Brisbane, Queensland, Australia--(Newsfile Corp. - January 30, 2024) - Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to provide a business update on the commercialisation progress of THERMAL-XR powered by GMG Graphene.

Nu-Calgon Launches CoolWorx (THERMAL-XR) in USA:

The Company is proud to announce Nu-Calgon has held its official launch of the CoolWorx powered by GMG Graphene in the USA at the AHR Expo, one of the largest expositions for the Heating, Venting, Air-Conditioning and Refrigeration (HVAC-R) industry in North America, with over 1,600 HVAC-R manufacturers exhibiting their products and services to more than 50,000 visitors in Chicago, USA, from the 22^nd to 24^th January 2024.

The product was launched under the new joint brand name "Nu-Calgon CoolWorx powered by GMG Graphene" - as seen in Figure 1.0. The joint brand was in line with GMG's PRODUCT COMMERCIALISATION PROCESS, CORPORATE GROWTH & CHANNEL STRATEGY outlined in the Company's announcement on the 6^th September 2023.

Figure 1.0 "Nu-Calgon CoolWorx powered by GMG Graphene Brand" Joint Brand for THERMAL-XR Coating.

THERMAL-XR Canada Approval:

The Department of Environment and Climate Change Canada (ECCC) has noted that THERMAL-XR, powered by GMG Graphene, is approved for import and use within Canada. This paves the way for Canadian businesses, operating in HVAC-R industry, to access this cutting-edge coating solution through our North American Distributor Nu-Calgon.

THERMAL-XR USA Approval:

THERMAL-XR is progressing through the USA Environmental Protection Agency's (EPA) approval process to import and sell in the USA. All the required documentation has been submitted, and the EPA has assigned a case number as part of the thorough evaluation of the product's safety and environmental impact. The Company believes the anticipated approval will be received in Q1 2024.

GMG's Managing Director and CEO, Craig Nicol, commented: "I am very excited to see Nu-Calgon officially launch the product at the Chicago AHR Expo and also to see the Canadian Government approve THERMAL-XR powered by GMG Graphene for importation and sale in Canada. The Company is expecting the USA EPA approval in short order and then after this we can start selling into the largest HVAC-R coating market in the world - the United States of America with our distributor partner Nu-Calgon."

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

About THERMAL-XR powered by GMG Graphene:

THERMAL-XR COATING SYSTEM is a unique method of improving the conductivity of corroded heat exchange surfaces and improving and maintaining the performance of new units at peak levels. The process coats and protects heat exchange surfaces while improving and rebuilding the lost corroded thermal conductivity and increasing the heat transfer rate by leveraging the physics of GMG Graphene, resulting in an efficiency improvement and a potential power reduction.

THERMAL-XR RESTORE is powered by GMG Graphene. PATENT PENDING

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.

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 impact of the ECCC approval of THERMAL-XR, the ability of Canadian businesses in the HVAC-R industry to acquire THERMAL-XR, the Company's progression through the EPA approval process to import and sell THERMAL-XR in the United States, and its expectations regarding when EPA approval will be received.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions relating to the Company's belief that ECCC approval will pave the way for Canadian businesses in the HVAC-R industry to acquire THERMAL-XR from Nu-Calgon, that the Company will be successful in its EPA application to approve THERMAL-XR for import and sale in the United States, and that the Company will receive the EPA approval in the first quarter of 2024. 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 ECCC approval will not pave the way for Canadian businesses in the HVAC-R industry to acquire THERMAL-XR from Nu-Calgon, that the Company will not receive EPA approval for the sale and import of THERMAL-XR in the United States on the expected timeline, if 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.

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