Brisbane, Queensland, Australia--(Newsfile Corp. - March 4, 2024) - Graphene Manufacturing Group Ltd. (TSXV: GMG) (OTCQX: GMGMF) ("GMG" or the "Company") announces that William Ollerhead will leave the board as of 29 February 2024 due to the press of other activities including as the chairman of a listed public company. William, based in Ontario Canada, was a board member of the Company since its listing date in 2021 and he joined the board through the company which GMG used to list (through a reverse take-over) onto the TSXV.

GMG's CEO Craig Nicol stated, "the Company appreciates William's service and effort to develop the Company whilst attending board and various committee meetings. GMG continues to focus on progressing into commercial operation by growing sales and operating its newly commissioned modular Graphene Plant and Thermal-XR Coating Blend plants whilst progressing the battery's development."

GMG's Chairman and Non-Executive Director, Jack Perkowski, commented: "The Company thanks William for his service. GMG continues to focus on the U.S. for funding our development and growth initiatives. Enabling U.S. investors with increased involvement may expand the Company's future capital opportunities."

Bob Galyen, a GMG Non-Executive Director who was the previous CTO of CATL and is based in Indiana USA, is at the Company's Richlands Australian headquarters office and manufacturing facilities this week to support the Company's Graphene Aluminium Ion Battery development. Bob has typically visited the company's Australian headquarters every quarter in week-long intensive deep dives into the battery's progress - including reviewing the battery performance, electrochemistry, cathode preparation, battery assembling, laboratory and battery equipment.

Further, Bob Galyen stated "GMG's Graphene Aluminium Ion Battery characteristics include high power density and potential energy density which may lead to improved battery performance and simplicity. GMG's graphene manufacturing from natural gas with hydrogen gas as a by-product creates good ESG numbers, and plentiful active material components of the battery allows for a simpler supply chain than traditional lithium-ion batteries."

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 continued focus of GMG on progressing into commercial operations by growing sales and operating the Company's newly commissioned modular graphene plant and Thermal-XR coating blend plants whilst progressing the battery's development, the Company's focus on the U.S. for funding its development and growth initiatives, increased U.S. investor involvement leading to an expansion in the Company's future capital opportunities, and the Company's battery characteristics leading to improved battery performance and simplicity.

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 progressing into commercial operations by growing sales and operating the Company's newly commissioned modular graphene plant and Thermal-XR coating blend plants whilst progressing the battery's development, that the Company will continue to focus on the U.S. for funding its development and growth opportunities, that increased U.S. investor involvement will lead to an expansion in the Company's future capital opportunities, and that the characteristics of the Company's battery will lead to improved battery performance and simplicity.

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's focus will shift away from progressing into commercial operations by growing sales and operating the Company's newly commissioned modular graphene plant and Thermal-XR coating blend plants whilst progressing the battery's development, that the Company will not continue focusing on the U.S. for funding its development and growth initiatives, that increased U.S. investor involvement will not lead to an expansion in the Company's future capital opportunities, that the characteristics of the Company's battery will not lead to improved performance and simplicity, 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.