Ms. Luisa Moreno reports

GRAPHANO CONTINUES TO INTERSECT SUBSTANTIAL GRAPHITE - REPORTS 18.8 METRES GRADING 9.79% CG FROM DRILLING PROGRAM AT THE STANDARD MINE GRAPHITE PROJECT

Graphano Energy Ltd. has released initial assay results from the 2023 to 2024 winter drilling program at its 100-per-cent-owned Standard mine project. The primary focus of the drilling program was on graphite zone expansion, following up on the excellent results from the 2022 to 2023 trenching and drilling programs.

Graphano owns a 100-per-cent interest in four graphite properties, which are all within trucking distance of the former mine and mill site at the company's Lac-Aux-Bouleaux project (LAB). Graphano has a deposit consolidation strategy to feed a centralized processing facility at LAB. The continued exciting results from Standard, historically defined graphite mineralization at the LAB pit zone and the new 2023 Zone 3 discovery, also at LAB (see news release dated Feb. 8, 2023), reinforce the economic potential of this consolidation strategy.

Luisa Moreno, chief executive officer of the company, stated: "We are extremely encouraged by the substantial thicknesses of high-grade graphite mineralization returned from these initial holes of our deposit expansion drill program at Standard. With our deposit consolidation strategy, we are committed to unlocking value in the graphite sector through continued exploration and development efforts."

Key highlights (see full results in the table entitled "Drill hole results"):

• Current holes:
  • Drill hole ST23-26 intersected 9.79 per cent graphitic carbon (Cg) over 18.84 metres starting at 72.39 m drilled depth;
  • Drill hole ST23-17 intersected 11.88 per cent Cg over 13.32 m at 28.61 m, including 14.44 per cent Cg over 8.68 m at 31.13 m.
• Previous holes:
  • Drill hole ST23-10 intersected 5.11 per cent 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.

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

The six drill holes reported in this update were drilled as stepouts to extend the mineralization discovered by Graphano in early 2023 (holes ST23-10 and 11) on the eastern graphite trend at Standard. Holes ST23-17, 25 and 26 indicate a northwesterly dipping mineralized zone averaging 14 m in drilled thickness. Holes ST23-32, 18 and 29 evaluated the strike length extension of this zone and encountered significant graphite mineralization over an approximate strike length of 150 m. The mineralization remains open in both the strike and dip directions for continued expansion. Full assay results from the six holes are presented in the table entitled "Drill hole results." Further assay results are expected to be released in the coming weeks.

Select samples from the 17 holes drilled from Standard were submitted for assay analysis. A total of 1,991 m were drilled during the program. All drill core samples were sampled, stored and shipped using industry best practices and were delivered to Activation Laboratories, Ancaster, Ont., for sample preparation and analyses using the laboratory's 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. The core sample program also included field duplicates, blanks and a graphite standard sample for quality assurance/quality control (QA/QC) purposes.

Qualified person

This news release has been 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. Matthew Harrington, PGeo, of Mercator Geological Services Ltd., and an independent qualified person as defined in NI 43-101, has reviewed and approved the scientific and technical information disclosed in this news release.

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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