GREENWING RESOURCES LTD — Investor Presentation 2017

Mar 8, 2017

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

Investor Presenta,on March 2017

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Investment Thesis

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ONLY ASX LISTED GRAPHITE PRODUCER

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

ASSET PURCHASED AT MATERIAL DISCOUNT

Graphmada graphite mine purchased for ~A$5 million, having previously sold for ~A$50 million, with an addi,onal ~A$16 million invested by previous owners.

40 YEAR LONG LIFE LOW MINING COST OPERATIONS

40 year mining permits in place, containing four premium quality, large flake, graphite deposits hosted in weathered graphi,c gneiss, a so\, easily minable rock that incurs low mining costs.

REVENUE GENERATING ASSET IN GROWTH MARKET

With all associated mining infrastructure and logis,cs in place, the mine currently produces and sells a range of graphite concentrates into mul,ple high growth market segments, to customers in India, the United States and Europe.

PRODUCTION VOLUME GROWTH THROUGH OPTIMISATION

Op,misa,on program underway, targe,ng lower opera,ng costs, produc,on volume growth and premium concentrate grades. EXPANSION PLANS BEING IMPLEMENTED

Drilling to materially grow exis,ng resource inventories, with plans for a second processing plant to significantly expand produc,on.

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Capital Market Snapshot

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CAPITAL STRUCTURE (ASX: BSM) (as at 8 March 2017)

Shares outstanding 1,368 million Op,ons Outstanding 471 million[1] Cash & Receivables A$3.2 million[2 ] Share Price (ASX) A$0.012 Market Capitalisa,on A$16 million No Debt

SHARE PRICE CHART

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SHAREHOLDERS Execu,ves and Directors[3] 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. 2 Cash and Receivables includes A$1.05m receivables outstanding from Lion Gold.

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Our Poten,al

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Market CapitalisaGons in A$ as at 8 March 2017

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Market CapitalisaGons in A$ as at 8 March 2017
Syrah Resources
$16m
$652m
Kilbaran Resources
$40m
Magnis Resources
$263m
Black Rock
Sovereign Metals
$39m
$16m
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Pathway to produc&on

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Board & Management

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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 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.

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.

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Madagascar

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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.

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AFRICA
MADAGASCAR
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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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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.

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LOCATION

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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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Produc,on Tour

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Sales & Logis,cs

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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.

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USA
Europe
USA
India
India
Madagascar
Graphmada Mine
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Recent Pricing

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Near Term Price Growth

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Asset Strategy

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1,500 tpa 6,000 tpa 20,000 tpa AcquisiGon IntegraGon OpGmisaGon Expansion 2015 2016 2017 2018

First investment in Graphmada September 2015. 100% of Graphmada acquired from Stratmin Global Resources PLC on 22[nd] August 2016.

Commenced studies to op,mise mining and processing. Graphmada Care community engagement program commenced September 2016.

Drilling to materially Expansion Study grow exis,ng resource scheduled for inventories. comple,on. Op,misa,on program Second processing underway, targe,ng plant installed to lower opera,ng costs, expand opera,ons to produc,on volume >20kt capacity by growth and premium 2018. concentrate grades.

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Op,misa,on Program: Price Catalysts

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GRAPHMADA MINE OPTIMISATION TIMELINE

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Aug’16 Oct’16 Nov’16 Dec’16 Mar’17 Apr’17 May’17 Jun’17
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Acquisi,on & Integra,on Testwork & Engineering Studies Drying Plant Construc,on & Installa,on Processing Plant Refurbishment YTD Re-Commissioning & Ramp-up

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Op,mised Sales

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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.

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CURRENT CONCENTRATE FUTURE CONCENTRATE
SALES SALES
OpGmisaGon
USA
+50 +35
USA 85%-94% (LOI) 94%-98% (LOI)
(>300 micron) India (>500 micron)
Graphmada Product
Sales Classifica,on India
+80 +50
85%-94% (LOI) 94%-98% (LOI)
(>180 micron) (>300 micron)
-80 85%-94% (LOI) FINE TO +80 94%-98% (LOI)
(<180 micron) MEDIUM (>180 micron)
~40% LARGE TO
JUMBO
~60% -80
Mixed 85%-94% (LOI) 94%-98% (LOI)
(<180 micron)
To Order To Order
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Expansion Program: Price Catalysts

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GRAPHMADA MINE EXPANSION TIMELINE

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Oct’16 Mar’17 Aug’17 Oct’17 Dec’17 Jul’18 Aug’18 Dec’18
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Drilling & Resource Es,ma,on Engineering and Economic Studies Financing of 2nd Processing Plant Project Execu,on YTD Commissioning & Ramp-up

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Capital Ini,a,ves

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New Workshop installed
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Mahefedok road construc,on uncovers so\, easily mineable
graphite mineralisa,on (grey material) at surface
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Two 800kva caterpillar generators
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Drying & Packaging Plant currently under construc,on

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Community Engagement

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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:

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EDUCATION HEALTH PRODUCTION TRANSPARENCY YTD

EMPOWERMENT

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Summary

ONLY ASX LISTED GRAPHITE PRODUCER

ASSET PURCHASED AT MATERIAL DISCOUNT

40 YEAR LONG LIFE LOW COST OPERATIONS

REVENUE GENERATING ASSET IN GROWTH MARKET PRODUCTION VOLUME GROWTH THROUGH OPTIMISATION EXPANSION PLANS BEING IMPLEMENTED

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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, permiyng, 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 a\er 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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