Graphano Drilling Program Commences on Zone 3 Discovery at the LAB Graphite Project; Trench Program Returns High Grade Results

Vancouver, December 8, 2022 - Graphano Energy Ltd. (TSXV: GEL) (OTCQB: GELEF) (FSE: 97G0) ("Graphano" or the "Company") is pleased to announce that the prospecting work at its Lac Aux Bouleaux Graphite Property ("LAB") in Quebec has been completed and the drilling program has started. Drilling contractor Forage Hébert Inc. of Amos, Quebec, has been awarded the contract for the drill program.

Luisa Moreno, Chief Executive Officer of the Company, commented: "We are excited with the trenching work and channel results, and we are looking forward to the drilling program. We expect to complete this drilling campaign at LAB by the end of the month with the expectation that the prospecting work will translate into strong drilling results."

The Company plans to complete approximately 20 holes totaling at least 1,500 metres. The program will focus on Zones 3 and 8 where recent surface trenching and sampling work identified significant grades and widths of graphite mineralization. Complete trench assay results with trench locations are presented in Table 1. Please also refer to Figure 1.

Most of the drilling will be directed to Zone 3 which is approximately 500 metres long. The intent of the drilling program is to evaluate the characteristics and magnitude of mineralization in these zones.

Zone 3 Trench Highlights:

• 20.16% Cg over 3.68 metres, 14.65% Cg over 5.0 metres, 18.32% Cg over 3.72 metres, 14.37% Cg over 6.0 metres and 14.10% Cg over 3.0 metres

Zone 8 Trench Highlights:

• 5.79% Cg over 2.0 metres and 5.72% Cg over 4.0 metres

Table 1 - Select Trenching Results

Early in 2022, the Company completed a drilling program on Zones 1 and 4. There are eight prospective targets which have been defined on the property to date, through the Company's surface trenching and sampling programs completed in 2021 as well as a compilation of historical drilling and other exploration data.

A total of 51 channel samples were collected during the 2022 trenching program. 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.

The 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.

Figure 1 - Map of 2022 Target Zones and Recent Trenching Locations

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8293/147297_2b5b4061c497fac7_002full.jpg

Qualified Person

All sampling was completed under the supervision of and the scientific and technical content disclosed in this press release was reviewed and approved by Mr. Martin Ethier, Géo (#1520), who is a Member of the Order of Geologists of Québec and a "Qualified Person" under National Instrument 43-101.

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
E: info@graphano.com

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.

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