Vancouver, British Columbia--(Newsfile Corp. - January 22, 2024) - Graphano Energy Ltd. (TSXV: GEL) (OTCQB: GELEF) (FSE: 97G0) (the "Company" or "Graphano") is pleased to announce that the recent drilling program on its 100% owned Standard and Lac Aux Bouleaux (LAB) Graphite Properties in Quebec has been completed.

Luisa Moreno, Chief Executive Officer of Graphano, commented: "We are pleased with the drilling campaign and anticipate positive results based on the assessment of the graphite mineralization that was intersected in the majority of the drill holes. We will release the assay results as they become available in the coming weeks."

The Company completed 30 drill holes totaling 3,025 metres during the recent program. At the Standard Mine 17 holes were drilled for a total of 1,991 metres and 13 holes were completed at LAB totalling 1,034 metres.

The Company intends to develop both sites at the same time to feed a centralized beneficiation plant at LAB and is working towards a preliminary mineral resource estimation with Mercator Geological Services.

Discussing the graphite sector, Luisa Moreno commented: "The graphite market is witnessing a significant opportunity driven by increasing demand for lithium-ion batteries in electric vehicles. Tightening markets have emerged due to China's renewed incentives for domestic electric vehicle sales and concerns have escalated as China has imposed controls on specific graphite exports crucial for battery production. Additionally, the U.S. government's guidance that it will limit Chinese content in batteries eligible for electric vehicle tax credits contributes to the evolving landscape and further potential opportunities for North American graphite suppliers."

About Graphano Energy

Graphano Energy Ltd. is an exploration and development company that is focused on evaluating, acquiring and developing energy metals resources from exploration to production.

Graphite is one of the most in-demand technology minerals that is required for a green and sustainable world. The Company's Lac Aux Bouleaux property, situated adjacent to Canada's only producing graphite mine, in Quebec, Canada, has historically been an active area for natural graphite. With the demand for graphite growing in some of the most prominent and cutting-edge industries, such as lithium batteries in electric cars and other energy storage technologies, the Company is developing its project to meet the demands of the future.

ON BEHALF OF THE BOARD OF DIRECTORS

Luisa Moreno
Chief Executive Officer and Director
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

Neither 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 release.

Cautionary Note Regarding Forward-Looking Statements:

This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the results of drilling at the Company's Standard Mine Property and Lac Aux Bouleaux Graphite Property, further development of such properties, potential future production by Graphano, and the resource requirements of the electric vehicle sector. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Graphano, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. These risks, as well as others, are disclosed within the Company's filing on SEDAR+ at www.sedarplus.ca, the Canadian Securities Administrators' national system that all market participants use for filings and disclosure, which investors are encouraged to review prior to any transaction involving the securities of the Company. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Graphano does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.