GREENWING RESOURCES LTD — Investor Presentation 2023

Jul 10, 2023

Right Commodities

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Robust foundation established for material growth with drilling underway in Argentina’s Lithium Triangle

ASX: GW1 | July 2023

Im ortant Information p

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 Results at the San Jorge Lithium Project has been prepared 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. 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 presentation of this information in the form and context in which it appears.

This presentation has been authorised for release by the board of directors.

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Wh Greenwin ? y g

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Ideally placed

Drilling underway

Strategic partnership with NIO Inc

Team

Integrated green materials company

Production experience

Meaningful exposure to both Lithium and Graphite . Ready to capitalise on comprehensive progress to date

Fully funded drilling program following extensive field program at San Jorge Lithium Project in Argentinian Lithium Triangle

Investment of A$12m @ A$0.55c from NIO Inc (NYSE:NIO) an emerging global leader in EV production

An established team at both Board and Management level with experience in the commercialisation of Lithium and Graphite ore bodies

Aligned with paradigm shift evolving as the global economy transitions to a lower carbon intensity

20 months production at 100% owned Graphmada Graphite Mining Complex, producing all commercial concentrates to specification and sold into all major markets

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Dual commodity green materials company

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Tonnes
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Graphite and Lithium Demand

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

Two fundamental building blocks of the shift towards lower carbon intensity, being driven by Government legislation and increasing public global demand

The take up of lithium-ion battery technology for EVs, as well as mass transit solutions with buses and trucks, are accounting for significant forward demand

Supply capabilities of the industry to match demand are uncertain and will result in enduring deficits and consequently strong prices

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~3 Mt
Deficit
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Kt LCE
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Fine Flake (Battery) Graphite Demand Other Graphite Demand
Lithium
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Source: Benchmark Report: North America’s Role in the Lithium-ion Economy

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Source: USB Investment Research
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Peo le p

A TEAM THAT HAS BROUGHT RESOURCE PROJECTS FROM EXPLORATION TO PRODUCTION

RICK ANTHON

PETER WRIGHT

JAMES BROWN

Non-Executive Chairman

Executive Director

Non-Executive Director

35 years' experience in commercial law and corporate leadership including over 15 years direct experience in Lithium as Director of Corporate Development and Strategy at lithium producer Allkem (ASX: AKE).

25 years' experience in Resource Financial Markets with a focus on Lithium and Graphite. Currently Partner at Bizzell Capital Partners.

35 years of global mining experience and leadership, specialising in exploration, development, and operations. Currently a NED at Sayona Mining (ASX:SYA), he has a proven track record of sourcing, developing, and operating major projects worldwide, focusing on lithium and battery minerals.

ALAN ZENG

JEFF MARVIN

ANGUS CRAIG

Non-Executive Director

Non-Executive Director

Company Secretary/Chief Financial Officer

18 years' experience in supply chain area of automotive and tech by different positions with different OEMs. Senior VP of NIO Inc, EV manufacturer and GW1’s strategic partner and shareholder.

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

25 years in acquisitions, mergers, equity funding, corporate governance and financial management.

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Cor orate overview p

A SOLID FOUNDATION AT A PIVOTAL STAGE OF DEVELOPMENT

Market Cap	$38.9M
(at 4 Jul)		0.45
		0.4
SOI	149.9m
		0.35
		0.3
Price (at 4 Jul)	$0.26	0.25
		0.2
52 Week High	$0.46	0.15
		0.1
52 Week Low	$0.17	0.05
		0
			Jul		Aug		Sep		Oct		Nov		Dec		Jan		Feb		Mar		Apr		May		Jun
Cash (at 31 Mar)	$9.5M

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Strate ic transaction with NIO Inc g

ALIGNING NIO AS THE COMPANY’S JOINT VENTURE AND OFFTAKE PARTNER

Investment of A$12m at an issue price of A$0.55 in September 2022

Call option to acquire 20-40% of San Jorge Lithium Project for $US40m -$US80m

Funds exploration at San Jorge Project, Argentina

Strong endorsement of GW1 assets, strategy, Management and Board

A PIONEER AND LEADING COMPANY IN PREMIUM SMART ELECTRIC VEHICLE MARKET NYSE: NIO | HKEX: 9866 | SGX: NIO

Market cap: $US16.7b (at 4 July 2023, source Iress)

Designs, develops, jointly manufactures and sells premium smart electric vehicles

Developing next generation technologies in autonomous driving and batteries

Expansion focus is on Europe as regulation begins to phase out ICE vehicles across the region

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NIO – A rowth stor g y

AMONG THE CHINESE OEMS DRIVING EV ADOPTION GROWTH.

