GREENWING RESOURCES LTD — Investor Presentation 2018

Apr 15, 2018

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BASS METALS LTD INDUSTRIAL MINERALS PRODUCER & EXPLORER INVESTOR PRESENTATION APRIL 2018

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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Company Overview

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Industrial Minerals Producer & Explorer

• A producer of premium large flake graphite concentrates from the 100% owned Graphmada Mine, located in eastern Madagascar.

• Commercial ramp up to 6,000 tpa to establish positive cash flow.

• Debt free, with circa A$2.6[1] m in cash and receivables.

• Planning expansion of production to 20,000 tpa by 2020.

• Aiming to produce Expandable Graphite Products for downstream value.

• An aggressive explorer of brownfields graphite deposits and a potential high grade lithium project; Millie’s Reward.

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1 As at 31st March 2018

Capital Market Summary

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Cash & Receivables of A$2.6[1] million with No Debt

112 As at 31 As at the 16 Excludes performance rights and unlisted optionsst March 2018th of April 2018

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Capital Market Summary

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Market Performance

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Board & Management

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Rick Anthon Non-Executive Chairman

Peter Wright Executive Director

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Jeffrey Marvin Non-Executive Director

Tim McManus Chief Executive Officer

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David Round Chief Financial Officer

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Mamison Randriananatenaina GM - Corporate Affairs

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Wilhelm Reitz GM – Graphmada

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Simon Rienstra GM - Limada

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LARGE FLAKE GRAPHITE PRODUCTION GRAPHMADA GRAPHITE MINE

Graphmada Graphite Mine

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• 100% owned, debt free, fully recommissioned large flake graphite mine producing premium graphite concentrates

• 40 year mining & environmental permits

• 20 year landholder agreements

• ~90% in-situ large flake graphite

• Off-take agreement in place

• Established logistics & infrastructure

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Mineral Resources

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382kt of contained graphite estimated (JORC)

• Primary Deposit (Mahefedok)

• 3.5 Mt @ 4.2% TGC[1]

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

• Exploring Mahela & Andapa

• Ambatofafana deposit delineated

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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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Industry Leading Qualities

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With established markets in USA, India and Europe

• Benchmark for refractory and crucible applications

• Expandability results exceed concentrates currently available

• Highly suitable for battery applications with a very high purity of 99.99 wt.% carbon and meeting all anode manufacturer specifications

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Stage 1 Production

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Commercial ramp up to supply 6,000 tpa premium large flake concentrates, aiming for positive cash flow in 2018

• Stage 1 refurbishment delivered on budget (circa US$4m capex)

• Aiming for 1[st] Quartile

• ‘C1’ Cost of Production at <US$500 per tonne

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Stage 2 Expansion

Expansion to 20,000 tpa

• Low capital intensity

• Existing operations provides process knowledge and technology

• Production scale to protect unit costs

• Existing infrastructure and workforce

• Established markets and customer base

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Stage 3 Downstream

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Downstream Expandable Graphite production

• High growth market: foils, flame retardants, and electromagnetic pulse and radiation shielding

• Low capital intensity, high margins

• Bolt-on to existing infrastructure, utilising existing workforce

• Supplies and consumables available in country

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LITHIUM UPSIDE

Millie’s Reward Lithium Project

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Field work confirms outcropping Exceptional grades of up
pegmatites with significant spodumene to 7.08% Li2O
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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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MAIDEN DRILLING PROGRAM IN 2018
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ADJACENT MINING INFRASTRUCTURE
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COMPREHENSIVE COMMUNITY ENGAGEMENT

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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Upcoming Catalysts

Cash flow positive operations

• Results of commercial ramp up of production

• Commencement of Mining Operations at Mahefedok

• First sales of Stage 1 concentrates

• Exploration and Drilling at Millie’s Reward Lithium Project

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APPENDIX: NATURAL FLAKE GRAPHITE MARKETS

The Market

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Five primary market segments

• Energy primary and secondary batteries and other energy devices

• Expandable - foils, flame retardants, and electromagnetic pulse and radiation shielding

Growth Markets

• Engineering Materials Carbon Brushes, Friction Materials,

• Foils, Lubricants, Ceramics, Catalysts and Pencils

• Polymers plastics, rubbers, power cables, coatings & paints

Traditional Markets

• Refractories & Metallurgical refractory materials or

• ferrous and non-ferrous metals alloys

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Natural Flake Graphite Pricing 38% Year-On-Year price growth for 94-95 FC% +80 mesh

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Expandable, Refractory & Metallurgical Engineering, Polymers, Refractory & Metallurgical Energy (Batteries)

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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