Ms. Luisa Moreno reports

GRAPHANO ANNOUNCES INITIAL RESULTS FROM PIT ZONE AT THE LAB GRAPHITE PROJECT - REMAINS OPEN FOR EXPANSION

Graphano Energy Ltd. has released initial assay results from the 2023/2024 winter drilling program at its 100-per-cent-owned Lac Aux Bouleaux (LAB) graphite property that is situated adjacent to Canada's only producing graphite mine in Quebec, the Lac des Iles mine.

The drilling program consisted of 13 drill holes totalling 1,034 metres. The four holes reported in this update were drilled as infill holes to confirm the historically defined graphite mineralization at the Pit zone. The remaining drill program focused on graphite zone expansion, following up the new discovery of zone 3 in early 2023 (see news release dated Feb. 8, 2023). The Pit zone and zone 3 are two of the eight prospective targets which have been defined on the LAB property to date.

Luisa Moreno, chief executive officer of the company, commented: "The LAB Pit zone holds significant potential, and once fully assessed, it could play a key role in our expedited approach to bringing the LAB project to production. We are excited to validate past findings and explore opportunities for growth."

Key highlights from the LAB Pit zone:

• The drilling has verified grade and spatial characteristics of graphite mineralization defined by historical drilling and correlates well with the 3-D geological model being developed for continuing mineral resource estimation work.
• Multiple graphite horizons are present. The mineralization remains open primarily to the north and east for expansion.
• Drill hole LB23-59 intersected 8.26 per cent graphitic carbon (Cg) over 4.80 metres (m) starting at 41.18 m drilled depth.
• Drill hole LB23-58 intersected 5.89 per cent Cg over 5.89 m starting at 92.47 m drilled depth.
• Drill hole LB23-56 intersected 6.91 per cent Cg over 4.65 m starting at 71.3 m drilled depth.

Note: All intersections reported are based on core length and true width is approximately 85 per cent of the core length.

The four holes totalling 360 m completed on the Pit zone were drilled to support and validate the interpretations forming the current 3-D geological solid model being utilized for continuing mineral resource estimation work. The current drilling intersected stratigraphy and mineralization as expected. The graphite mineralization in the Pit zone area occurs as multiple horizons, which remain open primarily to the north and east for expansion. Further assay results are expected to be released from the LAB zone 3 drilling in the coming weeks.

Select samples from the 13 holes drilled from LAB were submitted for assay analysis. A total of 1,034 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 (Actlabs) in Ancaster, Ont., for sample preparation and analyses using Actlabs' code 4F-C graphitic, analyzing C-graphite (infrared) where the sample is subjected to a multistage furnace treatment to remove all forms of carbon except for graphitic carbon; and C-total (infrared). Actlabs is an independent commercial and ISO certified laboratory. The core sample program also included field duplicates, blanks and a graphite standard sample for quality assurance and quality control (QA/QC) purposes.

Qualified persons

The technical content disclosed in this press release was reviewed and approved by Matthew Harrington, PGeo, of Mercator Geological Services Ltd., an independent qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and Roger Dahn, BSc, PGeo, a director of the company and a qualified person as defined in NI 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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