GREENWING RESOURCES LTD — Investor Presentation 2019

Jun 27, 2019

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Bass Metals Ltd Capital Raising Presentation

June 2019

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.

Achievements to date:

• ✓ All Permits and Landholder Agreements in place

• ✓ Mineral Resource established

• ✓ Mine in production, sales channels established

• ✓ Product accepted into market, with strong demand for large flake concentrates

• ✓ Significant infrastructure & logistics for expansion in place

• ✓ Excellent Community and Government relations

• ✓ Significant Exploration Target established with drilling on going

Asset Overview

	Graphmada Mine
Ownership (%)	100%
Permitting	Fully permitted and operating
Location	Madagascar
Key commodities	Large Flake Graphite / Expandable Graphite
Mining method	Shallow Open Pit Low strip ratio mining
Mineral Resources	9.2 Mt @ 4.2% Total Graphitic Carbon1,2
Exploration	Extensive exploration program underway
Cost of production	Low C1 operating costs
Target production	>20,000 tpa concentrates
Logistics	~110 km to Madagascar’s main export port
Sales	Currently selling into USA, Europe and India

1,2 See Footnotes at end of Presentation

Simple Mining & Processing

Mining & Infrastructure

• Easily mineable saprolite-hosted graphite mineralization

• New mining fleet and equipment

• Fully tooled and skilled maintenance workshop

• Low strip ratios provides low cost of mining

Processing & Drying

• Current production rate approaching 6,000 tonnes per annum of graphite concentrate supply for the global market

• Large percentage of process production are high value, large flake ( ≥ 180 micron) concentrates and improving

• Consistently produce final concentrate grades of ≥ 94-95% Fixed Carbon ( ≥ 96-97% Loss on Ignition)

• Able to produce a range of concentrates for different end-market uses

Bass aims to materially increase its Mineral Resources in support of long-term growth and economies of scale, with significant exploration potential now identified in addition to existing Mineral Resources.

Mineral Resources

Exploration Target[3]

**Mahefedok **	1	Tonnes	Total Graphitic Carbon	Contained Graphite
Indicated		0.8 Mt	4.2 %	33 Kt
Inferred		2.7 Mt	4.2 %	114 Kt
Total		3.5 Mt	4.2 %	146 Kt

Potential3	Tonnes	Total Graphitic Carbon	Contained Graphite
Weathered	13 - 23 Mt	4% - 6%	600 - 1,300 Kt
Primary	73 - 123 Mt	4% - 6%	3,500 – 7,100 Kt
Total	86 - 146 Mt	4% - 6%	4,100 – 8,400 Kt

*Figures subject to rounding

Loharano	2	Tonnes	Total Graphitic Carbon	Contained Graphite
Indicated		0.4 Mt	5.1 %	22 Kt
Inferred		5.3 Mt	4.0 %	213 Kt
Total		5.7 Mt	4.1 %	235 Kt

Important Note: An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade, relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. The potential quantity and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to estimate an additional Mineral Resource and it is uncertain if further exploration will result in the estimation of an additional Mineral Resource.

1,2,3 See Footnotes at end of Presentation

Battery Anode Applications[6]

Saleable across all major market segments

Expandable Applications[5]

Refractory and Crucible Applications[4]

Expandability	tests	tests	across	all	flake	sizes
delivered excellent results, with					the maximum
expansion volume		of 510 cm3/g			achieved with
extremely large	flakes (> 400			microns)
SizeFraction(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

Graphmada can consistently supply high quality concentrates for refractory and crucible applications due to the exceptional qualities of its concentrates:

• ✓ Exceptional flake size distribution

• ✓ A high resistance against oxidation

• ✓ A low Loss on Ignition at 420[0] C

• ✓ No carbonates such as calcite and dolomite, along with no other fluxes

• ✓ A very low Sulphur (SO3) content at 0.02 wt.%

• ✓ Exhibiting favorable flake ash melting temperatures

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Highly suitable for lithium-ion battery applications with a very high purity of 99.99 wt.% carbon achieved. All analyzed parameters including bulk density, tap density and surface area (BET) are similar or exceed typical spherical graphite products in the market.

