Mr. Craig Nicol reports

GMG PROVIDES COMMERCIALISATION UPDATE ON ENERGY SAVINGS COATING THERMAL-XR(R)

Graphene Manufacturing Group Ltd. has provided a business update on the commercialization progress of Thermal-XR powered by the company's graphene.

Graphene Manufacturing has now received forward orders of over $400,000 (Australian) for Thermal-XR from various distributors and customers worldwide. Most of the value of these orders is conditional on the in-country approval for the Thermal-XR to be imported from Australia and sold into that country for the product's initial launch.

The company also continues to progress negotiations with a wide range of distributor and direct industrial end-use customers for a range of applications and hopes to make further announcements soon.

Preparations for the early 2024 product launch in the United States by Nu-Calgon are advanced with marketing, sales and customer engagement activities well progressed, supported by continuing demonstrations of successful energy savings results. A recent demonstration project in Texas achieved an estimated 36-per-cent energy savings result. The air conditioner serviced was a 30-ton Aaon packaged rooftop air conditioning system.

Thermal-XR is progressing through the U.S. Environmental Protection Agency's (EPA) approval process to import and sell in the U.S. All the required documentation has been submitted, and the EPA has assigned a case number as part of the thorough evaluation of the product's safety and environmental impact. The company believes the potential approval will be received in Q4 2023.

To support distributors and advance the adoption and ease of explanation for Thermal-XR, Graphene Manufacturing has developed an on-line virtual tour of the Thermal-XR demonstration centre on its website.

Graphene Manufacturing has also successfully passed stage 1 (gap analysis) of the ISO 9001 accreditation process and is on track to complete the final stages and receive full accreditation for ISO9001, for quality management, in H1 2024. Graphene Manufacturing sees ISO 9001 accreditation as an important table stake to become a commercial manufacturing operation for its energy saving and energy storage products while also providing a structured basis for continuous improvement for the company's operations and customer satisfaction.

Graphene Manufacturing's managing director and chief executive officer, Craig Nicol, commented: "The progress GMG is making is exciting. End customers and distributors are now starting to generate notable revenue for the company, and our Thermal-XR product is now starting to be recognized as being an energy savings solution for heating, ventilation, air conditioning, cooling and refrigeration (HVAC-R) equipment as well as a range of industrial applications. We continue to build capabilities to support these expected increased sales by upgrading our production facilities, including our quality management systems."

Graphene Manufacturing's four critical business objectives remain to:

1. Produce graphene and improve/scale the production process;
2. Build revenue from energy savings products;
3. Develop next-generation battery;
4. Develop supply chain, partners and project execution capability.

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 improving 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 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.

We seek Safe Harbor.