GREENWING RESOURCES LTD — Investor Presentation 2020

Feb 2, 2020

INVESTOR PRESENTATION

BASS METALS

February 2020

Important Information

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 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.

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.

BASS METALS LIMITED (ASX:BSM)

Graphmada Mining Complex: A significantly de-risked platform for growth.

Bass is progressing to become a fully integrated graphite and specialty carbons business positioned for the rapid uptake of new age carbon technologies.

Production established

Sales established

Infrastructure in place

Exploration success Progressed downstream integration Fully permitted

Summary

As Bass progresses in its development to become a fully integrated industrial minerals producer and specialty carbons business, the Company seeks to leverage its existing large flake graphite production and sales to achieve its goals. Through large scale mining and processing integrated with potential downstream purification and manufacturing facilities, Bass will be able to supply and sell premium graphite concentrates, expandable graphite, graphene and specialty carbon products globally.

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Bass is a material producer of graphite concentrates from its 100% owned Graphmada Mining Complex located in Madagascar.

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Bass has a long-term strategy to build a global graphite and specialty carbons business and has made material progress toward this goal.

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Bass’ strategic development has taken the Company from an initial market cap of under A$3m to its current market cap of A$24m.

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Bass has established a strong and de-risked operational platform to progress to large scale mining and processing with downstream integration.

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Our strategy will provide significant value for our shareholders via large scale production of materially higher tonnes at higher quality, and at reduced capital intensity.

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Bass approaches the next stage of its development with a series of significant milestones attained and experience behind it, with a fully permitted asset, established production and sales, and robust infrastructure.

Corporate leadership & Capital summary

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A$17M Market Cap

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$3m net cash & receivables

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0.6c per share

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2805m shares on issue

RICK ANTHON

Non-Executive Chairman

30 years experience in commercial law & corporate leadership. Currently General Counsel & Joint Company Secretary at Orocobre Ltd.

PETER WRIGHT

Executive Director

20 years experience in industrial minerals & metals funds management. Currently Partner at Bizzell Capital Partners.

JEFFREY MARVIN

Non-Executive Director

20 years experience in mineral project financing and development and an active entrepreneur in energy technology.

TIM MCMANUS

Chief Executive Officer

25 years as a global mining professional and corporate leader in exploration, development and operations.

DAVID ROUND Chief Financial Officer

25 years experience as qualified accountant with extensive resource sector experience in Australia and internationally.

MAMISON RANDRIANANATENAINA General Manager (Corporate) Extensive experience in administration, logistics and management in the Madagascan mining sector.

A timeline of milestones

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Achieved 100%
ownership of Mine recommissioning & Record
ramp up of production. production & sales.
Graphmada Mine.
2016 2017 2018 2018 2019 2019
Established sustainability Established sales Joint Venture
program & commenced channels into India, discussions for
mine refurbishment. China, USA and Europe. downstream integration.
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1

2

3

4

Established platform for growth

Building a global graphite and specialty carbons business on a strong platform of achievement

Global graphite & specialty carbons business

To compete as one of only 3 listed integrated carbon businesses globally.

Downstream integration & product manufacture

Pursuing Expandable Graphite production and progressing Joint Venture discussions with leading US graphite and carbon technology firm, Urbix.

Large scale mining & processing Progressing feasibility studies in 2020.

Materially growing our Mineral Resource base >50% growth in Mineral Resources over the last 2 years.

Established infrastructure, production and sales

A fully permitted asset with established production and sales, experienced staff and robust infrastructure.

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5

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Growth Strategy Building a graphite and specialty carbons business

Large scale production & downstream integration Progressing to a fully integrated graphite and specialty carbons business for the rapid uptake of new age carbon technologies.

Complete feasibility studies for large scale mining and processing

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Receive Large Project Status under Malagasy Mining Law. 2020-2025 Large scale mining and processing, materially reducing operating costs. Build downstream purification, expandable graphite, graphene and specialty carbon manufacturing through high value partnerships.

