GREENWING RESOURCES LTD — Investor Presentation 2022

Apr 25, 2022

ASX: GW1

GREENWING RESOURCES

April 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 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 at the Graphmada and Millies Reward projects 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.

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 Member of the 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 context in which it appears.

Subsequent Public Reporting

The information for the JORC Mineral Resource Summary is extracted from the ASX Announcement "41% Increase in Graphite Mineral Resource to Advance Plans for Large Scale Mining and Processing Operations" released 16 March 2021, 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 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.

lithium and graphite

• ✓✓✓✓

Tonnes

OVERVIEW

A CULTURE OF EXPERIENCED EXCELLENCE

\$57.5M

MKT CAP As of 21 April 2022

\$3.0m

CASH As of 31 March 2022 \$0.47

PER SHARE

As of 22 April 2022

122m

SHARES ON ISSUE Excludes convertible notes and options

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.

$\boldsymbol{\varDelta}$

May June July August September October November 2021

Top 20 holders hold 42%

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 management.

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

Skilled Team

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

Production Ready Asset

$\bigodot$

E

Established graphite processing plan in place with 20 months of premium concentrate production achieved

Sustainably Focused

Exposure to materials fundamental in decarbonising the economy

Established mining jurisdictions

Projects located in jurisdictions with existing mining operations and exports

Project Locations

Lithium Brine Project

San Jorge, Argentina

Graphite

Hard Rock Lithium Project Millie's Reward, Madagascar

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

Graphmada Graphite Complex, Madagascar

Research Project

Swinburne University Melbourne, Australia

Lithium Market Demand

The global lithium market is projected to double by 2028 due to battery demand and the growing adoption of hybrid and electric vehicles¹

Investment into lithium companies have surged to \$3.75 billion²

Lithium shortage have seen prices increase from \$9,600 per tonne in January 2021 to \$50,000 per tonne in January 2022³

kt LCE 6,000 5,000 4,000 3,000 2,000 1,000 2018A

Global Lithium Supply & Demand

$\blacksquare$ Supply

$\blacksquare$ Demand

Source: USB Investment Research

San Jorge Argentina

Lithium Triangle location

Accounts for over half of the world's annual lithium production of directly saleable lithium carbonate

• $\checkmark$ 15 granted Exploration Licenses covering 38,000 hectares inclusive of the San Francisco Salar
• Proven jurisdiction for brine $\checkmark$ development
• Potential suitability for Direct Lithium $\sqrt{2}$ Extraction (DLE) to produce Li Hydroxide

	1	Albermarle	18.6B
$\overline{2}$	$\mathbf{2}$	Allkem	8.4B
Americas 3	3	Lithium Americas Corp	3.1B
5 LAKE	4	Lake Resources	2.8B
$\overline{\mathbf{4}}$	5	Galan Lithium	596M
EENWING ESOURCES LTD VJORGE	6	Neo Lithium Corp	103M
		Greenwing Resources	57M

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/l lithium⁴

Comparable to ASX:LKE flagship Kachi Project feedstock

Geophysics suggest basin depth of up to 600m (+/200m)¹¹

NDA executed with leading DLE to test brine samples Maiden drill program planning

Permitting and permit extensions

DLE evaluation

TEM geophysics to map the extent of the brine body

Drill program

Further surface sampling

Underway

Next steps

Maiden mineral Resource

PFS

Resource expansion

DFS

Mine development

Offtake partners

High-grade lithium-in-spodumene project, Madagascar

• Li2O grades up to 7.1%
• grades up to 1.8%
• grades up to 6.9%
• grades up to 6.9%
• grades up to 4.1%

draphie

100% owned large-flake graphite resource:

• ✓
• ✓
• ✓
• ✓
• ✓
• ✓

Benchmark Estimate	Price
FLAKE, 94-95% C, -100 MESH	\$665
FLAKE, 94-95% C, +100 MESH	\$975
FLAKE, 94-95% C, +80 MESH	\$1,180
USPG, 99.95% 15 MICRONS	\$2,800

Source: Benchmark Minerals Intelligence January 2022 7

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.

