Mr. Craig Nicol reports

BOARD TEAM UPDATE FOR GRAPHENE MANUFACTURING GROUP LTD.

William Ollerhead will leave Graphene Manufacturing Group Ltd.'s board as of Feb. 29, 2024, due to the press of other activities, including as the chairman of a listed public company. Mr. Ollerhead, based in Ontario, Canada, was a board member of the company since its listing date in 2021, and he joined the board through the company which Graphene Manufacturing used to list (through a reverse takeover) onto the TSX Venture Exchange.

Graphene Manufacturing's chief executive officer, Craig Nicol, stated: "The company appreciates William's service and effort to develop the company whilst attending board and various committee meetings. GMG continues to focus on progressing into commercial operation by growing sales and operating its newly commissioned modular graphene plant and thermal-XR coating blend plants whilst progressing the battery's development."

Graphene Manufacturing's chairman and non-executive director, Jack Perkowski, commented: "The company thanks William for his service. GMG continues to focus on the U.S. for funding our development and growth initiatives. Enabling U.S. investors with increased involvement may expand the company's future capital opportunities."

Bob Galyen, a Graphene Manufacturing non-executive director who was the previous chief technology officer of CATL and is based in Indiana, United States, is at the company's Richlands, Australia, headquarters office and manufacturing facilities this week to support the company's graphene aluminum ion battery development. Mr. Galyen has typically visited the company's Australian headquarters every quarter in week-long intensive deep dives into the battery's progress, including reviewing the battery performance, electrochemistry, cathode preparation, battery assembling, laboratory and battery equipment.

Further, Mr. Galyen stated: "GMG's graphene aluminium ion battery characteristics include high-power density and potential energy density, which may lead to improved battery performance and simplicity. GMG's graphene manufacturing from natural gas with hydrogen gas as a byproduct creates good [environmental, social and governance] numbers, and plentiful active material components of the battery allows for a simpler supply chain than traditional lithium-ion batteries."

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 through a proprietary production process.

Graphene Manufacturing 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 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 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, partner and project execution capability.

We seek Safe Harbor.