Graphene Manufacturing Group Ltd. provided the latest progress update on its Graphene Aluminium-Ion Battery technology ("G+AI Battery") being developed by GMG and the University of Queensland ("UQ"). Notably, this update includes information about GMG's G+AI Battery regarding: 1000 mAh Battery Cell Capacity Reached and Next Steps; Battery Technology Readiness Level; Next Steps Toward Commercialisation and Market Applications; Next Generation Battery Performance; Important Milestones for GMG's Graphene Aluminium-Ion Battery Development; 1000 mAh Battery Cell Capacity Reached and Next Steps: The Company announced it has now produced multiple battery pouch cells with over 1000 mAh (1 Ah); capacity. In a recent build to confirm repeatability, the Company's development team has built and confirmed multiple cells, all testing greater than 1Ah (1000mAh).

This is a major milestone achieved to demonstrate scalability from coin cells to pouch cells, and represents the next milestone in the battery's development, following the announcement of 500 mAh capacity in September 2023: "GMG ACHIEVES INITIAL 500 mAh GRAPHENE ALUMINIUM-ION BATTERY PROTOTYPE IN POUCH CELL FORMAT". Now that GMG has successfully made multiple 1000 mAh pouch cells ­ it will continue to focus on making more of these batteries and then seek third party laboratory battery testing data, which GMG expects to complete in first half of 2024. At the same time, GMG will review a potential investment for the procurement and installation of an automated pouch cell battery pilot plant in its Richlands Australia Facility.

The Pilot Plant will enable the Company to produce pouch cells for potential customers to test in battery packs for different applications. Following the successful start-up of the Pilot Plant and successful customer trials, GMG expects to pursue large scale commercial production. Battery Technology Readiness Level.

The battery technology readiness level ("BTRL") of the Graphene Aluminium-Ion technology remains at Level 4. GMG is currently optimizing electrochemical behaviour for pouch cells via ongoing laboratory experimentation. If GMG invests, constructs and commissions a Pilot Plant it is anticipated the battery technology progress to BTRL 7 and 8 since the equipment and process to make the Graphene Aluminium-Ion batteries is the same as those employed to make Lithium Ion Batteries. Next Steps Toward Commercialisation & Market Applications.

The Company continues to see a broad range of applications for a completed GMG Graphene Aluminium-Ion Battery ­ utilising its ultra-high power-density and nominal energy density characteristics. Along with Rio Tinto, a range of global companies have confidentially expressed their interest in working with GMG in the following vertical sectors: Next Generation Battery Performance GMG's next generation Graphene Aluminium-Ion Battery performance data (as tested and calculated on coin cells), as compared to the most commonly available lithium-ion batteries. Performance results for the pouch cells could be significantly different and will be communicated upon successfully producing a repeatable and fully 3 party tested 1000 mAh+ battery pouch cell.