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Source: RhoMotion with permission

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Lithium

SAN JORGE, ARGENTINA MILLIES REWARD, MADAGASCAR

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San Jor e Lithium Pro ect g j

DRILLING UNDERWAY IN THE PROLIFIC LITHIUM TRIANGLE

15 granted Exploration Licenses across 36,600ha

100%-owner of San Francisco Salar

Brine samples returned results of up to 285mg/l Lithium across 2600ha salar[1]

Geophysics suggest basin depth up to 600m(+/-200m)[1]

Accelerated exploration and Resource development through NIO transaction Currently assessing all potential processing options

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1 ASX ANNOUNCEMENT 'INITIAL EXPLORATION RESULTS- SAN JORGE LITHIUM PROJECT’ RELEASED 02/12/21

Now drillin : San Jor e[2] g g

POISED FOR MATERIAL DISCOVERY Drilling underway following comprehensive field program

Maiden 3-hole diamond drilling program forms part of a larger 12–15-hole drill program

Initial 3 holes planned to a depth of 400m, with accompanying downhole geophysics

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2 ASX ANNOUNCEMENT ‘DRILLING COMMENCES AT SAN JORGE LITHIUM PROJECT, ARGENTINA’ RELEASED 29/06/23

100% owner of the San Francisco Salar and surrounds

BOASTING FULL OWNERSHIP OF ITS SALAR, A RARITY WITHIN THE LITHIUM TRIANGLE, ALONG WITH COMPLETE OWNERSHIP OF THE ADJACENT 36,000HA TENEMENT PACKAGE

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Project	Salar	Province	Company	100% owner?
San Jorge	San Fransico	Catamarca	Greenwing	✓
Tolillar	Tolillar	Salta	Alpha Lithium	✓
Mariana	Llullaillaco	Salta	Ganfeng	✓
Tres Quebradas	Tres Quebradas	Catamarca	Zijin	
Sal de Los Ángeles	Diablillos	Salta	Lithium X	
Exar	Cauchari	Jujuy	LAC /Ganfeng	
Salar del Rincon	Rincon	Salta	Rio Tinto	
PPG	PPG	Salta	Ganfeng	
Centenario Ratones	Ratones	Salta	Eramet/ Tsingshan	
Salar de Olaroz	Olaroz	Jujuy	Allkem	
Cauchari	Cauchari	Jujuy	Allkem	
Sal de Vida	Hombre Muerto	Catamarca	Allkem	
Pastos Grandes	Pastos Grandes	Salta	Lithium Americas	
Kachi	Kachi	Catamarca	Lake Resources	
Hombre Muerto West	Hombre Muerto	Catamarca	Galan Lithium	
Hombre Muerto II	Hombre Muerto	Catamarca	Lithium South	
Rincon Lithium	Rincon	Salta	Argosy Minerals	
Mina Fenix	Hombre Muerto	Catamarca	Livent Corporation		Source: Company filings

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The Lithium Trian le Ar entina g , g

THE WORLD’S FASTEST GROWING LITHIUM PRODUCER

Accounting for over half of global Lithium production

Three active mines, 38 under development

A proven jurisdiction for mine development with established mining codes, workforce, consultants, and operations

Established infrastructure to support all parts of development process from drilling through to production

+US$10B investment into the region since 2018

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Cor orate activit p y

ARGENTINA CONTINUES TO ATTRACT INVESTMENT FROM MAJOR MINERS, PROCESSORS AND OEMS

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Alpha Lithium NEO: ALLI | OTC: APHLF | FRB: 765 Property Size: 27,000 Ha Grade: 350ppm Li/L Resource: 3.3mt Indicated and Inferred Bid: C$241m Techint

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NEO Lithium

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Property Size 35,000 Ha Grade: 637ppm Li/L Resource:7.6mt Measured Indicated and Inferred Transaction: US$ 737m Zijin

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Geophysics and drilling plans

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TEM geophysical lines to evaluate brine distribution

