Mr. Craig Nicol reports

GMG PROVIDES G(R)CELLS TO POTENTIAL CUSTOMERS FOR EARLY PERFORMANCE TESTING

Graphene Manufacturing Group Ltd. has commenced providing its fast-charging G Cells battery pouch cells to potential customers for early stage testing and evaluation. The next-generation graphene battery technology is being developed by Graphene Manufacturing under a joint development agreement with Rio Tinto, one of the world's largest metals and mining groups, and with the support of the Battery Innovation Center of Indiana (BIC Indiana) in the United States.

Customer sampling program

Graphene Manufacturing has dispatched the first set of what is expected to be over 100 G Cells before the end of 2026 of approximately 1.5-ampere-hour pouch format cells designed for six-minute charging to a number of potential customers, representing various initial target sectors, including defence and heavy mobile equipment amongst others. The cells were made with battery materials developed, manufactured and supplied by Graphene Manufacturing from its Brisbane battery development centre and assembled by BIC Indiana.

This customer sampling program represents early testing of the performance of G Cells. Its purpose is to allow potential customers to independently evaluate cell characteristics such as fast-charge capability, cycle life, energy efficiency and behaviour in their own test environments and duty cycles, and to provide feedback to Graphene Manufacturing to guide ongoing cell development, optimization and scale-up. The cells are precommercial evaluation samples and are not being supplied for use in commercial products.

This step is consistent with Graphene Manufacturing's battery cell road map, which calls for the testing of cells with customers in 2026.

Technology readiness -- BTRL 4

The battery technology readiness level (BTRL) of G Cells remains at Level 4. At BTRL 4, the cell technology has been demonstrated and validated in a laboratory environment, and work continues on optimizing the electrochemical performance of the pouch cells. Customer evaluation at this stage is intended to generate early, application-relevant performance data and to inform the development steps required to progress the technology to higher readiness levels. Through collaboration with BIC Indiana, it is anticipated that the battery technology readiness will ultimately progress to BTRL 7 and 8, since the equipment and processes needed to produce G Cells are the same as those employed to manufacture lithium-ion batteries, though no definitive timeline for achievement can be provided at this time nor can any assurance be provided that Graphene Manufacturing's battery technology will ever achieve BTRL 7 or 8.

Recent performance results

The cells being sampled follow Graphene Manufacturing's most recent battery performance announcement on Oct. 8, 2026, in which BIC Indiana data showed that G Cells:

• Cycled with no performance reduction after 1,000 cycles (as at Oct. 7, 2026) while being charged and discharged in six minutes (at 7 C);
• Achieved an energy density of 58 Wh/kg (watt-hours per kilogram) while being charged in six minutes (at 10 C), a 48-per-cent increase over the previously reported 39 Wh/kg;
• Demonstrated 94-per-cent energy efficiency at high charge and discharge rates, compared with 64 per cent for a tested lithium titanate oxide (LTO) cell.

These results were generated in a laboratory setting. Performance in customer testing may differ depending on test protocols, operating conditions and application requirements.

Comments

Craig Nicol, chief executive officer and managing director of Graphene Manufacturing, commented: "Putting G Cells into the hands of potential customers is an important milestone on our battery road map. Our technology is at BTRL 4, and this is early testing -- but it is exactly the right time to get real-world feedback. Customers will test our cells against their own requirements, and what we learn will directly shape our next development sprints on energy density, 10 C cycle life and larger cell formats. I want to thank the teams at BIC Indiana, our partners at Rio Tinto, and the companies who have agreed to evaluate our cells."

Bob Galyen, Graphene Manufacturing director and former chief technology officer of CATL, commented: "In my experience, getting sample cells to customers early is one of the most valuable steps in any battery development program. Laboratory data tells you what a chemistry can do -- customer testing tells you what it needs to do. At BTRL 4, G Cells have already shown fast-charge durability and energy efficiency that are rare at this stage of development. Independent evaluation by potential customers, under their own protocols and duty cycles, will give the team the feedback needed to prioritize the next round of optimization and to plan the path to larger formats and higher readiness levels."

Jack Perkowski, chairman of Graphene Manufacturing, commented: "Sending G Cells to potential customers marks the point where our battery program begins to engage directly with the market. The board is clear that this is early testing at BTRL 4, and we see it as a disciplined, necessary step -- one that allows customers to tell us what matters most in their applications before we commit to the next phase of scale-up. With the continued support of Rio Tinto and BIC Indiana, I believe Graphene Manufacturing is building the right foundations to move this technology toward commercial relevance, and the board will continue to support management through the testing and optimization work ahead."

Next steps

Graphene Manufacturing will work with the evaluating companies to collect test data and feedback over the coming months. In parallel, the company will continue to optimize G Cells energy density and fast-charge cycle life and progress the scale-up of cell sizes. Graphene Manufacturing intends to update the market on material outcomes of the customer testing programs as appropriate. Please see the following webpage for further details about the graphene batteries.

About Graphene Manufacturing Group Ltd.

Graphene Manufacturing is an Australian-based clean-technology company which develops, makes, and sells energy saving and energy storage solutions, enabled by graphene manufactured via in-house production process. Graphene Manufacturing uses its own proprietary production process to decompose natural gas (that is, methane) into its natural 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 initially focused on graphene enhanced heating, ventilation and air conditioning (HVAC-R) coating (or energy-saving coating), which is now being marketed into other applications including electronic heat sinks, industrial process plants and data centres. Another product Graphene Manufacturing has developed is the graphene lubricant additive focused on saving liquid fuels initially for diesel engines. Graphene Manufacturing has also developed a graphene water-based coolant additive focused on increasing heat transfer and reducing bacterial growth in cooling water circuits.

In the energy storage segment, Graphene Manufacturing is working collaboratively with financial support from the Australian government to progress R&D (research and development) and commercialization of Graphene Manufacturing graphene batteries. Graphene Manufacturing has also developed a graphene additive slurry that is aimed to improve the performance of lithium-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, partners and project execution capability.

We seek Safe Harbor.