Ms. Luisa Moreno reports

GRAPHANO REPORTS 23 METRES GRADING 8.91% CG AND SIGNIFICANTLY EXTENDS ZONE WITH TRENCHING PROGRAM AT THE STANDARD MINE PROJECT

Graphano Energy Ltd. has received all assay results from the 2023 spring trenching program at the historical Standard mine project.

Graphano owns a 100-per-cent interest in four graphite properties in the Lac-Aux-Bouleaux (LAB) mine region -- all are within trucking distance to allow for the company's resource consolidation strategy to feed a centralized processing plant at LAB. The historical resource at LAB, the recently announced zone 3 discovery at LAB (news release dated Feb. 8, 2023) and continued exciting results from the Standard mine project re-enforce the economic potential of this consolidation strategy.

Luisa Moreno, chief executive officer of the company, stated: "We are delighted with the consistently strong results at the Standard mine project, with the high-grade intersections from the surface. These results strengthen the short-term production potential of the historical Standard mine site. Being in a graphite mining district with strong projects and immediate proximity to clean power, paved roads and water, Graphano is set to become a source of graphite for Western battery manufacturers."

The spring trenching program at the Standard mine project has intersected very significant graphite mineralization and successfully extended the mineralized zone by more than a 225-metre length. Trenching and drilling completed to date have discovered three major zones of mineralization, which have been tested from surface to a maximum vertical depth of approximately 60 metres locally and remain open in all directions for further expansion. The mineralized zones have an interpreted combined length of more than 1,300 metres.

Key highlights (see full trench assay results in the attached table):

• Three major zones of graphite mineralization defined to date;
• The trenching program successfully extended the length of the graphite-mineralized zones by more than 225 metres; combined length now more than 1,300 metres;
• 115 samples were collected from nine trenching locations, yielding the following highlight results:
  • NW Gf trend: TR23-25 returned 8.91 per cent graphitic carbon (Cg) over 23 metres, including 12.09 per cent Cg over 14 metres and a second zone assaying 10.87 per cent Cg over six metres;
  • Hole 13 Gf trend: TR23-26 returned 15.17 per cent Cg over seven metres and a second zone of 15.30 per cent Cg over six metres;
  • SE Gf trend: TR23-23 returned 8.6 per cent Cg over three metres, 4.62 per cent Cg over four metres and 10.01 per cent Cg over three metres. TR23-27 assayed 10.27 per cent over three metres.

(Note: All assay lengths reported have not been converted to the true width as noted in the attached table.)

A total 111 channel samples and four grab samples were collected from nine separate trenches during the 2023 spring program. Each channel sample from the trenching work was 100 centimetres long, five centimetres wide and three to five centimetres deep cut in bedrock.

All grab and channel samples were bagged and tagged using best practices and were delivered to Activation Laboratories (Actlabs) in Ancaster, Ont., for sample preparation and analyses using Code 4F-C Graphitic, analyzing C-Graphite (infrared), where the sample is subjected to a multistage furnace treatment to remove all forms of carbon with the exception of graphitic carbon; and C-Total (infrared). Actlabs is an independent commercial, accredited ISO-certified laboratory.

Qualified person

The scientific technical content disclosed in this press release was reviewed and approved by Roger Dahn, BSc, PGeo, a director of the company and a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, who has provided the technical information in this press release, and by Martin Ethier, Geo (No. 1520), who is a member of the Order of Geologists of Quebec and also a qualified person under National Instrument 43-101.

About Graphano Energy Ltd.

Graphano Energy is an exploration and development company that is focused on evaluating, acquiring and developing energy metals resources from exploration to production.

Graphite is one of the most in-demand technology minerals that is required for a green and sustainable world. The company's Lac Aux Bouleaux property, situated adjacent to Canada's only producing graphite mine, in Quebec, Canada, has historically been an active area for natural graphite. With the demand for graphite growing in some of the most prominent and cutting-edge industries, such as lithium batteries in electric cars and other energy storage technologies, the company is developing its project to meet the demands of the future.

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