Mr. Craig Nicol reports

GMG UPDATE - OPERATIONAL COST REDUCTION TARGET OF AU$4.5 MILLION

Graphene Manufacturing Group Ltd. has implemented an organizational restructure to reduce operating costs by a targeted $4.5-million (Australian) per annum whilst maintaining its focus on delivering its four critical business objectives. Graphene Manufacturing Group'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, and 4. develop supply chain, partners and project execution capability.

The company says the $4.5-million (Australian) per annum operating cost reduction target will largely be achieved by merging projects and operations teams and streamlining operations for its newly built modular graphene manufacturing plant and Thermal-XR blending plant.

The company has appointed Paul Mackintosh into a new role of chief development and health, safety and environment officer (CDHSEO), reporting to the chief executive officer, to lead the product development, liquid graphene production and HSE functions of the company. Mr. Mackintosh has been the chief health, safety, environment, sustainability and risk officer since joining the company in February, 2023. Mr. Mackintosh has had senior leadership roles in large organizations, including Arrow Energy, Origin Energy, Brickworks, Wesfarmers and Placer Dome Inc. Lisa Roobottom, the chief operating officer, will leave the company as of March 8, 2023, and GMG thanks her for her service. Bobby Bran, as chief projects officer, will resume leadership of the graphene production whilst maintaining his role in leading and delivering the projects for the company.

Although Graphene Manufacturing Group has already received approval to produce and/or sell its graphene and Thermal-XR in Australia and Canada, and there are already a number of companies which have received a graphene approval from the USA Environmental Protection Agency (EPA), the approval for the company's application with Nu-Calgon, its North American distributor, for a premanufacture notice -- low-volume exemption (PMN-LVE) for Thermal-XR powered by Graphene Manufacturing Group graphene has yet to be received. Accordingly, Graphene Manufacturing Group has been advised to apply for a full PMN, which the EPA believes will have a greater possibility for approval. The company is receiving advice from various service providers as to the best way in which to apply for PMN approval. Once a complete strategy has been defined, Graphene Manufacturing Group will report the specific steps the company is taking in a forthcoming announcement.

The company is preparing for potential investment into its modular graphene manufacturing plant expansion phase 2.0 and its automated battery pilot plant. In order to finance this expansion, the company is speaking with potential strategic investors and has applied for government grants linked to the company's operations in the critical mineral and batteries sector.

Graphene Manufacturing Group's chief executive officer Craig Nicol stated, "The company's focus on its cost base and efficient production and sales of its Thermal-XR product, as it develops its next-generation battery, is in line with GMG's focus on progressing into a commercial operation as we look to increase the utilization of our newly commissioned modular graphene plant and Thermal-XR blending plants."

Graphene Manufacturing Group's chairman and non-executive director, Jack Perkowski, commented: "The company continues to focus on sales of its energy savings products and to developing the U.S. market for funding its development and growth initiatives. Having GMG shares traded on the OTCQX market is the first step that the company has taken to enable U.S. investors to increase their participation in the company's future capital opportunities."

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 (for example 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 de-risk 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, air conditioning 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 research and development and commercialization of graphene aluminum-ion batteries.

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