GREENWING RESOURCES LTD — Investor Presentation 2020

Mar 25, 2020

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ASX Announcement 26 March 2020

Investor Update

Over the last 4 years Bass Metals Limited (ASX: BSM) ( Bass or the Company ) has made significant progress towards its objective of developing a large scale mining and processing operations at the Graphmada Mine Complex in Madagascar.

During this period Bass has met several key milestones including

• the total rebuild and recommissioning of the mine and supporting infrastructure;

• 18 months of continuous production;

• the establishment of a consistent sales channels for Bass Product;

• an enviable record for the quality of its concentrates with no tonne being penalized or rejected;

• establishing a large and growing saprolite hosted resource;

• gaining of detailed production experience; and

• and excellent safety and community relations record.

The Company’s strategy is now to capitalise on the significant investment made and progress achieved and move towards an expansion of production.

Bass has previously announced a pause in production for the monsoon season with a view to commencing to restart production in late April 2020. However given recent quarantine measures announced by the Madagascan Government in response to CoVID-19 and the uncertainty in world markets, the Board of Directors together with Senior Management have made the decision to suspend mining and processing for the foreseeable future and place Graphmada on a care and maintenance basis.

OPERATIONS

As previously announced on the 18[th] of December to the ASX (Bass Metals Strategic Update)[1] , Bass guided for a temporary pause in mining and processing activities during the current monsoon season in Madagascar. Drying, screening and packaging operations continued over this period and Bass, as guided, has continue to receipt revenue, shipping 780 tonnes quarter to date. The Company has 243 tonnes of inventory and is negotiating its sale.

At the time, the Company guided for full mining and processing operations to recommence in April 2020.

The Board of Directors together with Senior Management have made the decision to suspend mining and processing for the foreseeable future due to the impacts of CoVID-19 and its control measures.

LARGE SCALE AND DOWNSTREAM FEASIBILITY STUDIES

Bass over the course of its Stage 1 operations has established a strong platform for the successful scaling of its current operations, attaining key milestones and significantly de-risking its overall operations.

Bass will pursue its development strategy with detailed feasibility studies to continue as part of the next phase of development to substantially increase production, via modular process increments.

PROGRESSION OF HIGH VALUE PARTNERSHIPS

With Bass becoming a recognized producer of high carbon concentrates with a significant proportion of its production in the large flake categories, the Company has sort high value partnerships, such as recent discussions with Urbix Resources (Urbix), which have been progressing positively.

Bass is also exploring a variety of potential collaborations across a number of new technology applications for graphite and carbons, for which it seeks to update the market in the very near term.

1 ASX announcement ‘Bass Metals Strategic Update’ released 18 December 2019

CONTINUED EXPLORATION SUCCESS

Bass has long been of the view that significant additional graphite mineralization exists in the broader Graphmada area outside the currently delineated Mineral Resources.

In 2019 the Company, announced a brownfields Exploration Target estimate in accordance with the JORC Code (2012)[2] .

Bass subsequently initiated exploration and drilling activities at Mahefedok and the Mahela deposits, resulting in a significant expansion and upgrade of the Mineral Resources for Graphmada[3] .

Following this work at Mahefedok and Mahela, Bass will continue to aggressively explore its Permits to allow Graphmada to develop as a stand-alone large-scale mining and processing operation.

Exploration results from recent exploration activities are expected by early next quarter.

TIM MCMANUS CEO

“We continue to work hard to create long-term value for our highly valued shareholders, and we thank them for their ongoing support. We are actively progressing an array of development initiatives and seek to update the market in the very near term on these positive developments.”

For more information, please contact:

Tim McManus Chief Executive Officer

Peter Wright Executive Director

Phone: (07) 3063 3233 Email: InvestorRelations@bassmetals.com.au www.bassmetals.com.au

This announcement has been approved by the Company’s Disclosure Committee for release.

2 ASX Announcement “Significant Exploration Program to commence at Graphmada” released 3 June 2019. 3 ASX Announcement “Bass increases Mahefedok North graphite resource by 54%” released 25 November 2019 and ASX Announcement “Bass delivers outstanding increase in Mineral Resources” released 4 December 2019.

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.

Forward Looking Statements

This announcement contains certain ‘forward-looking statements’ within the meaning of the securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as ‘may,’ ‘should,’ ‘expect,’ ‘anticipate,’ ‘estimate,’ ‘scheduled’ or ‘continue’ or the negative version of them or comparable terminology.

Any forecasts or other forward-looking statements contained in this announcement are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material.

Bass Metals does not give any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur and you are cautioned not to place undue reliance on forward-looking statements. 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.

Important information

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to in this document have not been and will not be registered under the United States Securities Act of 1933 (the ‘US Securities Act’), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the US Securities Act or an exemption from the registration requirements of the US Securities Act is available.

This document may not be distributed or released in the United States.

Competent Person Statement

The information in this document that relates to Exploration Results, Exploration Targets and 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 document in the form and context in which it appears.