GREENWING RESOURCES LTD — Regulatory Filings 2021

Dec 1, 2021

==> picture [216 x 56] intentionally omitted <==

ASX Announcement

Initial Exploration Results - San Jorge Lithium Project, Argentina 2 December 2021

Greenwing Resources Ltd (ASX:GW1 or the Company), an emerging fully integrated green metals company, is pleased to report the results from its initial exploration program at the San Jorge Lithium Brine Project located in the prolific Lithium Triangle in Argentina.

Greenwing has received results of the initial 34 brine samples from the San Jorge Project, and the full results of the geophysical survey.

HIGHLIGHTS

• Highly encouraging results with the initial 34 brine samples taken from surface at the San Jorge Project confirming the presence of lithium.

• Brine samples further confirm an area of elevated lithium in the centre-south of the salt lake, with concentrations up to 285 mg/L lithium.

• Detailed interpretation of the initial passive seismic geophysical survey completed suggests the basin may extend to a depth of up to 600m (+/- 200m) in the south of the salt lake, significantly deeper than the initial estimate of 300m (ASX announcement 26[th] October 2021).

• The salt lake is currently interpreted to extend beneath gravels and thin lava flows that surround the visible extent of the salt lake.

• A drilling program is being designed to follow up these highly encouraging initial results.

• In parallel with ongoing exploration Greenwing has commenced assessing processing options for San Jorge including low-cost direct lithium extraction (DLE) technology.

Greenwing Resources Ltd ABN 31 109 933 995 Phone: +61 (0) 7 3063 3233 | 110 Mary Street Brisbane Qld 4000 www.greenwingresources.com

San Jorge Lithium Brine Project

Greenwing’s highly prospective San Jorge Project is located at the San Francisco Salar and covers a total of 38,800 hectares.

Key details of the San Jorge Project are as follows:

• 15 granted exploration licenses

• Lithium Triangle location which accounts for over half the world’s lithium production (refer figure 1)

• Elevation of 4,000m above sea level

• 2,800-hectare San Francisco Salar, surrounded by gravel slopes, under which the salar may extend

• Exploration Licenses cover 100% of the salt lake (refer figure 2)

==> picture [336 x 471] intentionally omitted <==

Figure 1: Project location and nearby projects

Greenwing Resources Ltd

2

==> picture [466 x 366] intentionally omitted <==

Figure 2: Map of exploration licenses covering the San Francisco Salar and surrounding basin.

Results of brine sampling

Brine samples were taken on an approximately 1km square grid. The brine sampling has confirmed the northern area of the salar hosts brackish water and is the lowest concentration area of the salt lake. Inflow of brackish water is also noted around the edges of the salar from runoff and from hot springs noted on the western side of the salar.

In the centre of the salar, the lithium concentration from initial samples reached a maximum of 285 mg/l, within a zone of predominantly 104-150 mg/l lithium concentration (Figure 3). Lithium concentrations of up to 285 mg/l are a positive indicator of the Salar potential.

Planning of further field work to evaluate the brine concentration is underway. More consistent and possibly higher concentrations of brine may exist at depth, which can be confirmed with further drilling.

Greenwing Resources Ltd

3

==> picture [453 x 599] intentionally omitted <==

----- Start of picture text -----

285 mg/l Li
140 143
115
Depth uncertain
245 mg/l Li
146 109
154 155
113
350 m deep
131
104 113
400-600 m deep
Proposed drill hole
----- End of picture text -----

Figure 3: Location of significant lithium assays within the San Jorge project

Greenwing Resources Ltd

4

Geophysical survey interpretation

A Tromino passive seismic survey was conducted, providing valuable information regarding the potential thickness of the salt lake sediments. The survey technique allows the definition of units with different density/consolidation and a contrast in seismic properties. It is effective for mapping the contact of salt lake sediments with the underlying basement rocks. In the south of the project clear high confidence reflectors were identified (Figure 4), which suggest the salt lake sequence is in the order of 300m to 600m (+/- 200m) thick. The planned drilling program will be designed to confirm these results.

==> picture [436 x 112] intentionally omitted <==

Figure 4: Tromino passive seismic line A0 from the south of the project

In the north of the salt lake a shallow reflector is interpreted to reduce the signal from below this feature and the depth of the salt lake basement rock contact is poorly defined and less certain. The shallow reflector in the north of the salt lake is likely to be a volcanic unit close to or at surface within the salar, with outcropping areas of basalt mapped in the north of the salar, most likely basalt flows from volcanos in the area. Additional passive seismic measurements are planned to better define the distribution of units and the presumed thickness of the salar sediments.

