Greenwing Resources Ltd. provided 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. 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.

KEY INTERCEPTS: 14.8m @ 8.0% FC (incl. 2.2m @ 11.6% FC) - 37.0m @ 5.1% FC - 41.6m @ 7.2% FC (incl. 7.9m @ 10.0% FC) - 31.8m @ 6.4% FC - 16.7m @ 4.9% FC (incl.

1.5m @ 9.0% FC) - 21.5m @ 5.2% FC - 14.4m @ 5.9% FC - 33.1m @ 5.2% FC - 18.7m @ 5.8% FC (incl. 4.3m @ 7.5% FC) - 22.7m @ 5.1% FC - 17.7m @ 8.1% FC (incl. 6.1m @ 11.0% FC) - 30.8m @ 5.7% FC (incl.

11.6m @ 6.7% FC) - 15.8m @ 4.2% FC (incl. 5.3m @ 6.3% FC) - 60.3m @ 6.1% FC (incl. 14.5m @ 8.9% FC) - 16.3m @ 3.8% FC (incl.

3.5m @ 5.5% FC) - 19.3m @ 5.0% FC - 13.4m @ 5.2% FC - 35.4m @ 6.2% FC (incl. 0.8m @ 15.0% FC) - 13.5m @ 7.8% FC (incl. 3.4m @ 10.8% FC) - 33.8m @ 5.7% FC - 6.0m @ 7.1% FC - 16.4m @ 5.9% FC - 23.2m @ 5.9% FC (incl.

2.9m @ 8.6% FC) - 49.0m @ 6.5% FC (incl. 11.2m @ 9.6% FC) - 25.3m @ 5.7% 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. 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 estimate 1 of 86-146 Million tonnes between 4-6% TGC, in accordance with the JORC Code (2012).

EXPLORATION RESULTS: 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.

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. The diamond drill section (Figure 3) for Ambatofafana contains many high-grade thick intersections along drill holes GW1D0044 to GW1D0052 (excluding GW1D0048).

This zone continues to demonstrate significant graphite mineralisation is open laterally, in width and in depth, with most drill holes ending in mineralisation. Based on the positive results, additional drill metres were included in the drilling program, which successfully expanded the footprint of Ambatofafana and extended the resource depth. MINERAL RESOURCE: The Mineral Resource Estimate will be updated later this quarter, with Ambatofafana considered a zone of significance within the Graphmada Mineral Resource.

A significant increase in resource tonnes to the maiden inferred resource is expected due to the substantial mineralisation encountered from the diamond drilling at Ambatofafana. A follow up drilling program in the future will be assessed to expand the Ambatofafana mineralisation, which is open ended in: Width, due to the flat lying nature of the deposit, which dips 10 - 15 degrees west. Depth, with 100 metre drill holes ending in graphite mineralisation.

Length, the three northern scoping holes continued to define graphite mineralisation. Additionally, an upgrade in resource confidence is expected for the Mahela Zone.