Exposure to both high value large flake and growing fine flake markets

FLAKE TYPE

TRADITIONAL MARKET

Traditional Crucibles & Foundries

POTENTIAL MARKET

Fire Retardants and Advanced Materials

PRICES (US\$)

Source: Benchmark Minerals Intelligence

Graphmada has previously sold into all major markets including the US, European Union, China, Japan and India

Purified, Spheritised & Coated: Battery Anodes & Nuclear Applications

Battery Applications stemming from global electric vehicle demand

Development Strategy

$\mathbf{3}$

90% of resource large flake

$\mathbf 1$

Uniquely hosted in soft ore, preserving flake size for high value applications

Additionally, suitable for growing anode market

Stage 1 (Completed)

+20 months of continuous production achieved Product sales to international customers Intellectual capital and relationships underpinning future development and sales

Stage 2

Mining and

Development

Expandables

market

22.0 MH @ 4%

Stage 1 production

Battery

anode

markets

Resource

Graphite product
availity confirmed

Commencement of large scale mining and production

$\boxed{2}$

Resource expansion and processing expansion studies underway

Mineralisation remains open at depth within existing resource

+4.5km of additional near-surface graphite discoveries underpinning substantial resource growth upside

Graphmada Mining Complex, Madagascar

Track record of resource expansion and project delivery

Successful expansion of the Mineral Resource from 5.7Mt to 22.0 Mt at 4%TGC

180 auger hole program

3,268m diamond drilling program

Mineral Resource Upgrade

Complete

Underway

CERVIE 2017.

TAKENTE ZOID!

220 M 2024)

Graphmada advantages

• Greenwing's exploration strategy is based on extensive mineralisation from Lohorano in the north to Ambatofafana in the south
• $\checkmark$ Recently compeleted diamond drilling program-69 diamond drill holes for a total of 3,268m¹³
• $\checkmark$ 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%FC⁹ and 47.9m @ 6.6% Fixed Carbon (FC) including 4.9m @ 19.4% FC¹³
• $\checkmark$ Every drill campaign has resulted in significant resource upgrade (current resource 22.2Mt at 4.0% Fixed Carbon)¹⁰

Total	Tonnes	TGC	Contained Graphite
Measured	2.9 Mt	4.2%	121 Kt
Indicated	3.3 Mt	4.3%	143 Kf
Inferred	15.8 Mt	4.0%	625 Kt
Total	22.0 Mt	4.0%	890 Kt

TABLE 1: MINERAL RESOURCES FOR THE GRAPHMADA MINING COMPLEX¹⁰

(figures subject to rounding)

Peer comparison

18

Madagascar is home to soft and easy-to-mine weathered graphite

TOAMASINA PORT

re e de la partida de la partida de la partida de la caracción de la caracción de la caracción de la caracción
Del marco de la caracción de la caracción de la caracción de la caracción de la caracción de la caracción de l

LON:TGR O

GRAPHAMADA ASX: GW1

MADAGASCAR A resource rich country endowed with graphite

• Producer of graphite for over 100 years
• Host to some of the highest $\bullet$ quality graphite deposits in the world
• 2021 Annual Production of $\bullet$ 13,000 tonnes (Source: Benchmark Minerals)

Master Research and Development Agreement with Swinburne University

• •
• •
• •

Next Steps

Achievement

Advanced Materials Research and Development Agreement with Swinburne University aimed to:

• •
• •

Planned Activities 2022

Exploration Focus

Q2 2022

San Jorge

Non-Disclosure Agreement (NDA) executed with leading provider of Direct Lithium Extraction (DLE) technology

Permit extension

Detailed Transient Electromagnetic (TEM) geophysical survey to commence

Graphmada Graphite Mining Complex

Resource upgrade from existing resource of 22.0Mt @4.0% Total 21 Graphite Carbon

Q3 2022

San Jorge

Maiden drilling program planned to commence

Direct Lithium Extraction (DLE) technology evaluation

Graphmada Graphite Mining Complex

Advance feasibility studies on large scale mining and processing 40,000tpa

Advanced Materials:

