GREENWING RESOURCES LTD — Regulatory Filings 2017

Feb 16, 2017

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Operating, optimising and expanding the Graphmada large flake graphite mine in Madagascar

Investor Presentation February 2017

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Investment Thesis

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ONLY ASX LISTED GRAPHITE PRODUCER

One of only five publically listed graphite producers in the world and the only Australian ASX listed graphite producer.

ASSET PURCHASED AT MATERIAL DISCOUNT

Graphmada graphite mine purchased for ~A$5 million, having previously sold for ~A$50 million, with an additional ~A$16 million invested by previous owners.

40 YEAR LONG LIFE LOW MINING COST OPERATIONS

40 year mining permits in place, containing four premium quality, large flake, graphite deposits hosted in weathered graphitic gneiss, a soft, easily minable rock that incurs low mining costs.

REVENUE GENERATING ASSET IN GROWTH MARKET

With all associated mining infrastructure and logistics in place, the mine currently produces and sells a range of graphite concentrates into multiple high growth market segments, to customers in India, the United States and Europe.

PRODUCTION VOLUME GROWTH THROUGH OPTIMISATION

Optimisation program underway, targeting lower operating costs, production volume growth and premium concentrate grades. EXPANSION PLANS BEING IMPLEMENTED

Drilling to materially grow existing resource inventories, with plans for a second processing plant to significantly expand production.

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Capital Market Snapshot

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CAPITAL STRUCTURE (ASX: BSM)

(as at 16[th] February 2017)

Shares outstanding 1,368 million

Options Outstanding 471 million[1]

Cash & Receivables A$3.8 million[2]

Share Price (ASX) A$0.012

SHARE PRICE CHART

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SHAREHOLDERS

Market Capitalisation A$16 million

No Debt

Executives and Directors[3] 8% Top 20 46%

• 1 Excludes 126,394,220 unlisted options – see Appendix 3B released to the ASX on the 1st of September 2016 for further detail. 2 Cash and Receivables includes A$1.05m receivables outstanding from Lion Gold.

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Board & Management

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Rick Anthon – Non-Executive Chairman

30 years experience in both corporate and commercial law, is a director of a number of resource companies, and is currently Manager of Corporate and Legal at Orocobre Ltd, Australia's premier Lithium producer.

Jeffrey Marvin – Non-Executive Director

• 20 years working with corporate management and investors to bring international mineral projects to public markets.

Peter Wright – Non-Executive Director

Mr. Wright has 20 years advising on capital markets, investor relations, acquisitions and divestments, particularly in minerals and metals markets. Mr. Wright is also currently Executive Director of Bizzell Capital Partners, a Brisbane based corporate advisory and funds management firm.

Tim McManus – Chief Executive Officer

25 years’ as a mining professional with significant experience at senior management level across all facets of project assessment, development and operations. Previous roles include CEO of ASX listed Elementos Ltd, Chief Geologist for Xstrata, and Partner – Barclays Natural Resource Investments: Metallurgical Coal Management Team.

David Round – Chief Financial Officer & Company Secretary

An accountant with extensive resource sector experience as CFO and Company Secretary to a number of resource development and mining companies.

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Madagascar

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Madagascar has produced benchmark quality graphite for over 100 years due to a high proportion of high purity, large flake, premium quality crystalline graphite, low operating costs and well developed export infrastructure.

Madagascar is an island country in the Indian Ocean, off the coast of Southeast Africa, and has been a democracy since 1960. It is governed under a French legal system with Hery Rajaonarimampianina as President. It has a population of approximately 24 million and an estimated 2016 GDP of $9.2 billion USD. The Corporate Tax rate is a low 20% with a low 2% Mining Royalty. Its capital city is Antananarivo and its main export port is the port of Toamasina situated on the east coast.

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AFRICA
MADAGASCAR
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Index of Economic Freedom, an annual guide published by The Wall Street Journal and The Heritage Foundation.

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Graphmada Overview

Graphmada is an operating mine with four large flake premium quality graphite deposits within its permits:

• Loharano – recent mining

• Mahefedok - trial mining

• Mahela - to be developed

• Ambatofafana - to be developed

With shallow, low cost mining, and an established 6000tpa nameplate capacity processing plant.

With modern facilities and infrastructure, including an on-site doctor and pharmacy, laboratory, housing and offices, water and communications.

LOHARANO	TONNAGE	GRADE	CONTAINED
DEPOSIT*		(CUTOFF 2%)	GRAPHITE
Indicated	0.4 Mt	5.1 %	22 Kt
Inferred	5.3 Mt	4.0 %	213 Kt
Total Resources1	5.7 Mt	4.1 %	235 Kt

Table subject to rounding errors

*Loharano Deposit JORC Resources represent only the top 6 meters of mineralisation at Loharano.

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LOCATION

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1 These estimates were prepared and first disclosed by Stratmin under the JORC Code 2004. The estimates have not been updated to JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Reference is made to the Company's announcement of 2 September 2015 which provides further detail regarding this information.

