GREENWING RESOURCES LTD — Investor Presentation 2017

Nov 6, 2017

Building an international industrial minerals business.

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CONFERENCE PRESENTATION NOVEMBER 2017

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Disclaimer & Cautionary Statements

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DISCLAIMER

This document has been prepared by Bass Metals Limited (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.

The document may contain forward-looking information and prospective financial material, which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties, and may differ materially from results ultimately achieved. All references to future production, production targets and resource targets and infrastructure access are subject to the completion of all necessary feasibility studies, permitting, construction, financing arrangements and infrastructure-related agreements. Where such a reference is made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources and Exploration Results, as well as the Competent Persons' statements. All persons should consider seeking appropriate professional advice in reviewing the document and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the document nor any information contained in the document or subsequently communicated to any person in connection with the document is, or should be taken as, constituting the giving of investment advice to any person.

FORWARD LOOKING STATEMENTS

This document may contain certain forward-looking statements. Such statements are only predictions, based on certain assumptions and involve known and unknown risks, uncertainties 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 representation, warranty or prediction with respect to the accuracy of the underlying assumptions or that any forward looking statements will be or are likely to be fulfilled. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this document (subject to securities exchange disclosure requirements). 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.

COMPETENT PERSON STATEMENT

The information in this report that relates to 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 mineralisation 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 report in the form and context in which it appears.

SUBSEQUENT PUBLIC REPORTING

The information 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 information or data that materially affects the information included in the original market announcement and all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue 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.

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Company Overview

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Bass Metals Ltd. (ASX:BSM) is an Australian stock exchange listed company producing natural flake graphite concentrates from its wholly-owned and operating Graphmada Graphite Mine located in eastern Madagascar.

The Company is expanding Graphmada production from 1,500 tonnes per annum (tpa) to 6,000 tpa (Stage 1), to provide a platform via the lowest capital intensity pathway to 20,000 tpa by 2019 (Stage 2).

Graphmada has excellent logistics to reach established graphite concentrate markets, with the mine being adjacent to the main National Highway and only 110 km to the country’s main export port at Toamasina.

Graphmada can consistently supply high quality concentrates for refractory and crucible applications due in large part to the exceptional flake sizes, a high resistance against oxidation and containing no carbonates or other fluxes of its concentrates.

In parallel, Bass is aggressively exploring permits to materially grow resource inventories, and continues to assess potential acquisitions that add value.

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Capital Market Summary

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CAPITAL STRUCTURE (ASX: BSM) (as at 31 October 2017)

Shares Outstanding 1,914 million

Options Outstanding 481 million[1]

Cash & Receivables A$5.1 million

3 MONTH SHARE PRICE CHART

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SHAREHOLDERS

Share Price (ASX) A$0.015 Market Capitalisation A$34 million

Executives and Directors ~8% Top 20 ~46%

1 Excludes excludes performance rights and unlisted options

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Board & Management

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Rick Anthon Non-Executive Chairman

Peter Wright Executive Director

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Jeffrey Marvin Non-Executive Director

Tim McManus Chief Executive Officer

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David Round Chief Financial Officer

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Mamison Randriananatenaina Corporate Affairs Manager

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Wilhelm Reitz General Manager

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Simon Rienstra Project Manager

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Graphmada Graphite Mine

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• 90% IN-SITU LARGE FLAKE REFLECTS THE PREMIUM QUALITY OF GRAPHMADA CONCENTRATES

• ✓ 40 year mining permits in place with 4 premium quality, large flake, graphite deposits.

• ✓ Mineralisation in weathered, easily minable rock that incurs low mining costs and preserves flake size.

• ✓ Established mine under refurbishment with recommissioning scheduled for late 2017.

• ✓ Excellent and straightforward logistics to reach established graphite concentrate markets.

• ✓ Optimising and expanding production to 6,000 tpa in 2017, through to >20,000 tpa in 2019.

• ✓ Current sales to customers in the USA and Europe.

• ✓ Our partners Posshel Erzkontor have the exclusive rights to European sales of 50% of Graphmada's 20182020 production.

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Mineral Resources & Potential

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• ✓ Graphmada Mine in total has 382 kt of contained graphite estimated in the Loharano and Mahefedok deposits.

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• ✓ Loharano Mineral Resource of 5.7 Mt @ 4.1% Total .

• Graphitic Carbon (TGC)[1]

• ✓ Recently completed a maiden drilling program of 2,300m at Mahefedok for a Mineral Resource estimate of 3.5 Mt @ 4.2% TGC[2] .

• ✓ Mahela and Ambatofafana deposits remain under explored with no drilling.

