Ann: Quarterly Activities Report, page-2

HIGHLIGHTS

• Bass Metals Ltd continues to progress its strategy to optimise the Graphmada graphite mine, targeting higher revenues from superior concentrates and lower cost production from a 6,000 tonnes per annum run-rate.

• Mine health and safety improvements confirm compliance with the Madagascan National Mine Safety Framework. Bass plans further work to reach best practice international standards.

• Optimisation program sees major equipment items ordered and the decommissioned Rotary Dryer demolished and removed from site.

• New state of the art Dryer specifically constructed for large to jumbo flake graphite complete, with shipment from South Africa immanent.

• Bass continues production through product screening and sales, combined with efforts to diversify and expand its customer base.

• Graphmada Care program continues to significantly improve the region in which Bass operates.

• Outcropping large flake graphite mineralisation discovered at Andapa, hosted in soft, easily mineable, saprolitic mineralisation.

• Bass has signed a binding agreement, subject to successful due diligence, to purchase the Millie’s Reward high grade, pegmatite hosted, lithium project also in Madagascar.