GREENWING RESOURCES LTD — Interim / Quarterly Report 2022

Jan 30, 2022

31 January 2022

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ASX Announcement

Quarterly Activities Report – December 2021 Quarter

Greenwing Resources Ltd (‘Greenwing’ or the ‘Company’) (ASX:GW1) is positioning itself to capitalise on the robust market fundamentals for graphite, lithium, and advanced materials. In progressing this strategy, the Company is pleased to report its activities for the quarter ended 31 December 2021.

HIGHLIGHTS

San Jorge Lithium Brine Project, Argentina

• Completed initial exploration program at the San Jorge Lithium Brine Project located in the prolific Lithium Triangle in Argentina.

• 34 brine samples taken from surface

• Brine samples returned up to 285 mg/L lithium

• Passive seismic geophysical survey suggests basin depth of up to 600m (+/- 200m)

Graphmada Mining Complex and Advanced Materials

• Further significant progress at the Graphmada Mining Complex, Madagascar.

• Completion of a 180 auger hole program at the Ambatofafana and Mahela Zones, which drilled 2,042m to an average depth of 12m from surface

• Significant intercepts of graphite mineralization in the Mahela Zone of up to 11m at 4.8% Fixed Carbon (FC)

• Newly discovered zone at South Mahela recorded intercepts of graphite mineralization of up to 11.0m at 4.5% FC

• Increase of the Ambatofafana Zone Mineral Resource by 1.8MT at 4.5% FC to 22Mt at 4.0% FC

• Commencement of a 3,000m diamond drilling program at the Mahela and Ambatofafana Zones

• Commencement of an auger program at the Mahefadok Zone with 122 auger holes (1,235m) undertaken to an average depth of 10m from surface.

• Production of environmentally friendly high-quality graphene from Graphmada graphite concentrate setting an outstanding platform for further research and the development of advanced materials.

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

Corporate

• Craig Lennon appointed as CEO.

• Strong cash position $4.1 million.

• Annual General Meeting completed with all resolutions successfully passed, including additional share placement.

LITHIUM

San Jorge, Argentina

The San Jorge Lithium Brine Project is situated in the prolific Lithium Triangle, which accounts for over half of the world’s annual lithium production. The project consists of 15 granted Exploration Licenses (EL’s) covering 38,000 hectares inclusive of the San Francisco Salar which covers 2,800 hectares.

As previously announced to ASX (2 December 2021), a total of 34 brine samples were taken during the quarter on ~1km square grid. The brine sampling has confirmed the northern area of the salar hosts brackish water and is the lowest concentration area of the salt lake. Inflow of brackish water is also noted around the edges of the salar from runoff and from hot springs noted on the western side of the salar. In the centre of the salar, the lithium concentration from initial samples reached a maximum of 285 mg/l, within a zone of predominantly 104-150 mg/l lithium concentration. Lithium concentrations of up to 285 mg/l are a positive indicator of the salar potential. More consistent and possibly higher concentrations of brine may exist at depth, which can be confirmed with drilling below the depth of these initial pit and auger samples.

A Tromino passive seismic survey was also conducted during the quarter, providing valuable information regarding the potential thickness of the salt lake sediments. The survey technique allows the definition of units with different density/consolidation and a contrast in seismic properties. It is effective for mapping the contact of salt lake sediments with the underlying basement rocks. In the south of the project clear high confidence reflectors were identified, which suggest the salt lake sequence is in the order of 300m to 600m (+/- 200m) thick.

Planning of further field work, including drilling, is underway.

For further information regarding the San Jorge Lithium Brine Project and transaction terms, please refer to the Company’s announcement dated 3 September 2021: Execution of San Jorge Project Acquisition Agreement.

Millie’s Reward, Madagascar

As previously announced, the Millie’s Reward project has an outstanding surface signature with several rock chip samples returning up to 6.9% Li2O and a 31 metre intersection at 3.72% Li2O. The Company continues its planning activities for further progression of the project.

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Location of the San Jorge Project.

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GRAPHITE

Graphmada Graphite Mining Complex, Madagascar

Exploration Results

During the quarter, the 180 hole (2,042m) auger program at Ambatofafana Zone was completed. The program materially extended the known strike of the Graphmada Mineral Resource to the southern end of the mining leases.