“We are excited for what lays ahead. Having proven sustainable operations are achievable and, in the process, significantly de-risked our operations and developed viable long-term sales channels, we look forward to continue to build value for our shareholders and prepare for graphite’s substantial role in the next generation of technologies and industrial uses.” – Tim McManus CEO

2020 Goals

A transformative year

Continue to work in a sustainable way that delivers real, lasting benefits for our shareholders as well as the Malagasy people.

Continue drilling to materially grow our graphite resources for large scale mining and processing.

Complete collaboration agreements to build downstream capability to produce specialty carbon products.

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01 03 05
02 04
Complete feasibility studies for Apply for Large Project
large scale mining and processing. Status.
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Growing shareholder value

DRILLING

Advancing a material increase in production of high value graphite concentrates

With the recent upgrade and expansion of our Mineral Resources and proven sustainable production and sales, the Company has moved to its next step of development; completion of feasibility studies and applying for Large Project Status, integrating large scale mining and processing operations with downstream purification and carbon product manufacture.

3,000m of drilling in 2020 to continue to develop a vastly unexplored region.

RESOURCE & RESERVES

Continue growing our resource base for large scale mining and processing over our 40 year mining permit term.

STUDIES

Completing ore reserve estimation and feasibility studies in preparation for Large Project Status.

2020

Large scale & downstream feasibility studies

Q1 Q2 Q2 Q3 Q4 Q4 HYDRAULIC MINING DRYING & PACKAGING MINE PLANNING (with the aim to slurry ore (Investigate centralizing (Integrating studies to modular process operations on grid power into a single mine plants). in Tamatave, including TAILINGS STORAGE plan that generates (With hydraulic mining, the MODULAR PROCESS SYSTEM supporting services such Ore Reserves). INDEPENDENT REVIEW (Detailed designs for a as administration, ore and waste are separated at the modular process plant, (Independently reviewed proprietary flowsheet) laboratory analysis and logistics). where the waste heads to feasibility study will be tabled tailings as a significantly Q4). dewatered slurry).

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Large Mining Investment Code

Our feasibility studies will underpin the Company’s application under the Large Mining Investment Code (LMIC) as defined under Malagasy Mining Law (Law no. 2001-031), which was drafted with the assistance of the World Bank. This law provides for certain investment incentives for projects achieving ‘Large Project Status’ and is a key ingredient in making a large project attractive for investors. Certification of a project under the LMIC requires completion of environmental studies, issuance of mining or exploration permits, and certification by the Malagasy government of the investment plan, which must exceed approximately AUD$20m. Bass has a number of key elements already in place being an operating mine and is well progressed on a number of other elements.

KEY

BENEFITS

Reduction of the royalty fee to 1%.

Duty free import of all project equipment and material.

Reduced general tax regime.

Stability guarantees concerning legislation.

Guarantees to foreign currency including offshore accounts.

Guarantees concerning foreign workers.

Set timeframes for governmental approval (60 days).

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Production An established platform for growth

G r a p h i t

e

Mining, processing and selling graphite – what’s important?

– q Large Flake Large flake graphite concentrates are the main revenue driver for any graphite producer. The percentage of concentrates that can be produced and sold above 180 microns (large flake) directly impacts the basket price. Due to the ever growing demand for quality carbons in unique applications in both traditional markets and new age specialty carbon applications, such as expandable graphite, having a consistent supply of high quality large flake graphite is essential. This means for the producer, the more large flake concentrates produced, a higher overall cash margin. Typical saleable size distributions are:

Large flake concentrates: >500 microns (P35), 500-300 microns (P50), 300-180 microns (P80)

Fine flake concentrates: 180-150 microns (P100), 150-75 microns (M100), <75 microns (M200)

• q Final Concentrate Grade All graphite concentrates are sold on the basis of either their Fixed Carbon grade (FC%) or Loss On Ignition grade (LOI%). Most markets work with Fixed Carbon (FC). To achieve high FC% you must process the graphite ore through a grind and polish circuit, finally floating a concentrate to be dried, screened into its different size fractions and packaged. Typical price categories are:

Final concentrate grades: Low Grade 85-90FC%, Medium Grade 90-94FC%, High Grade 94-96FC% and Ultra High Grade >96FC%.

