GREENWING RESOURCES LTD — Investor Presentation 2019

May 1, 2019

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Bass Metals Ltd Broker site visit

May 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.

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Company Overview

Capital Market Summary

Share price (26 April -19) $0.011 per share Shares on issue (fully diluted) 2,805 million Market capitalisation $30 million Net Cash and Receivables (3132019) $3.3 m Enterprise value $26.7 million

Share register

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6% 6% Rookharp Investments Pty Ltd
3%
9% Finn Air Holdings Pty Ltd
▪ Colonial First State Asset Management (Australia) LtdAventeos Investments Ltd
Board & Management
77%
Other
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Asset Overview

Graphmada Mine	Millie’s Reward
Ownership (%) 100% 100%
Location Madagascar Madagascar
Key commodities Large Flake Graphite / Expandable Graphite Lithium-in-Spodumene
Mining method Shallow Open Pit Low strip ratio mining Exploration
Mineral Resources 9.2 Mt @ 4.2% Total Graphitic Carbon1,2
Cost of production Low C1 operating costs
Target production >20,000 tpa concentrates
Current Mine Life 17 years at 6,000 tpa

1,2 See Footnotes at end of Presentation

Board & Management

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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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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.

Key Investment Highlights

• High purity, large flake, premium quality graphite

Low cost graphite producer with robust balance sheet Stage 2 Mine Expansion to >20,000 tpa

Stage 3 Downstream Expandable Graphite Production

Exploration & Development

Fundamentals in place

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Soft, easily minable, saprolite ore providing low operating and capital costs

40-year mining permits and 20-year landholder agreements in place across four large flake graphite deposits

Stage 1 completed with 6,000tpa nameplate production established

Debt free, 100% owned asset, setting a robust platform for value growth

With production and financial platforms well established, Bass intends to materially increase production and sales Stage 2 will see production grow to >20,000 tpa

Considerable amount of Stage 2 capital already expensed in delivering Stage 1

Stage 2 will deliver substantial free cash flow to Bass

Integrated downstream development of Expandable Graphite production (Stage 3)

Expandable graphite technologies market underpinned by outstanding long term fundamentals Bass large flake concentrates are highly suitable for Expandable Graphite feedstock

Bass is committing material funds to ongoing exploration

Bass intends to add to material resource inventory in the immediate vicinity of the Graphmada graphite mine Bass aims to continue to explore at the Millie’s Reward lithium project

Stage 1 has established a strong operational and financial platform for the Company

• Bass intends to use this platform to grow the Company via low capital intensity production expansion and downstream integration Bass intends to continue material expenditure on exploration to grow its resource inventory

Recent Achievements:

• ✓ Production recommissioned in 2018 without any material unbudgeted capital expenditure

• ✓ 500,000 hours worked with no Lost Time Injury

• ✓ Material improvement in Process Plant utilisation, regularly exceeding nameplate feed rate at high Fixed Carbon%

• ✓ Material growth in sales and market segment access, with >1000t shipped since recommissioning

Upcoming Catalysts:

• Resource inventory drilling and analytical results

• New sales and offtake arrangements for current production

• Completion of Studies for expansion and downstream integration

• Positive cash flow from operations

• Progression of offtake arrangements for Stage 2 expansion

• Strategic partnerships and investment

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Asset Highlights

Madagascar Overview

• The 100% owned and debt free Graphmada Large-Flake Graphite Mine is located in eastern Madagascar

• A democratic island country in the Indian Ocean, which is governed under a French legal system

• Supportive laws for mining investment

• Low Corporate Tax rate of 20%

• Low 2% Mining Royalty

• Stable government

• Fast growing economy

• The Malagasy economy has been steadily improving, growing at a CAGR of 4%.

• Forecast GDP growth rates are projected at 5% in the medium term.

• The country has produced benchmark quality graphite for over 100 years due to the high purity, large flake graphite mineralized in soft, easily mineable, saprolitic rock

Strategic Assets

Strategic large flake resources

• 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 and the Andapa discovery[3]

• Drilling extensively, with the aim to materially grow resource inventory

Strategic location with established logistics

• The Mine offers excellent logistics to reach established graphite concentrate markets

• Adjacent to the main National Highway

• Only 110 km to Madagascar’s main export port at Tamatave

• Port of Tamatave currently being upgraded via a US$640m investment from the Madagascan and Japanese Governments

• Sales to Europe (under an Offtake Agreement), India and the USA. Further sales to Japan and China anticipated

1,2,3 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 costs

Processing & Drying

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

• Consistently operating above design (exceeding nameplate capacities)

• ~40% of production are high value, large flake ( ≥ 180 micron) concentrates

• Can 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

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End Market Applications

Battery Anode Applications[7]

Saleable across all major market segments

Expandable Applications[6]

Refractory and Crucible Applications[5]

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

Pricing

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Source: Benchmark Minerals

Source: Benchmark Minerals

• There are two key determinants of achieved prices for flake graphite:

• Flake Size – with larger flake sizes dictating a premium over small flake sizes

• Carbon content – with higher carbon content at a premium to lower grades

• Bass Metals Ltd, through its production at Graphmada, has one of the highest large flake production profiles in operation today, with approximately 40% of its production being high value large flake concentrates.

