Ms. Luisa Moreno reports

GRAPHANO ANNOUNCES WARRANT REPRICING

Subject to acceptance by the TSX Venture Exchange, Graphano Energy Ltd. intends to amend the exercise price of 12,334,240 common share purchase warrants.

The warrants were originally issued pursuant to private placements of subscription receipts that closed on Dec. 22, 2020, and April 19, 2021. The subscription receipts converted into common shares and warrants upon the listing of the company's shares on the TSX-V on Aug. 21, 2021.

The warrants are currently exercisable at a price of 52 cents per share until Aug. 27, 2026. Subject to acceptance by the TSX-V, the exercise price of the warrants will be amended to 33 cents per share. All other terms of the warrants, including the expiry date, will remain unchanged.

The amendment to the warrant terms is intended to better reflect current market conditions. If exercised, the warrants would provide additional working capital to the company.

Directors and officers of the company hold approximately 2.27 per cent of the warrants subject to the proposed amendment. None of the warrants subject to the amendment were issued as compensation warrants to agents, brokers or finders.

The amendment remains subject to acceptance by the TSX-V.

The company also announces the appointment of Andrew Gainsbury, formerly the company's controller, as acting chief financial officer on an interim basis. Mr. Gainsbury, CFA, CMA, has over 16 years of experience in financial management and consulting in both Canada and Brazil. His most recent experience includes serving as controller for several publicly listed Canadian junior mining companies. Previously, he was chief financial officer of a Brazilian engineering firm with over 800 employees, as well as a senior consultant leading corporate finance projects across multiple industries for Deloitte in Brazil. He specializes in strategic management, mergers and acquisitions, and fundraising, as well as corporate restructuring. He holds an MBA from McGill University and has earned his CFA and CMA designations.

Mr. Gainsbury replaces James (Jay) Richardson, who has temporarily stepped away from his duties as chief financial officer for medical reasons. Mr. Richardson remains a director of the company. The company wishes Mr. Richardson a speedy and full recovery.

About Graphano Energy Ltd.

Graphano is an exploration and development company that is focused on evaluating, acquiring and developing energy metal 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 projects to meet the demands of the future.

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