GREENWING RESOURCES LTD — Investor Presentation 2018

Aug 29, 2018

Investor Presentation 2018

Large Flake Graphite Production

and developing Expandable Graphite Technologies

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Company Overview

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100 [%]
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100% OWNS AND OPERATES THE DEBT FREE GRAPHMADA GRAPHITE MINE IN MADAGASCAR

• Production capacity of 6,000 tonnes per annum (tpa), at greater than 94% Fixed Carbon (FC).

• 382kt of contained natural flake graphite (JORC[1,2] ).

• • 40 year mining permits & 20 year landholder agreements.

• • Established infrastructure with straightforward logistics.

• Expanding production to >20,000 tpa by 2020.

• • Developing Expandable Graphite production & technologies.

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$
3.9M
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CASH & RECEIVABLES WITH NO DEBT

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All figures above are as 27 August 2018 and exclude performance rights and unlisted options.

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. With extensive experience in the resource sector, as a director of a number of resource companies and as legal adviser, Mr. Anthon is currently General Counsel and Joint Company Secretary at Orocobre Ltd, Australia's premier Lithium producer.

PETER WRIGHT Executive Director

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

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

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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.

DAVID ROUND Chief Financial Officer

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 General Manager (Corporate)

As General Manager (Corporate) for Bass Metals, Mr. Randriananatenaina is responsible for government & community relations and all legal matters. Trained in Economics, and currently completing a Degree in Law, he has extensive experience in administration, logistics and management in the Madagascan mining sector.

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Graphmada Large Flake Graphite Mine

Mineral Resources & Prospects

• 382kt of contained graphite estimated in accordance with JORC.

• Primary Deposit (Mahefedok) 3.5 Mt @ 4.2%TGC.[1]

• Secondary Deposit (Loharano) 5.7 Mt @ 4.1%TGC.[2]

• Mahela & Ambatofafana deposits.

• Andapa discovery.[3]

• Millie’s Reward lithium discovery.

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Mining

• Easily mineable saprolite-hosted graphite mineralization.

• New mining fleet and equipment.

• Fully tooled and skilled maintenance workshop.

• Low operating costs ~$US5 per tonne of ore delivered.

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Processing & Drying

• Producing 6,000 tonnes per annum of graphite concentrates for the global market.

• Consistently operating above design (exceeding nameplate production).

• 45% of production is premium large flake concentrate, with large flake recovery increasing.

• Consistently producing a final concentrate grade above 94% Fixed Carbon.

• Warehouse at Port for ~1,000 tonnes storage.

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Stage 1 Complete

• Process Plant production of 1,100 tonnes since recommissioning.

• Drying and packaging production of 520 tonnes since mid-July.

• Completed commissioning without any material unbudgeted capital expenditure.

• Expected production cost (C1) of <US$500 per tonne.

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Sales & Logistics

• First sales of newly produced concentrates sold into Europe through an Offtake Agreement.

• Excellent logistics to reach established graphite concentrate markets, with the Mine adjacent to the main National Highway and only 110 km to the country’s main export port at Tamatave.

• The port is currently being upgraded via a US$640m investment from the Madagascan and Japanese Governments.

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94-95% Fixed Carbon Concentrate Pricing

Natural Flake Graphite Pricing (US$) is becoming divergent; with large flake commanding higher pricing due to undersupply and increasing demand. Graphmada produces predominantly large flake concentrates.

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013

Stage 2: Expansion A low capital intensity expansion leveraging existing infrastructure, workforce and production knowledge, providing scale to lower and protect unit costs.

PRODUCTION EXPANSION 2020 >20,000TPA by

014

Stage 3: Expandability 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[3] These results exceed typical concentrates currently available.

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Expandable Graphite

• Highest price growth of any graphite products.

• Regulatory pressures forcing higher adoption in flame retardants, with demand estimated to reach >2mtpa by 2027 in China alone.

• Very limited supply structure; only a few suppliers in the market.

• For Bass; Low capital intensity, high margins, utilising existing workforce and infrastructure with consumables available in country.

EXPANDABLE GRAPHITE HAS THE HIGHEST PRICE GROWTH OF ANY GRAPHITE PRODUCTS

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Expandable Graphite Pricing

Graphmada’s large flake concentrates provides excellent feedstock into Expandable Graphite technologies; achieving 3 - 4 times the margin for low capital and operating costs.

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017

Community Development Program

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• Focused on Delivery.

• Government certified Medical Clinic.

• 1,900 Landholder Titles issued.

• Water wells installed providing sustainable drinking water.

• Refurbishment of the Mahatsara School.

• Bridges, roads and many more initiatives.

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Lithium

Millie’s Reward Discovery

• A pegmatite-hosted lithium province located in central Madagascar.

• 200 multiple pegmatite surface occurrences along a strike length of 10 km returning rockchip grades up to 7.08% Li2O.[5]

• Phase 1 exploration has identified 8 priority prospects, with 4 selected as possible drill locations as the project moves into Phase 2.

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Maiden Drilling Program

• Field work continues.

• Circa 5,000 metre drill program to commence this September.

• Excellent community support built on consultation and local procurement.

• • Adjacent mining infrastructure includes power, water, accommodation and local workforce.

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Appendix

• Disclaimer

• Cautionary Statements

• Important Information

• Footnotes

Disclaimer & Cautionary Statements

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 mineralization 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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Footnotes

1. 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 21/06/17 "Maiden Mineral Resource for Mahefedok Deposit".

2. Reported in accordance with the 2004 Australasian Code for Reporting of Exploration Results, Mineral Resources and

3. 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 2/09/15, for further detail.

1. See ASX Announcement ‘Outstanding assay results confirmed for Andapa discovery’ released on the 2/03/17.

2. See ASX Announcement ‘Tests confirm Industry Leading Expandability for Graphmada’ released on the 24/05/17.

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

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Contact us

Tim McManus Chief Executive Officer Telephone: (07) 3203 5894 Email: admin@bassmetals.com.au

Peter Wright

Executive Director Telephone: (07) 3212 9200 Email: admin@bassmetals.com.au

www.bassmetals.com.au