Brisbane, Queensland, Australia--(Newsfile Corp. - October 5, 2023) - Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to advise that Brandon Leong has been appointed Chief Financial Officer (CFO) effective 17^th October 2023. The Company would like to thank Scott Richardson who has been Interim Chief Financial Officer (CFO) since 31 July, 2023 and has led the finance team through the recent capital raise and year end audit process as well as implemented a number of improvement initiatives and will work through to the end of January 2024 to ensure a smooth handover to Brandon.

Brandon comes with CFO role experience drawing on over 20 years of financial leadership roles including as CFO, Deputy CFO, Financial and Commercial Director and Financial Advisory roles in publicly listed, private companies and advisory firms - including PWC in Australia and United States of America, CPB Contractors (Construction), Aurizon (Rail), Holcim (Construction Materials) and various other companies. Brandon is a Chartered Accountant, has a Bachelor of Commerce and Bachelor Arts from the University of Queensland, as well as an Executive Masters of Business Administration from University of Oxford. Brandon is a graduate of the Australian Institute of Company Directors.

GMG's CEO Craig Nicol stated, "I'm looking forward to working with Brandon in the commercial, finance and capital markets areas of the Company to support GMG's ongoing commercial development and finance needs. I expect his leadership work in Australia and USA in very large multi-billion dollar transactions will support the progress of the company through a range of planned near term milestones including ramping up Thermal XR sales, meeting our Battery development milestones, and starting up our new graphene manufacturing expansion plant over the next 6 months. I also want to thank Scott for his very focused attention on delivering a number of key outcomes in the short time period that he has been at GMG to date and I look forward to continue working with him."

GMG's 4 critical business objectives remain to:

1. Produce Graphene and improve/scale the production process
2. Build Revenue from Energy Savings Products
3. Develop Next-Generation Battery
4. Develop Supply Chain, Partners & Project Execution Capability

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, with low cost inputs, 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 & 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, statements regarding the effective date on which Mr. Richardson will be leaving the Company, the effective date on which Mr. Leong will become the Chief Financial Officer (CFO), the contributions Mr. Leong will make to the company in his capacity as CFO, the duration of Mr. Leong's service as CFO, the maturation of the Company into commercial production, the timing and success of starting up the Company's new graphene manufacturing expansion plant.

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. Richardson will be leaving the Company, the effective date Mr. Leong will become the CFO, Mr. Leong's contributions as CFO differing from management's current expectations, 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 on the timelines contemplated, if at all..

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. Richardson will be leaving the Company, the effective date Mr. Leong will become the CFO, the positive impact that Mr. Leong, as the CFO, will have on the Company's development, the Company maturing into commercial production, the timing and content of milestones around the Company's new graphene manufacturing plant.

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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