Brisbane, Queensland, Australia--(Newsfile Corp. - February 6, 2024) - Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to provide the latest progress update on its Graphene Aluminium-Ion Battery technology ("G+AI Battery") being developed by GMG and the University of Queensland ("UQ").

Notably, this update includes information about GMG's G+AI Battery regarding:

• 1000 mAh Battery Cell Capacity Reached and Next Steps
• Battery Technology Readiness Level
• Next Steps Toward Commercialisation and Market Applications
• Next Generation Battery Performance
• Important Milestones for GMG's Graphene Aluminium-Ion Battery Development

1000 mAh Battery Cell Capacity Reached and Next Steps

The Company is pleased to announce it has now produced multiple battery pouch cells with over 1000 mAh (1 Ah) capacity, as seen in Figure 1. In a recent build to confirm repeatability, the Company's development team has built and confirmed multiple cells, all testing greater than 1Ah (1000mAh). This is a major milestone achieved to demonstrate scalability from coin cells to pouch cells, and represents the next milestone in the battery's development, following the announcement of 500 mAh capacity in September 2023: "GMG ACHIEVES INITIAL 500 mAh GRAPHENE ALUMINIUM-ION BATTERY PROTOTYPE IN POUCH CELL FORMAT".

Figure 1: Typical G+AI Pouch Cell Prototype

Please see charging and discharging curve typical of the GMG's Graphene Aluminium-Ion Battery 1000 mAh cell in Figure 2 showing a nominal voltage of 1.7 volts.

Now that GMG has successfully made multiple 1000 mAh pouch cells - it will continue to focus on making more of these batteries and then seek third party laboratory battery testing data, which GMG expects to complete in H1 2024.

Figure 2: Typical Charging and Discharging Curves

At the same time, GMG will review a potential investment for the procurement and installation of an automated pouch cell battery pilot plant in its Richlands Australia Facility. The Pilot Plant will enable the Company to produce pouch cells for potential customers to test in battery packs for different applications. Following the successful start-up of the Pilot Plant and successful customer trials, GMG expects to pursue large scale commercial production, as seen in Figure 3.

Figure 3: Pouch Cell Scale Up Process

Battery Technology Readiness Level

The battery technology readiness level ("BTRL") of the Graphene Aluminium-Ion technology remains at Level 4 (see Figure 4). GMG is currently optimizing electrochemical behaviour for pouch cells via ongoing laboratory experimentation. If GMG invests, constructs and commissions a Pilot Plant it is anticipated the battery technology progress to BTRL 7 and 8 since the equipment and process to make the Graphene Aluminium-Ion batteries is the same as those employed to make Lithium Ion Batteries.

Next Steps Toward Commercialisation & Market Applications

The Company continues to see a broad range of applications for a completed GMG Graphene Aluminium-Ion Battery - utilising its ultra-high power-density and nominal energy density characteristics. Along with Rio Tinto, a range of global companies have confidentially expressed their interest in working with GMG in the following vertical sectors:

Next Generation Battery Performance

GMG's next generation Graphene Aluminium-Ion Battery performance data (as tested and calculated on coin cells), as compared to the most commonly available lithium-ion batteries, is shown below in Figure 5, with a list of its beneficial characteristics.

Performance results for the pouch cells could be significantly different and will be communicated upon successfully producing a repeatable and fully 3^rd party tested 1000 mAh+ battery pouch cell.

Figure 5: Graphene Aluminium-Ion Battery Comparative Performance Data (for coin cells)

Important Milestones for the Battery's Development:

Important milestones for GMG's Graphene Aluminium-Ion Battery Development:

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, 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 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").

GMG's 4 critical business objectives are:

1. Produce Graphene and improve/scale cell production processes
2. Build Revenue from Energy Savings Products
3. Develop Next-Generation Battery
4. 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, statements regarding the development of the Company's pouch cell battery, that the Company will focus on making more 1000 mAh pouch cells and then seek third party laboratory battery testing, the timing of gathering third party laboratory battery testing data, that the Company will review the investment decision to procure and install an automated pouch cell battery pilot plant in its Richlands Australia facility and the potential to pursue large scale commercial production if the pilot plant and customer trials are successful, the timing of customer testing for an 1000 mAh pouch cell, that the Company will optimize electrochemical behaviour for pouch cells via ongoing laboratory experimentation, the ability of a pilot plant to help progress the Graphene Aluminium-Ion technology along the BTRL, and the potential applications for the G+AI Battery.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions relating to the Company's focus remaining on making more 1000 mAh pouch cells, that the Company will review the investment decision to procure and install an automated pouch cell battery pilot plant in its Richlands Australia facility, that the Company may move to large scale commercial production if the pilot plant and customer trials are successful, that the Company will complete its third party laboratory battery testing in H1 2024, that the Company will be able to optimize the electrochemical behaviour of the pouch cell through laboratory experimentation, and that a pilot plant will assist in progressing its Graphene Aluminium-Ion technology along the BTRL. 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 change its focus away from making more 1000 mAh pouch cells, that the Company will choose not to proceed with a pilot plant, that the Company will not proceed to customer testing and laboratory testing on the expected timeline, if at all, that the Company will not pursue large scale commercial production even if the pilot plant and customer trials are successful, that the construction of a pilot plant will not help advance the Graphene Aluminium-Ion technology along the BTRL, that the Company will not be able to optimize the electrochemical behaviour of the pouch cell through laboratory experimentation, or at all, 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 12, 2023 available for review on the Company's profile at .

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.