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

Brisbane, Queensland, Australia (August 19, 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 Nu Calgon have signed an agreement with a consultant to prepare and submit a Pre-Manufacture Notice (PMN) for its USA Environmental Protection Agency's (EPA) approval to import and sell in the USA, as previously announced in its THERMAL-XR® re-submission. The PMN application is expected to be submitted before the end of October and the potential approval is expected to take less than 12 months. The PMN will be substantially different from the Low Volume Exemption (LVE) PMN GMG previously submitted. The potential PMN EPA approval that GMG will be seeking is expected to be not limited by volume, application and any one particular sector, while the LVE PMN application was limited to 10 tonnes per annum, one application technique and the HVAC sector.

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 on a 30 ton Aaon packaged rooftop air-conditioning system at the High School Gymnasium in Harlingen, Texas.

GMG continues to engage global Air Conditioning Manufacturers in China and the USA for THERMAL-XR® production coating trials. GMG is also working with a global Manufacturer of Trucks and Trains.

GMG is now working with a number of global manufacturing companies in various sectors which have passed product performance testing with THERMAL-XR® and are now working through processes to achieve optimal production line performance, with the aim to go into full production thereafter.

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 cases ordering the product include after-market air conditioning, data centres, air conditioner manufacturers, truck and train manufacturers and industrial facilities such as LNG plants."

GMG's Chairman and Director, Jack Perkowski, commented: "THERMAL-XR® is an exciting prospect for the Company in many markets including for the China Air Conditioner Manufacturers. It is encouraging to see the Company gaining traction in this and other markets."

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 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 [email protected], +61 415 445 223

-          Leo Karabelas at Focus Communications Investor Relations, [email protected], +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, the potential for THERMAL-XR® to enable energy producers to produce additional energy more efficiently, the timing of submission of the Company's PMN application, the receipt, timing and nature of approval by the EPA of the PMN application, the Company's goal of achieving optimal production line performance for THERMAL-XR® and the entering of full production.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions regarding the development of extensions and enhancements to the THERMAL-XR® portfolio into a wider range of applications, that energy producers will be able to derive the expected benefits from the Company's products, that the Company's PMN application will be submitted on the timetable anticipated, that the EPA will approve the PMN application and on the timing anticipated, that the content of the EPA's approval will be as anticipated, and that the Company will be able to achieve optimal production line performance for THERMAL-XR® and enter full production. 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 there will be no developments of extensions or enhancements to the THERMAL-XR® portfolio into a wider range of applications, that energy producers will not derive the expected benefits from the Company's products, that the Company's PMN application will not be submitted on the timetable anticipated or at all, that the EPA will not approve the PMN application on the timing anticipated or at all, that the content of the EPA's approval will not be as anticipated, that the Company will be unable to achieve optimal production line performance for THERMAL-XR® or enter full production, 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.