Drilling will be required to obtain deeper brine samples and to assess the types of sediments present in the salt lake and their porosity characteristics.

An initial drilling program is under consideration, with the Company also awaiting receipt of the relevant permits to allow drilling on the project.

RICK ANTHON, CHAIRMAN

Greenwing is pleased with the initial exploration results delivered at San Jorge confirming the presence of lithium. Greenwing are particularly pleased with the depth of the basement contact increasing from 300m to 600m (+/- 200m) which significantly expands the potential volume of brine present. The next steps for San Jorge are to drill and in parallel commence assessment of competing direct lithium extraction (DLE) technologies.

We look forward to updating the market on this project along with the ongoing work program across Greenwing’s diverse battery mineral projects, including results from the diamond drilling program at the Graphmada Mining Complex in Madagascar which has now commenced, and ongoing research results from Swinburne University over the coming period.

Greenwing Resources Ltd

5

This announcement has been approved by the Company’s chairman for release.

For more information, please contact: Rick Anthon Craig Lennon Chairman CEO Phone: (07) 3063 3233 Email: InvestorRelations@greenwingresources.com www.greenwingresources.com

Greenwing Resources Ltd

6

Disclaimer

This document has been prepared by Greenwing Resources Ltd (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 based on 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.

Forward-Looking Statements

This announcement contains certain forward-looking statements’ within the meaning of the securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as ‘may,’ ‘should,’ ‘expect,’ ‘anticipate,’ ‘estimate,’ ‘scheduled’ or ‘continue’ or the negative version of them or comparable terminology.

Any forecasts or other forward-looking statements contained in this announcement are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material.

Greenwing Resources does not give any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will occur and you are cautioned not to place undue reliance on forward-looking statements. 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.

Important information

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to in this document have not been and will not be registered under the United States Securities Act of 1933 (the ‘US Securities Act’), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the US Securities Act or an exemption from the registration requirements of the US Securities Act is available.

This document may not be distributed or released in the United States.

Competent Person Statement

The information in this report that relates to Exploration Results 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 announcement of this information in the form and context in which it appears.

Greenwing Resources Ltd

7

JORC Table 1

Section 1 - Sampling Techniques and Data related San Jorge

(Criteria in this section apply to all succeeding sections.)

Criteria		JORC Code explanation		Commentary
Sampling	•	Nature and quality of sampling (eg	•	Holes were drilled using a power auger
techniques		cut channels, random chips, or		and using a shovel on the surface of
		specific specialised industry standard		the lake bed. The sediment type was
		measurement tools appropriate to		described, and a water sample taken
		the minerals under investigation,		from the water flowing into the pit
		such as down hole gamma sondes,	•	Sediment samples were described by
		or handheld XRF instruments, etc).		experienced geoscientists, and the
		These examples should not be taken		results compared with results from
		as limiting the broad meaning of		nearby holes.
		sampling.	•	Sediment samples were not collected
	•	Include reference to measures taken		for assay. Sediments were used to
		to ensure sample representivity and		describe the lithology. Samples for
		the appropriate calibration of any		brine analysis were taken from the
		measurement tools or systems used.		water inflow to the pits. The water
	•	Aspects of the determination of		inflow is considered to be
		mineralisation that are Material to		representative of the area surrounding
		the Public Report.		each pit, with changes in the
	•	In cases where ‘industry standard’		concentration of dissolved cations
		work has been done this would be		and anions generally varying
		relatively simple (eg ‘reverse		gradually across a salt lake.
		circulation drilling was used to obtain
		1 m samples from which 3 kg was
		pulverised to produce a 30 g charge
		for fire assay’). In other cases more
		explanation may be required, such
		as where there is coarse gold that
		has inherent sampling problems.
		Unusual commodities or
		mineralisation types (eg submarine
		nodules) may warrant disclosure of
		detailed information.
Drilling	•	Drill type (eg core, reverse	•	Sampling was conducted using a
techniques		circulation, open-hole hammer,		shovel and an auger post hole digger
		rotary air blast, auger, Bangka, sonic,		that allowed excavating of holes to 2
		etc) and details (eg core diameter,		m deep, with the sediments described
		triple or standard tube, depth of		and water samples collected from
		diamond tails, face-sampling bit or		inflow to the hole.
		other type, whether core is oriented
		_and if so, by what method, etc). _
Drill sample	•	Method of recording and assessing	•	Sediment samples from the pits were
recovery		core and chip sample recoveries		described by experienced
		and results assessed.		geoscientists, and the observations
	•	Measures taken to maximise sample		compared with results from nearby
		recovery and ensure representative		holes.
		nature of the samples.	•	Sample recovery was effectively
	•	Whether a relationship exists		100%, given the shallow nature of the
		between sample recovery and		holes. Sediment samples were not
		grade and whether sample bias may		analysed chemically and descriptions
		have occurred due to preferential		were a qualitative evaluation of the
		loss/gain of fine/coarse material.		lithologies encountered in the hole.
				There is no relationship between
				sediment recovery and ion
				concentration in the water in this case.
Logging	•	Whether core and chip samples	•	Sediment samples were described by
		have beengeologically and		experiencedgeoscientists,and the

