Vancouver, British Columbia--(Newsfile Corp. - December 14, 2022) - Graphano Energy Ltd. (TSXV: GEL) (OTCQB: GELEF) (FSE: 97G0) ("Graphano" or the "Company") is pleased to announce that the trenching and channeling program at its historical Standard mine project ("Standard Project") has been completed and all assay results have been received. A drilling program at the Standard Project will be conducted this winter once the Company completes drilling at its Lac Aux Bouleaux graphite property ("LAB").

Luisa Moreno, Chief Executive Officer of the Company, stated: "To date grab and channeling samples from the Standard graphite claims have consistently shown high grade graphite material. Following the drilling program at the LAB project, we will be conducting exploration drilling at Standard. As we move steadily from prospecting to resource estimation, the significant potential of LAB and the Standard Project, which includes two historical graphite mines, should be clear. Given the existing nearby clean power and transportation infrastructure, these two projects could become a near-term source of graphite to the regional emerging electric vehicles sector."

Select Results:

• Fourteen grab samples from this fall program yielded assay results between 1.26% Cg and 20.5% Cg with twelve of them grading over 11% (see Table 1).

• Fifty-seven samples were collected from four trenching locations, yielding 6.21% Cg over 26 metres (m), 11.76% Cg over 10 m, 10.32% Cg over 9.5 m, and 5.06% Cg over 10m (see Table 2).

Table 1 - Prospecting Grab Sample Results

Table 2 - Trenching Results

Geophysics Program

An airborne geophysical survey, which confirmed the presence of two graphite related anomalies extending 500 metres and 600 metres in length through the historical graphite mine surface workings, was conducted at the Standard Project in the summer of 2022 (see Figure 1).

Figure 1 - Map with Airborne Anomaly and Trenches

The Standard claims were optioned from Mr. Daniel St-Pierre (see news release dated June 28, 2022) providing Graphano the exclusive right to acquire 100% of the claims. Graphano subsequently engaged St-Pierre Exploration Enr. to manage and conduct the initial prospecting, trenching and channel sampling work.

During the 2022 Fall program, a total of 57 channel samples were collected from four separate trenches. Each channel sample from the trenching work ranged from a minimum of 50 cm to a maximum of 100 cm long, 5 cm wide and 3-5 cm deep cut in bedrock.

All grab and channel samples were bagged and tagged using best practices and were delivered to Activation Laboratories ("ACTLABS"), Ancaster, Ontario. for sample preparation and analyses using laboratories' Code 4F-C Graphitic, analyzing C-Graphite (infrared) where the sample is subjected to a multistage furnace treatment to remove all forms of carbon with the exception of graphitic carbon; and C-Total (infrared). ACTLABS is an independent commercial, accredited ISO Certified Laboratory.

Qualified Person

The scientific and technical content disclosed in this press release was reviewed and approved by Roger Dahn, B.Sc., P.Geo, a director of the Company, and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Graphano Energy Ltd.

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
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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, relating to future operations - exploration, drilling and other activities of Graphano - 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 Company's exploration plans and the impact thereof. 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, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. 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. We seek safe harbour.