GREENWING RESOURCES LTD — Investor Presentation 2022

Nov 9, 2022

GREENWING RESOURCES

ASX: GW1

Noosa Mining Conference November 2022

Developing the capacity to service tomorrow's low carbon global economy

Important Information

Disclaimer

This document has been prepared by Greenwing Resources Ltd ABN 31109933995 (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 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, 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 excl 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 di 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, permit 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 Resource 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 eva 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 beyon 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 representa 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-loo 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 s 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 at the Graphmada and Millies Reward projects is based on information compiled by Tim McManus, a Competent Pers 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 unde 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 McMa consents to the inclusion of the information in this document in the form and context in which it appears.

The information in this document that relates to exploration reporting at the San Jorge project is based on Exploration Results compiled by Mr Murray Brooker. Murray Brooker is a geologist and hydrogeologist and is a Membe Australian Institute of Geoscientists. Mr Brooker is an employee of Hydrominex Geoscience Pty Ltd and is independent of Greenwing Resources. Mr Brooker has sufficient relevant experience 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. Mr Brooker consents to the inclusion in this announcement of this information in the form and c which it appears.

Subsequent Public Reporting

The information for the JORC Mineral Resource Summary is extracted from the ASX Announcement "Mineral Resources Update - Graphmada Mining Complex" released 12 July 2022, which is available to view on www.asx.com.au. The Company 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 underpinni 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 materiall modified from the original market announcements.

Why Greenwing?

Strategy to scale

Resource growth strategy demonstrating clear, achievable stages and attractive scalability

Integrated green materials company

Strong, global fundamentals for Graphite and Lithium markets, primarily driven by the compounding demand outstripping supply capacity

Team

Board and Management with experience in exploration and developing projects in both lithium and graphite.

Production experience

Graphite processing plant that operated for 20 months producing premium concentrate

Strategic partnership with NIO

GW1 number 1 shareholder an emerging global leader in electric vehicle production. Established strong growth trajectory requiring supply of Lithium Ion Battery materials

Established mining jurisdictions

Projects located in jurisdictions with existing mining operations and exports

Strategic transaction with NIO*

Aligning NIO as the Company's potential joint venture and offtake partner

• $\checkmark$ Investment of \$12m at an issue price of \$0.55
• $\checkmark$ Call option to acquire 20-40% of San Jorge Lithium Project
• ← Accelerates exploration at San Jorge Project, Argentina
• $\checkmark$ Strong endorsement of GW1's assets, strategy and senior management and board

A NIO

About NIO - A pioneer and leading company in premium smart electric vehicle market

• Designs, develops, jointly manufactures and sells premium smart eclectic vehicles as well as developing next generation technologies in autonomous driving and batteries
• Listed on NYSE secondary listings in Hong Kong and Singapore
• Market capitalisation US\$19.41 (as at 4 Nov 2022)

Dual Commodity

Green Materials Company

Source: Benchmark Report: North America's Role in the Lithium ion Economy

Exposure to lithium and graphite, two materials expected to see increased demand and sustained supply side deficits.

• $\checkmark$ Two fundamental building blocks of the shift towards lower carbon intensity, being driven by Government legislation and increasing public global demand
• $\checkmark$ The take up of lithium-ion battery technology for EV's, as well as mass transit solutions with buses and trucks, are accounting for significant forward demand
• $\checkmark$ Supply capabilities of the industry to match demand are uncertain and will result in enduring deficits and consequently strong prices

Corporate overview

\$40.3M

MARKET CAP

As of 4 Nov 2022

\$1.6M

As of 30 Sept 2022

126M

SHARES ON ISSUES

Excludes convertible notes and options

CASH

\$0.32 PER SHARE

As of 4 Nov 2022

6

RICK ANTHON

Non-Executive Chairman

30 years experience in commercial law & corporate leadership. Director of Corporate Development and Strategy at lithium producer Allkem (ASX: AKE).

PETER WRIGHT

Executive Director

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

JEFF MARVIN

Non-Executive Director

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

JAMES BROWN

Non-Executive Director

35 years as a global mining professional and corporate leader in exploration, development and operations. Previously Managing Director at Altura.

Craig Lennon

Chief Executive Officer

Over 20 years experience in mining exploration and development in developing countries. Previously CEO/CFO Highlands Pacific Limited. Experienced in corporate finance, JV's and M&A.

