Brisbane, Queensland, Australia–(Newsfile Corp. – July 28, 2023) – Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to advise that Scott Richardson has been appointed Interim Chief Financial Officer (CFO) effective 31 July, 2023. The Company is also pleased to advise that the executive search for a permanent CFO is progressing well following the 26th May, 2023 announced departure of the current CFO Frederick Kotzee effective 31 July, 2023.

Scott comes with Interim CFO role experience drawing on over 20 years of finance leadership roles including as CFO, Financial Controller and other financial roles in publicly listed and private companies – including Austin Engineering, Downer Mining, Cleanaway, Macarthur Coal, BGW Group, quantum crypto key company Quintessence Labs and cloud marketing technology company XPON. Scott has a Bachelor of Business (Accounting), Graduate Diploma of Business Administration and is a CPA.

The Company is also pleased to appoint Andrew Small as a Director effective 31 July 2023. Andrew was a Founder and Director of Innogence, a SAP Business Intelligence consultancy in Australia which following significant growth was acquired by the Japanese multinational company NTT Data. Andrew has supported and invested in GMG since 2017, remains a significant shareholder of the Company and is committed to actively supporting the Company's drive to deliver on its plans and set it up for the next stage of maturity. Andrew has a Bachelor of Engineering (Manufacturing Systems) and a Bachelor of Business (Marketing) from Queensland University of Technology.

GMG's CEO Craig Nicol stated, "I'm looking forward to Scott's contributions to a wide range of finance and business areas to support GMG's ongoing development. I am very happy to see Andrew joining the board with his entrepreneurial mindset as we mature into commercial operations. I look forward to working with both of them as we expect to progress the company through a range of planned near term milestones including ramping up TXR sales, meeting our Battery development milestones, and starting up our new graphene manufacturing expansion plant and Thermal XR blending plant over the next 6 months."

Guy Outen, GMG's Chair added, "I'm delighted to welcome Scott and Andrew to GMG. Scott's past Interim CFO and CFO successes in listed companies' reporting, debt and equity financings, and a wide range of finance responsibilities will support continued progress by the Company. I am also very pleased to welcome Andrew to the board as his strong commercial 'scale up' experience will be a great asset over the upcoming high opportunity period for GMG"

GMG's 4 critical business objectives remain to:

Produce Graphene and improve/scale the production process

Build Revenue from Energy Savings Products

Develop Next-Generation Battery

Develop Supply Chain, Partners & Project Execution Capability

About GMG

GMG is a disruptive Australian-based clean-tech company listed on the TSXV (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, 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 low input cost source of graphene, the Company is developing value-added products that target the massive energy efficiency and energy storage markets. The Company is pursuing additional opportunities for GMG Graphene, including developing next-generation batteries, collaborating with world-leading universities in Australia, and investigating the opportunity to enhance the performance of lubricant oil and performance enhanced HVAC-R coating system.

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

www.graphenemg.com

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 effective date on which Mr. Kotzee will be leaving the Company, the effective date on which Mr. Richardson will become the Interim Chief Financial Officer (ICFO), the effective date on which Mr. Small will become a director, the contributions Mr. Richardson will make to the company in his capacity as ICFO, the duration of Mr. Richardson's service as ICFO, the maturation of the Company into commercial production, the timing and success of starting up the Company's new graphene manufacturing expansion plant and Thermal XR blending plant, and the ongoing executive search for a new CFO.

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 relating to the effective date on which Mr. Kotzee will be leaving the Company, the effective date Mr. Richardson will become the ICFO, the effective date Mr. Small will become a director, Mr. Richardson's contributions as ICFO differing from management's current expectations, Mr. Richardson not retaining the position of ICFO until a new CFO is found and appointed, the Company not maturing into commercial operations on the expected timelines, if at all, the Company failing to achieve its planned milestones around starting up GMG's new graphene manufacturing expansion plant and Thermal XR blending plant on the timelines contemplated, if at all, and that the ongoing executive search for a new CFO will be unsuccessful or prolonged.

In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, assumptions regarding the effective date on which Mr. Kotzee will be leaving the Company, the effective date Mr. Richardson will become the ICFO, the effective date Mr. Small will become a director, the positive impact that Mr. Richardson, as the ICFO, will have on the Company's development, Mr. Richardson retaining the position of ICFO throughout the ongoing executive search for a new CFO, the Company maturing into commercial production, the timing and content of milestones around the Company's new graphene manufacturing expansion plant and Thermal XR blending plant, and that the ongoing executive search for a new CFO will be successful.

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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