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5, 6, 7 See Footnotes at end of Presentation

• Strong quarterly production results

• Achieve record quarterly sales

• Continue to extensively drill at both Mahela and Mahefedok

• ▪ Aim to materially add to existing Mineral Resources in the September Quarter

• Achieve positive cash flow from operations

• Engage strategic partners and investment

• Commence expansion

• Continue progress toward establishing a Joint Venture for the Millie’s Reward Lithium Project

• Develop downstream product offering

Capital Market Summary

Share price as at 26 June 2019 $0.01 per share Shares on issue (fully diluted) 2,810 million Market capitalisation $28 million

$28 million

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Capital Raising

Capital Raising Details

Offer Structure and Size	A placement of up toA$4mby the issue of up to 500,000,000 Convertible Notes* to sophisticated and professional investors
Issue Price/ Face Value	$0.008 per Note
Maturity	Redeemable on 15 June 2021
Coupon	15% pa (payable 6 monthly in arrears, may be settled by the issue of further notes at the Company’s election)
Conversion	Converts into one ordinary shares at the holder’s election
Security	Secured over the assets of the Company
	The proceeds of the Offer will be used for:
Uses of funds	• Additional exploration drilling • Sustaining capital and production expansion early works
	• General working capital and costs of the Offer.
	2,810m Ordinary Shares (ASX:BSM)
Capital Structure Post Raising	302m Listed Options (ASX:BSMOC)
	up to 500m Unlisted Convertible Notes
Advisors	Bizzell Capital Partners Pty Ltd and Morgans Corporate Ltd are the Joint Lead Managers to the issue.

*The general terms of the convertible notes are consistent with the terms of unlisted notes issued by other ASX listed companies. The full terms of issue are available on request.

Summary

• Bass is an established graphite producer, with a robust operational platform with the Graphmada Mine consistently delivering >94% Fixed Carbon concentrates and is in proximity to positive cash flow as sales channels broaden and volumes increase.

• In parallel Bass intends to commit significant funds to exploration as it aims to materially grow its Mineral Resources with reference to the Company’s substantial Exploration Target (ASX announcement 5[th] June 2019).

• Following up on two highly successful augur programs at the Mahela Prospect, Bass has commenced a diamond drill program at Mahela as the first part of this strategy (ASX announcement 11[th] June 2019).

• Planning for increasing production, Bass intends to take its established platform and materially grow production capacity by leveraging existing infrastructure, workforce and production knowledge, providing scale to lower and protect unit costs.

• Bass is substantially de-risked and is poised for growth both from continual improvement at its wholly owned Graphmada Mine and the substantial opportunity presented from its broader exploration package which it is committed to aggressively drill.

Key Risks

Bass Metals Limited (Bass) is subject to a number of risk factors both specific to its business and of a general nature. Bass’s business, financial condition and the results of its operations could be materially and adversely affected by the occurrence of any of the risks associated with the business. As a result, the traded price of Bass’s shares could decline and shareholders could lose all or part of their investment. The risks outlined should not be considered exhaustive of the risks faced by Bass and its investors but these and other risks could have a material impact on the financial performance of Bass and the value of Bass shares.

Operating and Development Risks

There are significant risks associated with the operating and expansion of a mine. The ability of Bass to meet operating and capital expenditure estimates or achieve production targets as planned cannot be assured. For example, development and expansion projects may require approvals, permits or licenses (including environmental licenses) that may not be received on a timely basis, on acceptable terms or at all. There is no guarantee that Bass will be able to comply with all conditions imposed on those approvals and licenses in a cost- effective manner. Decisions regarding development and expansion projects may be subject to the successful outcome of operational reviews, test work, studies and trial mining.

There is a risk that the Company will not be able to economically mine current or future mineral reserves discovered in order to produce a satisfactory commercial return.

The assets of Bass (as with others in the sector) are subject to uncertainty inherent with resource estimation, development and production, grade, recovery, ground conditions, operational environment, funding for development, regulatory changes, accidents and other unforeseen circumstances such as unplanned mechanical failure of plant or equipment, storms, floods, bushfires or other natural disasters. If faced by Bass, these circumstances could result in Bass not realizing its operational or development plans or in such plans costing more than expected or taking longer to realize than expected. Any of these outcomes could have an adverse effect on Bass’s financial and operational performance.

Key Risks

Resource Estimation and Exploration Risks

The Mineral Resources for Bass’s assets are estimates only and no assurance can be given that any particular recovery level of graphite will in fact be realized. Bass’s estimates comply with the JORC Code, however Mineral Resources and Ore Reserves are expressions of judgment based on knowledge, experience and industry practice, and may require revision based on actual production experience. Estimates by nature are imprecise and involve assumptions. Additionally, even estimates that are valid when made may change significantly when new information or new techniques become available.

Exploration activities are speculative by nature and therefore are often unsuccessful. Such activities also require substantial expenditure and can take several years before it is known whether they will result in additional mines being developed. Accordingly, if the exploration activities undertaken by Bass do not result in additional reserves, this may have an adverse effect on the Company's financial performance.

Tenure

Interests in a project’s tenements are governed by laws and regulations and are granted for a certain period of time. The grant and ongoing validity of each license, lease and permit is subject to the holder complying with expenditure, reporting and other conditions. In this regard, Bass has permits granted and pending. While Bass believes pending permits will be granted once it fulfills the final conditions (which it intends to), there is no guarantee this will occur in a timely fashion or at all.

