Verified Improved Heat Transfer on Aluminium with THERMAL-XR & Market Update

Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to release results of heat transfer demonstrations of Aluminium coated with THERMAL-XR® (TXR) powered by GMG Graphene, compared to uncoated bare Aluminium.

Figure 1

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The University of Queensland Materials Performance consultancy ("UQMP") verified that GMG's THERMAL-XR® when applied to aluminium reduces the surface temperature by approximately 15% in temperatures between 70⁰C and 90⁰C.

GMG's experiment results are shown below. The same 10mm thick aluminium plate was divided into two parts, GMG's THERMAL-XR® was applied to the top side of one half of the plate, while the other remained uncoated. The same heat source was applied to the underside of both adjacent plates simultaneously. Temperature measurements were then taken from the top and bottom sides of both plates as the heat source was cycled up and down.

Figure 2

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Managing Director and CEO, Craig Nicol stated "This is a powerful demonstration of GMG's THERMAL-XR®'s ability to increase the transfer of heat. The graphene-enhanced heat transfer properties of THERMAL-XR® are apparently outweighing the traditional insulating effect of coatings. GMG believes the ability to increase heat transfer with a simple application of the technically advanced GMG THERMAL-XR® can make a significant contribution to improved performance and efficiency while reducing energy demand in a wide range of applications."

When the THERMAL-XR® coating was applied to the top side of the 10mm aluminium plate, more heat transfer was observed away from the common heat source (compared to the panel that had no coating). Furthermore, the non-coated underside of the coated panel - being the side directly exposed to the heat source - remained approximately 15% cooler than the heat-exposed side of the uncoated panel, within the temperature range of 70° C to 90° C.

GMG's product demonstration shows THERMAL-XR® coating increases heat transfer when applied to aluminium.

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THERMAL-XR® powered by the GMG Graphene coating system is a unique method of improving the conductivity of heat exchange surfaces, resulting in an efficiency improvement and a potential power reduction when applied to air conditioning condenser coils or other industrial processes needing heat transfer.

The performance of existing air conditioners can also be increased with THERMAL-XR® process fluids (PREP and ACTIVATE) which clean and remove corrosion on the coil before applying the THERMAL-XR® RESTORE.

Relevance to Heat Exchangers (in Air Conditioners and Industrial Applications)

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GMG is undertaking further assessments on other metals used in heat transfer applications and at various temperature settings and will publish market updates from time to time on these.

GMG is a proud member of Stanford University's Thermal and Fluid Sciences Affiliates Program (see 10^th May 2022 Announcement) and will continue to work with UQMP on heat transfer data verification.

GMG is working with a number of companies globally to engage distributors and direct sales for the HVAC-R maintenance market. Furthermore, GMG is engaging with various companies for direct selling of THERMAL-XR® for industrial applications with high energy requirements, and high emissions - including oil and gas production, power generation, liquified natural gas production, mining, and mineral processing.

About The University of Queensland Materials Performance (UQMP)

UQ Materials Performance was founded in 1998 and has since grown to become one of Australia's leading materials engineering consultancies. Our mission statement:

UQ Materials Performance serves the needs of society by applying research methodologies to answer technical questions. UQMP strengthens UQ research by building relationships of trust with industry partners, systematising knowledge gained in short‐term projects, generating seed funding, and by direct involvement in structured research. UQMP inspires student learning by generating professional case studies which show their discipline in action.

UQMP has a dedicated team of engineers and industrial chemists with a wide range of experience and specialty skills. Our diverse and cross-disciplinary problem-solving approach also brings fresh perspectives to projects. Our team works closely together with our clients to clearly understand, define and tackle problems in a systematic yet direct manner. Our access to the world-class facilities of The University of Queensland puts us at the forefront of analytical science and engineering.

UQ Materials Performance operates out of The University of Queensland Advanced Engineering Building. We share the building with the Centre for Advanced Materials Processing and Manufacturing (AMPAM) and the School of Civil Engineering allowing close collaboration on consulting and research projects.

About GMG

GMG is a disruptive Australian-based clean-tech company listed on the TSXV (TSXV: GMG) that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite. By using the company's proprietary process, GMG can produce high quality, low cost, scalable, 'tuneable' and no/low contaminant graphene - enabling demonstrated cost and environmental improvements in a number of world-scale planet-friendly/clean-tech applications. Using this low input cost source of graphene, the Company is developing value-added products that target the massive energy efficiency and energy storage markets. The Company is pursuing additional opportunities for GMG Graphene, including developing next-generation batteries, collaborating with world-leading universities in Australia, and investigating the opportunity to enhance the performance of lubricant oil and performance enhanced HVAC-R coating system.

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 Investor Relations, leo@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, the impact of THERMAL-XR® on heat transfer and its potential applications and expected performance, management's expectations of the effects of Thermal-XR®, the intention of the Company to research, develop and produce certain products, and the Company's intention to engage third parties to assist in the distribution and sale of its products and statements.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions regarding the ability of the Company to achieve the expected results of its THERMAL-XR®, that the Company will be able to research, develop and produce certain products as anticipated, and that the Company will be able to engage third parties and develop relationships to assist in the development, distribution and sale of its products. Additionally, forward-looking information involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: the Company will not be able to use THERMAL-XR® as expected or the performance, safety profile and production and maintenance requirements of the THERMAL-XR® coating system will not be consistent with management's expectations, the impact of Thermal-XR® will not be consistent with management's expectations, the Company will not be able to research, develop and produce certain products, the Company will not be successful in engaging third parties and developing relationships to assist in the development, distribution and sale its products, public health crises such as the COVID-19 pandemic may adversely impact the Company's business and the ability of the Company to develop its products, risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets, the volatility of global capital markets, political instability, the failure of the Company to attract and retain skilled personnel, unexpected development and production challenges, unanticipated costs and the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated October 18, 2022 available for review on the Company's profile at www.sedar.com.

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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