Further information in relation to the exploration results are included in the announcements dated 3 November 2021. Some of the key intercepts previously reported include:

Collar ID	X	Y	Azimuth	Incl.	Total	Weighted Average %FC
					Depth
BSMA690	288,999	7,900,940	0	-90	12.0	10.0m @ 6.4% FC (incl. 3.0m @ 9.6% FC)
BSMA731	289,010	7,900,851	0	-90	12.0	10.5m @ 3.9% FC (incl. 6.0m @ 5.8% FC)
BSMA689	288,980	7,900,940	0	-90	12.0	11.0m @ 2.1% FC (incl. 7.0m @ 3.2% FC)
BSMA659	288,951	7,901,440	0	-90	12.0	11.0m @ 3.2% FC (incl. 5.0m @ 6.8% FC)
BSMA661	288,969	7,901,440	0	-90	12.0	11.0m @ 6.9% FC (incl. 4.0m @ 12.3% FC)

Mineral Resource Upgrade

The Ambatofafana Zone auger program increased the total Mineral Resource for Graphmada to 22 million tonnes (Mt) at 4.0% Fixed Carbon (FC), an increase of 1.8 Mt at 4.5% FC or 9% of the previous total Mineral Resource (estimated in accordance with the JORC Code (2012)). The Mineral Resources are outlined in Table 1 below.

The mineralisation contains large flake graphite mineralised within both the weathered profile (regolith) and underlying crystalline graphitic gneisses (hard rock), broadly coinciding with regional graphite mineralisation trends.

TABLE 1: MINERAL RESOURCES FOR THE GRAPHMADA MINING COMPLEX

	Tonnes	TGC	Contained Graphite
Measured	2.9 Mt	4.2%	121 Kt
Indicated	3.3 Mt	4.3%	143 Kt
Inferred	15.8 Mt	4.0%	625 Kt
Total	22.0 Mt	4.0%	890 Kt

Please refer to the Company’s announcement dated 19 November 2021 for further information.

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Greenwing Resources Ltd

Ongoing Exploration Program

During the quarter, the Company commenced a 3,000-metre diamond drilling program at Graphmada. The program is focusing on two key areas of interest: the Mahela and Ambatofafana zones.

At the Mahela Zone, the primary aim is to provide an upgrade in confidence of the Mineral Resource, converting Inferred to Indicated and Measured. Secondary is the addition of tonnes to the overall Mineral Resource, with recent augering extending the zone to the east and in width to approximately 450m.

At the Ambatofafana Zone, the primary aim is to estimate additional Mineral Resource tonnes for Graphmada following the successful augering program noted above which resulted in an increase in the Mineral Resource.

During the quarter, 28 diamond drill holes were completed for a total of 856m drilled to an average depth of 30.5m without incident. Approximately ~500m of diamond drilling is estimated to complete this drill program at the Mahela Zone before moving the rig to the Ambatofafana Zone. Drilling has re-commenced in January 2022, noting that the region has experienced some challenging weather conditions as expected this time of year. The results from this exploration program will be released in due course.

In addition, Greenwing is continuing its augering program, completing 122 auger holes (1,235m) at an average depth of 10 metres in the Mahefadok zone during the quarter. This program is ongoing, and the Company expects to report results from this program in the March quarter.

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Graphmada Mining Complex.

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ADVANCED MATERIALS

The key objective of Greenwing and Swinburne University’s Master Research and Development Agreement is to create a patentable, environmentally friendly, advanced fireproof paneling product from purified Expandable Graphite and Graphene from Graphmada’s Graphite Mining Complex with a focus on mechanical strength and fire retardation.

During the quarter the first key milestone was achieved – the environmentally friendly production of high-quality graphene from Greenwing’s 100% owned Graphmada graphite concentrates.

Graphmada graphite concentrates were combined with a non-toxic organic solvent, prior to liquid phase exfoliation occurring, to produce a supernatant (liquid). The resultant liquid was pipetted out and the concentration measured by UV-Vis Spectroscopy. Finally, a thin film was then prepared by vacuum filtration of the liquid, in order to undertake graphene characterization. Research into the characterisation of the Graphmada large-flake graphite concentrates (P5094) have demonstrated excellent qualities of low impurities, low defects and low oxidation. Exfoliation of these high-quality large-flake graphite concentrates has also produced environmentally friendly graphene with excellent qualities demonstrated by the superior 2D peaks recorded.

For further information please refer to the Company’s announcement and presentation released on 22 December 2021.

CORPORATE

Equity Raising

During the quarter, the Company completed the second tranche of a $6.15 million equity raising by way of a placement of ordinary shares at an issue price of $0.24 per share to professional and sophisticated investors, with $4.63 million received during the previous quarter and $1.52 million received during the current quarter.

Appointment of CEO

Greenwing appointed Mr Craig Lennon at Chief Executive Officer in November 2021.

Mr Lennon is a highly experienced Brisbane based mining executive having worked with operating production assets in developing countries, and with experience in exploration, development, corporate finance, joint ventures and mergers and acquisitions. Mr Lennon spent 18 years in various roles with Highlands Pacific Ltd including CFO and CEO. Highlands owned an interest in the world class Ramu Nickel Cobalt mine along with the Freida River Copper Gold Porphyry deposit in Papua New Guinea. In 2018 Highlands Pacific was acquired by TSX listed Cobalt 27 Capital Corp., a leading battery metals investment company that subsequently merged into a newly formed TSX listed entity Nickel 28 Capital Corp. Mr Lennon continues to act as an advisor to Nickel 28. He also advises Pure Battery Technologies, a Brisbane based nickel and cobalt refiner, and is a non-executive director of AMD Resources Limited a precious metals-focused resource developer.

