Mr. Craig Nicol reports

GRAPHENE MANUFACTURING GROUP ANNOUNCES GRANT OF RSUS

Graphene Manufacturing Group Ltd. has granted an aggregate of 227,277 restricted share units (RSUs) to certain officers of the company, pursuant to the company's amended restricted share unit and performance share unit plan. The RSUs vest equally over 24 months. In addition, the company wishes to provide disclosure of previously granted RSUs for which public disclosure was not made.

On Oct. 12, 2022, the company granted an aggregate of 36,186 RSUs to certain directors of the company pursuant to the plan. The RSUs will vest as follows:

• 24,124 on Oct. 12, 2023;
• 6,031 on Oct. 12, 2024;
• 6,031 on Oct. 12, 2025.

The closing market price of the company's ordinary shares on the date of grant was $3.59.

On Oct. 21, 2022, the company granted 20,952 RSUs to a director of the company pursuant to the plan. The RSUs vest equally over 36 months. The closing market price of the company's ordinary shares on the date of grant was $3.18.

When vested, each RSU entitles the holder thereof to receive one common share of the company upon exercise in accordance with the plan.

Additionally, the company is pleased to announce that it has entered into the following agreements to increase its investor relations outreach:

• An investor relations agreement with Focus Communications Investor Relations Inc., a company existing under the laws of Ontario, dated July 1, 2023;
• An issuer trading services agreement with Independent Trading Group, a company existing under the laws of Ontario (ITG) dated June 1, 2023;
• A service agreement with Proactive Investors North America Inc., a company existing under the federal laws of Canada dated June 27, 2023.

Pursuant to the Focus agreement, Focus will provide investor relations services to Graphene for a one-year term, subject to early termination in certain events. In accordance with the Focus agreement, the company will pay Focus an annual fee of $200,000 plus applicable taxes payable in equal monthly installments and grant to Focus, an option to purchase 100,000 ordinary shares in the capital of the corporation at an exercise price per share that will be no less than the discounted market price (as such term defined in the policies of the TSX Venture Exchange of the shares on the TSX-V or such price as may be approved by the TSX-V). The option will vest and become exercisable over a 12-month period, in accordance with an approved and agreed upon vesting period.

Pursuant to the ITG agreement, ITG will provide trading services to GMG for a monthly fee of $7,000 per month, plus applicable taxes. The ITG agreement is for an initial term of three months, with automatic renewal for subsequent months, unless terminated in accordance with its terms.

Pursuant to the Proactive Investors agreement, Proactive Investors will provide media services, including research reports and analyst videos, to Graphene for a 12-month term, unless terminated in accordance with its terms. In accordance with the Proactive Investors agreement, the company will pay Proactive Investors a fee of $28,000 (U.S.), plus applicable taxes, for each six-month period, in advance.

Each of the IR agreements are with arm's-length parties to the company. Except for the options issued to Focus pursuant to the Focus agreement, none of the IR providers have any interest, directly or indirectly, in the company or its securities, or any right or intent to acquire such an interest.

The IR agreements and grant of the options remain subject to the approval of the TSX-V.

The company is also pleased to announce the launch of a new investor relations section as part of its corporate website. Investors and prospective investors can access investor-related information, including the company's corporate presentation, through the Graphene website.

About Graphene Manufacturing Group Ltd.

Graphene is a clean-tech, disruptive company that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite. By use of the company's proprietary process, Graphene can produce high-quality, low-cost, scalable, tuneable and no/low contaminant graphene -- enabling demonstrated cost and environmental improvements in a number of world-scale planet-friendly/clean-tech applications. Using this low input cost source of graphene, the company is developing value-added products that target the massive energy efficiency and energy storage markets.

The company is also in the early stages of pursuing additional opportunities for Graphene Manufacturing graphene including the development of next generation batteries, collaborating with world leading universities in Australia, and investigating the opportunity to enhance the performance of biodiesel and diesel fuels.

We seek Safe Harbor.