Mr. Craig Nicol reports

GMG PROVIDES COMMERCIALISATION PROGRESS OF Thermal-XR(R)

Graphene Manufacturing Group Ltd. has provided important commercialization progress and sales development of Thermal-XR powered by Graphene Manufacturing Group graphene.

Thermal-XR coating blending project -- initial production and capabilities

The company is pleased to announce that it has commissioned its graphene enhanced coating blending plant and it is now operational after making its first 1,000-litre blend. This blending plant is expected to have the capacity to produce up to 500,000 litres of Thermal-XR Restore coating per annum, subject to graphene production, when operating two blends per eight hour shift, 250 days per year. This capacity enables future service growth well into the future.

Graphene Manufacturing Group has also installed laboratory facilities for quality and control requirements, and progressing research and development, to extend and enhance the Thermal-XR portfolio into additional industries and applications.

Craig Nicol, Graphene Manufacturing Group's managing director and chief executive officer, commented: "We are very excited to commission our own blend plant and to have manufactured 1,000 litres of Thermal-XR Restore as part of our distributor's initial orders, which are subject to in-country regulatory approvals. This is an important step to becoming a globally recognized manufacturer and marketer of energy-saving products."

Since the February, 2023, Australian government approval for Graphene Manufacturing Group to produce and sell TXR at scale, the company has intensified sales activities that have resulted in distribution agreements in North America, Singapore, Thailand, Indonesia and South Korea, to the heating, ventilation and air-conditioning-refrigeration (HVAC-R) market. Furthermore, wider potential industries are being assessed, including energy savings applications in data centres and for energy producers, for example, liquified natural gas plants, where Thermal-XR has the potential to increase production capacity and energy efficiency.

Important initial and forward sales orders have been received from HVAC-R distributors, and these are being reviewed against their market introduction timelines and their local country approvals. The application to the United States Environmental Protection Agency (EPA) for approval of Thermal-XR, with all the supporting scientific testing, is to be submitted shortly, with a statutory 30-day review period. Given the number of approved graphene material products, the company is confident of an approval.

Total forward sales orders received to date will be communicated to the market in a coming update.

The company has received and is assessing requests by various parties to be distributors around the world -- especially in Europe and Asia for the HVAC-R market. The company is also working with various large companies on the potential use of Thermal-XR in vehicle radiators, solar cells and industrial applications. The company believes the LNG industry remains a highly attractive opportunity for the use of Thermal-XR given the large potential economic and environmental benefit it could provide for LNG plants. A testing program with LNG producers is in the process of being developed and implemented.

About Thermal-XR powered by Graphene Manufacturing graphene

The Thermal-XR coating system is a unique method of improving the conductivity of corroded heat exchange surfaces and maintaining the performance of new units at peak levels. The process coats and protects heat exchange surfaces while improving and rebuilding the lost corroded thermal conductivity and increasing the heat transfer rate by leveraging the physics of Graphene Manufacturing graphene, resulting in an efficiency improvement and a potential power reduction.

About Graphene Manufacturing Group Ltd.

Graphene Manufacturing Group is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process.

Graphene Manufacturing Group has developed a proprietary production process to decompose natural gas (that is, methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high-quality, low-cost, scalable, tunable and low/no-contaminant graphene suitable for use in clean-technology and other applications. The company's present focus is to derisk and develop commercial scale-up capabilities, and secure market applications.

In the energy savings segment, Graphene Manufacturing Group has focused on graphene-enhanced heating, ventilation and air conditioning (HVAC) coating (or energy-saving paint), lubricants and fluids. In the energy storage segment, Graphene Manufacturing Group and the University of Queensland are working collaboratively, with financial support from the Australian government, to progress R&D (research and development) and commercialization of graphene aluminum-ion batteries (G-AI batteries).

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