Brisbane, Queensland, Australia–(Newsfile Corp. – October 21, 2024) – Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to provide a business update on the government engagement progress for the Company.

GMG continues to engage with various members of Australian Federal Government including a recent visit to the Australian Parliament in Canberra, Australia's capital city, to see the Honourable Senator Tim Ayres, Assistant Minister for Trade and Assistant Minister for a Future Made In Australia, as seen in Figure 1, to discuss GMG's battery manufacturing progress and how a number of Federal Government policies including the Future Made in Australia Battery Breakthrough could potentially support GMG.

Figure 1: GMG CEO and CFCO meet with Honourable Senator Tim Ayres

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GMG also met the Speaker of the House of Representatives the Honourable Milton Dick, as seen in Figure 2, to share GMG's progress since his visit to GMG's Facilities in Richlands Queensland in 2023 when Milton formally opened the Graphene coating blend plant.

Figure 2: GMG CEO and CFCO meet with Speaker of the House of Representatives Honourable Milton Dick

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GMG also met Queensland Senator the Honourable Anthony Chisholm, as seen in Figure 3, to share GMG's progress since his visit to GMG's Facilities in Richlands Queensland in 2022.

Figure 3: GMG CEO and CFCO meet with Senator the Honourable Anthony Chisholm

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GMG's Managing Director and CEO, Craig Nicol, commented: "GMG continues to engage Government at all levels, including local, state and federal government, with the aim to help ensure its leading energy saving and energy storage products align with government policy to support the energy transition."

GMG's Chairman and Director, Jack Perkowski, commented: "We believe that Engagement with Government is important in the very dynamic markets GMG is focused on selling its product into, and we plan to continue engaging with Government as policies are rolled out in various key markets around the world."

About THERMAL-XR® powered by GMG Graphene:

THERMAL-XR® COATING SYSTEM is a unique method of improving the conductivity of corroded heat exchange surfaces and improving and maintaining the performance of new units at peak levels. The process coats and protects heat exchange surfaces while improving and rebuilding the lost corroded thermal conductivity and increasing the heat transfer rate by leveraging the physics of GMG Graphene, resulting in an efficiency improvement and a potential power reduction.

THERMAL-XR RESTORE® is powered by GMG Graphene. PATENT PENDING

About GMG www.graphenemg.com

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 coating), 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").

GMG's 4 critical business objectives are:

Produce Graphene and improve/scale cell production processes

Build Revenue from Energy Savings Products

Develop Next-Generation Battery

Develop Supply Chain, Partners & Project Execution Capability

For further information please contact:

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

• Leo Karabelas at Focus Communications Investor Relations, leo@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 potential for Federal Government policies to support GMG, the Company's belief that Engagement with Government could support GMG and help ensure its products align with government policy to support the energy transition, the potential for THERMAL-XR® to enable energy producers to produce additional energy more efficiently, the Company's goal of achieving optimal production line performance for THERMAL-XR® and the entering of full production.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions that Federal Government policies could support GMG, that Engagement with Government could help support GMG and help ensure its products align with government policy to support the energy transition, assumptions regarding the development of extensions and enhancements to the THERMAL-XR® portfolio into a wider range of applications, that energy producers will be able to derive the expected benefits from the Company's products, and that the Company will be able to achieve optimal production line performance for THERMAL-XR® and enter full production. Additionally, forward-looking information involves 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: that Federal Government policies do not support GMG to the extend expected or at all, that Engagement with Government does not support GMG and/or does not ensure its products align with government policy to support the energy transition to the extend expected or at all, that there will be no developments of extensions or enhancements to the THERMAL-XR® portfolio into a wider range of applications, that energy producers will not derive the expected benefits from the Company's products, that the Company will be unable to achieve optimal production line performance for THERMAL-XR® or enter full production, 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, the failure of the Company to obtain regulatory approvals, attract and retain skilled personnel, 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 3, 2024 available for review on the Company's profile at www.sedarplus.ca.

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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