Graphene Manufacturing Group Announces Filing of Its Amended Annual Financial Statements for The Years Ended 30 June 2022 and 2021

Brisbane, Queensland, Australia--(Newsfile Corp. - November 24, 2022) - Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") announces the filing of its amended audited financial statements for the years ended June 30, 2022 and 2021 (the "Amended Financial Statements") to amend the Company's audited annual statements filed on SEDAR on September 29, 2022. The Amended Financial Statements have been filed to include an unmodified auditor's report to reflect that the statements have been audited in accordance with Canadian generally accepted auditing standards, as required by NI 52-107 Acceptable Accounting Principles and Audited Standards. In addition, the Amended Financial Statements have been updated with a current date of authorization and thus changes have been made to the disclosures for going concern and subsequent events. Other than these disclosure updates, no other changes have been made to the Amended Financial Statements.

For additional details on the Amended Financial Statements, please refer to the Company's SEDAR profile on www.sedar.com.

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 [email protected], +61 415 445 223

- Leo Karabelas at Focus Communications Investor Relations, [email protected], +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) accepts responsibility for the adequacy or accuracy of this news release.

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