Graphene characterisation to be completed in ISO9001 laboratories

Q4 2022

San Jorge

Drilling results

Millies Reward

Field program ahead of potential drill program

Graphmada Graphite Mining Complex

Advance feasibility studies on large scale mining and processing

Craig Lennon Chief Executive Officer

Rick Anthon Chairman

Peter Wright Executive Director

PO Box 15048, Brisbane Qld 4000

$(07)$ 3063 3233

info@greenwingresources.com

www.greenwingresources.com

Appendix

Timing	Consideration
	(post consolidation basis)
Initial consideration
Issued on 30 July 2021	1,500,000 shares
To be issued following execution of the transaction documents	1,500,000 shares
Milestone payments
9 months after the grant of necessary permits to allow the Company	2,000,000 shares
to undertake exploration activities consisting of a geophysical survey,
trenching, auguring, brine sampling and shallow drilling
Upon achieving an inferred Mineral Resource (in accordance with the	AUD\$1,000,000
2012 Edition of the JORC Code or equivalent) of Lithium (stated as
Lithium Carbonate Equivalent tonnes) of 250,000 tonnes at an Li grade
of $200$ mg/L
Upon Greenwing achieving a Measured and Indicated Mineral	AUD\$1,000,000
Resource JORC Report of Lithium (stated as Lithium Cabonate
Equivalent tonnes) of 200,000 tonnes at an Li grade of 200mg/L

Date	Cash Payment Expenditure Equity Earn			Status
Exclusivity fee	\$20,000			paid
15 December 2020	\$100,000			paid
15 November 2021	\$180,000	\$50,000		10% paid
15 May 2022	\$180,000	\$275,000	15%
15 February 2023	\$270,000	\$375,000	25%
15 February 2024	\$500,000	\$500,000	45%
15 February 2025	\$800,000	\$750,000	70%
15 February 2026	\$950,000	\$1,000,000	95%
Extra payment for another 5%	\$1,500,000
Total	\$4,500,000	\$2,950,000	100%

Note: Payments can be accelerated to increase equity at any time.

Advanced Materials What are they?

Refractories & Metallurgical 12

• Large Flake Graphite $\sqrt{2}$
• Clean, high purity concentrates $\sqrt{2}$
• Industry benchmark qualitiess $\sqrt{2}$

Graphene & High End Technologies

• Very high purity of 99.99 wt.% carbon achievable for premium feedstock
• High order crystalline structure

Expandables & Fire Retardants 12

• Large Flake Graphite
• Exceptional Expandability
• Clean, high purity concentrates

Energy: Battery & Fuel Cell

• Very high purity of 99.99 wt.% carbon achievable
• All parameters meet leading battery anode manufacturer specifications

Source: Benchmark Mineral Intelligence, S&P Global, Terra Studio

\$0.70

Footnotes

• 1. Lithium Market Size, Fortune Business Insights, Metals & Minerals, February 2022
• 1. Hot Lithium Market Drags Exploration Sector to Fresh Records, Financial Review, 27/02/22
• 1. Net Zero in Jeopardy Unless World Meets Lithium and Copper Demands, Sky News 21/02/22
• 1. ASX Announcement 'Initial Exploration Results-San Jorge Lithium Project' released 02/12/21
• 1. ASX Announcement 'BSM's Outstanding Lithium intersection of 31m at 3.72%' released 11/08/18
• 1. ASX Announcement 'Commencement of Drilling Program at Graphmada' released 06/12/2021
• 1. Benchmark Mineral Intelligence, "Graphite Price Assessment, January 2022 Assessment" published 03/02/22
• 1. Reported in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code 2012') as per ASX Announcement '41% Increase in Graphite Mineral Resource to Advance Plans for Large Scale Mining and Processing Operations' released 16/03/21
• 1. ASX Announcement 'Exploration Graphmada Mining Complex Exploration Update' released 08/03/22
• 1. ASX Announcement 'Graphmada Mining Complex- Mineral Resource Update' released 19/11/21
• 1. Grand View Research Graphene Market Size, Share & Trends Analysis Report, December 2021
• 1. ASX Announcement 'Advanced Materials Update: High Quality Graphene Produced' released 22/12/2021
• 1. ASX Announcement 'Graphmada Mining Complex Drilling Program Complete' released 13/04/22
• This presentation was authorised for release by the Company's chairman.