Greenwing Resources : Graphmada Mining Complex - Drilling Program Completed

ASX Announcement

Graphmada Graphite Mining Complex

Drilling Program Completed

13 April 2022

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

HIGHLIGHTS

• • Current diamond drilling program at Graphmada completed with 69 diamond holes for a total of 3,268 metres.

• • Results from the drilling recorded significant intercepts of graphite mineralisation up to 60.3m @ 6.1% Fixed Carbon (FC) including 14.6m @ 8.9% FC.

• • This drill program has significantly expanded the mineralisation footprint of Ambatofafana.

• • Mineral Resource upgrade at Graphmada from existing Resource of 22.0 Mt @ at 4.0% Total Graphitic Carbon (TGC) expected to be completed this quarter (table 1).

NEXT STEPS

• • Continue analysis of the remaining drill samples for Ambatofafana.

• • Provide a Mineral Resource upgrade for the Mahela and Ambatofafana zones at Graphmada.

• • Assessment of undertaking further drilling at Ambatofafana to upgrade resource confidence and test the mineralisation laterally, in width and depth.

• • Advance feasibility studies on large scale mining and processing.

CRAIG LENNON (CEO)

"These results at Ambatofafana are extremely encouraging, and we look forward to releasing a material update of the Mineral Resources later this quarter.

Greenwing will consider advancing this prospect further with future drill programs to understand the size potential of the Graphmada Mineral Resource.

These results validate the Company's strategy to assess the development of large-scale mining and processing, with feasibility work to continue."

Greenwing Resources Ltd

ABN 31 109 933 995

Phone: [phone] | Level 21, 110 Mary Street Brisbane Qld 4000www.greenwingresources.com

KEY INTERCEPTS

• • 14.8m @ 8.0% FC

  • • 22.7m @ 5.1% FC

    • • 35.4m @ 6.2% FC

• (incl. 2.2m @ 11.6% FC)

  • • 17.7m @ 8.1% FC

    • (incl. 0.8m @ 15.0% FC)

• • 37.0m @ 5.1% FC

  • (incl. 6.1m @ 11.0% FC)

    • • 13.5m @ 7.8% FC

• • 41.6m @ 7.2% FC

  • • 30.8m @ 5.7% FC

    • (incl. 3.4m @ 10.8% FC)

• (incl. 7.9m @ 10.0% FC)

  • (incl. 11.6m @ 6.7% FC)

    • • 33.8m @ 5.7% FC

• • 31.8m @ 6.4% FC

  • • 15.8m @ 4.2% FC

    • • 6.0m @ 7.1% FC

• • 16.7m @ 4.9% FC

  • (incl. 5.3m @ 6.3% FC)

    • • 16.4m @ 5.9% FC

• (incl. 1.5m @ 9.0% FC)

  • • 60.3m @ 6.1% FC

    • • 23.2m @ 5.9% FC

• • 21.5m @ 5.2% FC

  • (incl. 14.5m @ 8.9% FC)

    • (incl. 2.9m @ 8.6% FC)

• • 14.4m @ 5.9% FC

  • • 16.3m @ 3.8% FC

    • • 49.0m @ 6.5% FC

• • 33.1m @ 5.2% FC

  • (incl. 3.5m @ 5.5% FC)

    • (incl. 11.2m @ 9.6% FC)

• • 18.7m @ 5.8% FC

  • • 19.3m @ 5.0% FC

    • • 25.3m @ 5.7% FC

• (incl. 4.3m @ 7.5% FC)

• • 13.4m @ 5.2% FC

• (incl. 3.1m @ 8.6% FC)

CURRENT MINERAL RESOURCES & EXPLORATION TARGET

Greenwing sees the expansion of the Mineral Resource, 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 86-146 Million 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,

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

Greenwing Resources Ltd

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.

Figure 1: Graphmada Mining Complex

EXPLORATION RESULTS

Collar ID	X	Y	Azimuth	Incl.	Total Depth	Weighted Average % FC
GW1D0044	288,305	7,900,978	90	-60	64.3	14.8m @ 8.0% FC (incl. 2.2m @ 11.6% FC)
37.0m @ 5.1% FC
GW1 D0045	288,265	7,900,978	90	-60	60.4	41.6m @ 7.2% FC (incl. 7.9m @ 10.0% FC)
GW1D0046	288,225	7,900,980	90	-60	60.3	5.0m @ 5.8% FC
31.8m @ 6.4% FC
GW1D0047	288,183	7,900,980	90	-60	100.3	16.7m @ 4.9% FC (incl. 1.5m @ 9.0% FC)
5.7m @ 4.2% FC
21.5m @ 5.2% FC
14.4m @ 5.9% FC
GW1D0048	288,107	7,901,082	90	-60	51.4	33.1m @ 5.2% FC
GW1D0049	288,148	7,900,979	90	-60	50.4	18.7m @ 5.8% FC (incl. 4.3m @ 7.5% FC)
GW1D0050	288,106	7,900,982	90	-60	50.3	22.7m @ 5.1% FC
17.7m @ 8.1% FC (incl. 6.1m @ 11.0% FC)
GW1D0051	288,065	7,900,980	90	-60	76.4	30.8m @ 5.7% FC (incl. 11.6m @ 6.7% FC)
GW1D0052	288,024	7,900,980	90	-60	100.2	15.8m @ 4.2% FC (incl. 5.3m @ 6.3% FC)
60.3m @ 6.1% FC (incl. 14.5m @ 8.9% FC)
GW1D0053	288,026	7,901,080	90	-60	51.3	16.3m @ 3.8% FC (incl. 3.5m @ 5.5% FC)
4.0m @ 5.0% FC
19.3m @ 5.0% FC
GW1D0054	288,066	7,901,081	90	-60	60.3	13.4m @ 5.2% FC
35.4m @ 6.2% FC (incl. 0.8m @ 15.0% FC)
GW1D0055	288,145	7,901,079	90	-60	60.4	13.5m @ 7.8% FC (incl. 3.4m @ 10.8% FC)
6.2m @ 4.6% FC
GW1D0056	288,027	7,901,180	90	-60	60.4	33.8m @ 5.7% FC
6.0m @ 7.1% FC
GW1D0057	288,065	7,901,178	90	-60	60.3	16.4m @ 5.9% FC
23.2m @ 5.9% FC (incl. 2.9m @ 8.6% FC)
GW1D0058	288,105	7,901,179	90	-60	60.3	49.0m @ 6.5% FC (incl. 11.2m @ 9.6% FC)
GW1D0059	288,145	7,901,180	90	-60	51.4	25.3m @ 5.7% FC (incl. 3.1m @ 8.6% FC)
5.4m @ 3.9% FC

The Company has recently drilled 25 diamond drill holes for 1,553 metres across the Ambatofafana Zone to complete the drilling program. Below are the key intercepts in Table 2 from analysis of 17 diamond drill holes (GW1D0044 to GW1D0060). These intersections are thick and high-grade throughout the Ambatofafana zone.

TABLE 2: KEY INTERCEPTS FROM RECENT DRILLING AT AMBATOFAFANA

Please refer to tables provided as appendices for further information.

At the Ambatofafana Zone, the primary aim is to expand the Inferred Mineral Resources, which resulted in 31 diamond drill holes for 1,889 metres (as per Figure 2). The results of recent analysis continue to demonstrate the mineralization footprint at Ambatofafana is extensive and open in all directions.

Figure 2: Drillhole locations (Ambatofafana)