• In conjunction with this market leading Flake Size Distribution, Bass is also achieving 94-95% Fixed Carbon final concentrate grades, making the Graphmada Mine one of the highest margin mines globally

Expandable Graphite Market

Product Definition

Supply

Expandable graphite is a compound of graphite which expands or exfoliates when heated

The expandable graphite is produced by immersing natural flake graphite concentrates (usually at a grade of 95% to 99% total graphitic carbon, in a bath of acid and oxidizing agent (intercalation), which forces apart the graphene layers, thus expanding or increasing the surface area of the flake graphite. The material is then heated from temperatures ranging between 150 degrees to 950 degrees based on application, which results in rapid expansion

• The limited supply of expandable graphite is a major restraint for the market and a key price driver

China is a major producer of expandable graphite, however recently there has been a decline in production due to environmental regulations imposed by the government on graphite mining

• The government of China has closed several graphite mines due to poor management of acid treatment water, reducing available supply

Europe accounted for the second largest share of the market in 2017/18

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• The foundry market segment dominated global demand in 2017/18, with the segment likely to maintain a significant influence going forward

Demand

Pricing

• However, the construction market segment, most notably the use of expandable graphite in the manufacture of fire retardants is anticipated to grow at a significant pace in the immediate future

• The use of expandable graphite in the manufacture of chemical process equipment and gaskets, along with the growing market of fuel cell and flow batteries are also expected to contribute to considerable demand

• Prices of expanded graphite have increased by nearly 20% in the last few years due to supply disruption in China

• An increase in fire accidents across the globe has forced governments and regulatory authorities to mandate the use of fire resistant building materials for construction of residential and non-residential buildings

• Expandable graphite is an essential component for manufacturing of fire resistant building materials due to its high heat resistant properties

• These supply/demand fundamentals of limited supply and growing demand is expected to propel expandable graphite pricing to new levels consistently over the next decade

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Expandable graphite demand forecast 2015-2040

• Bass views downstream Expandable Graphite production as a logical integration with the expansion of its current operations.

• Expandable Products require large flake concentrate feedstock of which Bass is a significant producer.

• Expandable market has potential to outstrip lithium ion battery market growth due to the demand for Expandable Products as noncarcinogenic fire retardants.

• Bass will be of high strategic value as the only ASX listed Expandable Graphite producer.

Source: Benchmark Minerals

Bass Metals set to become a globally significant supplier

Chinese Expandable Production Capacity

Province	No. Producers	Capacity
Heilongjiang	4	12,000
Liaoning	1	1,000
Shandong	8	10,000
Hebei	1	1,000
Inner Mongolia	4	11,000
Shanxi	1	1,000
Jiangsu	1	3,000
Henan	2	2,000
Hubei	1	6,000
Hunan	2	2,000

Source: Benchmark Minerals

Bass Metals proposed Expandable Production Graphmada 1 6,000

Source: Benchmark Minerals

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Investment Case and Milestones

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Critically Undervalued A$30m
A$38m
A$161m
Syrah
Resources €1b
A$42m A$418m
A$78m
A$30m
C$54m
Kibaran
Black Rock
Resources
Sovereign Metals A$47m A$31m
A$30m
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Market Capitalization's as at April 2019 Source: ASX and Benchmark Minerals

Investment Case: Bass Metals

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• Robust Balance Sheet – debt free and poised for material production expansion

• Experienced and seasoned management team. Invaluable experience gained in house over the course of Stage 1 delivery.

• Low operating costs and favorable production metrics.

• Consolidated production capacity of 6,000 tpa and an intention to expand to >20,000 tpa by 2020

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• Favourable terms and conditions on 40 year mining permits and 20 year landholder agreements

• Established sales channels – of critical importance for Stage 2. Strong Growth forecast for all graphite end markets.

• Established infrastructure with straightforward logistics, exporting to major markets in Europe, USA and India.

