GMG Provides Commercialisation Update on Energy Savings Coating THERMAL-XR(R)

Brisbane, Queensland, Australia--(ACN Newswire - October 30, 2023) - Graphene Manufacturing Group Limited (TSXV: GMG) ("GMG" or the "Company") is pleased to provide a business update on the commercialisation progress of THERMAL-XR® powered by GMG Graphene.

GMG has now received forward orders of over AU$400k 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 USA 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% energy savings result, as per Figure 1. The air conditioner serviced was a 30-ton Aaon packaged rooftop air-conditioning system, as per Figure 2.

THERMAL-XR® is progressing through the USA Environmental Protection Agency's (EPA) approval process to import and sell in the USA. 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 Q4'23.

To support distributors, and advance the adoption and ease of explanation for THERMAL-XR® GMG has developed an online virtual tour of the THERMAL-XR® Demonstration Centre on its website:
www.graphenemg.com/graphene-products/thermal-xr/virtual-tour/

GMG has also successfully passed Stage One (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. GMG sees ISO 9001 accreditation as an important table stake to become a commercial manufacturing operation for our energy saving and energy storage products while also providing a structured basis for continuous improvement for our company's operations and customer satisfaction.

GMG's Managing Director and CEO, 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 recognised 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."

GMG's 4 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 & Project Execution Capability

About THERMAL-XR® powered by GMG Graphene:

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 GMG Graphene, resulting in an efficiency improvement and a potential power reduction.

THERMAL-XR RESTORE® is powered by GMG Graphene. PATENT PENDING

About GMG www.graphenemg.com

GMG 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.

GMG has developed a proprietary production process to decompose natural gas (i.e. 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, GMG 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, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries ("G+AI Batteries").

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