Greenwing Resources : Graphmada Graphite Mining Complex - Exploration Update

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ASX Announcement

Graphmada Graphite Mining Complex Exploration Update

8 March 2022

Greenwing Resources Ltd (Greenwing or the Company) (ASX:GW1) is pleased to provide an update on exploration activities at its wholly owned Graphmada Graphite Mining Complex, located in Madagascar.

HIGHLIGHTS

• 43 diamond drill holes for a total of 1,715 metres completed to date, representing a significant portion of the current diamond drilling program.
• Drilling has recorded significant intercepts of graphite mineralisation, up to 37.9m @ 6.6% Fixed Carbon (FC) including 4.9m @ 19.4% FC.
• The Company continues to drill and in particular expand the footprint of Ambatofafana.
• Current diamond drilling program designed to provide a Mineral Resource upgrade for Graphmada, supporting studies to undertake large scale mining and processing operations.
• Graphmada has previously produced concentrates to specifications and sold into all major global markets without penalty.

NEXT STEPS

• Continue to drill and expand the footprint and depth of Ambatofafana.
• Continue analysis of drill samples to update the Mineral Resource Estimate for the Graphmada Mining Complex.
• Advance feasibility studies on large scale mining and processing.

CRAIG LENNON (CEO)

"These results are the best we've seen to date, and continue to confirm the significant graphite mineralisation present at Graphmada and validate the Company's strategy to develop large scale mining and processing.

Drilling will continue with a view to releasing a material update of Mineral Resources in the next quarter. The feasibility study work will also continue, and we plan to release updates on this as we progress.

The Ambatofafana results are extremely encouraging, and we look to advance this prospect further to understand the size potential."

Greenwing Resources Ltd

ABN 31 109 933 995

Phone: [phone] | Level 21, 110 Mary Street Brisbane Qld 4000

www.greenwingresources.com

KEY INTERCEPTS

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• 5.2m @ 5.2% FC	• 5.0m	@ 5.6% FC	• 32m @ 5.5% FC
• 8.6m @ 4.9% FC	• 29.2m @ 4.9% FC	(incl. 8.7m @ 6.5% FC)
• 10.5m @ 4.9% FC	• 24.4m @ 5.1% FC	• 40.9m @ 5.3% FC
• 7.3m @ 5.5% FC	• 23.3m @ 4.7% FC	• 9.6m @ 5.9% FC
• 8.9m @ 5.1% FC	• 33.6m @ 4.3% FC	• 6.0m @ 5.9% FC
• 32.2m @ 4.6% FC	(incl. 8.2m @ 6.3% FC)	• 23.7m @ 5.4% FC
(incl. 18.9m @ 5.5% FC)	• 40.0m @ 4.2% FC	• 13.2m @ 4.8% FC
• 8.5m @ 5.3% FC	(incl. 17.4m @ 5.9% FC)	• 5.5m @ 4.9% FC
• 34.3m @ 4.5% FC	• 37.9m @ 6.6% FC	• 47.9m @ 5.9% FC
(incl. 14m @ 5.8% FC)	(incl. 4.9m @ 19.4% FC)	(incl. 6.8m @ 7.2% FC)
• 17.2m @ 4.8% FC	• 4.2m	@ 7.0% FC	• 5.0m @ 6.6% FC
• 6.4m @ 5.0% FC	• 4.5m	@ 10.5% FC

CURRENT MINERAL RESOURCES & EXPLORATION TARGET

Greenwing sees the expansion of the Mineral Resource at Graphmada, a project which has already produced concentrates to specification and has sold into all major global markets, as key to its plans for large-scale production at the Graphmada Mining Complex (Figure 1).

Graphmada's current large flake graphite Mineral Resource of 22.0 Mt @ at 4.0% Total Graphitic Carbon (TGC) was estimated in accordance with the JORC Code (2012).

Based on an extensive set of exploration data, Graphmada has a brownfields Exploration Target estimate1 of 86-146Million tonnes between 4-6%TGC, in accordance with the JORC Code (2012).

TABLE 1: MINERAL RESOURCES FOR THE GRAPHMADA MINING COMPLEX

Total	Tonnes	TGC	Contained Graphite
Measured	2.9 Mt	4.2%	121 Kt
Indicated	3.3 Mt	4.3%	143 Kt
Inferred	15.8 Mt	4.0%	625 Kt
Total	22.0 Mt	4.0%	890 Kt

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

1 ASX: BSM Announcement 'Exploration and Drill Program - update and clarification' released 05/06/2019.

Greenwing Resources Ltd

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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.