Greenwing Resources Ltd

8

Criteria		JORC Code explanation		Commentary
		geotechnically logged to a level of		observations compared with results
		detail to support appropriate Mineral		from nearby holes and the surrounding
		Resource estimation, mining studies		area.
		and metallurgical studies.	•	Sediment logging is of a qualitative
	•	Whether logging is qualitative or		nature.
		quantitative in nature. Core (or	•	A description of the surficial material
		costean, channel, etc) photography.		was made at each site that the
	•	The total length and percentage of		Tromino geophysics was conducted
		the relevant intersections logged.		and photographs taken to document
				the site characteristics.
Sub-sampling	•	If core, whether cut or sawn and	•	Sediment samples were only used to
techniques		whether quarter, half or all core		identify the lithology and were not
and sample		taken.		used for chemical analysis and were
preparation	•	If non-core, whether riffled, tube		only sub-sampled to collect
		sampled, rotary split, etc and		representative reference samples.
		whether sampled wet or dry.	•	Samples of water inflow into the pits
	•	For all sample types, the nature,		were sampled in triplicate, with
		quality and appropriateness of the		primary and duplicate samples
		sample preparation technique.		submitted for chemical analysis.
	•	Quality control procedures adopted	•	Duplicate samples and blank samples
		for all sub-sampling stages to		were included for quality control
		maximise representivity of samples.		purposes.
	•	Measures taken to ensure that the	•	Samples are considered to be
		sampling is representative of the in		representative of the area surrounding
		situ material collected, including for		each sample site, due to the generally
		instance results for field		flat and relatively homogeneous
		duplicate/second-half sampling.		surface geology.
	•	Whether sample sizes are	•	1 litre samples are considered
		appropriate to the grain size of the		appropriate for the total number of
		material being sampled.		analyses required.
Quality of	•	The nature, quality and	•	The water samples from pits were sent
assay data		appropriateness of the assaying and		for analysis at the Alex Stuart Assayers
and		laboratory procedures used and		laboratory in Mendoza, Argentina. The
laboratory		whether the technique is considered		laboratory has extensive experience
tests		partial or total.		analysing brine samples.
	•	For geophysical tools, spectrometers,	•	Quality control/Assurance samples (4
		handheld XRF instruments, etc, the		duplicates, 3 standards and 2 blanks)
		parameters used in determining the		were submitted with the primary
		analysis including instrument make		samples to the laboratory.
		and model, reading times,	•	The standards, duplicates and blank
		calibrations factors applied and their		samples have confirmed the
		derivation, etc.		repeatability of results and no
	•	Nature of quality control procedures		evidence of contamination between
		adopted (eg standards, blanks,		samples in the laboratory.
		duplicates, external laboratory	•	Tromino passive seismic geophysics is
		checks) and whether acceptable		a qualitative geophysical technique,
		levels of accuracy (i.e. lack of bias)		where information is not available
		and precision have been		from drilling to provide information on
		established.		seismic velocities to use for the
				interpretation. Seismic velocities from
				other projects with similar geology
				have been applied for the
				interpretation.
Verification of	•	The verification of significant	•	Water and brine analyses are reported
sampling and		intersections by either independent		in the release.
assaying		or alternative company personnel.	•	Laboratory data (from spreadsheets)
	•	The use of twinned holes.		is loaded directly into the project
	•	Documentation of primary data,		database.
		data entry procedures, data
		verification, data storage (physical
		and electronic) protocols.

