Mr. Craig Nicol reports

GMG'S GRAPHENE ALUMINIUM-ION BATTERY: 1000 MAH CAPACITY REACHED AND NEXT STEPS TOWARD COMMERCIALISATION

Graphene Manufacturing Group Ltd. has provided the latest progress update on its graphene aluminum-ion battery technology (G+AI battery) being developed by Graphene Manufacturing and the University of Queensland (UQ).

Notably, this update includes information about Graphene Manufacturing's G+AI battery regarding:

• 1,000 mAh (milliampere-hour) battery cell capacity reached and next steps;
• Battery technology readiness level;
• Next steps toward commercialization and market applications;
• Next-generation battery performance;
• Important milestones for Graphene Manufacturing's graphene aluminum battery development.

One thousand mAh battery cell capacity reached and next steps

The company is pleased to announce it has now produced multiple battery pouch cells with over 1,000 mAh (one Ah (ampere-hour)) capacity. In a recent build to confirm repeatability, the company's development team has built and confirmed multiple cells, all testing greater than one Ah (1,000 mAh). This is a major milestone achieved to demonstrate scalability from coin cells to pouch cells, and represents the next milestone in the battery's development, following the announcement of 500 mAh capacity in September, 2023.

Please see the charging and discharging curve typical of Graphene Manufacturing's graphene aluminum-ion battery 1,000 mAh cell, showing a nominal voltage of 1.7 volts, on-line.

Now that Graphene Manufacturing has successfully made multiple 1,000 mAh pouch cells, it will continue to focus on making more of these batteries and then seek third party laboratory battery testing data, which Graphene Manufacturing expects to complete in H1 2024.

At the same time, Graphene Manufacturing will review a potential investment for the procurement and installation of an automated pouch cell battery pilot plant in its Richlands, Australia, facility. The pilot plant will enable the company to produce pouch cells for potential customers to test in battery packs for different applications. Following the successful start-up of the pilot plant, and successful customer trials, Graphene Manufacturing expects to pursue large-scale commercial production.

Battery technology readiness level

The battery technology readiness level (BTRL) of the graphene aluminum-ion technology remains at Level 4. Graphene Manufacturing is currently optimizing electrochemical behaviour for pouch cells via continuing laboratory experimentation. If Graphene Manufacturing invests, constructs and commissions a pilot plant, it is anticipated the battery technology progress to BTRL 7 and 8, since the equipment and process to make the graphene aluminum-ion batteries is the same as those employed to make lithium-ion batteries.

Next steps toward commercialization and market applications

The company continues to see a broad range of applications for a completed Graphene Manufacturing Group graphene aluminum-ion battery -- utilizing its ultrahigh-power density and nominal energy density characteristics. Along with Rio Tinto, a range of global companies have confidentially expressed their interest in working with Graphene Manufacturing in the following vertical sectors.

Next-generation battery performance

Performance results for the pouch cells could be significantly different from the coin cells, and will be communicated upon successfully producing a repeatable and fully third party-tested 1,000-plus mAh battery pouch cell.

Important milestones for the battery's development

Important milestones for Graphene Manufacturing's graphene aluminum-ion battery development:

• May, 2020 -- Graphene Manufacturing and UQ win Australian Research Council grant for graphene battery development;
• April, 2021 -- the University of Queensland and Graphene Manufacturing kick off coin cell battery development project;
• May, 2021 -- graphene aluminum-ion battery performance data -- energy density and power density;
• June, 2021 -- graphene aluminum-ion battery performance data -- cycle life;
• June, 2021 -- significant potential battery customer market response to launch of battery;
• July, 2021 -- investment decision for coin cell battery development centre;
• October, 2021 -- construction starts for coin cell battery development centre;
• October, 2021 -- Bosch Australia Manufacturing Solutions and Graphene Manufacturing sign letter of intent;
• December, 2021 -- commencement of coin cell battery development centre;
• December, 2021 -- initial coin cell batteries sent for customer feedback;
• March, 2022 -- initial factory acceptance testing of semi-automated prototype battery cell assembly equipment;
• March, 2022 -- Wood Engineering and Graphene Manufacturing sign a letter of intent;
• May, 2022 -- Rio Tinto and Graphene Manufacturing sign letter of intent;
• June, 2022 -- commissioning of pouch cell equipment;
• June, 2022 -- Bob Galyen, former chief technology officer of CATL, joins Graphene Manufacturing technical advisory committee;
• August, 2022 -- investment decision for phase 1 modular graphene production plant;
• October, 2022, Significant battery performance, cell and graphene production improvements;
• December, 2022 -- investment of $600,000 battery development centre;
• February, 2023 -- Australian government approval (AICIS) for production and sale of batteries;
• May, 2023 -- battery joint development agreement with Rio Tinto signed;
• May, 2023 -- battery technology readiness level (BRTL) 2 to 3 reached;
• May, 2023 -- decision to switch to develop pouch cells (instead of coin cells);
• July, 2023 -- Mr. Galyen, former chief technology officer of CATL, joins Graphene Manufacturing's board of directors;
• September, 2023 -- battery pouch cell prototypes multilayered auto-stacker demonstration;
• September, 2023 -- reaches 500 mAh capacity battery;
• September, 2023 -- battery technology readiness level (BRTL) 4 reached;
• November, 2023 -- Rio Tinto and Graphene Manufacturing partnership video launched;
• December, 2023 -- commissioning of modular graphene production plant;
• February, 2024 -- 1,000 mAh capacity reached.

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.

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

Graphene Manufacturing's four critical business objectives are:

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

We seek Safe Harbor.