Brisbane, Queensland, Australia–(Newsfile Corp. – December 12, 2022) – Graphene Manufacturing Group Ltd. (TSXV: GMG) (“GMG ” or the “Company”) is pleased to provide an update on its ongoing investment in the Company’s Battery Development Centre (“BDC”). The GMG Board has approved an additional $AU 600,000 in capital expenditure, to accelerate the progress of semi-automatic pouch cell prototype production in the BDC for customer trials and Graphene Aluminium Ion (G+AI) Battery cell development. The Company has also successfully increased its organisational capacity by attracting new staff experienced in pouch cell manufacturing, thereby enabling the acceleration of its battery performance optimisation programme.

GMG believes its pouch cells could be used in a wide range of potential applications, including:

• personal communication devices,

• internet of things (IOT) sensors,

• personal mobility devices,

• energy storage,

• high power industrial applications,

• electric aviation,

• electric vehicles, and

• personal electronics.

GMG Pouch Pack Cell Prototype

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GMG’s Managing Director and CEO, Craig Nicol, commented: “This investment adds to our existing pouch cell manufacturing capabilities and together with GMG’s internal expertise the Company is now focused on progressing collaborative partnerships with several potential battery customers to further accelerate commercial development work in 2023.”

GMG Battery Development Centre

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The additional CAPEX expenditure will assist with future optimisation, prototype development and production, and assembly times in the BDC. The additional equipment is expected to be operational in Q2 2023.

GMG will continue to work with various scientific and engineering methods to optimise capacity, energy and power density, and overall design of coin cell and/or pouch cell products.

About GMG

GMG is an Australian based clean-tech company listed on the TSX Venture Exchange (TSXV: GMG) that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite. By using the company’s proprietary process, GMG can produce high quality, low cost, scalable, ‘tuneable’ and no/low contaminant graphene – enabling demonstrated cost and environmental improvements in a number of world-scale planet-friendly/clean-tech applications. Using this and other sources of low input cost graphene, the Company is developing value-added products that target the massive energy efficiency and energy storage markets.

The Company is pursuing opportunities for GMG graphene enhanced products, including developing next-generation batteries, collaborating with world-leading universities in Australia, and investigating the opportunity to enhance the performance and energy efficiency of engine oils.

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 Investor Relations, 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 the expectation that the Pilot Battery Plant will allow the Company to develop, manufacture and test its own G+AI Battery coin cell and pouch packs in-house and that such capability may accelerate the development of the Company’s G+AI Batteries; the expectation that additional equipment to enable the manufacture of G+AI Batteries in pouch pack cell format will arrive in January 2022; GMG’s expectations relating to construction of an initial commercial coin cell G+AI Battery manufacturing facility, production and sales of G+AI Batteries and the anticipated timing of such events; the proposed location of the anticipated manufacturing facility; and the potential full commercialization of the Company’s technology.

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 its personnel; the intention of the Company to research, develop and produce certain products; the ability of the Company to acquire additional equipment to enable the manufacture of G+AI Batteries in pouch pack cell format and the timeline for such acquisition; the ability of the Company to complete construction of an initial commercial coin cell G+AI Battery manufacturing facility, including obtaining necessary permits; timing of anticipated construction; and fluctuations in the market for graphene.

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 research, develop and test its products within anticipated timelines; the ability of the Company to acquire additional equipment to enable the manufacture of G+AI Batteries in pouch pack cell format in a timely manner; the costs associated with commissioning a pouch cell G+AI Battery manufacturing and testing equipment; the ability of the Company to obtain necessary production permits; the continued demand for graphene; sufficient demand for the Company’s products; and that in-house production of G+AI Batteries by the Company will be cost-effective.

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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