Brisbane, Queensland, Australia--(Newsfile Corp. - November 15, 2023) - Graphene Manufacturing Group Limited (TSXV: GMG) ("GMG" or the "Company") is pleased to announce it has engaged a capital markets advisor for the application for quotation of the Company's securities on the OTCQX ("OTCQX"), an over-the-counter public market in the United States. GMG's shares will remain listed on the TSX Venture Exchange ("TSXV") under the ticker "GMG" and quoted on Frankfurt Stock Exchange under the trading symbol "0GF". Certain GMG warrants trade on TSXV under the ticker "GMG.WT".

The OTCQX is the top tier of OTC markets and offers trading in the securities of companies that are not listed on senior exchanges in the USA. Companies quoted on the OTCQX must meet high financial standards, follow best practices for corporate governance, demonstrate compliance with U.S. securities laws, be current in their disclosures, and have a professional third-party sponsor introduction. The two lower-tier venues for OTC trading in the USA are the OTCQB and the OTC Pink Open Market. GMG's shares currently trade on the OTC Pink Open Market under "GMGMF".

GMG's Managing Director and CEO, Craig Nicol, commented: "We are genuinely excited with this next step in the Company's maturation. GMG believes a quotation on the OTCQX will increase its share liquidity by enabling easier share trading for USA investors. This listing is part of GMG's North American development program, which progresses the alignment of capital and customer markets and partnering opportunities."

GMG's Chairman and Non-Executive Director, Jack Perkowski, commented: "This move is in line with GMG's aim to increase its presence in North American capital markets, for which it is evaluating further listing options beyond the OTCQX quotation."

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").

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 Company's application for quotation on the OTCQX, the Company's continued listing on the TSXV, the expected timing of listing on the OTCQX, the maturation of GMG, the benefits of listing on the OTCQX, the Company's North American development program, the Company's focus on increasing its presence in North American capital markets and the associated benefits of listing on the OTCQX, and the Company's evaluation of listing options beyond the OTCQX.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions relating to the continued listing of the Company's shares on the TSXV, that the listing of the Company's securities on the OTCQX will occur on the expected timeline, that the Company will obtain approval from OTC Markets to trade on the OTCQX, that the listing of the Company's securities on the OTCQX represents the next step in the Company's maturation, that listing on the OTCQX will aid in the alignment of capital and customer markets and partnership opportunities, that listing on the OTCQX will help increase the Company's presence in North American Capital markets, and that the Company will be successful in listing its securities on the OTCQX.

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 be successful in listing its securities on the OTCQX on the expected timeline, if at all, that B. Riley will not provide the services currently anticipated by management, that the Company will not continue to be listed on the TSXV, that listing the Company's securities will not aid in its maturation, that listing on the OTCQX not help to increase the liquidity of the Company's shares, that listing on the OTCQX will not help the alignment of capital and customer markets and partnering opportunities, that listing on the OTCQX will not increase the Company's presence in North American capital markets, that the Company will not continue evaluating its listing options beyond on the OTCQX quotation, 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 18, 2022 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.

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