Land Access and Native Title Rights

The tenements in which Bass has an interest may be subject to landowner and/or native title claims or other access restrictions. Bass may need to resolve such access arrangements, prior to entering on land to carry out activities, through the provision of monetary compensation, compensation for damage to land and commitments to restore the land. In particular, the permits for Bass’s Graphmada mine are subject to negotiated access arrangements with landowners. While Bass expects the agreements to be upheld, there is no guarantee that all necessary parties will maintain these arrangements, that Bass has these.

Key Risks

Risks to Achieving Production (including increased production)

Whilst Bass considers there to be a reasonable basis for the production forecasts at its projects, the forecasts are subject to a number of factors, many of which cannot be foreseen and are beyond the control of Bass. These factors may cause the production forecasts not to be achieved or to be achieved later than expected.

Environmental Risk

The operations of Bass are subject to laws and regulations concerning the environment. As with most exploration projects and mining operations, Bass’s activities are expected to have an impact on the environment, particularly in relation to mining and production. It is Bass’s intention to conduct its activities to the highest standard of environmental obligation, including compliance with all environmental laws.

Share Market, Commodity Price Volatility and Foreign Exchange Rate Risk

Bass has significant commodity and energy requirements and it relies on being able to fulfill those requirements at a cost which does not negatively impact on its cash flows. A number of factors (such as rising oil prices, macro-economic factors such as inflationary expectations, interest rates, currency exchange rates (particularly the strength of the US dollar), as well as general global economic conditions and political trends) may lead to an increase in commodity and energy costs which may materially adversely affect the earnings of Bass. Similarly, substantially all of Bass‘s revenues and cash flows are related to commodity markets. Therefore, the financial performance of Bass is exposed to fluctuations in commodity markets. Bass’s commodity end market prices may be influenced by numerous factors and events which are beyond the control of Bass. Bass is an Australian business that reports in Australian dollars. Revenue is derived from the sale of products in US dollars, therefore movements in the US$/A$ exchange rate or the Malagasy Ariary/A$ may adversely or beneficially affect Bass‘s cash flows. Share market conditions may adversely affect listed securities regardless of the operating performance of a particular company. The trading price of Bass’s securities may rise or fall depending on numerous factors impacting on market conditions and investor attitudes including the general economic outlook nationally and globally, interest rates, inflation, capital supply and other matters outside of Bass’s control.

Key Risks

Funding Risks

In the ordinary course of operations and development, Bass is required to issue financial assurances, particularly insurances and bond/bank guarantee instruments, to secure statutory and environmental performance undertakings and commercial arrangements. Bass‘s ability to provide such assurances is subject to external financial and credit market assessments, and its own financial position. Subject to successful completion of the capital raising, it is expected that Bass will have sufficient funding to support its operations. However, Bass will require additional funding to progress its projects beyond the planned development and other work programs outlined to date. There is no assurance that Bass will be able to access future funding on favorable terms or at all. Additionally, to the extent there is any liability which crystallizes in respect of the Company’s Tasmanian metal assets, the Company may apply the proceeds of the exercise of options on issue and the Offer proceeds (including by reallocating working capital) to satisfy the liability if required.

Sovereign and Political Risk

Possible sovereign risks associated with operating in Madagascar include, without limitation, changes in the terms of mining legislation, changes in the foreign ownership requirements in Madagascar, changes to royalty arrangements, changes to taxation rates and concessions, expropriation by the government or private entities and changes in the ability to enforce legal rights. Government policies are subject to review and changes from time to time. Such changes are likely to be beyond the control of and may affect industry profitability as well as Bass’s capacity to explore and mine. At present, Bass is not aware of any reviews or changes that would affect its tenements. However, changes in community attitudes on matters such as taxation, competition policy, environment and lands right issues may bring about reviews and possibly changes in government policies. There is a risk that such changes may affect Bass’s plans or its rights and obligations in respect of its tenements. Any such government action may also require increased capital or operating expenditures and could prevent or delay certain operations by Bass. Any of these factors may, in the future, adversely affect the financial performance of Bass and the market price of its shares. No assurance can be given regarding future stability in Madagascar or any other country in which Bass may, in the future, have an interest.

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 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 ‘Significant Exploration Program to commence at Graphmada’ released on the 3/06/17.

4. See ASX Announcement ‘Tests confirm Graphite Concentrates as Industry Benchmark’ released on the 23/05/17.

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

6. See ASX Announcement ‘Excellent Lithium-ion battery feedstock test results’ released on the 29/05/17.

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Contact us

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

David Round CFO & Head of Sales 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