ANGUS CRAIG

Company Secretary/Chief Financial Officer 25 years in acquisitions, mergers, equity funding, corporate governance and financial

Project Locations

Projects in locations that have major producers of battery minerals with demonstrated production

Lithium Brine Project,
Argentina
San Jorge

Graphite and Lithium,
Madagascar

Graphmada Graphite Complex

Millies Reward

Advanced Materials Research

Swinburne University Melbourne,
Australia

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The Lithium Triangle

World's premier lithium jurisdiction

• South America's Lithium Triangle is the worlds main $\checkmark$ source of production accounting for in excess of half of global lithium production.
• The Lithium Triangle is to Lithium what the Pilbara is to $\checkmark$ Iron Ore and what the Bowen Basin is to Premium Coking Coal
• Proven jurisdiction for brine development, with $\checkmark$ established mining codes, workforce, consultants and well established mining operations
• Established and Strong infrastructure to support all parts $\checkmark$ of development process from drilling through to production.
• Recent site visit concluded confirming accessibility to $\checkmark$ San Jorge with access via paved road.
• Potentially suitable for Direct Lithium Extraction (DLE), $\checkmark$ reducing the processing time and water consumption

San Jorge, Argentina

Pathway to production

Exploration underway with a team that has brought lithium projects from exploration to production. Greenwing management has a clear vision on how they are going to do this again.

34 brine samples returned results of up to 285mg/llithium²

Comparable to other project feedstocks

Complete

Geophysics suggest basin depth of up to 600m $(+/200m)^2$

NDA's executed with leading DLE to test brine samples

Strategic funding with NIO

TEM geophysics to map the extent of the brine body

DLE brine samples sent

Geophysics & Drilling Plan

Proposed drilling locations.

TEM geophysical lines to evaluate brine distribution

High-grade lithium-in-spodumene project, Madagascar

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Graphite Graphmada Mining Complex, Madagascar

Important Notes: 1. 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 mineralization 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.

The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant ASX releases, and the form and context of the announcement has not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.

100% owned large-flake graphite resource

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Track record of Resource expansion

The Graphmada advantage

• $\checkmark$ Exploration strategy is based on extensive mineralisation from Lohorano in the north to Ambatofafana in the south
• $\checkmark$ Significant intercepts recorded at southern extent tenements. Validating model with graphite mineralisation recorded up to 60.3m @ 6.1% Fixed Carbon (FC) including 14.6m @ 8.9%FC and 47.9m @ 6.6% Fixed Carbon (FC) including 4.9m @ 19.4% FC
• $\checkmark$ Every drill campaign has resulted in significant resource upgrade (current resource 61.9Mt at 4.5% Fixed Carbon)⁴

	Tonnes (Mt)	FC%	Contained Graphite (kT)
Measured	18.7	4.9	911
Indicated	12.3	4.7	582
Inferred	30.9	4.2	1,288
Total	61.9	4.5	2,780

Reported in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code 2012') released to the ASX 12 July 2022 "Mineral Resource Update 212% increase in Graphite Resource at Graphmada Mining Complex.

Research and Development Agreement with Swinburne University aimed to:

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Completed

Next Steps

Delivering on milestones

Exploration focus whilst advancing studies and downstream strategies across projects

Lithium	Graphite	Maiden drill
Strategic funding with NIO TEM geophysics to map the extent of the brine body NDAs executed with DLE research providers	3,268m drilling campaign Expanded MRE to 61.9Mt at 4.5% FC Commencement of concept studies Characterisation of Graphene to ISO Standards	program Delivery of Maiden Resource Estimate DLE evaluation	Delivery of concept study Strategic partner search

Lithium

Completed 2022

Graphite

Craig Lennon Chief Executive Officer

Rick Anthon Chairman

Peter Wright Executive Director

PO Box 15048, Brisbane Qld 4000

info@greenwingresources.com

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Appendix

Lithium Market Demand⁶

Consensus among industry experts is that demand for lithium will experience significant growth in the coming years due to the increased penetration of electric vehicles (EVs) globally and the popularisation of renewable energy, leading to increased demand for battery storage for a plethora of consumer goods and grid storage.

Exponential EV take-up is being driven by policy and consumer sentiment with global car companies responding. As a key raw material for batteries lithium prices are responding.

Global Lithium Supply & Demand

Source: USB Investment Research

GRAPHITE FLAKE TYPE	LARGE FLAKE $(>100$ MICRONS)	FINE FLAKE (<100 MICRONS)
TRADITIONAL MARKETS	Traditional Crucibles & Foundries	Purified, Spheritised & Coated: Battery Anodes & Nuclear Applications
POTENTIAL MARKETS	Fire Retardants and Advanced Materials	Battery Applications stemming from global electric vehicle demand
PRICES (US\$) Source: Benchmark Minerals Intelligence October 2022	\$835 to \$1350	\$598 to \$765

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