Mr. Craig Nicol reports

GRAPHENE MANUFACTURING GROUP ANNOUNCES APPOINTMENT OF INTERIM CFO AND DIRECTOR

Scott Richardson has been appointed interim chief financial officer, effective July 31, 2023. The Company is also pleased to advise that the executive search for a permanent CFO is progressing well following the 26th May, 2023 announced departure of the current CFO Frederick Kotzee effective 31 July, 2023.

Scott comes with Interim CFO role experience drawing on over 20 years of finance leadership roles including as CFO, Financial Controller and other financial roles in publicly listed and private companies - including Austin Engineering, Downer Mining, Cleanaway, Macarthur Coal, BGW Group, quantum crypto key company Quintessence Labs and cloud marketing technology company XPON. Scott has a Bachelor of Business (Accounting), Graduate Diploma of Business Administration and is a CPA.

The Company is also pleased to appoint Andrew Small as a Director effective 31 July 2023. Andrew was a Founder and Director of Innogence, a SAP Business Intelligence consultancy in Australia which following significant growth was acquired by the Japanese multinational company NTT Data. Andrew has supported and invested in GMG since 2017, remains a significant shareholder of the Company and is committed to actively supporting the Company's drive to deliver on its plans and set it up for the next stage of maturity. Andrew has a Bachelor of Engineering (Manufacturing Systems) and a Bachelor of Business (Marketing) from Queensland University of Technology.

GMG's CEO Craig Nicol stated, "I'm looking forward to Scott's contributions to a wide range of finance and business areas to support GMG's ongoing development. I am very happy to see Andrew joining the board with his entrepreneurial mindset as we mature into commercial operations. I look forward to working with both of them as we expect to progress the company through a range of planned near term milestones including ramping up TXR sales, meeting our Battery development milestones, and starting up our new graphene manufacturing expansion plant and Thermal XR blending plant over the next 6 months."

Guy Outen, GMG's Chair added, "I'm delighted to welcome Scott and Andrew to GMG. Scott's past Interim CFO and CFO successes in listed companies' reporting, debt and equity financings, and a wide range of finance responsibilities will support continued progress by the Company. I am also very pleased to welcome Andrew to the board as his strong commercial 'scale up' experience will be a great asset over the upcoming high opportunity period for GMG"

GMG's 4 critical business objectives remain to:Produce Graphene and improve/scale the production processBuild Revenue from Energy Savings ProductsDevelop Next-Generation Battery Develop Supply Chain, Partners & Project Execution Capability

About GMG

GMG is a disruptive Australian-based clean-tech company listed on the TSXV (TSXV: GMG) that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite. By using the company's proprietary process, GMG can produce high quality, 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 pursuing additional opportunities for GMG Graphene, including developing next-generation batteries, collaborating with world-leading universities in Australia, and investigating the opportunity to enhance the performance of lubricant oil and performance enhanced HVAC-R coating system.

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