Ms. Luisa Moreno reports

GRAPHANO ENERGY COMMENCES STRATEGIC FALL 2023 DRILLING INITIATIVE TO STRENGTHEN NORTH AMERICAN GRAPHITE SUPPLY

Drilling activity is starting on Graphano Energy Ltd.'s 100-per-cent-owned Standard mine and Lac Aux Bouleaux (LAB) graphite properties in Quebec. Forage Hebert Inc. of Amos, Que., has been awarded the drilling contract. In addition, Mercator Geological Services is responsible for the drill program design and St-Pierre Exploration Enr. for the field logistics of the program.

Luisa Moreno, chief executive officer of Graphano, emphasized the critical nature of the drilling endeavours: "In light of China's recent graphite export restrictions, there is an urgent imperative for us to propel our projects into production, thereby fortifying international markets against the imminent surge in demand driven by electric vehicles. Backed by a robust production history and strategically advantageous project locations, we confidently assert ourselves as the most immediate source of graphite in North America. Despite the challenges posed by the sluggish junior mining equity markets, we are committed to advance the Standard and LAB properties. Our objective is clear: to conduct drilling, support resource estimation and embark on additional exploratory efforts to unlock the full potential of resource expansion."

The company plans to complete approximately 25 holes totalling up to 3,000 metres prior to year-end. The drilling program will start at the Standard mine property, where the primary focus of the planned drilling is on resource expansion. Previous results at Standard mine (see Graphano news releases dated Feb. 23, 2023, and June 14, 2023) included:

• Trench TR23-25 returned 8.91 per cent graphitic carbon (Cg) over 23 m, including 12.09 per cent Cg over 14 metres (m) and a second zone assaying 10.87 per cent Cg over six m;
• Drill hole ST23-10 intersected 5.11 per cent graphitic carbon (Cg) over 20.5 m starting at 39 m drilled depth, including 6.7 per cent Cg over nine m at 41 m;
• Drill hole ST23-11 intersected 7.44 per cent Cg over 13 m at 31 m;
• Drill hole ST23-13 intersected 8.99 per cent Cg over 11.3 m at 4.2 m, and 7.65 per cent Cg over 13 m at 56 m;
• Drill hole ST23-05 intersected 5.79 per cent Cg over 14 m at 4.6 m.

Note: All intersections reported are based on drilled width and have not been converted to the true width.

At LAB, the focus will be on zone 3, the historical pit area and, if time permits, zone 1. Recent drilling at zone 3 intersected significant graphite mineralization (see Graphano news release dated Feb. 8, 2023), including:

• Drill hole LB22-33 intersected 6.26 per cent Cg over 13.7 m starting at 14 m drilled depth, including 11.95 per cent Cg over 4.7 m at 14 m;
• Drill hole LB22-45 intersected 9.09 per cent Cg over eight m at 68 m;
• Drill hole LB22-52 intersected 7.17 per cent Cg over nine m at 36 m.

Note: All intersections reported are based on drilled width and have not been converted to the true width.

These zones are just two of the eight prospective targets which have been defined on the LAB property to date through the company's surface trenching and sampling programs completed during 2021 and 2022, as well as historical exploration data.

Drilling will also be performed at the historical pit area, where the company will be drilling confirmatory holes to validate the current resource modelling work and to test for expansion of the deposit.

Qualified persons

The technical content disclosed in this press release was reviewed and approved by Martin Ethier, Geo (No. 1520), who is a member of the Order of Geologists of Quebec and a qualified person under National Instrument 43-101, and 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.

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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