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Greenwing Resources Ltd

Annual General Meeting

The Company held its Annual General Meeting on 12 November 2021 at which all resolutions put to the meeting were passed. The resolutions included:

• adoption of Remuneration Report;

• re-election of Peter Wright and Jeffrey Marvin as directors;

• ratification of the placement share issue;

• approval for the issue of further placement shares; and

• approval for the directors to subscribe for shares as part of the placement on the same terms as other investors.

Tasmanian Assets

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

ASX listing rule 5.3 disclosures

For the quarter ended 31 December 2021, the Company had net cash outflows of $658k in capitalised exploration and evaluation activities and $63k in research and development activities. The total amount paid to directors of the entity and their associates in the period (item 6.1 of the Appendix 5B) was $158k for directors’ fees, with a further amount of $59k accrued for the current quarter.

For more information, please contact info@greenwingresources.com

Rick Anthon Craig Lennon Chairman CEO

This announcement has been approved by the Company’s Board of Directors for release.

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Greenwing Resources Ltd

Tenement & Permit Holding

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

he Company’s interests in mining and exploration tenements and permits are as follows:	he 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%1
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
Argentina	Catamarca File No. 49/2017 – Gruta San Francisco Option2
Argentina	Catamarca File No. 22/2020 – Safra Lik Option2
Argentina	Catamarca File No. 23/2020 – Safra 1 Lik Option2
Argentina	Catamarca File No. 68/2017 – San Jorge Este 1 Option2
Argentina	Catamarca File No. 54/2017 – San Jorge Este 2 Option2
Argentina	Catamarca File No. 59/2017 – San Jorge Este 3 Option2
Argentina	Catamarca File No. 55/2017 – San Jorge Norte 1 Option2
Argentina	Catamarca File No. 53/2017 – San Jorge Norte 2 Option2
Argentina	Catamarca File No. 52/2017 – San Jorge Oeste 1 Option2
Argentina	Catamarca File No. 50/2017 – San Jorge Oeste 2 Option2
Argentina	Catamarca File No. 56/2017 – San Jorge Oeste 3 Option2
Argentina	Catamarca File No. 57/2017 – San Jorge Oeste 4 Option2
Argentina	Catamarca File No. 58/2017 – San Jorge Sur 1 Option2
Argentina	Catamarca File No. 67/2017 – San Jorge Norte 4 Option2
Argentina	Catamarca File No. 51/2017 – San Jorge Norte 3 Option2

Notes:

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

2. Greenwing has the option to acquire up to 100% of each of these permits – refer to ASX announcements dated 26 March 2021 and 3 September 2021.

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

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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 Persons Statement

The information in this document that relates to Exploration Results, Exploration Targets and Mineral Resources in relation to the Madagascan and Australian Projects 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.

Mr 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.

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

The information in this document that relates to Exploration Results in relation to the Argentinean Project 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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Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity GREENWING RESOURCES LTD ABN Quarter ended (“current quarter”) 31 109 933 995 31 DECEMBER 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (if expensed) (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other 1.9 Net cash from / (used in) operating activities	55 (63) - - (162) (482) - - (2) 50	111 (63) - - (226) (663) - - (2) 56
	(604)	(787)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (if capitalised) (e) investments (f) other non-current assets	(260) - - (721) - -	(260) - - (944) - -

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	(981)	(1,204)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings (leases) 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	1,385 - - (131) - - - - -	6,014 - - (523) - (4) - - -
	1,254	5,487
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	4,419 (604) (981) 1,254	609 (787) (1,204) 5,487

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	(2)	(19)
	4,086	4,086
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	4,086 - - -	4,419 - - -
	4,086	4,419
6. Payments to related parties of the entity and their associates 6.1 Aggregate amount of payments to related parties and their associates included in item 1 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must and an explanation for, such payments
		Current quarter $A'000
		158
		-
		include a description of,

Payment of directors’ fees relating to prior and current quarters, with a further $59k outstanding relating to the current quarter.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	-	-
	-	-
	-	-
	-	-

8. Estimated cash available for future operating activities	$A’000
8.1 Net cash from / (used in) operating activities (Item 1.9) 8.2 Capitalised exploration & evaluation (Item 2.1(d)) 8.3 Total relevant outgoings (Item 8.1 + Item 8.2) 8.4 Cash and cash equivalents at quarter end (Item 4.6) 8.5 Unused finance facilities available at quarter end (Item 7.5) 8.6 Total available funding (Item 8.4 + Item 8.5) 8.7 Estimated quarters of funding available (Item 8.6 divided by Item 8.3)	(604) (721) (1,325) 4,086 - 4,086
	3.1

• 8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions:

• Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer:

1. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer:

1. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer:

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 31 January 2022

Authorised by: the Board of Directors

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms.

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