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Sales & Logistics

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Existing sales are provided in 1 tonne bags or 50 kg bags and placed into 20 tonne containers for shipment from the export port of Tamatave, located 110 km by sealed road from the Graphmada Mine.

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USA
Europe
USA
India
India
Madagascar
Graphmada Mine
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Recent Pricing

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Near Term Price Growth

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Asset Strategy

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1,500 tpa 6,000 tpa 20,000 tpa Acquisition Integration Optimisation Expansion 2015 2016 2017 2018 First investment in Commenced studies Drilling to materially Expansion Study Graphmada to optimise mining grow existing resource scheduled for September 2015. and processing. inventories. completion. 100% of Graphmada Graphmada Care Optimisation program Second processing acquired from community underway, targeting plant installed to Stratmin Global engagement program lower operating costs, expand operations to Resources PLC on 22[nd] commenced production volume >20kt capacity by August 2016. September 2016. growth and premium 2018. concentrate grades.

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Achievements to Date

• Completion of successful due diligence May 2016

• Graphmada mine acquisition agreement July 2016

• Assumption of operational control of Graphmada August 2016

• A$7m capital raising August 2016

• Graphmada Care program commences September 2016

• Safety and training shutdown September 2016

• Final concentrate grade improvements September 2016

• Increase in processing recoveries September 2016

• Drilling program commences at adjacent Mahefedok deposit October 2016

• Achievement of excellent concentrate optimisation results November 2016

• Completion of new workshop construction on time and under budget December 2016

• Commencement of process plant refurbishment December 2016

• Negotiation of substantial reduction in mine acquisition payment December 2016

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Early commencement of processing plant refurbishment works, with construction of flotation cells underway by the onsite fabrication team.

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Optimisation Program: Price Catalysts

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GRAPHMADA MINE OPTIMISATION TIMELINE

Aug’16	Aug’16	Oct’16	Oct’16	Nov’16	Dec’16	Dec’16	Mar’17	Apr’17	Apr’17	Apr’17	May’17	Jun’17	Jun’17
Acquisition & Integration
Testwork & Engineering Studies
Drying Plant Construction & Installation
Processing Plant
Refurbishment
												YTD
Re-Commissioning
& Ramp-up

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Optimised Sales

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Increasing sales revenues through production volume growth of higher value concentrates; achieved through increasing throughput of higher margin ore and optimising processing for higher grade and larger flake final concentrates.

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CURRENT CONCENTRATE FUTURE CONCENTRATE
SALES SALES
Optimisation
USA
+50 +35
USA 85%-94% (LOI) 94%-98% (LOI)
(>300 micron) India (>500 micron)
Graphmada Product
India
Sales Classification
+80 +50
85%-94% (LOI) 94%-98% (LOI)
(>180 micron) (>300 micron)
-80 85%-94% (LOI) FINE TO +80 94%-98% (LOI)
(<180 micron) MEDIUM (>180 micron)
~40% LARGE TO
JUMBO
Mixed 85%-94% (LOI) ~60% -80 94%-98% (LOI)
(<180 micron)
To Order To Order
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Expansion Program: Price Catalysts

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GRAPHMADA MINE EXPANSION TIMELINE

Oct’16	Oct’16	Mar’17	Mar’17	Mar’17	Aug’17	Aug’17	Oct’17	Dec’17	Jul’18 Aug’18	Dec’18	Dec’18
Drilling & Resource
Estimation
Engineering
and Economic
Studies
Financing of 2nd
Processing Plant
Project Execution
										YTD
Commissioning
& Ramp-up

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Capital Initiatives

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Awaiting Mahefedok drill results.
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Mahefedok road construction uncovers soft, easily mineable
graphite mineralisation (grey material) at surface.
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Two 800kva caterpillar generators
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Drying & Packaging Plant currently under construction.

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Community Engagement

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Bass Metals runs a Corporate Social Responsibility (CSR) called program Graphmada Care.

The is based on the program commitment by the Company to develop its business through strong local partnerships built on five pillars:

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EDUCATION

HEALTH

PRODUCTION

TRANSPARENCY

EMPOWERMENT

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YTD
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Summary

ONLY ASX LISTED GRAPHITE PRODUCER

ASSET PURCHASED AT MATERIAL DISCOUNT

40 YEAR LONG LIFE LOW COST OPERATIONS

REVENUE GENERATING ASSET IN GROWTH MARKET

PRODUCTION VOLUME GROWTH THROUGH OPTIMISATION

EXPANSION PLANS BEING IMPLEMENTED

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Disclaimer & Cautionary Statements

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Disclaimer

This document has been prepared by Bass Metals Limited (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 report that relates to Mineral Resources 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 mineralisation 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 report 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 “Strategic investment in producing graphite asset” released 2 September 2015, which is available to view on www.asx.com.au. Bass Metals Ltd. 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.

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