• ✓ Andapa discovery; three significant large flake graphite targets at surface up to 2.1 km in extent and grades at .

• surface up to 7.7% Fixed Carbon (FC)[3]

• ✓ Currently undertaking maiden drilling program at Andapa.

1 2 3

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Site Tour

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ALL INFRASTRUCTURE AND COMPONENTS IN PLACE FOR PRODUCTION

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ACCOMMODATION CAMP
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Sales & Logistics

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Graphmada has excellent logistics to reach established graphite concentrate markets, with the mine being adjacent to the main National Highway and only 110 km to the country’s main export port at Toamasina.

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m Stage 1 Optimization Progra

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Expanding and refurbishing processing

Estimating resources with confidence

Installing larger drying capacity

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Lowest Capital Intensity

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FEASIBILITY LEVEL PROJECTS UNDER CONSTRUCTION IN PRODUCTION BASS METALS LTD (STAGE 1 & 2)

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Refractory and Crucible Qualities

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Graphmada can consistently supply high quality concentrates for refractory and crucible applications due to the exceptional qualities of its concentrates:

Graphmada Product Sales Classification

• ✓ Exceptional flake size.

• ✓ A high resistance against oxidation.

• ✓ A low LOI at 420[0] C

• ✓ No carbonates such as calcite and dolomite, along with no other fluxes.

• ✓ A very low Sulphur (SO3) content, at 0.02 wt.%.

• ✓ Exhibiting favorable flake ash melting temperatures.

Graphmada concentrates exhibited the highest known flake size distribution of >180 micron flake size from an operating mine.

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FINE TO MEDIUM
~40%
LARGE TO
JUMBO ~60%
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Expandability

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Independent German laboratory, Dorfner Anzaplan tested a bulk sample obtained from 2016 sales stock which was produced pre-refurbishment of the Graphmada Mine.

Expandability tests across all flake sizes delivered excellent results, with the maximum expansion volume of 510 cm3/g achieved with extremely large flakes > 400 microns. These results exceed typical concentrates currently available.

Size Fraction
(micron)	800oC (cm3/g)	1000oC (cm3/g)
> 400	500	510
300 – 500	420	430
180 – 300	380	390
106 – 180	270	310
75 – 106	-	200
< 75	-	85

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Test results by size distribution.

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Suitable for Battery Applications

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Further test work by Dorfner Anzaplan also demonstrated Graphmada concentrates as highly suitable for lithium-ion battery applications with a very high purity of 99.99 wt.% carbon achieved. All analyzed parameters including bulk density, tap density and surface area (BET) are similar to typical spherical graphite products in the market and meet leading battery anode manufacturer specifications. Results confirm Graphmada concentrates as saleable across all market segments and supports Bass’ strategy to build an international industrial minerals business to mid-tier production levels.

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Community Engagement

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High Grade Lithium Project

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• ✓ Millie’s Reward, a hard-rock lithium project, located in Madagascar.

• ✓ Fieldwork has confirmed outcropping pegmatites with significant spodumene mineralization.

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• ✓ Exceptional grades of up to 7.08% Li2O and additional samples returning 6.93% & 6.91% Li2O.

• ✓ Samples of high purity Spodumene crystals (Kunzite) have also been found in the project area.

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ACCOMMODATION CAMP
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1 See ASX Announcement ‘Exceptional lithium assay results up to 7%’ released on the 29/5/17 .

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Summary

Operating, Optimising and Expanding Graphmada Mine production to 6,000 tpa (Stage 1) in 2017, through to >20,000 tpa (Stage 2) in 2019.

Establishing the Company as a mid-tier supplier of industrial mineral concentrates via a development pathway of lowest capital intensity.

Utilise the cash flow from Graphmada as a platform for growth, building an international industrial minerals business of significance. In parallel, aggressively explore permits to materially grow resource inventories, and assess potential acquisitions that add value.

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Upcoming Catalysts

Further off-take agreements for 2018-2020 production Commissioning of new Dryer and Packaging Plant Recommencement of Mining Operations Re-commissioning of the upgraded Process Plant Exploration and Drilling at Millie’s Reward Lithium Project Exploration and Drilling at Andapa Graphite Project

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Contacts Us

Bass Metals Ltd Tim McManus Chief Executive Officer Telephone: (07) 3203 5894 Email: admin@bassmetals.com.au Web: www.bassmetals.com.au

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AFRICA
MADAGASCAR
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Bass Metals Ltd Peter Wright Director Telephone: (07) 3212 9200 Email: peter@bassmetals.com.au Web: www.bassmetals.com.au

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 and has a population of ~24m. The Corporate Tax rate is a low 20% with a low 2% Mining Royalty.

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

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