• q Host Rock The host rock of graphite ore is extremely important for the preservation of large flake through the mining and processing stages. Large flake graphite hosted in highly weathered rock called ‘Regolith’ allows the large flake to be mined cheaply and processed economically without the use of blasting or crushing. If the graphite is hosted in hard rock (also known as ‘fresh rock’) and is required to be drilled and blasted for extraction and then crushed for processing there will be significant degradation to the size of the flakes recovered, ultimately producing fine flake graphite concentrates (less than 180 microns) which do not attract the same premium pricing as large flake concentrates.

• q Other Factors the head grade and recovery in processing and the moisture and type of impurities of the final concentrate produced are other factors, but without the above 3 primary constituents, any graphite operation is going to be strongly challenged.

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Sustainable production achieved post recommissioning and ramp up

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No Lost Time Incidents during construction

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RESULTS
Approaching Cash Flow
Positive Operations
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Production

Strong 2019 production sets a sustainable platform for growth

Successful production ramp up:

• 42% Large flake (>180 microns) Large Flake Concentrates

• production achieved.

• 96% Fixed Carbon grade achieved.

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• Seasonal production strategy now in High Fixed Carbon Grade
place.
1400
1128
1200
1005
1000
800 708
560
600
400
200
0
wt. Q1 Q2 Q3 Q4
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5 See Footnotes at end of presentation.

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Sales

Established and diversified customer base

Established sales channels

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40% 20% 30% 10%
NORTH
EUROPE INDIA CHINA
AMERICA
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1200 1011 1000 Recommissioning & Ramp Up[5] 783 800 674 600 400 312 200 78 0

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Highest large flake production
profile in operation today.
Sales
Having qualified its concentrates for
sale into key markets, Bass is
currently working on placing
concentrates into Korea and Japan,
further broadening its customer base
with a view to its strategic plans for
large scale mining and processing
operations and downstream specialty
carbons manufacturing.
Zero tonnes penalized or
rejected to date.
Strategically broadening our
customer base for large scale
mining, processing and specialty
carbons manufacturing.
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Quarterly Sales

5 See Footnotes at end of presentation.

Pricing Heatmap Large Flake + Fixed Carbon % = Premium Price.

Price

Large Flake

500 microns (P35) 500-300 microns (P50) 300-180 microns (P80)

Medium Flake 180-150 microns (M80) 180-150 microns (P100)

85-90%

85-90%

90-94%

90-94%

94-96% 96-98%

94-96%

96-98%

Fine Flake

150-75 microns (M100) <75 microns (M200)

85-90%

90-94%

94-96%

96-98% 50%

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MINERAL RESOURCES

Establishing a platform for large scale production

Madagascar

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Madagascar has produced benchmark quality graphite for over 100 years due to the high purity, large flake graphite hosted in soft, easily mineable regolith.

Contained Graphite: 574kT

Substantial regolith mineralization delineated for large scale development.

Current JORC Mineral Resources of 14.3 Mt @ 4% TGC and >90% large flake (>180 microns) insitu[1, 2, 3] .

Outstanding Logistics

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Straight forward and established logistics to reach high growth graphite and carbon markets, with current mine adjacent to the main National Highway and only 110 km to the country’s main export port at Tamatave.

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

1, 2, 3 See Footnotes at end of presentation.

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“Bass is firmly of the view the Graphmada asset is highly prospective for a much larger resource, accordingly we have elevated to a core objective a material expansion of its graphite resources to support large scale mining and processing.” – Peter Wright Executive Director

Mineral Resources

The Company holds 3 Mineral Resource deposits of graphite, Mahefedok, Mahela and Loharano. Each of these deposits host soft easily mineable regolith and are open in all directions for further exploration and development.

