Brisbane, Queensland, Australia–(Newsfile Corp. – October 23, 2024) – Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to provide a technical update on the commercialisation progress of THERMAL-XR® Powered by GMG Graphene.

PRODUCT TECHNICAL UPDATETHERMAL-XR® has now successfully passed 15,000 hours for corrosion protection under a salt sea spray industry standard test (ASTM B117) in a third-party laboratory in the US as seen in Figure 1. The Company believes that THERMAL-XR® is one of the longest lasting corrosion protection coatings available on the market. The testing will continue, and further reports will be updated by the Company.

Figure 1: THERMAL-XR® Coating Corrosion Test Results After 15,000 Salt Sea Spray Hours (ATM B117)

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GMG can now accurately model and calculate the heat transfer rate expected from THERMAL-XR®, as compared to bare (uncoated) Aluminium, within 1% of actual results. This was reviewed and verified by the University of Queensland.

Figure 2 shows the simulation model used to calculate the heat transfer coefficients of bare aluminium, versus THERMAL-XR® coated aluminium, on the test rig that GMG built and operated to obtain the experimental data. The test was conducted at a temperature of approximately 100 degree Celsius.

Figure 2: Estimation of Heat Transfer of THERMAL-XR® coated aluminium versus bare aluminium

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Through this work, as shown in Figure 3, the Company has demonstrated that THERMAL-XR® provides approximately 8.6 times more radiative heat transfer than bare aluminium, due to its thermal radiation (passing of heat in wave forms) capabilities. THERMAL-XR® has been calculated to provide 8.15 W/m2K (Watts per metre squared Kelvin degrees), or approximately 1.44 Btu/hr ft2 F (British thermal units per hour foot squared Fahrenheit degrees), of heat transfer when applied properly on top of bare aluminium, as compared to 0.95 W/m2K or 0.17 Btu/hr ft2 for bare aluminium.

Figure 3: Thermal Radiation calculations of THERMAL-XR® coated aluminium versus bare aluminium

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Figure 4 shows THERMAL-XR® increases the overall heat transfer coefficient by 2.2 times more than bare aluminium, from 6.0 W/m2K up to 13.2 W/m2K because of the increase in the thermal radiation from the THERMAL-XR® coating. This was conducted at a temperature of approximately 100 degree Celsius for a 100mm diameter flat plate.

Thermal Coefficient (W/m2K)	Bare Aluminium	THERMAL-XR® Coated Aluminium
Thermal Radiation	0.95	8.15
Natural Convection (Air Cooling)	5.08	5.08
Total Heat Transfer	6.0	13.2(2.2 Times)

Figure 4: NATURAL Convection Overall Thermal Coefficient of THERMAL-XR® versus bare aluminium

Figure 5 shows that THERMAL-XR® provides approximately 27% more heat transfer when including FORCED convection (fan air cooling) over bare aluminium from 26.6 W/m2K up to 33.8 W/m2K because of the increase in the thermal radiation from the THERMAL-XR® coating. This was conducted at a temperature of approximately 100 degree Celsius and with modelling of the air speed at an approximate 5 metres/second.

Thermal Coefficient (W/m2K)	Bare Aluminium	THERMAL-XR® Coated Aluminium
Thermal Radiation	0.95	8.15
Forced Convection (Fan Air Cooling)	25.71	25.71
Total Heat Transfer	26.6	33.8(27% Increase)

Figure 5: FORCED Convection Cooling Overall Thermal Coefficient of THERMAL-XR® versus bare aluminium

GMG's Managing Director and CEO, Craig Nicol, commented: "GMG continues to make good progress in testing THERMAL-XR® for corrosion protection and heat transfer – our increased understanding of the heat rejection rate of the product allows us to better recognise how it can be of potential value for various types of products in various applications and markets."

GMG's Chairman and Director, Jack Perkowski, commented: "THERMAL-XR® testing in corrosion protection and heat transfer is highly translatable into so many industries – so it is great to see the progress."

About THERMAL-XR® powered by GMG Graphene:

THERMAL-XR® COATING SYSTEM is a unique method of improving the heat 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 increasing service life, 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, that the Company will continue testing THERMAL-XR® and provide further updates, that increased understanding of THERMAL-XR® will allow the Company to better recognize how it can add value in various types of products in various applications and markets, and that THERMAL-XR® testing in corrosion protection and heat transfer is highly translatable into many industries.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, that the Company will continue to test THERMAL-XR® and provide updates, that an increased understanding of THERMAL-XR® will enable the Company to better identify how THERMAL-XR® can add value for various products in various applications and markets, and that THERMAL-XR® testing in corrosion protection and heat transfer is highly translatable into many industries. 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 the Company will not continue testing THERMAL-XR®, that the Company will not provide further updates regarding THERMAL-XR®, that a better understanding of THERMAL-XR® will not allow the Company to better recognize how it can add value in various types of products in various applications and markets, that THERMAL-XR® testing in corrosion protection and heat transfer will not be highly translatable into many industries, 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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