Greenwing Resources Ltd

9

Criteria		JORC Code explanation		Commentary
	•	Discuss any adjustment to assay
		data.
Location of	•	Accuracy and quality of surveys	•	The sampling pits and Tromino passive
data points		used to locate drill holes (collar and		seismic sites were located with a
		down-hole surveys), trenches, mine		hand-held GPS. The Project location is
		workings and other locations used in		in zone 2 of the Argentine Gauss
		Mineral Resource estimation.		Kruger coordinate system with the
	•	Specification of the grid system used.		Argentine POSGAR 94 datum.
	•	Quality and adequacy of
		topographic control.
Data spacing	•	Data spacing for reporting of	•	Lithological data was collected from
and		Exploration Results.		the pit samples.
distribution	•	Whether the data spacing and	•	Pit water and brine samples were
		distribution is sufficient to establish		located on a 1 km grid.
		the degree of geological and grade	•	Passive seismic geophysical data was
		continuity appropriate for the		located on lines separated by 2000 m
		Mineral Resource and Ore Reserve		north to south, with stations separated
		estimation procedure(s) and		400 m along lines.
		classifications applied.	•	Sample and station spacing is
	•	Whether sample compositing has		considered sufficient for initial
		been applied.		characterisation of the salt lake.
			•	Tromino passive seismic sites were 400
				m spaced stations on lines separated
				by2 km north-south.
Orientation of	•	Whether the orientation of sampling	•	The salar deposits that host lithium-
data in		achieves unbiased sampling of		bearing brines consist of sub-horizontal
relation to		possible structures and the extent to		beds and lenses of volcanic ash, silt,
geological		which this is known, considering the		and possibly halite, clay and gravel,
structure		deposit type.		depending on the location within the
	•	If the relationship between the		salar. Pits were < 2 m deep and
		drilling orientation and the		vertical.
		orientation of key mineralised	•	Tromino passive seismic lines were
		structures is considered to have		oriented east-west, as geological
		introduced a sampling bias, this		structures are considered more likely
		should be assessed and reported if		to trend through the project in a north-
		material.		south direction.
Sample	•	The measures taken to ensure	•	Brine samples were moved from the
security		sample security.		sample sites to secure storage at the
				hotel accommodation on a daily
				basis. All brine sample bottles are
				marked with a unique label.
			•	Samples were transported from the
				camp to the laboratory for chemical
				analysis in sealed rigid plastic bottles
				with sample numbers clearly
				identified.
Audits or	•	The results of any audits or reviews of	•	No audits or reviews have been
reviews		sampling techniques and data.		conducted at this point in time.

Greenwing Resources Ltd

10

Section 2 - Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria		JORC Code explanation		Commentary
Mineral	•	Type, reference name/number,	•	The Greenwing properties consist of 15
tenement and		location and ownership including		properties for a total of 38,000
land tenure		agreements or material issues with		hectares, of which 2,800 are covering
status		third parties such as joint ventures,		the salt lake area. The properties are
		partnerships, overriding royalties,		located in the province of Catamarca
		native title interests, historical sites,		in northern Argentina at an elevation
		wilderness or national park and		of approximately 4,000 masl.
		environmental settings.		Greenwing has options to acquire
	•	The security of the tenure held at		100% of the properties
		the time of reporting along with	•	The tenements/properties are
		any known impediments to		believed to be in good standing, with
		obtaining a licence to operate in		payments made to relevant
		the area.		government departments. The
				company maintains good
				relationships with the local
				government and government
				agencies and communities as part of
				operations.
Exploration	•	Acknowledgment and appraisal	•	The properties were subject to brief
done by other		of exploration by other parties.		and inconclusive sampling previously,
parties				with only 5 brine samples taken along
				the eastern edge of the salar by the
				vendor. The recently completed
				sampling has confirmed comparable
				results along the eastern side of the
				salar, with higher results in the centre
				of the salar.
Geology	•	Deposit type, geological setting	•	The project is a salt lake deposit,
		and style of mineralisation.		located in a closed basin in the
				Andean mountain range in Northern
				Argentina.
			•	The sediments within the salar consist
				of volcanic ash, silt and possibly at
				deeper levels sand, gravel halite and
				or clay, which have accumulated in
				the salar from terrestrial sedimentation
				from the sides of the basin. Brine
				hosting dissolved lithium is present in
				pore spaces.
			•	The Tromino passive seismic
				geophysics suggests a possible
				shallow volcanic unit/flow near
				surface, as a shallow reflector is
				detected across the survey area.
			•	The sediments are interpreted to be
				essentially flat lying with unconfined
				aquifer conditions close to surface
				and semi-confined to confined
				conditions at depth. The Tromino
				survey is interpreted to map the
				contact between salt lake sediments
				and possibly poorly consolidated
				volcanic material with the underlying
				basement rock.
			•	Geology was recorded during
				excavation of thepits.

