GREENWING RESOURCES LTD — Investor Presentation 2016

Nov 28, 2016

==> picture [389 x 145] intentionally omitted <==

Opera&ng, op&mising and expanding the Graphmada large flake graphite mine in Madagascar

CEO Presenta,on Annual General Mee,ng November 2016

==> picture [482 x 495] intentionally omitted <==

Investment Thesis

==> picture [135 x 50] intentionally omitted <==

ONLY ASX LISTED GRAPHITE PRODUCER

One of only five publically listed graphite producers in the world and the only Australian ASX listed graphite producer.

40 YEAR LONG LIFE LOW COST OPERATIONS

40 year mining permits with four premium quality, large flake graphite deposits, with a large amount of capital spent establishing opera,ons (>A$16m).

PRODUCTION VOLUME GROWTH

Inves,ng capital to op,mise and expand produc,on from exis,ng opera,ons.

STRONG MARKET DEMAND

Strong baseline demand for large flake high grade graphite concentrates, with upside into new and growing markets.

OPTIMISATION OF CURRENT OPERATIONS

Targe,ng lower opera,ng costs and consistent produc,on with improved concentrate grades.

EXPANSION PLANS BEING IMPLEMENTED

Drilling to grow exis,ng resource inventories, with plans to install a second processing plant to make a step change in produc,on.

2

Execu,ve Summary

==> picture [135 x 50] intentionally omitted <==

Bass Metals Ltd. (ASX:BSM) is one of only five publicly listed graphite producers in the world. The company owns and operates the Graphmada large flake graphite mine, Bass’ flagship project, located in eastern Madagascar. Madagascar has been a recognized producer and exporter of graphite since 1907 and sets the world standard for product quality and flake size.

The Graphmada mine has 40 year mining permits in place, containing four premium quality, large flake, graphite deposits hosted in weathered graphi,c gneiss, a sog, easily minable rock that incurs low mining costs. With all associated mining infrastructure and logis,cs in place, the mine currently produces and sells a range of graphite concentrates into mul,ple market segments, to customers in India, the United States and Europe.

Genera,ng revenue through ongoing lowest quar,le cost produc,on, the mine is currently being op,mised by an experienced management team to 6000 tonnes per annum with improved final graphite concentrate grades and flake sizes, in order to grow cash margins.

Graphmada has significant poten,al for low capital intensity expansion. Bass plans to invest capital to expand produc,on to greater than 20,000 tonnes per annum of graphite concentrate sales by late 2018.

The Company has also made the strategic decision, in parallel with the op,misa,on at Graphmada, to ac,vely explore and develop deposits in the immediate proximity to the mine, with a view to materially expanding exis,ng resource inventories.

The Loharano deposit has provided the bulk of the feed to the Graphmada processing plant and has total JORC compliant Indicated and Inferred resources of 5.7Mt @ 4.1% Grade with a 2% cutoff. These resources are to a depth of only 6 meters, and mineralisa,on is known to go to depth with increasing grade, and is open in all direc,ons.

Bass has commenced drilling on its large flake graphite Mahefedok deposit in direct proximity of its current processing facili,es. At 6-7 ,mes the size of Loharano, the Company expects the 2,500 meters of shallow drilling over a strike of 1.8 km to deliver exci,ng news with the aim to materialize a maiden JORC resource for this deposit.

With the Company having a strong community engagement program and being well down the path in achieving its op,misa,on plans and growing its resource inventory, the team at Bass is confident of its plans for expansion and its future value crea,on for shareholders.

3

Capital Market Snapshot

==> picture [135 x 50] intentionally omitted <==

CAPITAL STRUCTURE (ASX: BSM) (as at 28[th] November 2016)

Shares outstanding	1,193 million
Op,ons Outstanding	344 million1
Cash & Receivables	A$4.9million2
Share Price (ASX)	A$0.017
Market Capitalisa,on	A$20 million
No Debt

SHARE PRICE CHART

==> picture [456 x 228] intentionally omitted <==

SHAREHOLDERS

SHAREHOLDERS
Execu,ves and Directors	7.5%
Stratmin Global Resources PLC	6.3%
Top 20	43%

1 Excludes unlisted op,ons – see Appendix 3B released to the ASX on the 1st of September 2016 for further detail. 2 Cash and Receivables includes A$1.05m from the sale of Lion Gold shares.

4

Board & Management

==> picture [135 x 50] intentionally omitted <==

Rick Anthon – Non-Execu,ve Chairman

30 years experience in both corporate and commercial law, is a director of a number of resource companies, and is currently Manager of Corporate and Legal at Orocobre Ltd, Australia's premier Lithium producer.

