GREENWING RESOURCES LTD — Investor Presentation 2018

May 22, 2018

Large-Flake Graphite Production and developing Expandable Graphite Manufacturing

121 Singapore Investor Conference May 2018

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Company Overview

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Bass Metals Ltd (ASX:BSM) is a Large-Flake Graphite Producer developing downstream Expandable Graphite manufacturing 100% owns and operates the debt free Graphmada Graphite Mine With production capacity of 6,000 tonnes per annum, producing >94% Fixed Carbon (FC) at >75% Recovery 382kt of contained natural flake graphite estimated in accordance with JORC Expanding production to 20,000 tonnes per annum by 2020 Developing downstream Expandable Graphite manufacturing

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

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Capital Market Summary

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Cash & Receivables of A$6.2 million with No Debt Market Capitalisation of A$75m Share Price (ASX:BSM) of 3.2c Shares Outstanding 2,357m and Listed Options 572m Executives & Directors hold ~8% and Top 20 hold ~46%

Published Price Targets Baillieu Holst ~7c BCP ~5.4c

All figures above are as 21 May 2018 and exclude performance rights and unlisted options.

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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.

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.

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Jeffrey Marvin

Non-Executive Director

Mr. Marvin has 20 years global experience in mineral resource project origination, financing and development. Mr. Marvin has international management and corporate governance experience with projects located in diverse international business climates. 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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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.

Tim McManus Chief Executive Officer

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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.

David Round Chief Financial Officer

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Simon Rienstra

General Manager of Projects; Mr. Rienstra was a key contributor in delivering the Stage 1 Graphmada expansion, Mr. Rienstra will oversee the Company’s exploration programs and project manage the expansion of the Graphmada Mine and installation of Expandable Graphite production.

Wilhelm Reitz

General Manager for the Graphmada Mine; Mr Reitz has more than 20 years’ mine management experience. He has been involved in developing several mining projects across Africa and Europe. Previous roles include Mine Manager for StratMin in Madagascar, Mine Manager for Stellar Diamonds in Guinea and Sierra Leone and Production Manager for AfriGold in Senegal.

Mamison Randriananatenaina

As Corporate General Manager 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

Producing >94% FC concentrates 40 year mining permits 20 year landholder agreements Established infrastructure Straightforward logistics

Production

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Producing >94% FC large flake concentrates for global market

Ramping production to 6,000tpa

Achieving >75% Recovery Production cost (C1) of <US$500 per tonne Offtake Agreement in place

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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 (~ 2.5 hours) to the country’s main export port at Toamasina.

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

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Production Expansion

Production expansion to >20,000tpa

Low capital intensity

Knowledge of production processes and technology

Production scale to protect unit costs Existing infrastructure and workforce Established markets and customer base

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Expandable Graphite

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Highest price growth of any graphite products Regulatory pressures forcing higher adoption vs brominated alternatives in flame retardants, with demand estimated to reach >2,000ktpa by 2027 in China alone Very limited supply structure; only a few suppliers in the market Demand side growth expected to continue through to 2025, Potential to out pace Lithium-Ion Battery market for natural flake graphite consumption For Bass; Low capital intensity, high margin project, utilising existing workforce and infrastructure with consumables available in country

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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.

Size Fraction
(micron)	800oC (cm3/g)	1000oC (cm3/g)
> 400	500	510
300 – 500	420	430
180 – 300	380	390
106 – 180	270	310
75 – 106	-	200
< 75	-	85

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Test results by size distribution.

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94-95% FC Concentrate Pricing

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Expandable Market

Growing Demand Undersupply Growing Prices High Margin

Battery Market

Slowing Demand Oversupply Stagnant Prices Low Margin

Source – Benchmark Minerals Intelligence – www.benchmarkminerals.com

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Expandable Graphite Pricing

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Graphmada’s large Flake Size Distribution (FSD) provides excellent feedstock into Expandable Graphite product manufacturing

Achieving 3 - 4 times the margin for a low capital and low operating cost process

Source – Benchmark Minerals Intelligence – www.benchmarkminerals.com

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Graphmada Care Community Program

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Focused on Delivery

Government certified Medical Clinic

1,900 Landholder Titles issued

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5 water wells installed providing sustainable drinking water

Refurbishment of the Mahatsara School

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APPENDIX

Mineral Resources

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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

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

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Lithium Exploration

The Millie’s Reward Project is a potentially high-grade pegmatitehosted lithium project located in central Madagascar.

The project consists of over 200 multiple pegmatite surface occurrences along a strike length of 10 km which to date have returned rock-chip grades up to 7.08% Li20. Phase 1 includes prospecting, geological mapping, rock-chip sampling, geochemical soil sampling, pitting and trenching programs. Phase 2 aims to delineate mineralization through circa 5,000 metre drill program to commence in the 2[nd] half of 2018. Excellent community support and existing mining infrastructure adjacent to Millie’s Reward.

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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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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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CONTACT US Tim McManus Chief Executive Officer Telephone: (07) 3203 5894 Email: admin@bassmetals.com.au Web: www.bassmetals.com.au Peter Wright Executive Director Telephone: (07) 3212 9200 Email: peter@bassmetals.com.au Web: www.bassmetals.com.au