ASX: GW1

Brisbane Mining Energy and Minerals Investor Conference 2022

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 "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 mate 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.

Dual commodity green materials company

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

Integrated green materials company with comprehensive exposure to:

Graphite

OVERVIEW

A CULTURE OF EXPERIENCED EXCELLENCE

\$35m

As of 21 March 2022

MKT CAP

\$4.1m

CASH As of 31 December 2021 \$0.28

PER SHARE at 21 March 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.

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.

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

\$0.70

Project Locations

Lithium Brine Project

San Jorge, Argentina

Graphite

Graphmada Graphite Complex, Madagascar

Hard Rock Lithium Project Millie's Reward, Madagascar

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

Research Project

Swinburne University Melbourne, Australia

es n
n To

7

deficits in both Graphite and Lithium

Graphie

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 2

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

Development Strategy

$\boldsymbol{3}$

Supply both high value and growing markets

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 Mt @ 11

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

180 auger hole program

Further 3000m diamond drilling program

Complete

→ Underway

Next steps

Graphmada advantages

Greenwing's exploration strategy is based on extensive mineralisation from Lohorano in the north to Ambatofafana in the south
$\checkmark$ Current diamond drilling program 43 diamond drill holes for a total of 1,715m completed to date
$\checkmark$ Significant intercepts recorded at southern extent tenements. Validating model with graphite mineralisation recorded up to 37.9m @ 6.6% Fixed Carbon (FC) including 4.9m @ 19.4% FC⁴
$\checkmark$ Every drill campaign has resulted in significant resource upgrade (current resource 22.2Mt at 4.0% Fixed Carbon)⁴

Total	Tonnes	TGC	Contained Graphite
Measured	2.9 Mt	4.2%	121 Kt
Indicated	3.3 MH	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 COMPLEX

(figures subject to rounding)

Peer comparison

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

TOAMASINA PORT

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:

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 vehicles⁸

Investment into lithium companies have surged to \$3.75 billion⁹

Lithium shortage caused a price jump from \$9,600 per tonne in January 2021 to \$50,000 per tonne in January 2022¹⁰

Global Lithium Supply & Demand

$\blacksquare$ Supply

$\Box$ 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

15 granted Exploration Licenses $\sqrt{2}$ 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	28.4B
	$\overline{2}$	Allkem	6.2B
	3	Lithium Americas Corp	4.5B
	4	Lake Resources	1.2B
	5	Galan Resources	421M
Neo Lithium 6 Corp		103M
	7	Greenwing Resources	36M
	8	Bearing Lithium Crop	25M

7. SAN JORGE Greenwing Resources

Prolific Lithium Triangle

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 lithium¹¹

Comparable to ASX:LKE flagship Kachi Project feedstock

Passive seismic geophysical survey results suggest basin depth of up to 600m $(+/200m)^{11}$

Drill program planning

Budgeting

Licensing and applications

Electrical geophysics to map the extent of the brine body

Drilling

DLE Evaluation

Fieldwork

Complete

Underway

Next steps

PFS

Resource expansion

DLE evaluation 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%

Advanced Materials

Production of high-quality graphene from Graphmada concentrates achieved
Ongoing research will concentrate on graphene characterization and optimizing graphene percentage for strength and fire retardation

Lithium - Brine

Geophysics survey and interpretation
Permit extension
DLE evaluation
Design & commencement
of drilling program

Graphite

Diamond drilling underway, expanding the footprint of Ambatofafana
Graphmada Mining Complex mineral resource upgrade
Feasibility study for the development of initially a 40,000tpa operation

Three distinct areas of development:

1. Graphite resource upgrade & feasibility study
1. Lithium exploration at San Jorge
1. Advanced materials product development

Craig Lennon Chief Executive Officer

Rick Anthon Chairman

Peter Wright Executive Director

PO Box 15048, Brisbane Qld 4000

$(07)$ 3063 3233

[email protected]

www.greenwingresources.com

Appendix

Click to add text

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.

Expertise

Environmentally Conscious

Economically Feasible

Clear strategy to scale

Proven Production

Advanced Materials What are they?

Refractories & Metallurgical⁵

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

Graphene & High End Technologies

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

Expandables & Fire Retardants 6

Large Flake Graphite
Exceptional Expandability
Clean, high purity concentrates

Energy: Battery & Fuel Cell 7

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

Footnotes

1. ASX Announcement 'Commencement of Drilling Program at Graphmada' released 06/12/2021
$2.$
Advance Plans for Large Scale Mining and Processing Operations' released 16/03/21
1. ASX Announcement 'Graphmada Mining Complex- Mineral Resource Update' released 19/11/21
Fortune Business Insights, Lithium Market, Share, 2021-2028 5.
1. Grand View Research Graphene Market Size, Share & Trends Analysis Report, December 2021
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 11/08/2018
1. ASX Announcement 'Execution of San Jorge Project Acquisition Agreement' released 03/11/21

This presentation was authorised for release by the Company's chairman.

Benchmark Mineral Intelligence, "Graphite Price Assessment, January 2022 Assessment" published 03/02/22

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
ASX Announcement 'Advanced Materials Update: High Quality Graphene Produced' released 22/12/2021