Graphano Energy Ltd. reported initial assay results from the 2023-24 winter drilling program at its 100% owned Lac Aux Bouleaux ("LAB") Graphite Property that is situated adjacent to Canada's only producing graphite mine in Québec, the Lac des Iles Mine. The drilling program consisted of 13 drill holes totaling 1,034 metres. The four holes reported in this update were drilled as infill holes to confirm the historically defined graphite mineralization at the Pit Zone.

The remaining drill program focused on graphite zone expansion, following up the new discovery of Zone 3 in early 2023. Pit Zone and Zone 3 are two of the eight prospective targets which have been defined on the LAB Property to date. The four holes totaling 360m completed on the Pit Zone were drilled to support and validate the interpretations forming the current 3D geological solid model being utilized for ongoing Mineral Resource estimation work.

The current drilling intersected stratigraphy and mineralization as expected. The graphite mineralization in the Pit Zone area occurs as multiple horizons, which remain open primarily to the North and East for expansion. Assay results from the four holes and drill hole locations.

Further assay results are expected to be released from the LAB Zone 3 drilling in the coming weeks. Select samples from the 13 holes drilled from LAB were submitted for assay analysis. A total of 1,034m were drilled during the program.

All drill core samples were sampled, stored, and shipped using industry best practices and were delivered to Activation Laboratories ("Actlabs") in Ancaster, Ontario for sample preparation and analyses using Actlabs' Code 4F-C Graphitic, analyzing C-Graphite (infrared) where the sample is subjected to a multistage furnace treatment to remove all forms of carbon except for graphitic carbon; and C-Total (infrared). Actlabs is an independent commercial and ISO Certified Laboratory. The core sample program also included field duplicates, blanks, and a graphite standard sample for quality control and quality assurance (QA/QC) purposes.