Proposed drilling locations

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Clear develo ment athwa p p y

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POTENTIAL MATERIAL VALUATION UPSIDE
EMANATING FROM A SUCCESSFUL
INITIAL CAMPAIGN AT SAN JORGE
Maiden
DFS
mineral
Maiden drill Resource
Drilling permits Mine
program
Strategic PFS development
Geophysics funding with Bulk brine
suggest basin NIO sampling
Resource
depth of up to
34 brine samples 600m (+/200m) [2] Mapping of the expansion
DLE
returned results of brine body using
NDA's executed evaluation
up to 285mg/l Li [2] TEM geophysics
with DLE
providers to test
DLE brine
brine samples
samples sent
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POTENTIAL MATERIAL VALUATION UPSIDE EMANATING FROM A SUCCESSFUL INITIAL CAMPAIGN AT SAN JORGE

Underway

Next Steps

Complete

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2 ASX ANNOUNCEMENT 'INITIAL EXPLORATION RESULTS- SAN JORGE LITHIUM PROJECT’ RELEASED 02/12/21

Millies Reward Mada ascar , g

HIGH-GRADE HARD ROCK PROJECT

ROCK-CHIP RESULTS INCLUDE[3]

Virgin discovery of potentially high-grade pegmatite-hosted lithium

Ampatsikahitra: pegmatite at surface over ~500 m, with Li2O grades up to 7.1%

31m Trench sample taken at 3.72% Li 2 O

Ilapa: pegmatite at surface over ~700 m, with Li2O grades up to 1.8%

Over 200 multiple pegmatite surface occurrences along a strike length of 10 km

Manjaka: pegmatite at surface over ~300 m, with Li2O grades up to 6.9%

Exploration works completed include: prospecting, geological mapping, rock-chip sampling and small drilling program

Vietnam: pegmatite at surface over ~100 m, with Li2O grades up to 6.9%

Tsarafara: pegmatite at surface over ~500 m, with Li2O grades up to 4.1%

8 high priority prospects within project area

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3 ASX ANNOUNCEMENT 'BSM'S OUTSTANDING LITHIUM INTERSECTION OF 31M AT 3.72%’ RELEASED 11/08/18

Gra hite p

GRAPHMADA MINING COMPLEX, MADAGASCAR

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Gra hmada Gra hite Minin Com lex p p g p

GRAPHITE RESOURCE WITH SUCCESSFUL PRODUCTION AND UNDISCOVERED POTENTIAL

Mineral Resource of 61.9Mt at 4.5% FC, with total contained graphite now greater than 2.7 million tonnes[4]

20 + year mining permits along with current landholder agreements

Currently on care and maintenance pending expansion

Processing plant in place with 20 months of premium concentrate production achieved

Previously established diversified sales channels with concentrates qualified and sold into international markets: EU, USA, India, Japan and China

Proximity to deep-water Toamasina Port

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

Important Notes: 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.

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4 ASX ANNOUNCEMENT ‘212% INCREASE IN GRAPHITE RESOURCE AT GRAPHMADA MINING COMPLEX’ RELEASED 12/07/2022

Established and growing Resource

ONE OF THE MOST ADVANCED ASX-LISTED GRAPHITE EXPLORERS WITH A TRACK RECORD OF RESOURCE EXPANSION

Current Resource 61.9Mt at 4.5% Fixed Carbon[5]

Extensive mineralisation from Lohorano in the north to Ambatofafana in the south

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

47.9m @ 6.6% Fixed Carbon (FC) including 4.9m @ 19.4% FC

EACH DRILL CAMPAIGN HAS RESULTED IN SIGNIFICANT RESOURCE UPGRADE

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+181%
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+54%
+57%
+60%
22.0
Mt
14.3
9.1
Mt
5.7 Mt
Mt 2016 2017 2019 2021
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61.9
Mt
2022
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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.

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5 ASX ANNOUNCEMENT ‘212% INCREASE IN GRAPHITE RESOURCE AT GRAPHMADA MINING COMPLEX’ RELEASED 12/07/2022

Gra hmada: 20 months of roduction p p

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Catalysts to drive value in the next 12 months

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Peter Wright Executive Director

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peter@greenwingresources.com 0404 945 189

Rick Anthon Chairman

www.greenwingresources.com

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Drilling preparation at San Jorge June 2023

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