Greenwing Resources Ltd

11

Criteria		JORC Code explanation		Commentary
Drill hole	•	A summary of all information	•	The pits were excavated across the
Information		material to the understanding of		San Francisco	salt	lake, centred
		the exploration results including a		around		approximately,
		tabulation of the following		7016000N/2585000E				and
		information for all Material drill		approximately 4,000 m			elevation, in
		holes:		Zone 2 of the Argentine			Gauss Kruger
		o easting and northing of the		grid system using the Posgar 94 datum.
		drill hole collar	•	The pits are less than 2		m deep.
		o elevation or RL (Reduced	•	Lithological data	was	collected		from
		Level – elevation above sea		the sediments intersected excavating
		level in metres) of the drill hole		pits.
		collar
		o dip and azimuth of the hole
		o down hole length and
		interception depth
		o hole length.
	•	If the exclusion of this information
		is justified on the basis that the
		information is not Material and
		this exclusion does not detract
		from the understanding of the
		report, the Competent Person
		should clearly explain why this is
		the case.
Data	•	In reporting Exploration Results,	•	Sample results are reported in this
aggregation		weighting averaging techniques,		release. No results			have	been
methods		maximum and/or minimum grade		aggregated.
		truncations (eg cutting of high
		grades) and cut-off grades are
		usually Material and should be
		stated.
	•	Where aggregate intercepts
		incorporate short lengths of high
		grade results and longer lengths
		of low grade results, the
		procedure used for such
		aggregation should be stated
		and some typical examples of
		such aggregations should be
		shown in detail.
	•	The assumptions used for any
		reporting of metal equivalent
		values should be clearly stated.
Relationship	•	These relationships are particularly	•	The sediments	hosting brine			are
between		important in the reporting of		interpreted to	be		essentially
mineralisation		Exploration Results.		perpendicular to	the shallow pits. The
widths and	•	If the geometry of the		entire thickness	of	sediments		has
intercept		mineralisation with respect to the		potential to host lithium brine, with the
lengths		drill hole angle is known, its nature		water table within approximately 0.3
		should be reported.		metre of surface.
	•	If it is not known and only the
		down hole lengths are reported,
		there should be a clear statement
		to this effect (eg ‘down hole
		_length, true width not known’). _
Diagrams	•	Appropriate maps and sections	•	A diagram is provided in the text
		(with scales) and tabulations of		showing the location of the properties
		intercepts should be included for		and the sampling points points and
		any significant discovery being		the southern Tromino		passive seismic
		reported These should include,		line, where the contact			between the
		but not be limited to aplan view		salar sediments	and	the underlying

Greenwing Resources Ltd

12

Criteria		JORC Code explanation		Commentary	Commentary	Commentary
		of drill hole collar locations and		basement is		interpreted, reaching a
		appropriate sectional views.		depth of up to 600 m			+/- 200 m, given
				uncertainty in determining the exact
				depth.
Balanced	•	Where comprehensive reporting	•	Data regarding the pit sampling					has
reporting		of all Exploration Results is not		been provided in the			release.
		practicable, representative
		reporting of both low and high
		grades and/or widths should be
		practiced to avoid misleading
		reporting of Exploration Results.
Other	•	Other exploration data, if	•	The	company plans to conduct drilling
substantive		meaningful and material, should		to	obtain	additional		geological
exploration		be reported including (but not		information,		brine	samples, and
data		limited to): geological		hydraulic parameters				for	the
		observations; geophysical survey		installation of diamond drill holes and
		results; geochemical survey		test	production wells, when permits
		results; bulk samples – size and		are	received	to allow	this.
		method of treatment;
		metallurgical test results; bulk
		density, groundwater,
		geotechnical and rock
		characteristics; potential
		deleterious or contaminating
		substances.
Further work	•	The nature and scale of planned	•	The	company plans to			undertake
		further work (eg tests for lateral		drilling and additional geophysics.
		extensions or depth extensions or
		large-scale step-out drilling).
	•	Diagrams clearly highlighting the
		areas of possible extensions,
		including the main geological
		interpretations and future drilling
		areas, provided this information is
		not commercially sensitive.

Greenwing Resources Ltd

13