July 2021: Exploration Update.

3 ASX announcement released 16 March 2021: Increase in Graphite Mineral Resource.

Greenwing Resources Ltd ABN 31 109 933 995 Phone: +61 (0) 7 3063 3233 | Level 21, 110 Mary Street Brisbane Qld 4000 www.greenwingresources.com

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Plan view of the Graphmada Mineral Resource 2021.

For further information please refer to the Company’s ASX announcement released 16 March 2021: Increase in Graphite Mineral Resource.

Greenwing Resources Ltd ABN 31 109 933 995 Phone: +61 (0) 7 3063 3233 | Level 21, 110 Mary Street Brisbane Qld 4000 www.greenwingresources.com

Lithium Exploration and Development

San Jorge Lithium Brine Project, Argentina

On 26 March 2021, announced that it had signed a binding term sheet to acquire Andes Litio SA (formerly Blackearth SA)[4] (a company incorporated in Argentina) which holds an option to acquire the San Jorge Lithium Project, subject to a number of conditions. Subsequent to quarter-end the Company announced that it had reached agreement to proceed with the acquisition.

The San Jorge Lithium project is located in Catamarca province, Argentina, in the worldrenowned Lithium Triangle. The Lithium Triangle is a prolific location accounting for over half of the world’s annual lithium production.

The San Jorge project consists of 15 granted Exploration Licenses (EL’s) covering some 36,000 hectares inclusive of the San Francisco Salar with a well-developed evaporite surface in the far north and northwest of the salar.

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Location of the San Jorge Project

Greenwing is progressing with its plans to commence an exploration program planned for San Jorge project over the course of 2021 and 2022.

4 ASX announcement released 26 March 2021: Proposed acquisition of San Jorge lithium project.

Greenwing Resources Ltd ABN 31 109 933 995 Phone: +61 (0) 7 3063 3233 | Level 21, 110 Mary Street Brisbane Qld 4000 www.greenwingresources.com

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The San Francisco Salar

For further information and transaction terms please refer to the Company’s ASX announcement released 13 July 2021: Bass to proceed with San Jorge lithium acquisition.

Millie’s Reward, Madagascar

During the quarter the Company continued to plan its exploration activities for the Millie’s Reward lithium-in-spodumene project, with the aim to recommence field activities in FY22.

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The Tsarafara Prospect – one of 8 outcropping pegmatite targets within the Project area.

For further information on the Millie’s Reward Project please refer to the Company’s ASX announcement released 7 May 2018: Bass's Lithium Project - Investors site visit[5] .

5 ASX announcement released 7 May 2018: Bass' Lithium Project - Investors site visit.

Greenwing Resources Ltd ABN 31 109 933 995 Phone: +61 (0) 7 3063 3233 | Level 21, 110 Mary Street Brisbane Qld 4000 www.greenwingresources.com

Specialty Carbons and Advanced Materials

Greenwing is positioning itself to be a participant in the emerging advanced materials and critical mineral technology sectors, having proven it can produce and sell premium graphite concentrates to specification from its operations in Madagascar.

Swinburne Partnership

During the quarter, Greenwing and Swinburne University signed a Master Research and Development Agreement[6] to develop advanced materials using both Expandable Graphite and Graphene from Greenwing’ premium concentrates.

The key objective of the first collaboration is to create a patentable, environmentally friendly, advanced fireproof paneling product from purified Expandable Graphite and Graphene, with a focus on mechanical strength and fire retardation.

Greenwing is aiming to develop a method to produce Specialty Carbon Composites for the innovative manufacture of fireproof paneling and associated products. The dominant purpose of which is to assume a significant share of the global fire-retardant market through providing a substitute to Aluminum Composite Panels.

For further information please refer to the Company’s ASX announcement released 7 April 2021: Agreement to Develop Specialty Carbon Composite Technology.

Corporate

Director Appointment

During the quarter the Company announced the appointment of Mr James Brown as a NonExecutive Director of the Company. James is a Mining Engineer with extensive operational and development experience in the mining industry, including 22 years at New Hope Corporation, followed by 12 years at Altura Mining Limited where he has acted as Managing Director from 2010.