Jeffrey Marvin – Non-Execu,ve Director

• 20 years working with corporate management and investors to bring interna,onal mineral projects to public markets.

Peter Wright – Non-Execu,ve Director

Mr. Wright has 20 years advising on capital markets, investor rela,ons, acquisi,ons and divestments, par,cularly in minerals and metals markets. Mr. Wright is also currently Execu,ve Director of Bizzell Capital Partners, a Brisbane based corporate advisory and funds management firm.

Tim McManus

25 years’ as a mining professional with significant experience at senior management level across all facets of project assessment, development and opera,ons. Previous roles include CEO of ASX listed Elementos Ltd, Chief Geologist for Xstrata, and Partner – Barclays Natural Resource Investments: Metallurgical Coal Management Team.

David Round – Chief Financial Officer & Company Secretary

An accountant with extensive resource sector experience as CFO and Company Secretary to a number of resource development and mining companies.

5

Madagascar

==> picture [135 x 50] intentionally omitted <==

Madagascar has produced benchmark quality graphite for over 100 years due to a high propor,on of high purity, large flake, premium quality crystalline graphite, low opera,ng costs and well developed export infrastructure.

Madagascar is an island country in the Indian Ocean, off the coast of Southeast Africa, and has been a democracy since 1960. It is governed under a French legal system with Hery Rajaonarimampianina as President. It has a popula,on of approximately 24 million and an es,mated 2016 GDP of $9.2 billion USD. The Corporate Tax rate is a low 20% with a low 2% Mining Royalty. Its capital city is Antananarivo and its main export port is the port of Toamasina situated on the east coast.

==> picture [281 x 266] intentionally omitted <==

----- Start of picture text -----

AFRICA
MADAGASCAR
----- End of picture text -----

==> picture [626 x 272] intentionally omitted <==

Index of Economic Freedom, an annual guide published by The Wall Street Journal and The Heritage Founda,on.

6

Graphmada Overview

Graphmada is an opera,ng mine with four large flake premium quality graphite deposits within its permits:

• Loharano – recent mining

• Mahefedok - trial mining

• Mahela - to be developed

• Ambatofafana - to be developed

With shallow, low cost mining, and an established 6000tpa nameplate capacity processing plant.

With modern facili,es and infrastructure, including an on-site doctor and pharmacy, laboratory, housing and offices, water and communica,ons.

LOHARANO	TONNAGE	GRADE	CONTAINED
DEPOSIT*		(CUTOFF 2%)	GRAPHITE
Indicated	0.4 Mt	5.1 %	22 Kt
Inferred	5.3 Mt	4.0 %	213 Kt
Total Resources1	5.7 Mt	4.1 %	235 Kt

Table subject to rounding errors

*Loharano Deposit JORC Resources represent only the top 6 meters of mineralisa,on at Loharano.

==> picture [135 x 50] intentionally omitted <==

LOCATION

==> picture [359 x 332] intentionally omitted <==

1 These es,mates were prepared and first disclosed by Stratmin under the JORC Code 2004. The es,mates have not been updated to JORC Code 2012 on the basis that the informa,on has not materially changed since it was last reported. Reference is made to the Company's announcement of 2 September 2015 which provides further detail regarding this informa,on.

7

Produc,on Tour

==> picture [135 x 50] intentionally omitted <==

==> picture [334 x 188] intentionally omitted <==

==> picture [250 x 188] intentionally omitted <==

==> picture [283 x 188] intentionally omitted <==

==> picture [283 x 188] intentionally omitted <==

==> picture [251 x 188] intentionally omitted <==

==> picture [284 x 188] intentionally omitted <==

8

Logis,cs

==> picture [135 x 50] intentionally omitted <==

Exis,ng sales are provided in 1 tonne bags or 50 kg bags and placed into 20 tonne containers for shipment from the export port of Tamatave, located 110 km by sealed road from the Graphmada Mine.

==> picture [902 x 335] intentionally omitted <==

----- Start of picture text -----

USA
Europe
USA
India
India
Madagascar
Graphmada Mine
----- End of picture text -----

9

Recent Pricing

==> picture [135 x 50] intentionally omitted <==

==> picture [714 x 411] intentionally omitted <==

10

Near Term Price Growth

==> picture [135 x 50] intentionally omitted <==

==> picture [885 x 438] intentionally omitted <==

11

Sales

==> picture [135 x 50] intentionally omitted <==

Increasing sales revenues through produc,on volume growth of higher value concentrates; achieved through increasing throughput of higher margin ore and op,mising processing for higher grade and larger flake final concentrates.