The resources are fully permitted for exploration and mining, and are in direct proximity to fully installed and operational mining and processing infrastructure.

Total Resources1, 2, 3 Tonnes TGC Contained Graphite	Total Resources1, 2, 3 Tonnes TGC Contained Graphite
Measured	0.4 Mt 4.1% 16 Kt
Indicated	4.0 Mt 4.3% 172 Kt
Inferred	9.9 Mt 3.9% 386 Kt
Total	14.3 Mt 4.0% 574 Kt

Figures subject to rounding

1, 2, 3 See Footnotes at end of presentation.

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Developing for expansion

Exploration Potential

Well established project development pipeline

Growing our resource base to underpin large scale mining and processing operations

First to drill and explore using modern methods in the region

Potential4 Tonnes Total Graphitic Carbon Contained Graphite	Potential4 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

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.

4 See Footnotes at end of presentation.

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Downstream Integration Positioning for the rapid uptake of new age carbon technologies

The many uses of Natural Graphite

Bass Metals’ concentrates are highly suitable for all applications, across all market segments[6] .

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Traditional

Refractories, Foundries, Crucibles, Lubricants, Brake Linings, Gaskets, Carbon Brushes, Powder Metallurgy, Nuclear, Dispersion, Polymers, Graphite Ropes and Packaging Material, Parts and Blocks.

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Graphene

Gram for gram, stronger than any other material known to man. Some 200 times stronger than structural steel. Also one of the most conductive materials ever discovered, and can be used for anything from composite materials like carbon fiber to electronics.

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Expandable[7]

Bass’ large flake graphite is highly suitable for expandable graphite applications such as corrosion and heat resistant materials, as well as fire retardant building supplies.

Battery & Fuel Cell[8]

In various battery systems such as Al-Mn, NiCd, or Zn-C cells, graphite is used as a conductivity additive. In Li-ion or Li-polymer batteries, graphite plays an active role as the anode material into which Li ions are intercalated.

6, 7, 8 See Footnotes at end of presentation.

Downstream Strategy

Key to Bass’ broader strategy has been its own production of high value graphite concentrates. Bass can produce large flake concentrates at scale, with no deleterious elements leaving the Company well placed to progress this with the right partner. Bass has an established product in the market and has yet to have an export tonne rejected or penalized.

Bass has tabled extensive metallurgical test work to the ASX highlighting its suitability to value added products. Products such as expandable graphite, graphene and specialty carbons are high growth markets requiring premium graphite concentrates which Bass is well placed to supply.

As a graphite producer & carbon products developer, Bass is developing its own capabilities internally as well as seeking high value partnerships such as the recently announced potential joint venture with Urbix.

Imery’s Graphite and Carbons EUR 2.95b

AMG Advanced Metallurgical Group

EUR 734m

Bass Metals Ltd. A$22m

“We’re planning for a transformative 2020 in order to meet demand for the very real and rapid take up of carbon technologies.” – Tim McManus CEO

Source: Google Finance 22/11/19

High value partnerships Potential Joint Venture to develop and construct a purification plant using Urbix’s environmentally responsible process that helps lift carbon grades without damaging flake size - the next generation of purification technologies.

With Bass producing high carbon concentrates with a significant proportion in the large flake categories, Urbix’s industry leading process allows for cost-effective upgrading of flake graphite to very high levels without loss of flake size or cash margins. The process is especially suitable given Bass' concentrates tested to be highly applicable for lithium battery, expandable and potentially graphene applications.

Joint Venture

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Bass representatives recently visited the USA to meet the executive team of Urbix to progress proposed JV terms[7] .

Bass' proposed JV with Urbix allows both parties to develop purified graphite in partnership and capitalize on the unique opportunities and the high forecast growth in the EV battery anode and expandable graphite markets.

