Brisbane, Queensland, Australia--(Newsfile Corp. - September 28, 2022) - Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG") is pleased to announce that, further to its news release dated August 15, 2022, GMG has completed the acquisition of the manufacturing intellectual property and brand rights of OzKem Pty Ltd.'s ("OzKem") THERMAL-XR® coating products. OzKem developed the THERMAL-XR® coating system products using GMG graphene together with OzKem's base HVAC (Heating Venting and Air Conditioning) coating. GMG is an international distributor of THERMAL-XR® products with a number of global commercial demonstrations underway or initial sales completed. GMG now owns the THERMAL-XR® brand, will buy the base coatings product from OzKem, and will manufacture the THERMAL-XR® products containing GMG graphene.

As described in GMG's August 15, 2022, news release, GMG paid OzKem an initial AU$1 million cash and issued 125,207 ordinary shares of GMG ("Shares") to OzKem upon the receipt of certain deliverables and equipment from OzKem on September 8, 2022 and 22 September respectively GMG will issue an additional 125,206 Shares (the "Additional Shares") to OzKem, conditional on a successful commercial batch blend of the THERMAL XR® product being completed by GMG.

RSU Grants

The Company is also pleased to announce that following a number of recent key recruitments and completion of an external remuneration review, its Board of Directors has approved the grant of an aggregate of 179,694 restricted share units ("RSUs") to certain officers and directors of the Company pursuant to its restricted share unit and performance share unit plan. The RSUs will vest in accordance with the following schedules. This decision is in line with last year's Annual General Meeting resolution supporting the introduction of a restricted share units ("RSUs") scheme.

When vested, each RSU entitles the holder thereof to receive one Share or the equivalent cash value thereof.

About OzKem Pty Ltd

OzKem is a world leading coating technology company focused on the protection of heat exchange coils. OzKem formulates, develops and supplies world leading coating technology for the protection and maintenance of heat exchange coils. OzKem's main goal is to provide long term corrosion and biofouling protection which will deliver long term energy efficiency. The corner stone of the OzKem business philosophy is technical support. Helping customers not only with their specific issues related to corrosion protection but also more broadly with heat exchange manufacturing processes and system efficiency.

About GMG

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").

For further information, please contact:

• Craig Nicol, Chief Executive Officer and Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223
• Leo Karabelas at Focus Communications, info@fcir.ca , +1 647 689 6041

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the impact, effects and capabilities of GMG and its products; the issuance of the Additional Shares; GMG's plans and business strategies; and the successful completion of a commercial batch blend of the THERMAL XR® product by GMG.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks: relating to changes to regional and global market trends; that the Company will be unable to develop and produce certain products and technologies; that commercial progress, technical characteristics and benefits of the Company's products will not be consistent with management's expectations; and that GMG will not be able to successfully complete a batch blend of the THERMAL XR® products In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, assumptions relating to the Company's ability to complete a successful commercial batch of THERMAL XR®; the Company's ability to research, develop and test its products, including THERMAL XR®, within anticipated timelines; and market demand for the Company's products.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

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