Figure 1: Graphmada Mining Complex

Greenwing Resources Ltd

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EXPLORATION RESULTS

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The Company has drilled 43 diamond drill holes for a total of 1,715 metres across the Mahela

• Ambatofafana Zones. The key intercepts in Table 2 demonstrate the mineralization footprint at Graphmada is extensive, both laterally and in width, and now in depth, with several holes ending in mineralisation.

TABLE 2: KEY INTERCEPTS FROM RECENT DRILLING

Collar ID	X	Y	Azimuth	Incl.	Total Depth	Weighted Average % FC
				Mahela Zone
GW1D0004	287,696	7,902,656	108	-60	63.3	5.0m @ 6.6% FC
GW1D0012	287,956	7,902,730	108	-60	24.3	5.0m @ 5.6% FC
GW1D0016	287,910	7,902,801	108	-60	25.4	5.2m @ 5.2% FC
GW1D0022	287,864	7,902,919	108	-60	30.4	8.6m @ 4.9% FC
GW1D0023	287,902	7,902,907	108	-60	21.4	10.5m @ 4.9% FC
GW1D0024	287,942	7,902,893	108	-60	24.4	7.3m @ 5.5% FC
GW1D0025	287,955	7,902,942	108	-60	26.4	8.9m @ 5.1% FC
GW1D0027	287,888	7,903,011	108	-60	35.4	32.2m @ 4.6% FC (incl. 18.9m @ 5.5% FC)
GW1D0028	287,855	7,903,027	108	-60	41.4	8.5m @ 5.3% FC
GW1D0029	287,705	7,903,073	108	-60	61.4	34.3m @ 4.5% FC (incl. 14.0m @ 5.8% FC)
GW1D0030	287,665	7,903,086	108	-60	61.4	17.2m @ 4.8% FC
GW1D0031	287,671	7,903,032	108	-60	43.4	6.4m @ 5.0% FC
GW1D0032	287,706	7,903,017	108	-60	47.4	29.2m @ 4.9% FC
GW1D0033	287,677	7,902,975	108	-60	62.3	24.4m @ 5.1% FC
GW1D0034	287,639	7,902,938	108	-60	66.4	23.3m @ 4.7% FC
GW1D0035	287,678	7,902,924	108	-60	60.3	33.6m @ 4.3% FC (incl. 8.2m @ 6.3% FC)
GW1D0037	287,688	7,902,814	108	-60	64.4	40.0m @ 4.2% FC (incl. 17.4m @ 5.9% FC)
			Ambatofafana Zone
GW1D0038	288,062	7,900,879	90	-60	60.4	37.9m @ 6.6%FC (incl. 4.9m @ 19.4%FC)
GW1D0038	288,062	7,900,879	90	-60	60.4	4.2m @ 7.0%FC
GW1D0039	288,105	7,900,881	90	-60	60.4	4.5m @ 10.5%FC
GW1D0039	288,105	7,900,881	90	-60	60.4	32.0m @ 5.5%FC (incl. 8.7m @ 6.5%FC)
GW1D0040	288,144	7,900,881	90	-60	51.3	40.9m @ 5.3%FC
GW1D0041	288,225	7,900,880	90	-60	60.4	9.6m @ 5.9%FC
GW1D0041	288,225	7,900,880	90	-60	60.4	23.7m @ 5.4%FC
GW1D0042	288,177	7,900,880	90	-60	43.2	13.2m @ 4.8%FC
GW1D0043	288,264	7,900,881	90	-60	60.3	5.5m @ 4.9%FC
GW1D0043	288,264	7,900,881	90	-60	60.3	47.9m @ 5.9%FC (incl. 6.8m @ 7.2%FC)

Please refer to tables provided as appendices for further information.

Greenwing Resources Ltd

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At the Mahela Zone, the primary aim is to provide an upgrade of Inferred Mineral Resources, to Indicated and Measured Minerals Resources. Consequently, 37 diamond drill holes were completed for 1,379 metres. The recently completed drill holes provide additional information to previous exploration, as shown in Figure 2 and cross section in Figure 3.

Figure 2: Drillhole locations (Mahela)

Each of these thick intersections of graphite mineralisation have extended the width of the Mahela deposit, which will assist with upgrading Inferred Mineral Resources to Indicated and Measured Mineral Resources.

Greenwing Resources Ltd

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