GMG Provides Commercialisation Update on Energy Savings Coating THERMAL-XR(R)

Brisbane, Queensland, Australia--(ACN Newswire - April 22, 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.

GMG and GMG's THERMAL-XR® powered by GMG Graphene coating was awarded as Most Disruptive Technology Award and Best Chance for Market Success Award at the Data Center World Conference in Washington DC, USA on the 18^th April 2024. The Data Center World conference is a global industry event that combines real world, practitioner and thought leader expertise with in-depth research and data, and access to a full spectrum of solution providers looking to drive the industry forward.

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Most Disruptive Technology Award is the award for the technology that the judges determine to have the best opportunity to create short-term positive market, sales, or customer service disruption among existing data center technologies. Best Chance for Market Success Award is the award for the technology that judges determine will be the most successful at creating revenue upside and profit for the startup company.

THERMAL-XR® provided a 15.4% improvement in energy efficiency in an Aviation IT Data Center in Singapore:

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End-user Customer Engagement in the USA is ongoing with North America Distribution Partner Nu Calgon, which is known as the largest specialty chemical provider to the HVACR market in North America. Nu-Calgon has a 37 person sales team with approximately 4000 distribution points. Nu-Calgon's Cool Worx powered by GMG Graphene was introduced to the North American HVACR industry at the AHR Expo in January 2024. As previously announced Thermal XR provided a 36.7% reduction in energy when demonstrated at the High School Gymnasium, Harlingen Texas on a 30 ton Aaon packaged rooftop air-conditioning system.

GMG and Nu Calgon are reviewing and progressing next steps for its THERMAL-XR® re-submission for its USA Environmental Protection Agency's (EPA) approval with a full Pre-Manufacture Notice (PMN) to import and sell in the USA as previously announced.

GMG has also received its first order for THERMAL-XR® production coating trials from an Air Conditioner Manufacturer in China and is in discussions about product testing with various other Air Conditioner Manufacturers in both China and USA.

GMG has successfully completed the THERMAL-XR® coating project work at a number of Beach Front Hotels including the five star eco-resort Elements of Byron where the main targeted benefit is corrosion resistance for both the condenser coils and the outside air conditioner casing. Please see customer testimonial from the hotel owner: https://graphenemg.com/thermal-xr-testimonial-by-elements-of-byron/

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Based on the success of these projects, GMG has focused a sales campaign targeting the sale of THERMAL-XR® to Queensland and New South Wales based coastal hotels and resorts given their air conditioners are often found to fail faster due to more aggressive corrosion from the sea air. GMG's THERMAL-XR® can provide high Corrosion Protection whilst potentially providing energy savings for their HVAC equipment. Under third party laboratory re-testing conducted by Industrial Inspection & Analysis in St. Louis Missouri USA, THERMAL-XR® has now successfully achieved 10,000 hours salt sea spray testing.

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GMG has also received an order to complete the remaining two stages of the Australian micro-Liquefied Natural Gas (LNG) plant GMG supplied and coated THERMAL-XR® in 2022 after successfully increasing production capacity approximately 16% on the initial gas cooling stage of the LNG plant.

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GMG has received an order for THERMAL-XR® from a global Train Manufacturer to carry out supply and service of the product on train air conditioning systems in China after initial successful testing. In addition, GMG is also testing THERMAL-XR® with a global Truck Manufacturer for radiator and other equipment application trials.

Tim Edwards, Head of Sales is leading these activities for the Company with a key focus on driving sales in the HVAC market with significant experience and industry knowledge. Mark Lock, Global Key Account Manager has retired from GMG and the Company thanks Mark for his significant contributions in progressing THERMAL-XR®.

GMG's Managing Director and CEO, Craig Nicol, commented: "The progress GMG is making with THERMAL-XR® is exciting. The various types of industries that are now trialling and in some case ordering the product including after-market air conditioning, data centres, air conditioner manufacturers, truck and train manufacturers and industrial facilities such as LNG plants."

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 www.graphenemg.com

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 coating), 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 customer engagement in the USA, the review and progression of the Company's EPA approval with a PMN, discussions with air conditioner manufacturers in Chian and the USA, the benefits of THERMAL-XR®, and the testing of THERMAL-XR® with a global truck manufacturer.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions relating to customer engagement in the USA continuing with Nu Calgon, the Company re-submitting an application to the EPA for approval with a full PMN, that discussions and product testing with various air conditioner manufacturers in the USA and China will continue, that THERMAL-XR® can provide high corrosion protection while potentially providing energy savings for HVAC equipment, and that GMG will continue testing THERMAL-XR® with a global truck manufacturer for radiator and other equipment application trials.

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 GMG and Nu Calgon will not continue with end-user customer engagement in the USA, that GMG will not re-submit an application to the EPA for approval with a full PMN, or that the Company's submission to the EPA will not be approved, that discussion with air conditioner manufacturers in China and the USA will not continue, that THERMAL-XR® will not provide the benefits expected by management to HVAC equipment, that the testing of THERMAL-XR® with a global truck manufacturer for radiator and other equipment application trials will not continue, 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 www.sedarplus.ca.

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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