GREENWING RESOURCES LTD — Investor Presentation 2017

Jun 4, 2017

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Building an interna-onal industrial minerals business.

Company Presenta-on June 2017

Strategic Overview

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BUILDING AN INTERNATIONAL INDUSTRIAL MINERALS BUSINESS

• Bass con-nues to progress the op-misa-on of its flagship asset: the Graphmada large flake graphite mine, with the aim of establishing a cash flow posi-ve 6000 tpa run-rate at the lowest capital intensity in 2017.

• Bass intends to use this cash flow from Graphmada as a financial plaVorm to accelerate its establishment as a mid -er producer and supplier of industrial mineral concentrates, through increasing produc-on to 20,000 tpa at the lowest achievable C1 cash cost.

• In addi-on, the Company con-nues to materially grow its resource inventory, aggressively explore its permits and strategically assess poten-al acquisi-ons in order to meet growing demand in tradi-onal and future technology markets.

• Through aggressive explora-on and strategic acquisi-on, using its in-country producer status, Bass has recently discovered the Andapa large flake graphite deposit and acquired the highly prospec-ve Millie’s Reward lithium project.

• Underpinning all of this is a dedicated focus to con-nue to be a valued and responsible corporate ci-zen contribu-ng to Madagascar and its people, specifically through its Graphmada Care Program, which seeks to posi-vely impact communi-es through supplying cleaner water, be\er schools and further economic opportuni-es.

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Value Drivers

In produc-on with concentrate sales

Bass is currently the only listed Graphite producer on ASX. As opposed to nearly all of its peers Bass offers investors direct exposure to graphite produc-on, selling a range of graphite concentrates into mul-ple market segments, to customers in India, the United States and Europe.

Targe-ng produc-on of high value graphite concentrates

Bass has spent the last ten months at Graphmada trialing different processing improvements aimed at op-mising produc-on, which has subsequently delivered increased recoveries and final concentrate grades, albeit at a reduced produc-on run-rate to accommodate trials. This experience combined with extensive metallurgical tes-ng targe-ng high value concentrates, will see the Company, on re-commissioning, targe-ng steady state produc-on of 6,000 tpa at 75% recovery and 94% Fixed Carbon.

Low capital expenditure

Bass assumed 100% control of Graphmada in August 2016 and renego-ated terms with the vendor for future milestone payments in December 2016. This effec-vely delivered the mine and all associated infrastructure for circa A$5.5m. The infrastructure including tailings dams, processing facili-es, camp, mining fleet, etc. has effec-vely been obtained at a frac-on of its establishment or replacement cost. Inclusive of the Op-misa-on Program capital, Bass will have delivered an opera-ng graphite mine with material scope for scalable produc-on and inclusive of substan-al upgrades for under $A15m.

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Our Poten-al

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Market Capitalisa>ons in A$ as at 25 May 2017

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Market Capitalisa>ons in A$ as at 25 May 2017
Syrah Resources
$15m
$682m
Kilbaran Resources
$40m
Magnis Resources
$277m
Black Rock
Sovereign Metals
$27m
$24m
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Pathway to produc.on

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Board of Directors

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Rick Anthon – Non-Execu-ve Chairman

Mr. Anthon is a prac-cing 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 acquisi-on 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.

Peter Wright – Non-Execu-ve Director

Mr. Wright has 20 years experience advising on capital markets, investor rela-ons, acquisi-ons and divestments, par-cularly in industrial 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.

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Jeffrey Marvin – Non-Execu-ve Director

Mr. Marvin has 20 years global experience in mineral resource project origina-on, financing and development. Mr. Marvin has interna-onal management and corporate governance experience with projects located in diverse interna-onal business climates. Prior to joining Bass, Mr. Marvin was a founding execu-ve 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

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Mr. McManus has 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.

Wilhelm Reitz – General Manager

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Mr. Reitz has over 20 years experience as a mining professional, working in opera-ons and project development roles across Africa and Europe. He has extensive experience in mine management of gold, diamond and graphite opera-ons, with previous roles including Produc-on 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 interna-onally.

