Ms. Luisa Moreno reports

GRAPHANO EXPANDS EASTERN GRAPHITE TREND WITH NOTABLE NEAR-SURFACE MINERALIZATION RESULTS AT STANDARD MINE GRAPHITE PROJECT

Graphano Energy Ltd. has released final 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.

Luisa Moreno, chief executive officer of the company, stated: "Leveraging the conclusive results from our winter drilling program at Standard, we are pleased to announce the identification of a promising sector of near-surface mineralization on the northern extension of our Eastern trend. The assay results underscore the expanding potential of our graphite zones. This successful exploration sets the stage for our ongoing mineral resource estimation work and positions us strategically for continued expansion in 2024."

The four drill holes reported in this update were drilled as stepouts to extend mineralization along the Eastern trend by an additional 250 m strike length. The Eastern trend has now been tested by trenching and drilling, at shallow depths over an approximate 500 m strike length. The mineralization remains open in both the strike and dip directions.

Key highlights from the Eastern graphite trend (see full results in the table entitled "Drill hole results"):

• Current holes -- North extension:
  • Drill hole ST23-31 intersected 6.09 per cent graphitic carbon (Cg) over 13.06 metres (m) starting at 20.33 m drilled depth, including 11.32 per cent Cg over 4.47 m at 20.33 m drilled depth;
  • Drill hole ST23-24 intersected 5.60 per cent Cg over 4.75 m at 52.96 m drilled depth.
• Previous holes -- South extension:
  • Drill hole ST23-26 intersected 9.79 per cent Cg over 18.84 m 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 drilled depth, including 14.44 per cent Cg over 8.68 m at 31.13 m drilled depth.

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

Holes ST23-24, 28, 30 and 31 evaluated the northern extension of the Eastern trend. Assay results from the four holes are presented in the table entitled "Drill hole results." The northernmost holes of the program, ST23-24 and 31, both encountered significant graphite mineralization, with hole ST23-31 grading 6.09 per cent Cg over a 13.06 m downhole thickness. These encouraging near-surface results highlight the considerable untested potential at Standard. Further exploration is warranted to follow-up this new sector of mineralization on the property.

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 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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