==> picture [797 x 334] intentionally omitted <==

----- Start of picture text -----

CURRENT CONCENTRATE OPTIMISED CONCENTRATE
SALES SALES
USA
Graphmada Product
+50 <94% Sales Classifica,on +35 >94%
USA
(>300 micron) (85% to 94% LOI) India (>500 micron) (94% to 98% LOI)
India
+80 <94% +50 >94%
FINE TO
(>180 micron) (85% to 94% LOI) MEDIUM (>300 micron) (94% to 98% LOI)
~40% LARGE TO
JUMBO
-80 <94% +80 >94%
~60%
(<180 micron) (85% to 94% LOI) (>180 micron) (94% to 98% LOI)
<94% -80 >94%
Mixed
(85% to 94% LOI) (<180 micron) (94% to 98% LOI)
To Order To Order
----- End of picture text -----

12

Asset Strategy

==> picture [135 x 50] intentionally omitted <==

1,500 tpa 6,000 tpa 20,000 tpa AcquisiAon IntegraAon OpAmisaAon Expansion 2015 2016 2017 2018

First investment in Safety & training Graphmada shutdown September September 2015. 2016. 100% of Graphmada Graphmada Care acquired from Stratmin community Global Resources PLC engagement program on 22[nd] August 2016. commenced September 2016.

Commenced studies Drilling to grow to op,mise mining exis,ng resource and processing. inventories. Low capital Second processing improvements to be plant to expand implemented for opera,ons to >20kt consistent tonnes and capacity by 2018. concentrate grades by 2017.

13

Op,misa,on

==> picture [135 x 50] intentionally omitted <==

==> picture [857 x 64] intentionally omitted <==

----- Start of picture text -----

GRAPHMADA MINE OPTIMISATION TIMELINE
Aug’16 Oct’16 Nov’16 Dec’16 Mar’17 Apr’17 May’17 Jun’17
----- End of picture text -----

Acquisi,on & Integra,on Testwork & Engineering Studies Drying Plant Construc,on & Installa,on Processing Plant Refurbishment YTD Re-Commissioning & Ramp-up

14

Concentrate Op,misa,on Results

==> picture [135 x 50] intentionally omitted <==

LOHARANO DEPOSIT

MAHEFEDOK DEPOSIT

66% of the recovered concentrate from Mahefedok is high value large to super jumbo flake material, with an average grade of >96%.

Op,misa,on results demonstrate proposed low capital intensity flowsheet will be highly effec,ve.

High grade, large to super jumbo flake graphite trades at significant market premiums.

Mahefedok Final Concentrate Results

48% of the recovered concentrate from Mahefedok is high value large to super jumbo flake material, with an average grade of >96%.

Test results confirm significant upside at the 1.8km long Mahefedok deposit.

Loharano Final Concentrate Results

Mahefedok is currently the target of a 2,500 m drilling program.

15

Capital Ini,a,ves

==> picture [424 x 247] intentionally omitted <==

Recently purchased two 800kva caterpillar generators to improve processing availability by >30%pa.

==> picture [135 x 50] intentionally omitted <==

Construc,on of new workshop facili,es, a key element of prepara,on for the processing plant refurbishment, is on ,me and on budget.

==> picture [425 x 245] intentionally omitted <==

16

Performance & Forecast

Graphite concentrate produc,on is on track to meet nameplate produc,on run rate in 2017.

Main benefits expected of op,misa,on program:

• A con,nuous improvement and safe working culture.

• Higher margin mining.

• Increase in processing plant availability & u,lisa,on.

• Improvements in recovery and concentrate grade.

• Improved product handling, minimising losses

• Stable local workforce, with community support.

==> picture [135 x 50] intentionally omitted <==

SEEKING IDENTIFIABLE IMPROVEMENTS

==> picture [237 x 134] intentionally omitted <==

----- Start of picture text -----

70 %
Loharano ore grade increase
ager Re-Grind Mill 1
65 %
60 %
----- End of picture text -----

55 ~~%~~ August September MEASURE GUIDANCE Historic Recovery & Grade (Avg.) 47% @ ~90%[1 ] Current Recovery & Grade (Avg.) 59% @ ~92%[1 ] Forecast Recovery & Grade (Avg.) >75% @ >94%[1 ]

1 Loss On Igni,on basis (LOI).

17

Expansion

==> picture [135 x 50] intentionally omitted <==

==> picture [857 x 63] intentionally omitted <==

----- Start of picture text -----

GRAPHMADA MINE EXPANSION TIMELINE
Oct’16 Mar’17 Aug’17 Oct’17 Dec’17 Jul’18 Aug’18 Dec’18
----- End of picture text -----

Drilling & Resource Es,ma,on Engineering and Economic Studies Financing Project Execu,on YTD Commissioning & Ramp-up

18

Community Engagement

==> picture [135 x 50] intentionally omitted <==

==> picture [275 x 183] intentionally omitted <==

Bass Metals runs a Corporate Social Responsibility (CSR) program called Graphmada Care.

