Brisbane, Queensland, Australia–(Newsfile Corp. – July 27, 2023) – Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to announce that GMG has signed a THERMAL-XR® distribution agreement with Nu-Calgon Wholesaler, Inc ("Nu-Calgon"). Nu-Calgon is the leading Heating Ventilation Air Conditioning, and Refrigeration (HVAC-R) specialty chemical supplier in North America and will partner with GMG to provide THERMAL-XR® to the HVAC-R markets in the United States of America, Mexico, Canada and the Caribbean.

Nu-Calgon, formerly Calgon Corporation and Calgon Vestal Laboratories, has been a leader in North America's HVAC-R aftermarket for over 70 years. It is strategically headquartered in St. Louis, Missouri, where it distributes its products to thousands of distribution and stocking locations. THERMAL-XR® allows Nu-Calgon to continue distributing HVAC-R coatings to their existing distributors with the added value of graphene-enhanced superior heat transfer and corrosion protection.

GMG is in the process of obtaining USA EPA approval for the THERMAL-XR® and is reviewing the requirements for Canada, Mexico and the Caribbean countries.

GMG's Managing Director and CEO, Craig Nicol, stated: "We are excited to work with one of the best HVAC-R speciality chemical companies in the North America market with the goal of increasing revenue from our Energy Savings solutions – one of our key objectives for 2023. Nu-Calgon has a great distribution network, a system to train contractors and deploy THERMAL-XR® and many years of industry experience. Both parties plan to announce the partnership in more detail as the formal launch date is finalised later this year. I commend the GMG team led by Mark Lock, the General Manager of Sales and GMG's North American Representative Steve Hutchcraft, for their leadership."

DeWight Wallace, Nu-Calgon's President, commented: "We are very pleased to work with GMG on introducing the THERMAL-XR® product into the HVAC-R markets for North America – We are always looking for new and innovative technologies and solutions for the HVAC-R market. Thermal-XR is a great fit and will help contractors provide real energy savings to the end user. We are excited to launch this product through our existing distribution network in early 2024 and look forward to providing its Energy-Saving opportunities for our customers."

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GMG's 4 critical business objectives are:

Produce Graphene and improve/scale production process

Build Revenue from Energy Savings Products

Develop Next-Generation Battery

Develop Supply Chain, Partners & Project Execution Capability

About Nu-Calgon (www.nucalgon.com)

Nu-Calgon supplies a complete line of specialty chemical products for the HVACR aftermarket that includes: coil cleaners, leak sealants, air purifiers and refrigeration oils, water treatment, ice machine maintenance, and other specialty applications. These products are marketed to air conditioning, heating, refrigeration, and plumbing wholesalers, food service/restaurant suppliers and OEMs.

Nu-Calgon has dedicated factory sales professionals located across the United States and Canada, providing many years of sales and product experience. A state-of-the-art order entry system accesses the Nu-Calgon inventory at the centralised distribution center, enabling prompt, accurate order processing and complete order shipment within 24 hours.

About GMG (www.graphenemg.com)

GMG is a clean-technology company that seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process.

GMG has developed a proprietary production process to decompose natural gas (i.e. methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, 'tuneable' and low/no contaminant graphene suitable for use in clean-technology and other applications. The Company's present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications.

In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning ("HVAC-R") coating (or energy-saving paint), lubricants and fluids. In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries ("G+AI Batteries").

For further information, please contact:

• Craig Nicol, Chief Executive Officer and Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223

• Leo Karabelas at Focus Communications, info@fcir.ca , +1 647 689 6041

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, the continued engagement and collaboration with Nu-Calgon pursuant to the distribution agreement, Nu-Calgon's plan to purchase GMG's THERMAL-XR® for resale in HVAC-R markets in the United States of America, Mexico, Canada and the Caribbean, the ability of GMG to obtain EPA approval for TXR sales in the USA, the ability of the distribution agreement with Nu-Calgon to result in the benefit's management expects, Nu-Calgon's plans to launch THERMAL-XR in early 2024, the timing and content of future announcements relating to GMG and Nu-Calgon's partnership, and the Company's and Nu-Calgon's planned or contemplated business, development, and activities and the timelines relating thereto. These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions regarding the continued engagement with Nu-Calgon pursuant to the distribution agreement, the plans for Nu-Calgon to purchase GMG's THERMAL-XR® for resale in HVAC-R markets in the United States of America, Mexico, Canada and the Caribbean, the ability of GMG to obtain EPA approval for TXR sales in the USA, the ability of GMG to sell THERMAL-XR in Canada, Mexico, and Caribbean countries, the expected benefits of the engagement with Nu-Calgon pursuant to the distribution agreement, the expectation for Nu-Calgon to launch THERMAL-XR in early 2024, that the timing and content of future announcements regarding GMG and Nu-Calgon's partnership will align with management's expectations, and the feasibility of the Company and Nu-Calgon achieving the planned or contemplated business, development, and activities and the timelines relating thereto. Additionally, forward-looking information involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: the engagement with Nu-Calgon pursuant to the distribution agreement will not continue as expected, the results of the distribution agreement with Nu-Calgon will differ from current expectations, Nu-Calgon will not purchase GMG's THERMAL-XR® for resale in HVAC-R markets in the United States of America, Mexico, Canada and the Caribbean, GMG will not be able to obtain EPA approval for TXR sales in the USA, the Company will be unable to sell TXR in Canada, Mexico and various parts of the Caribbean, the Company will not benefit from the Nu-Calgon distribution agreement as expected, Nu-Calgon may not launch THERMAL-XR on its expected timeline, the Company's current business objectives and business focus may change, the Company and Nu-Calgon may not achieve the planned or contemplated business, development, and activities and the timelines relating thereto, customer interest and market demand for the use of THERMAL-XR® products will not be as expected, public health crises such as the COVID-19 pandemic may adversely impact the Company's business and the ability of Nu-Calgon to distribute the Company's products as anticipated, risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets, the volatility of global capital markets, political instability, unexpected development and production challenges, unanticipated costs and the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated October 18, 2022 available for review on the Company's profile at www.sedar.com.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

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