GREENWING RESOURCES LTD — Capital/Financing Update 2012

Jul 8, 2012

ASX / Media Release

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9 July 2012

Restructure of Hellyer Processing Royalty & RMB Facility Extension

Hellyer Processing Royalty

Bass M e tals Ltd ( A SX:BSM) i s pleased t o report it h as signed a binding l e tter agree m ent with Intec Li m ited (AS X :INL) to re m ove the H ellyer Pro c essing Royalty in re t urn for the issue to Intec of 15,000,00 0 Bass sh a res and a 2.5% Net S melter Return ( NSR ) royalty payable on any base metal or e s mined a nd attribut a ble to Ba s s on certa i n leases i n the Helly e r – Que River ar e a in NW T asmania.

By the e nd of July 2012 Bass will have p aid Intec a total of a p proximatel y $1.3 milli o n under the Hell y er Proces s ing Royal t y terms in the Hellye r Acquisition Agreem e nt (dated 1 9 March 2009 a n d subseq u ently am e nded 3 November 2 011). The Hellyer Processing Royalty compris e s a pay m ent by Ba s s to Inte c of $3.50 per tonne of ore pro c essed thr o ugh the Hellyer P lant, capped at $5.7 m illion. Th i s extinguishes the fur t her potenti a l liability t o Bass of $4.4 million subjec t to the Hellyer Plant r esuming o r e processing operati o ns at som e point in the futu r e.

In retur n for restru c turing the Hellyer Pr o cessing R oyalty, Ba s s has agr e ed to gra n t Intec a 2.5% N S R royalty f rom Bass’ interest in a ny base m etal deposits on the f o llowing te n ements; Hellyer Mine Lea s e (103M/ 1 987), Mt Charter R etention Licence (R 1 1/1997), M t Block Explora t ion Licenc e (E48/200 3 ), Bulgob a c River E x ploration Licence (24 / 2004) and the Que River Mine Lease (68M/1984 ) . The ne w royalty e x plicitly ex c ludes gold and silver deposits and is n o t capped. As well, B a ss has ag r eed to iss u e 15,000,000 fully pai d ordinary s hares in the Co m pany to Intec for nil a d ditional co n sideration .

As reported previously, Bass Metals ha s signed a binding a g reement t o sell a major asset suite an d this trans a ction with Intec enables that pro c ess.

The Co m pany con f irms that t h e issue of the 15,000,000 Shares is planne d to be made under the Co m pany’s AS X Listing Rule 7.1 15 % capacity. Subsequ e nt approv a l under Lis t ing Rule 7.4 will b e sought such that th e issue of t h e Shares d oes not count toward s the 15% l i mit.

RMB Facility Extension

On 28 June 2012, t he Compa n y execute d an agree m ent with R MB Austr a lia Holding s Limited ( RMBAH ), Bass’ c orporate l e nder, to a r range a f a cility of up to $6 mill i on as a s h ort term refinancing of existing faciliti e s ( Facility ). The refinancing c omprises a n extensi o n of the existing facility, up t o $6 millio n to 30 Se p tember 20 1 2, with a f u rther exte n sion avail a ble to 21 Decem b er 2012 subject to ce r tain conditi o ns precedents relating to corpor a te budget s and the issue of a further tr a nche of o p tions.

Pursua n t to the terms of the F acility, an d upon dra w down of t h e Facility, the Comp a ny must, subject t o Shareholder appro v al, issue RMBAH (or i ts nomine e ) 3 million o ptions for every $1 million ( o r part ther e of) drawn under the F acility ( Initial Options ). The Init i al Options will have an exer c ise price o f $0.013 which was t h e 10 day V WAP proceeding the date of ac c eptance of the c r edit appro v ed offer o f finance fr o m RMBA H . If the Company is unable to issue the options t o RMBAH then the F a cility will b e come due and payable.

The Bo a rd consid e rs that it i s appropri a te to drawdown on t h e Facility t o ensure a dequate working capital is a vailable for Bass whil s t it finalise s the asset disposals t o enable r e payment

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ASX / Media Release

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of all cr e ditors. A Notice of M eeting is b eing prep a red to see k Sharehol d er approv a l for the issue of the Initial O ptions.

RMBAH currently h olds a tot a l of 90,60 0 ,000 unquoted Bass options co m prising; 3 ,000,000 Options exercisable at $0.228 each on or before 22 Septe m ber 2013, 5,900,000 Options exercis a ble at $0. 3 18 each o n or befor e 27 May 2 014, 66,700,000 Op t ions exer c isable at $0.18 e a ch on or b efore 31 October 201 4 and 15,0 0 0,000 Options exerci s able at $ 0 .18 each on or b e fore 23 February 2015. In acco r dance wit h Listing R u le 6.23.1, R MBAH has agreed to canc e l all of the s e existing O ptions for no consideration.

A furth e r facility e x tension to 21 Dece m ber 2012 is availabl e subject t o certain conditions includin g RMBAH consent a n d the issue of additi o nal options ( Extension Options ). The number of Extensi o n Options is calcula t ed by 4 m illion optio n s for eve ry $1 millio n or part thereof o utstandin g under the Facility on 1 October 2012. The exercise p r ice will be lessor of $0.018 or the 10 day VWA P precedin g the Initial Repayment Date (b e ing 30 S e ptember 2012).

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Competent Persons Statement Mineral Resources & Exploration Results

The info r mation within this repor t that relate s to explorat i on results and Mineral R esource e s timates is based o n informatio n compiled by Mr Mich a el Rosens t reich who i s a Membe r of The Australasian Institute o f Mining a n d Metallurg y . He has s u fficient exp e rience rele v ant to the s t yles of min e ralisation and type s of deposit s under consideration an d to the acti v ities current l y being und e rtaken to q u alify as a Compet e nt Person a s defined in t he 2004 ed i tion of the “ A ustralasian Code for R e porting of Exploration Results, Mineral Re s ources and Ore Reserv e s (the JO R C Code)” a n d he consents to the inclusion of this infor m ation in th e form and c o ntext in which it appear s in this rep o rt.

Contact Media Mike R o senstreich David Ikin/Coli n Hay Managi n g Director - Bass Met a ls Limited Professional P u blic Relati o ns T: +61 ( 0 )8 6315 1 3 00 T: + 6 1 (0)8 93 8 8 0944

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