Mamison Randriananatenaina – Corporate Affairs Manager and Gerant

Trained in Economics and currently studying commercial law, Mr. Randriananatenaina has extensive experience in administra-on, logis-cs 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 Sherri\ Interna-onal in Madagascar.

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Capital Market Summary

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CAPITAL STRUCTURE(ASX: BSM)
(as at 15 May 2017)
Shares Outstanding	1,368 million
Op-ons Outstanding	471 million1
Cash & Receivables	A$1.5 million
Share Price (ASX)	A$0.010
Market Capitalisa-on	A$15 million
No Debt

SHARE PRICE CHART

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SHAREHOLDERS
Execu-ves and Directors	8%
Top 20	46%

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

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Flagship Project: Graphmada Mine

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The Graphmada mine has 40 year mining permits in place, containing premium quality, large flake, graphite deposits hosted in weathered graphi-c gneiss, a soq, easily minable rock that incurs low mining costs.

BASS HAS ALL THE PORTENTS TO CREATE MEANINGFUL SHAREHOLDER VALUE

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

Graphmada has significant poten-al for low capital intensity op-misa-on and expansion. Bass is inves-ng capital to expand produc-on to 6000 tpa through to 20,000 tpa of graphite concentrate sales by 2020.

CURRENT MINERAL	TONNAGE	GRADE	GRADE	CONTAINED
RESOURCE1		(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 contains rounded figures

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.

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Mahefedok Deposit

2,300m drilling completed with significant intercepts of soq easily mineable saprolite[1] mineralisa-on.

Significant intercepts[2] include:

• 24.4m @ 4.4% FC

• 16m @ 5.1% FC

• 13.2m @ 5.6% FC

Maiden Mineral Resource due this quarter.

• 7.8m @ 6.6% FC

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THE MAHEFEDOK DEPOSIT IS IMMEDIATELY ADJACENT TO EXISTING INFRASTRUCTURE

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1 Soq, thoroughly decomposed and porous rock, formed by the in-place chemical weathering of igneous, metamorphic, or sedimentary rocks. 2 Only the down hole lengths are reported - true width has not been es-mated. FC – Fixed Carbon.

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Site Tour

ALL INFRASTRUCTURE AND COMPONENTS IN PLACE FOR PRODUCTION

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ACCOMMODATION CAMP
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Produc-on Tour

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Sales & Logis-cs

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Graphmada has excellent and straighforward logis-cs to reach established graphite concentrate markets, with the mine being adjacent to the main Na-onal Highway and only 110 km to the country’s main export port at Toamasina.

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Graphite Market & Applica-ons

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AGRICULTURE Seed lubricants. THE GRAPHITE MARKET BY SEGMENT

PORTABLE ENERGY Alkaline, Carbon zinc and Lithium ion baTeries, Fuel cells. PARTS AND COMPONENTS Carbon brushes, Brake pads and fric>on linings, Foils and Pencils. METALLURGY Carbon addi>ves and Carbon raiser for duc>le and grey irons. REFRACTORY Monolithic, Magnesia and Alumina carbon, Crucible, Cas>ng parts. LUBRICANTS Forging, Hot metal forming, Powders for lubricants. POLIMETERS Plas>cs, Flame retardants, Rubbers.

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7%
12%
30%
11%
18%
22%
Refractories Foundries & Crucibles
Ba\eries Lubricants
Specialist Other
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Benchmark for Tradi-onal Markets

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Graphmada concentrates are the benchmark for foundries, crucible and refractory applica-ons due to:

• ü Excep-onal flake size.

• ü A high resistance against oxida-on.

• ü A low LOI at 420[0] C

• ü No carbonates such as calcite and dolomite being iden-fied, along with no other fluxes being discovered.

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

• ü Exhibi-ng favorable flake ash mel-ng temperatures.