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"We strongly believe high growth markets such as lithium battery and fire-

retardant applications will underpin the partnership

between our two companies to produce purified graphite and downstream products. Bass remains committed to exploring and developing this unique and potentially highly successful joint venture.”

– Jeff Marvin Director

9 See Footnotes at end of presentation.

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Sustainability Operating responsibly

Sustainability Bass runs a Corporate Social Responsibility (CSR) program called Graphmada Care.

At Bass, we produce industrial mineral concentrates essential to the next generation of technologies, while also meeting the needs of more traditional markets. Achieving this purpose requires us to work-in remote locations in Madagascar and often on land owned by the Malagasy people. Our approach is a simple one, we must work in a way that delivers real, lasting benefits for our shareholders as well as the Malagasy people.

We must care for our employees, respect and care for the environment and rehabilitate the land as we progress our core objectives. We must contribute our fair share to the local and national economy, including through taxes, and do so transparently, and with a clear understanding that our success is directly linked to the success of the Malagasy people. These beliefs are the foundation of our views on sustainability.

EDUCATION

TRANSPARENCY

EMPOWERMENT

HEALTH

PRODUCTION

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S U S T A I N A B I

L I T Y

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GRAPHMADA CARE PROGRAM

OUR ACHIEVEMENTS

• ü Hired and trained local people from the immediate region

• ü Sourcing equipment and supplies from local providers

• ü The repair and painting of the Gendarmerie’s Office

• ü Provision of stone for road repair across the region

• ü Installation of a wooden bridge for access to plantations and farms

• ü Assistance to landholders to obtain certification of land ownership

• ü School engagement program, encouraging attendance with supplies

• ü Repair and replacement of school desks

• ü Established a Primary Health Centre with a resident doctor

• ü Provision of nutritional, health and sanitation training

• ü Installation of water wells to help source quality drinking water

• ü Training for farmers and apprenticeship programs for young people

• ü Sexual transmissible disease awareness program

• ü Provide materials and repairs for the regional hospital

• ü School expansion, construction of additional class rooms with furniture ü Provide supplies and training for teachers

• ü Tree planting in partnership with the government and community

SUMMARY

Graphmada Mining Complex: A significantly de-risked platform for growth.

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Production established

Bass is a material producer of graphite concentrates from its 100% owned Graphmada Mining Complex located in Madagascar.

Sales established

Strategically broadening our customer base for large scale mining, processing and specialty carbons manufacturing.

Infrastructure in place

Straight forward and established logistics to reach high growth graphite and carbon markets

Exploration success

Growing our resource base to underpin large scale development.

Downstream integration

Large scale mining and processing with downstream integration will provide significant value for our shareholders.

Fully permitted

A fully permitted asset with established production and sales, experienced staff and robust infrastructure.

2020 Catalysts

Progressing to a fully integrated graphite and specialty carbons business for the rapid uptake of new age carbon technologies

Continue drilling to materially grow our graphite resources for large scale mining and processing.

Complete Joint Venture Agreement to build downstream capability to produce specialty carbon products.

Complete feasibility studies for large scale mining and processing.

Apply for Large Project Status.

2021 Catalysts Commence development for large scale mining and processing, while finalizing downstream integration.

Footnotes

CONTACT US

Tim McManus CEO David Round CFO / Sales Peter Wright Executive Director

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 21/06/17 "Maiden Mineral Resource for Mahefedok Deposit” and further updated to the ASX 25/11/19 “Bass increases Mahefedok North graphite resource by 54%.

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 ‘Bass delivers outstanding increase in Mineral Resources’ released on the 4/12/19.

4. See ASX Announcement ‘Significant Exploration Program to commence at Graphmada’ released on the 3/06/19.

PO Box 1048, Subiaco, WA 6904 (07) 3203 5894 admin@bassmetals.com.au www.bassmetals.com.au

1. See ASX Announcement ‘Quarterly Activities Report’ released on the 31/10/19.

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

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

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

5. See ASX Announcement ‘Bass advances strategic discussions’ released on the 26/11/19.