• Significant potential upside on lithium project with minimal spending on exploration

Indicative Medium Term Timeline

Catalysts & Forward Looking Milestones

Stage 1 Production Recommissioned (Completed)	✓ Production recommissioned in 2018 without any material unbudgeted capital expenditure ✓ 500,000 hours worked with no Lost Time Injury ✓ Material improvement in Process Plant utilisation, regularly exceeding nameplate feed rate at high Fixed Carbon% ✓ Material growth in sales and market segment access, with >1000t shipped since recommissioning ▪ Positive cash flow from operations
Stage 2 Production Expansion	▪ Progress offtake arrangements for Stage 2 production expansion ▪ Completion of Studies for expansion ▪ Resource inventory drilling and analytical results ▪ Construction and commissioning of expansion ▪ Stage 2 production target of >20,000 tonnes per annum
Stage 3 Expandable Technologies and Products	▪ Downstream integration into of production of Expandable Graphite, a high growth market ▪ Completion of Studies for development ▪ Construction and commissioning ▪ Stage 3 production target of >5,000 tonnes per annum

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Stage 1
Production
Recommissioned Completed
2018
Milestones
Stage 2
2019 Production
Expansion
Future
2020
Stage 3 Milestones
Downstream
Integration
(Expandables)
2021
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Completed Milestones

Summary

• Bass has established a robust operational and financial platform with the commissioning of Stage 1 production objectives at the Graphmada Mine, being in immediate proximity to positive cash flow from operations as sales ramp up. Stage 1 is the first objective of a broader overall strategy to establish Bass as material producer of industrial mineral concentrates.

• Bass intends to take this established platform and materially grow the value of the Company via executing its Stage 2 objectives over 2019, with a view to expanding production to >20,000 tpa (Stage 2), while designing and constructing the integrated downstream development of Expandable Graphite technologies and products.

• With several costs expended in Stage 1 in preparation for brownfields expansion, Stage 2 is a low capital intensity development leveraging existing infrastructure, workforce and production knowledge, providing scale to lower and protect unit costs.

• In parallel Bass intends to undertake considerable exploration both in the immediate proximity to Graphmada and its infrastructure as well as across its broader tenement package, including the Millie’s Reward Lithium project.

• Bass is well positioned to execute its broader strategy with the establishment of Stage 1 production and sales. Bass has the operational experience and established infrastructure to add considerable value to the Company via its long stated strategy of brownfields expansion and downstream integration, incurring relatively modest capital investment.

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Millie’s Reward Lithium Project

Project Summary

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Millie’s Reward is a Lithium-Cesium-Tantalum (LCT) pegmatite region located in central Madagascar.

Exploration has identified multiple high priority prospects to date. Four of which are potential near term drill targets.

• Millie’s West: pegmatite over approx. 500 m, with Li2O grades up to 7.08%.

• Ilapa: pegmatite over approx. 700 m, with Li2O grades up to 1.79%.

• Manjaka: pegmatite over approx. 300 m, with Li2O grades up to 6.93%.

• Vietnam: pegmatite over approx. 100 m, with Li2O grades up to 6.91%.

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

Millie’s West Scout Drilling

A maiden scout drilling program consisting of five shallow diamond drill holes was recently completed at the Millie’s West prospect, the first to be drilled within the project area and aimed to identify the depth and width of the pegmatites surrounding the underground workings at Millie’s West.

Previous channel sampling of underground workings in the area returned a weighted average intersection of 3.72% Lithium Oxide (Li2O) over 31m, with a maximum 1m result yielding 6.61% Li2O, indicating Millie’s West as a highly attractive prospect for exploration.

A total of ~341 metres were drilled over a short strike length of only 50 metres to a maximum depth of 100 metres. The drilling confirmed the presence of pegmatites with low levels of lithium-in-spodumene (ppm) returned by assay.

In parallel with drilling, further underground channel samples were taken and returned weighted average intersections of 2.59% Lithium Oxide (Li2O) over 14.0m and 1.55% Li2O over 11.0m, with a maximum 1m result yielding 5.17% Li2O.

Refer ASX Release on 11 September 2018: “31m lithium intersection at 3.72pct”.

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Ilapa Prospect

A soil geochemical survey program identified anomalous Li values up to 1477ppm Li, 211ppm Cs, 58ppm Ga, 84ppm Nb and 893ppm Rb. These soil sample results identified at least four Li anomalies, which coincide with artisanal pegmatite workings. Six composite rock-chip samples were collected from lithium-bearing pegmatite host rock outcrops resulting in values up to 3.58% Li2O, 3018ppm Cs, 193 ppm Nb, 11372 Rb and 194 ppm Ta.

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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 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.

4. See ASX Announcement ‘Half Year Accounts’ released on the 11/03/18.

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

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

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

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

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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