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Graphite Concentrate Pricing

Bass aims to increase sales revenues through produc-on volume growth of higher value concentrates. This is to be achieved through increasing throughput of higher margin ore and op-mising processing for higher grade and larger flake final concentrates.

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$1,800
USA
$1,600
USA
$1,400
India
$1,200
$1,000
$800
$600
$400
-100 mesh +100 mesh +80 mesh +50 mesh
USD/tonne
May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17
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CONCENTRATE SALES
+35
90%-98% FC
(>500 micron)
+50
90%-98% FC
(>300 micron)
India
+80
90%-98% FC
(>180 micron)
-80
90%-98% FC
(<180 micron)
To Order
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Bass is focusing on achieving the lowest capital intensity to consistently produce and sell a 94% Fixed Carbon (FC) concentrate to tradi-onal markets.

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Industry Leading Expandability

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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.

Expandable graphite receives a price premium and is in significant demand due to regulatory pressures forcing higher adop-on as fire retardants and there being only a few suppliers in the world today.

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Suitable for Ba\ery Applica-ons

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Graphmada graphite concentrates are highly suitable for lithium-ion ba\ery applica-ons with a very high purity of 99.99 wt.% carbon achieved.

Parameters meet leading ba\ery anode manufacturer specifica-ons.

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Andapa Discovery

Discovery of three significant large flake . graphite targets at surface

The targets, from 1.3 km to 2.1 km in extent, are hosted in soq, easily mineable, weathered mineralisa-on, which indicates significant poten-al for low cost mining.

The main target, known as Unit 2, revealed Graphi-c Carbon (GC) grades . up to 7.7% at surface[1]

The Company plans to conduct a systema-c explora-on program over the project area, including a mapping and sampling program aimed at iden-fying targets for a follow up . drilling program

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1 See ASX Announcement ‘Outstanding assay results confirmed for Andapa discovery’ released on the 2/3/17 .

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Millie’s Reward

Millie’s Reward, a hard-rock lithium project, located in Madagascar. Fieldwork has confirmed outcropping pegma-tes with significant spodumene mineraliza-on, with grades up to 7.08% Li2O and addi-onal samples returning 6.93% AND 6.91% Li2O, correla-ng with historic data for both grade and loca-on.

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OUTCROPPING PEGMATITE
OUTCROPPING PEGMATITE
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ACCOMMODATION CAMP
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1 See ASX Announcement ‘Excep-onal lithium assay results up to 7%’ released on the 29/5/17 .

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Millie’s Reward

The project is part of a license with exis-ng mining approval[1] and complements Bass’ presence in Madagascar as one of the country’s leading industrial minerals producers.

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 ‘Excep-onal lithium assay results up to 7%’ released on the 29/5/17 .

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Community Engagement

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Bass Metals runs a Corporate Social Responsibility (CSR) program. The Company is commi\ed to develop its business through strong local partnerships built on five pillars:

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EDUCATION

HEALTH PRODUCTION YTD TRANSPARENCY EMPOWERMENT

Landholder Ownership Cer-ficates Map: A first for Madagascar.

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Summary

Building an interna-onal industrial minerals business u-lising cash flow from the Graphmada Mine as a plaVorm for growth.

The only ASX listed graphite producer, op-mising and expanding produc-on to 6,000 tpa, then to >20,000 tpa.

Accelera-ng the establishment of the Company as a mid--er producer and supplier of industrial mineral concentrates.

Materially growing resource inventory, aggressively exploring permits and strategically assessing acquisi-ons.

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Upcoming Catalysts

Maiden Mineral Resource for the Mahefedok deposit New customers and off-take agreements for 2018 produc-on Commissioning of new Dryer and Packaging Plant Recommencement of Mining Opera-ons Re-commissioning of the upgraded Process Plant Explora-on and Drilling at Millie’s Reward Lithium Project Explora-on and Drilling at Andapa Graphite Project

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Contacts Us

Bass Metals Ltd Tim McManus Chief Execu-ve 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 Execu-ve 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 popula-on 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 Founda-on.

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