Tasmanian Assets

The Company continues its care and maintenance activities for its Que River tenements (CML68M/1984).

Issue of Shares

The Company advised during the quarter that it elected to settle the interest payable for the 6 months to 31 March 2021 on its Unlisted Convertible Notes in the form of ordinary shares as permitted pursuant to the recent amendments to the Convertible Notes Terms of Issue which became effective on 15 March 2021.

The Company allotted 59.16 million ordinary shares at an issue price of $0.0088 per share to holders of convertible notes on issue as at 31 March 2021 (all on a pre-consolidation basis). The issue price was the 30 day VWAP to 31 March 2021.

6 ASX announcement released 7 April 2021: Agreement to Develop Specialty Carbon Composite Technology.

Greenwing Resources Ltd ABN 31 109 933 995 Phone: +61 (0) 7 3063 3233 | Level 21, 110 Mary Street Brisbane Qld 4000 www.greenwingresources.com

General Meeting

Subsequent to the end of the quarter, the Company held a General Meeting on 15 July 2021 at which all resolutions put to the meeting were passed. The resolutions included:

• a consolidation of shares capital on a 50 into 1 basis

• a change the Company’s name from Bass Metals Ltd to Greenwing Resources Ltd.

• approval to issue the first tranche of shares for the acquisition of Andes Litio (the San Jorge Lithium Project)

• the election of a non-executive director – James Brown

• approval for the issue of shares and options to directors

• ratification of previous issues of securities.

The share consolidation and name change have now been effected. The ASX code has also changed to GW1.

ASX listing rule 5.3 disclosures

For the quarter ended 30 June 2021, the Company had net cash outflows of $228k in capitalized exploration and evaluation activities. The total amount paid to directors of the entity and their associates in the period (item 6.1 of the Appendix 5B) was $48k for directors’ fees, with a further amount of $38k accrued for the quarter.

Tenement & Permit Holding

The Company’s interests in mining and exploration tenements and permits are as follows:

The Company’s interests in mining and exploration tenements and permits are as follows:	The Company’s interests in mining and exploration tenements and permits are as follows:
COUNTRY REGION TENEMENT / PERMITS INTEREST
AUSTRALIA	Tasmania CML 68M/1984 Que River Mine Lease 100%
MADAGASCAR	Antsinanana PE 25600 Loharano (East) 100%
MADAGASCAR	Antsinanana PE 26670 Mahefedok 100%
MADAGASCAR	Antsinanana PE 24730 Andapa 100%
MADAGASCAR	Antsirabe PRE 4383 100%
MADAGASCAR	Antsirabe PRE 11545 100%
MADAGASCAR	Antsirabe PRE 39808 Mineral Rights

Notes - Intec Limited holds a 2.5% NSR Royalty over all Product from Greenwing’s interests in CML68M/1984.

For more information, please contact:

Tim McManus Chief Executive Officer

Peter Wright Executive Director

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

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

Greenwing Resources Ltd ABN 31 109 933 995 Phone: +61 (0) 7 3063 3233 | Level 21, 110 Mary Street Brisbane Qld 4000 www.greenwingresources.com

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 on the basis of this document.

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

Forward Looking Statements

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

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

The Company 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 actually occur and you are cautioned not to place undue reliance on forward-looking statements. The information in this document does not take into account the objectives, financial situation or particular needs of any person. Nothing contained in this document constitutes investment, legal, tax or other advice.

Important information

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to in this document have not been and will not be registered under the United States Securities Act of 1933 (the ‘US Securities Act’), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the US Securities Act or an exemption from the registration requirements of the US Securities Act is available.

This document may not be distributed or released in the United States.

Competent Person Statement

The information in this document that relates to Exploration Results, Exploration Targets and Mineral Resources is based on information compiled by Tim McManus, a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy and a full-time employee of the Company.

Tim McManus has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Tim McManus consents to the inclusion of the information in this document in the form and context in which it appears.

Greenwing Resources Ltd ABN 31 109 933 995 Phone: +61 (0) 7 3063 3233 | Level 21, 110 Mary Street Brisbane Qld 4000 www.greenwingresources.com