The program is based on the commitment by the Company to develop its business through strong local partnerships built on five pillars:

==> picture [347 x 197] intentionally omitted <==

==> picture [259 x 190] intentionally omitted <==

EDUCATION HEALTH PRODUCTION TRANSPARENCY YTD

EMPOWERMENT

19

Share Price Catalyst's

MAHEFEDOK DRILLING PROGRAM IN PROGRESS

==> picture [305 x 373] intentionally omitted <==

==> picture [135 x 50] intentionally omitted <==

Increase in processing plant availability & u,lisa,on

Improvements in recovery and concentrate grade Successful ramp up to nameplate capacity on exis,ng plant Drilling and growth of resource inventories Comple,on of the engineering and economic studies Installa,on of addi,onal processing capacity (second plant) Increased revenues from improvements and expanded produc,on

20

Summary

ONLY ASX LISTED GRAPHITE PRODUCER

40 YEAR LONG LIFE LOW COST OPERATIONS

PRODUCTION VOLUME GROWTH

STRONG MARKET DEMAND OPTIMISATION OF CURRENT OPERATIONS EXPANSION PLANS BEING IMPLEMENTED

==> picture [135 x 50] intentionally omitted <==

==> picture [468 x 419] intentionally omitted <==

21

Disclaimer & Cau,onary Statements

==> picture [135 x 50] intentionally omitted <==

Disclaimer

This document has been prepared by Bass Metals Limited (the “Company”). It should not be considered as an invita,on or offer to subscribe for or purchase any securi,es in the Company or as an inducement to make an invita,on or offer with respect to those securi,es. No agreement to subscribe for securi,es 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, representa,ves and advisers make any representa,on 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, representa,on or warranty, whether as to the past or the future. The Company hereby excludes all warran,es that can be excluded by law.

The document may contain forward-looking informa,on and prospec,ve financial material, which is predic,ve in nature and may be affected by inaccurate assump,ons or by known or unknown risks and uncertain,es, and may differ materially from results ul,mately achieved. All references to future produc,on, produc,on targets and resource targets and infrastructure access are subject to the comple,on of all necessary feasibility studies, permizng, construc,on, financing arrangements and infrastructure-related agreements. Where such a reference is made, it should be read subject to this paragraph and in conjunc,on with further informa,on about the Mineral Resources and Explora,on Results, as well as the Competent Persons' statements. All persons should consider seeking appropriate professional advice in reviewing the document and all other informa,on with respect to the Company and evalua,ng the business, financial performance and opera,ons of the Company. Neither the provision of the document nor any informa,on contained in the document or subsequently communicated to any person in connec,on with the document is, or should be taken as, cons,tu,ng the giving of investment advice to any person.

Forward Looking Statements

This document may contain certain forward-looking statements. Such statements are only predic,ons, based on certain assump,ons and involve known and unknown risks, uncertain,es and other factors, many of which are beyond the Company’s control. Actual events or results may differ materially from the events or results expected or implied in any forward-looking statement. The inclusion of such statements should not be regarded as a representa,on, warranty or predic,on with respect to the accuracy of the underlying assump,ons or that any forward looking statements will be or are likely to be fulfilled. The Company undertakes no obliga,on to update any forward-looking statement to reflect events or circumstances ager the date of this document (subject to securi,es exchange disclosure requirements). The informa,on in this document does not take into account the objec,ves, financial situa,on or par,cular needs of any person. Nothing contained in this document cons,tutes investment, legal, tax or other advice.

Competent Person Statement

The informa,on in this report that relates to Mineral Resources is based on informa,on compiled by Tim McManus, a Competent Person who is a member of the Australasian Ins,tute of Mining and Metallurgy and a full-,me employee of the Company.

Tim McManus has sufficient experience that is relevant to the style of mineralisa,on and type of deposit under considera,on and to the ac,vity being undertaken to qualify as a Competent Person as defined in the 2012 Edi,on of the Australasian Code for Repor,ng of Explora,on Results, Mineral Resources and Ore Reserves.

Tim McManus consents to the inclusion of the informa,on in this report in the form and context in which it appears.

Subsequent Public Repor,ng

The informa,on for the JORC Mineral Resource Summary is extracted from the ASX Announcement “Strategic investment in producing graphite asset” released 2 September 2015, which is available to view on www.asx.com.au. Bass Metals Ltd. confirms that it is not aware of any new informa,on or data that materially affects the informa,on included in the original market announcement and all material assump,ons and technical parameters underpinning the es,mates in the relevant market announcement con,nue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

22

==> picture [135 x 50] intentionally omitted <==

23