Brisbane, Queensland, Australia–(Newsfile Corp. – May 18, 2022) – Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to announce that GMG and Rio Tinto Group ("Rio Tinto") have signed a non-binding agreement to collaborate on energy saving and storage solutions. Together, GMG and Rio Tinto will explore the use of energy saving products in Rio Tinto's operations, explore working together to support GMG's development of Graphene Aluminium-Ion ("G+Al") batteries, and collaborate on mining and other industrial applications.

Under a non-binding term sheet, GMG and Rio Tinto will:

• discuss conducting trials of GMG's energy saving products in both existing applications and new industrial applications, to deliver energy savings and associated carbon reductions to support Rio Tinto's decarbonisation objectives;

• explore supply of aluminium materials, one of the key components in G+Al battery technology, by Rio Tinto to GMG with an aim to optimise and accelerate battery development;

• investigate the use of G+Al batteries in various Rio Tinto mining and industrial applications. Success could see significant performance enhancements and support Rio Tinto's transition to low carbon operations.

Rio Tinto's Chief Scientist, Nigel Steward, commented, "Our companies share a vision of a low carbon future and we see great potential in the partnership. We aim to develop a truly green battery from our low carbon aluminium, which could transform the way we supply and store energy to anything from a leaf blower to a mining haul truck. It is a very exciting prospect and we are looking forward to bringing together the technical ingenuity of both Rio Tinto and GMG."

GMG's Managing Director and CEO, Craig Nicol, commented: "We are excited to be collaborating with Rio Tinto, one of the world's largest mining companies who are committed to leveraging leading technologies for efficient and low carbon operations. The collaboration with Rio Tinto adds another key element in GMG's leading partnerships to develop our G+Al Battery following recent agreements with Wood for scaling graphene production and Bosch for automated battery production. Rio Tinto's supply of aluminium and development of material industrial battery applications also add to our battery development plans. Together, with the partnerships already established, this is another important step towards GMG's goal to become a major global supplier of energy saving products as well as G+AI Batteries as we continue to de-risk the commercial scale up of this technology."

About Rio Tinto

Rio Tinto is a leading mining and metals company, operating in 35 countries and producing high-quality iron ore, copper, aluminium, and other materials that are essential for the low-carbon transition. Rio Tinto is committed to reaching net-zero by 2050 and is targeting a 15% reduction in scope 1&2 emissions by 2025 (from a 2018 baseline) and a 50% reduction by 2030. For more information visit riotinto.com.

About GMG

GMG is a clean-technology company which 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, statements regarding timing, completion and the final terms and conditions of binding agreements to be entered into between Rio Tinto and the Company; Rio Tinto's role as a technical development partner and supplier of aluminium and the impacts and benefits arising therefrom; GMG's ability to produce its products and the benefits arising from such products; and the commercial progress and technical characteristics of certain products; the ability of GMG's products to enhance Rio Tinto's performance with regards to certain industrial applications, and reduce carbon emissions.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks related to the deployment of the Company's resources, including that GMG and Rio Tinto will be unable to agree on terms and conditions for binding agreements; that such terms and conditions will differ from the Company's expectations; that results and impacts arising from any binding agreements between GMG and Rio Tinto will differ from the Company's expectations; changes to regional and global market trends; and that the Company will be unable to research, develop and produce certain products and technologies.

In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, assumptions regarding the Company's ability to enter into binding agreements with Rio Tinto on the terms consistent with the Company's expectations; that benefits and impacts arising from binding agreements between the Company and Rio Tinto will be consistent with the Company's expectations; the Company's ability to research, develop and test its products within anticipated timelines; and market demand for the Company's products.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124459