GREENWING RESOURCES LTD — Investor Presentation 2017

Aug 29, 2017

Building an international industrial minerals business.

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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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Capital Market Summary

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CAPITAL STRUCTURE (ASX: BSM) (as at 24 August 2017)

Shares Outstanding 1,368 million Options Outstanding 471 million[1] Cash & Receivables A$1.1 million Share Price (ASX) A$0.014 Market Capitalisation A$19 million

SHARE PRICE CHART

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SHAREHOLDERS

Executives and Directors ~8% Top 20 ~46%

1 Excludes 126,394,220 unlisted options – see Appendix 3B released to the ASX on the 1st of September 2016 for further detail.

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Board of Directors

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Rick Anthon – Non-Executive Chairman

Mr. Anthon is a practicing lawyer with over 30 years' experience in both corporate and commercial law. Mr. Anthon also has extensive experience in the resource sector, as a director of a number of resource companies and as legal adviser, including project acquisition and development, capital raising and corporate governance. Mr. Anthon is currently General Counsel and Joint Company Secretary at Orocobre Ltd, Australia's premier Lithium producer.

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Peter Wright – Non-Executive Director

Mr. Wright has 20 years experience advising on capital markets, investor relations, acquisitions and divestments, particularly in industrial minerals and metals markets. Mr. Wright is also currently Executive Director of Bizzell Capital Partners, a Brisbane based corporate advisory and funds management firm.

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Jeffrey Marvin – Non-Executive Director

Mr. Marvin has 20 years global experience in mineral resource project origination, financing and development. Prior to joining Bass, Mr. Marvin was a founding executive director of an Australian energy technology company and has experience working across a range of projects including gold, coal, mineral sands and coal seam gas.

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Management

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

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Wilhelm Reitz – General Manager

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Mr. Reitz has over 20 years experience as a mining professional, working in operations and project development roles across Africa and Europe. He has extensive experience in mine management of gold, diamond and graphite operations, with previous roles including Production Manager for Afrigold, and Mine Manager for Stellar Diamonds and West African Diamonds.

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David Round – Chief Financial Officer & Company Secretary

With over 25 years experience, Mr. Round is a qualified accountant with extensive resource sector experience at senior management level. As Chief Financial Officer and Company Secretary to a number of resource companies, he has been integral to the commercial success of a number of companies both in Australia and internationally.

Mamison Randriananatenaina – Corporate Affairs Manager and Gerant

Trained in Economics and currently studying commercial law, Mr. Randriananatenaina has extensive experience in administration, logistics and management in the mining sector. He was an integral part of the team that delivered the US$5.5 billion Ambatovy Nickel Project for Sherritt International in Madagascar.

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Highlights

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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 the lowest capital intensity pathway.

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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Our Potential

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Market Capitalisations in A$ as at 24 August 2017
Syrah Resources
$19m
$673m
Kilbaran Resources
$42m
Magnis Resources
$264m
Black Rock
Sovereign Metals
$18m
$23m
PRODUCTION
and EXPANSION
PROJECT
DISCOVERY & RESOURCE
DEVELOPMENT
EXPLORATION APPRAISAL
Pathway to production
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Flagship Project: Graphmada Mine

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BASS HAS ALL THE PORTENTS TO CREATE MEANINGFUL SHAREHOLDER VALUE

ü Operating asset purchased at a material discount.

• ü Current sales to customers in the USA and Europe with MOU for 50% of 2018-2020 production.

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

• ü Mineralisation in weathered, easily minable rock that incurs low mining costs.

• ü Established mining and associated infrastructure (~A$16m).

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

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

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Mineral Resources & Potential

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• ü Loharano Mineral Resource of 5.7 Mt @ 4.1% TGC[1] .

• ü Recently completed maiden drilling program of 2,300m at Mahefedok.

• ü Mahefedok Mineral Resource of 3.5 Mt @ 4.2% TGC[2] .

• ü Graphmada in total has 382 kt of contained graphite.

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

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

• ü Andapa has grades at surface up to 7.7% FC[3] .

• ü Currently planning maiden drilling program at Andapa.

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1 Reported in accordance with the 2004 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code 2004) at a >2% cut-off and first disclosed by Stratmin Global Resource PLC under the JORC Code 2004. Bass Metals notes that the estimates have not been updated to JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Reference should be made to the Company's announcement of 2 September 2015, for further detail. 2 Reported in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code 2012’) at a >3% cut-off and first released to the ASX on 21 June 2017 "Maiden Mineral Resource for Mahefedok Deposit". 3 See ASX Announcement ‘Outstanding assay results confirmed for Andapa discovery’ released on the 2/3/17 .

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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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Production Tour

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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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Industry Leading Qualities

• ü Refractories & Crucibles: Graphmada concentrates are the benchmark for refractory and crucible applications due to an exceptional flake size, a high resistance against oxidation and containing no carbonates or other fluxes.

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

• ü Lithium-ion Batteries: Graphmada concentrates tested as highly suitable for battery applications due to achieving a very high purity of 99.99 wt.% carbon and meeting all leading battery anode manufacturer specifications.

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THE GRAPHITE MARKET BY SEGMENT

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7%
12%
30%
11%
18%
22%
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Refractories Foundries & Crucibles Batteries Lubricants Specialist Other

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Concentrate Pricing

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(94 FC%) Divergent Trend

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Lowest Capital Intensity

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BASS METALS LTD (STAGE 1 & 2)

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Capital Works Program

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Capital Works Program

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New Module Drying System onsite

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Major equipment on its way

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High Grade Lithium Project

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

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

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

• ü 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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Community Engagement

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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 the lowest capital intensity pathway.

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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Bizzell Capital Partners Pty Ltd Peter Wright Executive Director Telephone: (07) 3212 9200 Email: pwright@bizzellcapital.com Web: www.bizzellcapital.com

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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