GREENWING RESOURCES LTD — Investor Presentation 2017

May 16, 2017

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Building an interna-onal industrial minerals business.

Investor Presenta-on May 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 plaTorm 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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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

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 baFeries, Fuel cells. 7% 12% 30% PARTS AND COMPONENTS Carbon brushes, Brake pads and fricKon linings, Foils and Pencils. 11% METALLURGY Carbon addiKves and Carbon raiser for ducKle and grey irons. 18% 22% REFRACTORY Monolithic, Magnesia and Alumina carbon, Crucible, CasKng parts. LUBRICANTS Refractories Foundries & Crucibles Forging, Hot metal forming, Powders for lubricants. Ba[eries Lubricants Specialist Other POLIMETERS PlasKcs, 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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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

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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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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.

OUTCROPPING PEGMATITE

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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.

On finalising the acquisi-on, the Company will immediately 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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OUTCROPPING
PEGMATITE
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1 See ASX Announcement ‘Ini-al fieldwork at Millie’s Reward Lithium Project’ released on the 10/5/17 .

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Millie’s Reward

Preliminary geological mapping has demonstrated a majority of the pegma-tes in the area as having sub-horizontal to horizontal orienta-ons over significant strike lengths, with a significant number of the pegma-tes over 10 meters in thickness, with swells in areas of up to 50m in thickness.

Previous fieldwork iden-fied significant spodumene mineralisa-on with grades recorded from rock chip sampling of up to 6.9% Li2O[1] . Samples of high purity Spodumene crystals (Kunzite) have also been found in the project area. Bass has sample results expected this quarter.

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ACCOMMODATION CAMP
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1 See ASX Announcement ‘Ini-al fieldwork at Millie’s Reward Lithium Project’ released on the 10/5/17 .

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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 plaTorm 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.

Test work results for suitability to expandable and lithium-ion ba[ery markets.

Receipt of due diligence samples on Millie's reward and transac-on comple-on thereaqer.

New customers and off-take agreements for sales of premium concentrates.

Further explora-on results - Andapa & Millie’s Reward.

Re-commissioning of the processing plant and subsequent sales.

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Disclaimer & Cau-onary Statements

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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, permi{ng, 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 aqer 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.

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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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