Bass Metals Limited reported production results for the second quarter ended June 2019. For the quarter, the company processed record 32,000 tonnes with 1,005 wet tonnes produced at the premium benchmark quality of >94% Fixed Carbon, an 80% increase on the previous quarter's wet tonne production. It reported that record 1,096 dry tonnes produced, an 85% increase on the previous quarter's dry tonne production. The mining fleet at Graphmada achieved record utilization during the quarter resulting in a record 137,000 tonnes mined at a low strip ratio of 5:1. These results positively impacted the operating costs associated with mining the full details of which will be published in the upcoming quarterly financial report. The increase in tonnes mined lead to a record 32,000 tonnes processed and 1,005 wet tonnes produced at an average >94% Fixed Carbon (FC), with some production periods over 95% and 96% FC achieved. The improvement in wet tonne production equates to an 80% increase on the previous quarter's production. For the June quarter, an average of 33% of production from Graphmada was greater than 180 microns, with periods over 45% achieved. The Company, having stabilized and grown production at >94% FC, is continuing to improve operations to increase the total amount of large flake incrementally to consistently above 45% of total production while maintaining greater than 94% FC average.

The significant effort to broaden sales channels and strengthen market relationships has helped the Company achieve a record for tonnes sold in the June quarter of 783 tonnes with forward sales booked of 389 tonnes, resulting in record revenue generated and is a 94% increase in sales by revenue over the previous quarter. This significant volume in sales resulted in record revenue received for the June quarter of AUD 638,000, continuing the doubling of revenue quarter on quarter since Bass re-commissioned Graphmada.

The Company anticipates that sales of concentrate are likely to exceed 1,000 tonnes for the September quarter, representing growth of approximately 30% on sales over the June quarter.