GMG Update - Operational Cost Reduction Target of AU$4.5 Million

Brisbane, Queensland, Australia--(Newsfile Corp. - March 11, 2024) - Graphene Manufacturing Group Ltd. (TSXV: GMG) (OTCQX: GMGMF) ("GMG" or the "Company") announces that the Company has implemented an organisational restructure to reduce operating costs by a targeted AU$ 4.5 million per annum whilst maintaining its focus on delivering its four critical business objectives. GMG's four 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 and 4. Develop Supply Chain, Partners & Project Execution Capability.

The Company says the AU$ 4.5 million per annum operating cost reduction target will largely be achieved by merging Projects and Operations teams and streamlining operations for its newly built Modular Graphene Manufacturing Plant and Thermal XR Blending Plant.

The Company has appointed Paul Mackintosh into a new role of Chief Development and Health, Safety and Environment Officer (CDHSEO), reporting to the CEO, to lead the product development, liquid graphene production and HSE functions of the Company. Paul has been the Chief Health, Safety, Environment, Sustainability and Risk Officer since joining the Company on February 2023. Paul has had senior leadership roles in large organisations, including Arrow Energy, Origin Energy, Brickworks, Wesfarmers and Placer Dome Inc. Lisa Roobottom, the Chief Operating Officer, will leave the Company as of 8^th March 2023 and GMG thanks her for her service. Bobby Bran, as Chief Projects Officer, will resume leadership of the graphene production whilst maintaining his role in leading and delivering the projects for the Company.

Although GMG has already received approval to produce and /or sell its graphene and THERMAL-XR® in Australia and Canada, and there are already a number of companies which have received a graphene approval from the USA Environmental Protection Agency (EPA), the approval for the Company's application with Nu-Calgon, its North American distributor, for a Pre-Manufacture Notice- Low Volume Exemption (PMN-LVE) for THERMAL-XR® "Powered by GMG Graphene" has yet to be received. Accordingly, GMG has been advised to apply for a full PMN, which the EPA believes will have a greater possibility for approval. The Company is receiving advice from various service providers as to the best way in which to apply for PMN approval. Once a complete strategy has been defined, GMG will report the specific steps the Company is taking in a forthcoming announcement.

The Company is preparing for potential investment into its Modular Graphene Manufacturing Plant Expansion Phase 2.0 and its Automated Battery Pilot Plant. In order to fund this expansion, the Company is speaking with potential strategic investors and has applied for Government grants linked to the Company's operations in the critical mineral and batteries sector.

GMG's CEO Craig Nicol stated, "The Company's focus on its cost base and efficient production and sales of its Thermal XR product, as it develops its next generation battery, is in-line with GMG's focus on progressing into a commercial operation as we look to increase the utilisation of our newly commissioned modular Graphene Plant and Thermal-XR® Blending plants."

GMG's Chairman and Non-Executive Director, Jack Perkowski, commented: "The Company continues to focus on sales of its Energy Savings Products and to developing the U.S. market for funding its development and growth initiatives. Having GMG shares traded on the OTCQX market is the first step that the Company has taken to enable U.S. investors to increase their participation in the Company's future capital opportunities."

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

www.graphenemg.com

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 reduction in operating costs being achieved by merging projects and operations teams and streamlining operations at the modular graphene manufacturing plant and Thermal-XR® blending plants and the size of the expected cost savings, Lisa Roobottom leaving the Company as COO, the Company's preparation for potential investment into its modular graphene plant expansion and automated battery pilot plant, the Company's focus on progressing into a commercial operation, the Company's desire to increase the utilisation of its modular graphene plant and Thermal-XR® blending plants, the Company's focus on the U.S. for funding its development and growth initiatives, and increased U.S. investor involvement leading to an expansion in the Company's future capital opportunities.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions relating to the Company being able to reduce operating costs by merging projects and operations teams and streamlining operations at the modular graphene manufacturing plant and Thermal-XR® blending plants, that the Company will be able to reduce operating expenses by the amount currently anticipated by management, that the Company will consider investments into its modular graphene plant expansion and automated battery pilot plant, that the Company's focus will remain on progressing into a commercial operation, that the Company will be able to increase the utilisation of its modular graphene plant and Thermal-XR® blending plants, that the Company will continue to focus on the U.S. for funding its development and growth opportunities, and that increased U.S. investor involvement will lead to an expansion in the Company's future capital opportunities.

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 be unable to reduce operating costs by the amount currently expected by management or at all by merging projects and operations teams and streamlining operations at the modular graphene manufacturing plant and Thermal-XR® blending plants, that the Company will not consider investments into its modular graphene plant expansion and automated battery pilot plant, that the Company's focus will not remain on progressing into a commercial operation, that the Company will not be able to increase the utilisation of its modular graphene plant and Thermal-XR® blending plants, 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, 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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